Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1128 23rd St Santa Monica, CA 90403-5712

    • Apartment buildings
    • 6,572 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    Mar 26, 2021
    $2,889,528
    Value Estimations
    $2,790,000
    Show details
    Cap Rate Potential
    4%
    Apartment buildings
    Location Intelligence
    Property ID
    US09-6910048
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1128 23rd St

    Year built
    1969
    Construction
    WOOD
    Lot size
    0.14 lot acres
    Property size
    6,572 SF
    Zone code
    SMR2*
    Property type
    Apartment buildings
    APN
    4276-005-033
    APU
    4276005033

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,670,000
      ML approach
      $2,710,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,503,000
      Market price range: $1.50M - $3.50M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,530,000
      Current use
      RESTAURANT
      $4,280,000
      Change: +69% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $4,000,000
      Change: +58% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,040,000
      Change: +20% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Santa Monica
    County
    Los Angeles
    State
    California
    Longitude
    -118.482
    Latitude
    34.034
    CBSA code
    31080
    CBSA name
    LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $37,171
    $2,122,416
    $943,519
    $3,065,935
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $915,000
      4,472 SF

      910 10th St

      APARTMENT HOUSE (5+ UNITS) • 4,472 SF
      910 10th St, Santa Monica, CA 90403-2910
      View Details
    • Value Estimation
      $1,550,000
      9,617 SF

      1117 11th St

      APARTMENT HOUSE (5+ UNITS) • 9,617 SF
      1117 11th St, Santa Monica, CA 90403-5343
      View Details
    • Value Estimation
      $855,000
      5,634 SF

      953 11th St, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 5,634 SF
      953 11th St, Santa Monica, CA 90403-2935
      View Details
    • Value Estimation
      $855,000
      6,296 SF

      823 12th St

      APARTMENT HOUSE (5+ UNITS) • 6,296 SF
      823 12th St, Santa Monica, CA 90403-5988
      View Details
    • Value Estimation
      $2,700,000
      20,513 SF

      1144 12th St

      APARTMENT HOUSE (5+ UNITS) • 20,513 SF
      1144 12th St, Santa Monica, CA 90403-5468
      View Details
    • Value Estimation
      $1,940,000
      11,372 SF

      928 12th St

      APARTMENT HOUSE (5+ UNITS) • 11,372 SF
      928 12th St, Santa Monica, CA 90403-3002
      View Details

    Similar Nearby for Sale

    • $3,800,000

      Santa Monica Multifamily Investment Opportunity

      10-unit apartment building in prime Santa Monica location.
      1050 12Th St, Santa Monica, CA 90403
      View Details
    • $1,189,000
      1,317 SF

      Santa Monica Townhouse Near Montana

      Two-story townhouse in prime Santa Monica location near Montana Avenue.
      925 14Th St, Santa Monica, CA 90403
      View Details
    • $2,795,000
      5,100 SF

      Santa Monica Multifamily Development Opportunity

      Approved 7-unit apartment complex development in Santa Monica.
      914 18Th St, Santa Monica, CA 90403
      View Details
    • $1,024,000
      1,141 SF

      Santa Monica Condo Near Montana

      Bright 3-bedroom condo near Montana Ave shops and restaurants.
      837 Lincoln Blvd, Santa Monica, CA 90403
      View Details
    • $5,250,000
      10,618 SF

      Montana Avenue Multifamily Investment Opportunity

      Prime 12-unit multifamily property on Montana Avenue, Santa Monica.
      26Th St, Santa Monica, CA 90403
      View Details
    • $20,650,000
      34,281 SF

      Santa Monica Multifamily Investment Opportunity

      Premier 23-unit apartment building in coveted Santa Monica neighborhood.
      1115 14Th St, Santa Monica, CA 90403
      View Details

    Similar Nearby for Lease

    • $3,100 /Mo
      877 SF

      Remodeled Condo Near Ocean

      Newly remodeled condo, close to the ocean and 3rd Street Promenade.
      1014 4Th St, Santa Monica, CA 90403
      View Details
    • Contact for pricing

      Fully Leased Retail Opportunity

      Retail property in Santa Monica, currently 100% leased.
      1624-1630 Montana Ave, Santa Monica, CA 90403
      View Details
    • $4 SF/Yr
      2,192 SF

      Santa Monica Office Space Available

      Office space featuring a conference room, kitchen, and open bullpen.
      3130 Wilshire Blvd, Santa Monica, CA 90403
      View Details
    • Contact for pricing

      Fully Leased Santa Monica Retail

      Retail property in Santa Monica, currently 100% leased.
      2710-2714 Wilshire Blvd, Santa Monica, CA 90403
      View Details
    • $10,395 /Mo

      Prime Santa Monica Retail/Office Space

      Class A building with parking in prestigious Santa Monica location.
      2401-2415 Wilshire Blvd, Santa Monica, CA 90403
      View Details
    • Contact for pricing
      36,944 SF

      Prime Santa Monica Medical Office Space

      Exceptional medical office suites, various sizes available.
      1801 Wilshire Blvd, Santa Monica, CA 90403
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1128 23rd St
    Santa Monica, CA 90403-5712
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.