902 16th St
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902 16th St
7 Unit Apartment Building $3,600,000 ($514,286/Unit) 5.10% Cap Rate Santa Monica, CA 90403
Investment Highlights
- Prime Santa Monica location, 1 block south of Montana Ave
- Meticulously maintained and managed by owner for 35 years
- Renovated and updated throughout the years including roof (new roof in 2024), plumbing and electrical
- 5.10% CAP | 14.25 GRM - Current with only 1 vacancy projected at market
- 3 buildings on this lot with beautiful landscaping and 3 separate shared laundry areas for tenants
- Historically low vacancy building with fast turnovers
Executive Summary
Over 5% CAP and stabilized 7 unit apartment building at 902 16th St. apartment is located in a prime Santa Monica neighborhood just one block south of Montana Ave., known for its upscale shopping and dining offering a charming and sophisticated atmosphere close to the beach. Carefully cared for and meticulously managed, this building features bright units with abundant windows and spacious balconies in some units. New roof was also installed this year to the middle structure. Exterior landscaping includes fruit trees and flower beds lining in the front and backyard.
Comprising three distinct buildings, the property includes:
*Building #1- facing 16th Street with four units: 902A & 904A on the ground floor, and 902B & 904B upstairs. Each floor shares a washer/dryer set between two units.
*Building #2- standalone one-bedroom house at 1522 Idaho Ave, facing Idaho Ave.
*Building #3- Two one-bedroom units situated above five garages facing Idaho Ave. 3 Units on Idaho Ave share a laundry room. This trophy property weathered the pandemic rental market downturn and historically has experienced low vacancy and fast turnovers. It offers a rare blend of prime location and sound investment, ideal for discerning buyers looking to invest in a well-maintained asset with steady rental income.
Comprising three distinct buildings, the property includes:
*Building #1- facing 16th Street with four units: 902A & 904A on the ground floor, and 902B & 904B upstairs. Each floor shares a washer/dryer set between two units.
*Building #2- standalone one-bedroom house at 1522 Idaho Ave, facing Idaho Ave.
*Building #3- Two one-bedroom units situated above five garages facing Idaho Ave. 3 Units on Idaho Ave share a laundry room. This trophy property weathered the pandemic rental market downturn and historically has experienced low vacancy and fast turnovers. It offers a rare blend of prime location and sound investment, ideal for discerning buyers looking to invest in a well-maintained asset with steady rental income.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,600,000 | Apartment Style | Low Rise |
| Price Per Unit | $514,286 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.10% | Building Size | 5,560 SF |
| Gross Rent Multiplier | 14.25 | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | Parking Ratio | 0.9/1,000 SF |
| Price | $3,600,000 |
| Price Per Unit | $514,286 |
| Sale Type | Investment |
| Cap Rate | 5.10% |
| Gross Rent Multiplier | 14.25 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.17 AC |
| Building Size | 5,560 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1926 |
| Parking Ratio | 0.9/1,000 SF |
Unit Amenities
- Balcony
- Dishwasher
- Washer/Dryer
- Heating
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Yard
Site Amenities
- Courtyard
- Laundry Facilities
- Gas Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | $2,555 | - |
| 2+1 | 4 | $3,282 | - |
1 of 1
Walk Score ®
Very Walkable (81)
Bike Score ®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 4281-007-001 | Improvements Assessment | $156,335 (2024) |
| Land Assessment | $1,010,083 (2024) | Total Assessment | $1,166,418 (2024) |
PROPERTY TAXES
Parcel Number
4281-007-001
Land Assessment
$1,010,083 (2024)
Improvements Assessment
$156,335 (2024)
Total Assessment
$1,166,418 (2024)
zoning
| Zoning Code | R2, Santa Monica (R2 1926 built: 902A, 902B, 904A, 904B on 16th St. 1946 built: 1520, 1520 1/2, and 1522 on Idaho Ave.) |
| R2, Santa Monica (R2 1926 built: 902A, 902B, 904A, 904B on 16th St. 1946 built: 1520, 1520 1/2, and 1522 on Idaho Ave.) |
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902 16th St
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