1518 & 1524 12th St, Santa Monica, CA 90401

Aug 12

Written By Jake Glaser

12 Units in Santa Monica | Two Side-by-Side 6-Unit APNs | Spacious 1,293 SF Average Unit Size + 32% Rental Upside

Sold: $4,800,000

$400,000/Unit

$323.45/SF

6.47% Cap Rate

10.30 GRM

The Deal Story

CLOSING #28 OF THE YEAR

Sale Price: $4,800,000

Units: 12 (6+6)

Property Type: Two adjacent 6-unit multifamily properties on separate APNs (4282-031-007 & 4282-031-008), four residential structures, built 1974

Unit Mix: (5) 3-bed / 2.5-bath units, (3) 3-bed / 1.5-bath units & (4) 2-bed / 2-bath units

Buyer Type: Experienced multifamily operator; all-cash

Seller Situation: Self-managed the properties for over a decade; transferring equity into more passive investment vehicles

Result: Sold for $4,800,000 to an all-cash buyer with a quick close

Special Features: Two-thirds of units are 3-bedroom; approximately 31% future rental upside; select units with luxury interior renovations; soft-story seismic retrofit completed; on-site parking with (2) 2-car garages, (4) driveway spots and (10) single spaces

Case Study Summary
These two adjacent 6-unit Santa Monica properties, built in 1974 and totaling 12 units, sold together for $4,800,000. The offering consisted entirely of large two- and three-bedroom residences averaging approximately 1,237 square feet. The properties secured an all-cash offer with a quick close from an experienced multifamily operator.

After self-managing the properties for over a decade, the seller was ready to move their equity into more passive investment vehicles. We marketed the properties as part of a five-building, 60-unit Westside portfolio available separately or together. Jake Glaser of Glaser Group, Jonathan Taksa of The Taksa Investment Group, and Kelly Brennan of Serhant represented the seller.

Property Highlights

12-unit Santa Monica multifamily offering comprised of two side-by-side 6-unit properties
Two separate APNs, providing a unique and flexible ownership structure
Four separate residential structures
Part of a five-building, 60-unit Westside portfolio, available separately or together
Unit mix:
- (5) 3BR/2.5BA
- (3) 3BR/1.5BA
- (4) 2BR/2BA
Units average approximately 1,237 SF, with 8 of the 12 units offering three bedrooms
Approximately 31% future rental upside
Select units have undergone luxury interior renovations
Seismic soft-story retrofit completed
Substantial on-site parking with (2) 2-car garages, (4) driveway spots and (10) additional single parking spaces
Prime location in the heart of Santa Monica, five blocks from the Metro Rail Expo Linw
Minutes from the Santa Monica Pier, Third Street Promenade and the beach
Excellent proximity to top retail, dining, entertainment and employment destinations
Part of a broader five-building, 60-unit Westside portfolio