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
What is my Santa Monica Apartment Building Worth?
The value of a Santa Monica apartment building depends on more than recent sale comps. Rent control, unit mix, current rents, vacancy, property condition, location, development potential, and buyer demand can all significantly impact pricing. At The Glaser Group, we evaluate each property based on its in-place income, upside potential, and current investor appetite in the Santa Monica multifamily market.
Whether you own a small apartment building near Montana Avenue, a rent-controlled asset south of Wilshire, or a larger multifamily property near Ocean Park, our team can provide a confidential opinion of value based on your rent roll, expenses, tenant profile, building condition, and recent comparable sales throughout Santa Monica.
Our Recent Multifamily Sales in Santa Monica
1837 18th St, Santa Monica, CA 90404
Units: 7
Year Built: 1990
Property Type: Well-maintained Santa Monica multifamily property with subterranean parking
Buyer Type: Longtime real estate investors completing their first joint venture acquisition
Seller Situation: Long-term owner seeking to simplify her portfolio and complete a 1031 exchange into newer construction
Result: Buyer representation; secured the opportunity in a highly supply-constrained market; coordinated financing and escrow for a smooth, timely closing
The Glaser Group represented the buyers in the acquisition of 1837 18th Street, a well-maintained 7-unit multifamily property in Santa Monica. Built in 1990, the property featured a desirable unit mix of six 2-bedroom units and one 3-bedroom unit, along with 13 subterranean parking spaces.
Our clients, longtime real estate investors with a multigenerational ownership background, acquired the property 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 escrow process from contract to close.
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 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
Units: 4
Year Built: 1925
Property Type: Northeast Santa Monica multifamily property on an R2-zoned lot
Buyer Type: Owner-user / investor seeking a multigenerational compound; lost home in Palisades Fire
Seller Situation: Seller seeking 1031 exchange into out-of-state NNN industrial assets
Result: Targeted marketing generated strong buyer interest and helped the seller complete their exchange strategy in a shifting market
The Glaser Group represented the seller in the sale of 1130 22nd Street, a 4-unit multifamily property located in Northeast Santa Monica within the Franklin School District. The property included a fully remodeled front house, an attached studio, and a rear duplex, creating a flexible layout with both investment and owner-user appeal.
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 designed to generate qualified buyer interest while aligning with the seller’s goal of completing a 1031 exchange into out-of-state NNN industrial assets.
The buyer, whose family had been displaced by the Palisades Fire, identified the property as an opportunity to create a multigenerational family compound while maintaining strong investment fundamentals. The transaction highlights the importance of thoughtful positioning, targeted marketing, and clear 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.
Considering Selling a Santa Monica Apartment Building?
These Santa Monica sales show how rent control, buyer demand, property positioning, unit mix, location, and the right marketing process can impact both pricing and certainty of close. If you own an apartment building in Santa Monica, The Glaser Group can provide a confidential opinion of value based on your rent roll, expenses, tenant profile, property condition, current income, rental upside, and active buyer demand in the Santa Monica multifamily market.
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 $250 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.
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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.
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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.
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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.
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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.
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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
Nearby Multifamily Markets We Serve
Looking for multifamily expertise beyond Santa Monica? The Glaser Group advises apartment building owners across nearby Westside and Central Los Angeles submarkets. Explore our local multifamily broker pages for market-specific sales experience, valuation guidance, and recent case studies.
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