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2626 Cloverfield Blvd 12 Unit Apartment Building $6,683,250 CAD ($556,937 CAD/Unit) 5.59% Cap Rate Santa Monica, CA 90405
Investment Highlights
- Turnkey Renovated Asset in a Premier Coastal Market: Completely remodeled 12-unit apartment building with 11 one-beds and one studio near Clover Park
- High Quality Renovations: Fully renovated interiors with modern kitchens, updated baths, new flooring, and in-unit washer/dryer combos
- Affluent Tenant Base: Dense, high-income submarket with average household income exceeding $148,000 within a one-mile radius
- Immediate Upside Potential: Four vacant units provide the opportunity to achieve market-rate rents
- Premier Coastal Location: Half-mile to Santa Monica College, less than two miles to the beach and Main Street, 10 minutes to the Santa Monica Pier
Executive Summary
Marcus & Millichap is pleased to present 2626 Cloverfield Boulevard, a renovated 12-unit apartment building in the world-renowned coastal market of Santa Monica, California. This offering represents an exciting opportunity to acquire a turnkey asset with immediate upside potential through the lease-up of four vacant units at market rents.
Originally constructed in 1966, the property consists of 11 one-bedroom units and one studio, all of which have undergone interior renovations. Upgrades include new flooring, modernized kitchens with updated cabinetry and appliances, in-unit washer/dryer combinations, contemporary bathrooms, and air conditioning in select units. The building is separately metered for gas and electricity. Exterior improvements include fresh paint, vibrant entries, and low-maintenance landscaping featuring turf, contributing to both curb appeal and reduced ongoing costs. The asset also offers six surface parking spaces.
Positioned at the corner of Ocean Park Boulevard and Cloverfield Boulevard, the property benefits from exceptional proximity to Santa Monica’s most sought-after amenities. Santa Monica College is located just a half-mile away, while the beach and the vibrant dining and shopping corridor along Main Street are less than two miles. The iconic Santa Monica Pier and Third Street Promenade are accessible within a 10-minute drive. This prime coastal location continues to attract a strong tenant base, supported by an average household income exceeding $148,000 within a one-mile radius.
Originally constructed in 1966, the property consists of 11 one-bedroom units and one studio, all of which have undergone interior renovations. Upgrades include new flooring, modernized kitchens with updated cabinetry and appliances, in-unit washer/dryer combinations, contemporary bathrooms, and air conditioning in select units. The building is separately metered for gas and electricity. Exterior improvements include fresh paint, vibrant entries, and low-maintenance landscaping featuring turf, contributing to both curb appeal and reduced ongoing costs. The asset also offers six surface parking spaces.
Positioned at the corner of Ocean Park Boulevard and Cloverfield Boulevard, the property benefits from exceptional proximity to Santa Monica’s most sought-after amenities. Santa Monica College is located just a half-mile away, while the beach and the vibrant dining and shopping corridor along Main Street are less than two miles. The iconic Santa Monica Pier and Third Street Promenade are accessible within a 10-minute drive. This prime coastal location continues to attract a strong tenant base, supported by an average household income exceeding $148,000 within a one-mile radius.
Financial Summary (Pro Forma - 2027) 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 (Pro Forma - 2027) 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 | $6,683,250 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $556,937 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.59% | Building Size | 7,280 SF |
| Gross Rent Multiplier | 12.76 | No. Stories | 2 |
| No. Units | 12 | Year Built/Renovated | 1966/2023 |
| Property Type | Multifamily | Parking Ratio | 0.84/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | SMR3* - residential | ||
| Price | $6,683,250 CAD |
| Price Per Unit | $556,937 CAD |
| Sale Type | Investment |
| Cap Rate | 5.59% |
| Gross Rent Multiplier | 12.76 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.14 AC |
| Building Size | 7,280 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1966/2023 |
| Parking Ratio | 0.84/1,000 SF |
| Zoning | SMR3* - residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walking/Biking Trails
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 450 |
| 1+1 | 11 | - | 400 - 500 |
1 1
Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 4273-012-016 | Total Assessment | $4,143,407 CAD (2025) |
| Land Assessment | $2,986,239 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,157,167 CAD (2025) | Tax Year | 2027 |
Property Taxes
Parcel Number
4273-012-016
Land Assessment
$2,986,239 CAD (2025)
Improvements Assessment
$1,157,167 CAD (2025)
Total Assessment
$4,143,407 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2027
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2626 Cloverfield Blvd
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