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    Approved 7-Unit Apartment Development Title is generated by Realmo AI

    914 18th St, Santa Monica, CA 90403

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    For Sale
    $2,550,000

    MULTI_FAMILY - Santa Monica, CA

    Property size:
    5,100 SF
    Lot size:
    0.18 Acres
    Price / SF:
    $500/SF
    Added:
    Jun 1, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 3 at 9:06 pm

    Property Features for 914 18th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    SMR2*
    Bedrooms
    7
    Bathrooms
    4
    Rooms
    Bathroom 1, Bedroom 5, Bedroom 1, Bedroom 4, Bedroom 6, Bathroom 2, Bedroom 7, Bathroom 3, Bathroom 4, Bathroom 6, Bathroom 8, Bedroom 3, Bathroom 5, Bathroom 7, Bedroom 2
    Parking
    5
    Standard status
    Active
    APN
    4277-009-003
    Size
    5,100 SF
    Lot size
    0.18 Acres

    Building Details

    Year built
    1927
    Floors in Building
    2
    Number of units
    7

    We can help!

    Listing Contact
    Jimmy Heckenberg

    Listing agent Jimmy Heckenberg License #01910100

    Listing office Rodeo Realty 202 N Canon Dr., Beverly Hills, CA

    Listing date Jun 1, 2026

    MLS# 26841047 Listing URL

    Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Fully approved 7‑unit apartment complex with stamped permits in hand (RTI/ready to begin construction)
    • Existing site includes four bungalow‑style residences: one 1‑bedroom and three 2‑bedrooms around a courtyard and sun‑filled garden
    • Approved plans call for Spanish‑style bungalow renovation of existing units plus 3 new residences
    • Plans include a duplex placed in the center courtyard and a studio ADU above the garage
    • Built in 1927

    Overview

    This property presents a rare value-add development opportunity in Santa Monica, delivered RTI and fully approved for a 7-unit apartment complex. The existing site is arranged around a courtyard with four bungalow-style residences, consisting of one one-bedroom and three two-bedrooms, surrounding a sun-filled garden. The approved plans call for a tasteful renovation of the existing homes into Class A Spanish-style bungalows. The plan also adds three new residences: a duplex placed in the center courtyard and a studio ADU above the garage. The overall result is a boutique collection of seven residences designed to blend historic courtyard charm with updated, modern functionality.

    The site is located at 914 18th St in Santa Monica, within Los Angeles County. The offering is positioned as a plug-and-play opportunity with stamped permits in hand and no delay in starting construction, supporting an efficient path from approvals to build-out.

    For investors and developers looking for a new multifamily addition in a strong, supply-constrained rental market, the project’s approved scope and immediate construction readiness make it well suited for hands-on development strategies or buyers seeking a streamlined transition into build. The combination of renovated bungalow units and new ADU/duplex components also offers flexibility for tenant positioning within a coastal rental setting.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Santa Monica
    County
    Los Angeles
    State
    California
    Longitude
    -118.489709
    Latitude
    34.033386

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    FAQs

    What type of property is this?
    Apartment building - Value-add development with RTI permits for a planned seven-residence apartment complex in Santa Monica.
    Where is this apartment building located?
    The property is located at 914 18th St Santa Monica, CA.
    What is the asking price?
    The asking price for this property is $2,550,000.
    What are key features of this property?
    This property features: Fully approved 7‑unit apartment complex with stamped permits in hand (RTI/ready to begin construction); Existing site includes four bungalow‑style residences: one 1‑bedroom and three 2‑bedrooms around a courtyard and sun‑filled garden; Approved plans call for Spanish‑style bungalow renovation of existing units plus 3 new residences
    (310) 650-1116
    We can help!
    Listing Contact
    Jimmy Heckenberg
    Real Estate License ID: 01910100
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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