Santa Monica Multifamily Broker

We advise on the sale of multifamily properties across Santa Monica, a market defined by limited new supply, high barriers to entry, and investor demand driven by coastal location, tenant stability, and long-term fundamentals.

Santa Monica Multifamily Market Snapshot

Santa Monica has long been one of Los Angeles’ most desirable and resilient multifamily submarkets, defined by its coastal location, strong renter base, and limited long-term supply growth. While the past few years have introduced short-term softness—driven by new downtown deliveries, higher interest rates, and a pause in renter demand—the market continues to be underpinned by exceptionally strong fundamentals.

A large portion of Santa Monica’s apartment inventory consists of older, smaller buildings, many of which have not been meaningfully renovated in decades. This has created a clear divide between newer, higher-end product—concentrated primarily in Downtown and Ocean Park—and the broader base of legacy assets that offer long-term value through repositioning and operational improvements. As new construction has come online, particularly downtown, pressure has been felt most acutely at the top of the market, while well-located workforce and mid-tier housing has remained comparatively stable.

Despite recent increases in vacancy and modest rent pullbacks, Santa Monica remains one of the most expensive rental markets in Greater Los Angeles. Demand is supported by high household incomes, a renter-heavy population, proximity to major employment centers, and a lifestyle that continues to attract long-term residents. Over time, strict zoning, affordability requirements, and community resistance have limited the pace of development, reinforcing the city’s supply-constrained nature outside of a handful of targeted corridors.

On the investment side, transaction volume has slowed meaningfully from peak levels, reflecting higher borrowing costs and the impact of transfer taxes on larger deals. That said, pricing has shown signs of stabilization as buyers and sellers recalibrate expectations. Today’s active buyers are typically well-capitalized private investors and owner-users focused on long-term ownership, durable cash flow, and the intrinsic value of Santa Monica real estate rather than short-term market timing.

For owners, Santa Monica remains a market where thoughtful positioning and timing matter. Assets that are well-maintained, offer upside, or align with the city’s evolving tenant demand continue to draw strong interest—especially when marketed by a broker who understands the micro-neighborhoods, buyer motivations, and long-term trajectory of this uniquely coastal submarket.

AVG CAP RATE

4.6% – 4.8%

AVG PRICE PER UNIT

$380,000

VACANCY RATE

6.8%

RENTAL GROWTH

-0.7% YoY

Our Recent Multifamily Sales in Santa Monica

1837 18th St, Santa Monica, CA 90404

Sold for $3,250,000 | 7 Units Built in 1990

After nearly 25 years under the same ownership, the sellers of 1643 N Formosa Ave were he Glaser Group represented the buyers in the acquisition of 1837 18th Street, a well-maintained 7-unit multifamily property in Santa Monica located within a highly supply-constrained coastal submarket. Built in 1990, the property features a desirable unit mix of six 2-bed units and one 3-bed unit, along with 13 subterranean parking spaces.

Our clients, longtime real estate investors with a multigenerational ownership background, completed this acquisition as their first joint venture. Given the competitive nature of the Santa Monica multifamily market, our team moved quickly to secure the opportunity, coordinate financing, and manage the transaction through escrow to ensure a smooth and timely closing.

The seller, represented by John Katnik of BRC Advisors, was a long-term owner seeking to simplify her portfolio and complete a 1031 exchange into newer construction. The transaction structure and timeline were carefully managed to accommodate both parties’ objectives.

This transaction highlights the importance of precise underwriting, market knowledge, and execution in one of Los Angeles’ most competitive multifamily submarkets.

1130 22nd St, Santa Monica, CA 90403

Sold for $2,155,000 | 4 Units Built in 1925

The Glaser Group represented the seller in the sale of 1130 22nd Street, a 4-unit multifamily property in Northeast Santa Monica located on an R2-zoned lot within the Franklin School District. The property consisted of a fully remodeled front house, an attached studio, and a rear duplex, offering a unique blend of flexibility and long-term value.

The seller selected our team based on referrals and client testimonials highlighting our Westside multifamily expertise and clear communication. In a shifting market, we implemented a targeted marketing strategy that generated strong buyer interest and aligned with the seller’s goal of completing a 1031 exchange into out-of-state NNN industrial assets.

The buyer, whose family was displaced by the Palisades Fire, identified the property as an opportunity to create a multigenerational family compound, combining investment fundamentals with personal use. This transaction underscores the importance of thoughtful positioning and execution in Santa Monica’s competitive multifamily market.

