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1323 11th St 10 Unit Apartment Building $5,374,014 CAD ($537,401 CAD/Unit) 5.65% Cap Rate Santa Monica, CA 90401
Investment Highlights
- Extremely rare opportunity to acquire a renovated apartment building north of Santa Monica Boulevard in Santa Monica
- Residents can easily access the 10 freeway and major thoroughfares such as Wilshire, Santa Monica, and Olympic Boulevards within five minutes
- The two legacy 1BR/1BA units average $1,578/mo vs. $2,495 market rent — a $918/unit gap offering upside through turnover and renovation
- The government-required seismic retrofit work has been completed which saves a new investor substantially in capital and time
- 15-Minute walk to the 3rd Street Promenade
- Investors can expect to have low repair & maintenance expenses as current ownership has made extensive renovations over the last few years
Executive Summary
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer the opportunity to acquire 1323 11th Street, a 10-unit partially renovated apartment community located in Santa Monica. Situated between Santa Monica Boulevard and Wilshire Boulevard, the subject property is located within walking distance to the 3rd Street Promenade and provides easy access to everyday amenities.
Situated on a 7,483 square foot lot, the property consists of a single building with seven one-bedroom units and three two-bedroom units. Current ownership has extensively renovated 80% of the units, featuring new flooring throughout, modern kitchens with quartz countertops, stainless steel appliances—including dishwasher, stove/oven, and farmhouse-style sink—and open-concept dining and living areas. Renovated units also include updated bathrooms, contemporary vanities, spacious closets, and ample cabinet space.
The two remaining legacy 1Bdr/1Bath units average $1,578/month against a market rent of $2,495, representing a $918 per-unit gap that offers meaningful upside through unit turnover and renovation.
1323 11th Street provides investors a rare buying opportunity that delivers an immediate healthy income stream, with remaining rental upside in a prime coastal market.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
Situated on a 7,483 square foot lot, the property consists of a single building with seven one-bedroom units and three two-bedroom units. Current ownership has extensively renovated 80% of the units, featuring new flooring throughout, modern kitchens with quartz countertops, stainless steel appliances—including dishwasher, stove/oven, and farmhouse-style sink—and open-concept dining and living areas. Renovated units also include updated bathrooms, contemporary vanities, spacious closets, and ample cabinet space.
The two remaining legacy 1Bdr/1Bath units average $1,578/month against a market rent of $2,495, representing a $918 per-unit gap that offers meaningful upside through unit turnover and renovation.
1323 11th Street provides investors a rare buying opportunity that delivers an immediate healthy income stream, with remaining rental upside in a prime coastal market.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
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Property Facts
| Price | $5,374,014 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $537,401 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.65% | Building Size | 7,098 SF |
| Gross Rent Multiplier | 11.98 | Average Occupancy | 70% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 1.83/1,000 SF |
| Zoning | SMR3* | ||
| Price | $5,374,014 CAD |
| Price Per Unit | $537,401 CAD |
| Sale Type | Investment |
| Cap Rate | 5.65% |
| Gross Rent Multiplier | 11.98 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 7,098 SF |
| Average Occupancy | 70% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.83/1,000 SF |
| Zoning | SMR3* |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | 700 - 900 |
| 2+1 | 3 | - | 900 - 1,100 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
70/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 4282-013-018 | Improvements Assessment | $1,084,173 CAD |
| Land Assessment | $4,455,513 CAD | Total Assessment | $5,539,685 CAD |
Property Taxes
Parcel Number
4282-013-018
Land Assessment
$4,455,513 CAD
Improvements Assessment
$1,084,173 CAD
Total Assessment
$5,539,685 CAD
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1323 11th St
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