
Santa Monica, California 90405
This Value-Add Multifamily Asset is listed at $3,950,000, aligning precisely with its $3,950,000 Fair Market Value. Holding a Fair Condition Rating, the property provides a clear path to forced appreciation through the renovation of five units and the capture of significant rent upside. Located in a high-demand Santa Monica pocket near major employers like Snap and Hulu, the asset is positioned to benefit from the Santa Monica Airport Conversion Project by 2028. This is a rare, stable acquisition for Buy-and-Hold Investors or Value-Add Specialists looking to secure a long-term coastal income stream.
Property is moderate renovation needed.
Built in 1965, this multifamily property presents a mixed condition. While two of the seven units have recently undergone substantial upgrades, featuring modern kitchens, updated bathrooms, and new flooring, the majority of the units still require significant renovation. The unrenovated units display dated kitchens with older white appliances, tile countertops, and basic lighting, along with bathrooms featuring older vanities and fixtures. Flooring in these units is a mix of older tile and hardwood. The property is aged but appears maintained and functional, without immediate safety or structural concerns, but the explicit need for 'full renovation' in most units to achieve market rents places its overall condition in the 'Fair' category.
Situated in a highly desirable Santa Monica location, moments from major employers (Snap, Hulu) and Santa Monica College, ensuring a robust and consistent tenant pool.
Positioned to significantly benefit from the Santa Monica Airport Conversion Project, promising substantial neighborhood enhancement and asset value growth by 2028.
Current rents are below market, offering a new owner substantial opportunity to increase income through natural turnover and strategic renovations.
Built in 1965, the property may have aging infrastructure and systems, with only two units recently upgraded, indicating potential for significant capital expenditure on the remaining units.
While offering rent upside, achieving market rents across all units will necessitate further substantial renovations for the majority of the property, requiring additional capital outlay.
The immediate income generation is constrained by current below-market rents, requiring active management and investment to realize the full income potential.
Beautifully situated in a prime Santa Monica location, this seven-unit multifamily property lies just moments from the Santa Monica Business Park—home to major employers such as Snap, Hulu, Crexi, and Naughty Dog—and only a few blocks from Santa Monica College, which serves more than 26,000 students and faculty. The property is also positioned to benefit from the Santa Monica Airport Conversion Project, a city-led initiative that will permanently close the airport by 2028 and transform the surrounding area into expansive parks, open space, and new community amenities. This once-in-a-generation redevelopment is expected to significantly enhance neighborhood quality, elevate desirability, and support long-term rental and asset value growth. Built in 1965, the asset offers approximately 9,109 square feet of living area on an 8,287-square-foot lot, featuring an exceptional unit mix of three 2-bed/2-bath units, three 3-bed/2-bath units, and one 4-bed/3-bath townhouse-style front unit. All units provide spacious layouts and ample storage. The building is separately metered for gas and electricity, includes an on-site laundry room, and offers five units with in-unit laundry—highly desirable amenities that support premium rent potential. Seven parking spaces, including four gated stalls, provide added security and convenience. Two units have recently undergone substantial upgrades, including new flooring, renovated kitchens with gas appliances, updated bathrooms, modern lighting, and in-unit laundry. These improvements reduce deferred maintenance, enhance tenant experience, and strengthen long-term operating performance. With current rents still below market, a new owner will benefit from meaningful upside through natural turnover and full renovation of remaining units. Delivering immediate income, strong future rent growth, and extraordinary long-term appreciation potential supported by the airport conversion, this offering represents a rare opportunity to acquire a turnkey multifamily asset in one of the Westside’s most desirable and consistently high-demand rental markets.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | - | - | 0% |
| Baths | - | - | 0% |
| Square foot | - | - | 0% |
| Lot Size | - | - | 0% |
| Price | - | - | 0% |
| Price per sq ft | - | - | 0% |
| Built year | 1965 | - | 0% |
| HOA | $0 | $0 | 0% |
| Days on market | - | - | 0% |
Dec 9, 2025
$3,950,000
Initial Listing
Jun 1, 2006
$1,690,000
Public Record