1246 Chelsea Ave, Santa Monica, CA 90404

Sold for $1,800,000 | 4 Units Built in 1926

The Glaser Group represented the parties in the sale of 1246 Chelsea Avenue, a 4-unit multifamily property in prime Santa Monica offering a rare owner-user configuration. Built in 1926, the property features a renovated three-bedroom, two-bath front house and a rear triplex, combining classic character with functional living spaces in a highly desirable location.

After extensive marketing and property tours, our team identified a local investor in the tech and machine learning sector seeking to deploy equity into the Santa Monica rental market. We negotiated a fully non-contingent offer with a 10-day closing, supported by bridge financing, and guided the transaction through escrow to a smooth close.

The property sold for $1.8 million, equating to approximately $450,000 per unit and $701 per square foot, with a 5.53% cap rate and 13.52 GRM. This transaction highlights continued investor demand for well-located Santa Monica multifamily assets, particularly those offering owner-user flexibility and long-term value.

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Meet Your Santa Monica Multifamily Expert

Jake Glaser: Top 1% Los Angeles Apartment Agent

Jake Glaser is the Principal Broker & Founder of The Glaser Group, specializing in the sale of apartment buildings in Santa Monica & Greater Los Angeles. Jake is one of the highest transacting apartment building brokers in LA, with over $65 million closed in 2025 alone across 35 transactions. He advises his clients in the acquisition and disposition of multifamily properties across the city, ranging from 4-plexes up to large apartment complexes in the $1M - $25M range. In total, he has closed over $215 million of commercial and multifamily volume within LA County, and he is the #1 producing agent at Lyon Stahl Investment Real Estate in Century City.

In addition to multifamily and commercial dispositions, he specializes in 1031 exchanges on a national level, having helped countless clients reposition their portfolios by trading their assets into local and out-of-state multifamily, triple-net, and DST opportunities.

Let’s connect today to start an honest, open dialogue about your unique situation to see how we can better your position, whether it be now or in the future.

Our Team

  • Santa Monica has long-standing rent control regulations that apply to many older apartment buildings, which can limit annual rent increases and affect short-term income growth. As a result, multifamily valuations in Santa Monica are often driven by in-place rents, tenant stability, and long-term income durability rather than aggressive repositioning strategies. Careful underwriting and an understanding of allowable rent adjustments are critical when evaluating these properties.

  • Santa Monica’s multifamily inventory is primarily composed of smaller apartment buildings, duplexes, triplexes, and low-rise properties, many of which are located in walkable residential neighborhoods. Newer construction and large-scale developments are limited due to zoning constraints and coastal regulations, which contributes to the city’s highly supply-constrained nature.

  • Investors are drawn to Santa Monica for its coastal location, proximity to major employment centers, strong tenant demand, and limited new supply. These fundamentals support long-term ownership strategies focused on capital preservation, stable cash flow, and downside protection rather than short-term yield maximization.

  • Multifamily properties in Santa Monica are typically valued based on a combination of in-place income, comparable sales, price per unit metrics, and long-term market fundamentals. Because inventory is limited and demand remains strong, pricing often reflects scarcity and location premiums in addition to traditional income-based valuation methods.

  • Owners should consider tenant profiles, rent control status, building condition, and how their property fits within current buyer demand. Timing, pricing strategy, and targeted buyer outreach are especially important in Santa Monica, where well-positioned assets often attract competitive interest despite broader market fluctuations.

Frequently Asked Questions About Santa Monica Multifamily

  • “Jake & his team assisted me with a complex multifamily property 1031 Exchange. Jake got me out of heavily demanding downleg properties into hands off NNN trophy properties on the upleg. He handled so many uncontrollable variables with great professionalism, and made the whole process as smooth as possible. Because of Jake and his expansive contacts and foresight, we closed my 1031 Exchange 90 days early and have already started to reap the rewards of monthly rental income that much sooner. I would highly recommend Jake & his team to assist anyone with their real estate needs.”

    — Matt Schneider, Casablanca Property Management

  • "Our experience with Jake Glaser could not have been better. From the start of the listing to the close was about 5 weeks. He was always available when we called and answered all our questions quickly and comprehensively. We give him the highest marks for professionalism. Thank you, Jake."

