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1824 Michigan Ave 7 Unit Apartment Building $4,739,569 CAD ($677,081 CAD/Unit) 5.08% Cap Rate Santa Monica, CA 90404
Investment Highlights
- TWO ADU's with plans and permits under development in back of SFR residence
- Massive corner double-lot in Santa Monica with ADU's in work!
- 3BR, 2BA Single Family Residence can be delivered vacant at the close of escrow!
Executive Summary
1824 Michigan Ave is a seven-unit property comprised of two separate structures situated on an over 16,000 SF lot in the heart of Santa Monica. The asset is ideally located minutes from Santa Monica College, the 10 Freeway, Downtown Santa Monica, and major tourist attractions. The property is comprised of a 3BR/2BA single-family residence that will be delivered vacant, along with a separate six-unit apartment structure.
A compelling value-add opportunity exists through the completion of TWO ADUs, WITH PLANS AND PERMITS FULLY APPROVED AND PAID FOR, AND THE STRUCTURAL FRAMEWORK ALREADY IN PLACE allowing a new owner to immediately capitalize on increased density and rental income with minimal entitlement risk.
The unit mix on the six unit building is: One Single, One 1BR, 1BA, Four 2BR, 1BA. The Two approved ADU's that the owner has already began work on are a 2BR 1BA, and a 3BR, 2.5BA.
A compelling value-add opportunity exists through the completion of TWO ADUs, WITH PLANS AND PERMITS FULLY APPROVED AND PAID FOR, AND THE STRUCTURAL FRAMEWORK ALREADY IN PLACE allowing a new owner to immediately capitalize on increased density and rental income with minimal entitlement risk.
The unit mix on the six unit building is: One Single, One 1BR, 1BA, Four 2BR, 1BA. The Two approved ADU's that the owner has already began work on are a 2BR 1BA, and a 3BR, 2.5BA.
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,739,569 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $677,081 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.37 AC |
| Cap Rate | 5.08% | Building Size | 5,160 SF |
| Sale Condition | High Vacancy Property | Average Occupancy | 86% |
| Gross Rent Multiplier | 12.25 | No. Stories | 1 |
| No. Units | 7 | Year Built | 1922 |
| Property Type | Multifamily | Parking Ratio | 0.97/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | SMR2* - Low Density Residential | ||
| Price | $4,739,569 CAD |
| Price Per Unit | $677,081 CAD |
| Sale Type | Investment |
| Cap Rate | 5.08% |
| Sale Condition | High Vacancy Property |
| Gross Rent Multiplier | 12.25 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.37 AC |
| Building Size | 5,160 SF |
| Average Occupancy | 86% |
| No. Stories | 1 |
| Year Built | 1922 |
| Parking Ratio | 0.97/1,000 SF |
| Zoning | SMR2* - Low Density Residential |
Amenities
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 450 |
| 1+1 | 1 | - | 650 |
| 2+1 | 4 | - | 725 |
| 3+2 | 1 | - | 1,144 |
1 1
Walk Score®
Very Walkable (74)
Bike Score®
Biker's Paradise (92)
Property Taxes
| Parcel Number | 4274-012-002 | Total Assessment | $3,848,061 CAD |
| Land Assessment | $2,935,772 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $912,289 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
4274-012-002
Land Assessment
$2,935,772 CAD
Improvements Assessment
$912,289 CAD
Total Assessment
$3,848,061 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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