    — Dana Waldhorn, Family Trust

  • "Jake did an excellent job of representing the seller, managing the transaction, coordinating the due diligence, overseeing escrow and the delivery of all documents, etc. that ultimately resulted in a smooth and efficient closing in a very rapid time frame. In addition, his social media and Twitter skills are legendary and inspiring."

    — Jerry Fink, The Bascom Group

  • "Jake Glaser represented my family with the sale of a complicated multifamily property and was nothing short of amazing. From our very first meeting to after the close of the sale, he was easy to work with and beyond responsive, including emails at 1AM! He had buyers within the first week without even hitting MLS. We are so grateful for his hard work, his ability to listen and navigate multiple family members, and his expertise. We will definitely look to him again for future sales."

    — Cathy Flores, Family Trust

  • “We were extremely pleased with the excellent job by Jake on our transaction. He represented us on the purchase of our new multifamily property in Beverly Grove, and his deep understanding of the local market and negotiation skills put us in the best possible position. He was a great communicator, easy to work with, and always put our interests first. I would recommend him to anyone looking to buy or sell LA multifamily.”

    — Daniel Golchian, Physician and CRE Investor

  • "I would highly recommend Jake to anyone that has an investment property in the greater Fairfax/Hollywood area they wish to sell. He works hard to find a buyer for the property, trying all kinds of marketing solutions. He also is great at keeping sellers up to date on what is happening in the marketplace."

    — Edie Brodsky, Retired Realtor & Investor

  • "Jake was our sales broker for two multifamily apartment buildings (8 & 4 plex) in the East Side of LA. My brother, sister and I vetted several brokers and we all felt that Jake was much more service oriented (vs. transactional). Jake is easy to work with, always available, extremely responsive and patient (had to deal with three strong willed siblings)."

    — Juan Garcia, Family Trust

  • "Jake Glaser has represented me exclusively on my last few single tenant NNN acquisitions. He is extremely easy-going but has great follow through and gets results and answers for me. He’s also consulted for me on other NNN related matters even when he couldn’t represent me. I think integrity and perseverance are really important qualities in a real estate broker and that’s why I feel most comfortable having Jake represent me. I also feel like I benefit from Jake’s connection to the nationwide network of Matthews agents, which helps us make informed decisions when considering opportunities across the entire country."

    — David Mozes, CRE Investor & Restaurateur

  • “We really appreciated the time and effort taken to get to know my family and our particular needs. Jake was always willing to answer any of our questions and concerns and patient enough to understand that the worry we felt while going through the 1031 process was normal. Jake and his partner Dan really did help us find exactly what we were looking for. Thank you!”

    — Monica Torres, Family Trust

  • "Jake was incredibly professional and nice to work with! In today's world, finding a honest broker is always worth mentioning. I whole heartedly recommend Jake!"

    — Rod Goldberg, Dadson Laundry

  • “I had the pleasure of having Jake Glaser sell my property. He was straight forward in his approach, was always available to answer questions, and did a wonderful job throughout escrow. It was as smooth transition and he comes highly recommended.”

    — Yaniv Farbenbloom, Physician and CRE Investor/Syndicator

  • "Jake was a knowledgeable advocate in the sale of the property. He provided helpful guidance throughout the entire sale process. He was always available when questions arose, and went beyond the extra mile whenever necessary."

    — Anthony Stein, Family Trust

  • “I used Jake Glaser to sell our beloved 5-unit apartment building in Los Angeles. He made the process so easy, was beyond calm during every little thing that came up, and got us the most money for our property. I would definitely (and already have) recommend Jake and Matthews™ to anyone selling a multi-unit...As I told Jake at the end “let’s do this again!” 

    — Kristin Stanley, Private Investor

  • “Jake Glaser represented our acquisition of a multifamily property in Los Angeles. Jake’s experience and expertise helped make the transaction enjoyable, easy and fast. He made himself available at all times for us, while going above and beyond to assist us with everything needed. Jake is always factual and accurate and always had our best interests in mind. His responses were always immediate and our communication was excellent.”

    — Aryeh Hoffman, Hoffman Brothers Realty

  • "Jake was highly responsive and had strong knowledge of various real estate topics."

    — CT Tsui, Multifamily Developer

  • “We had a great experience with Jake and are very grateful for his help. We would definitely want his help again in the future.”

    — Lida Aghakhanyan, Private Investor

Curious what an apartment building in Santa Monica could sell for?

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Looking for multifamily expertise beyond Santa Monica? Visit our Los Angeles Multifamily Broker page to explore other submarkets we serve.