1243-1247 12th St — Sale in Santa Monica, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Santa Monica, CA 90401

Investment Figures

Cap rate
5.35%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

1243 & 1247 12th St consist of two adjacent ten-unit apartment buildings located between Wilshire Blvd and Arizona Ave in prime Santa Monica, approximately 12 blocks from the beach. Built in 1959, the properties total 18,832 square feet of improvements on a 15,007-square-foot double lot with two separate APNs, offering long-term ownership, financing, and disposition flexibility. Each building is approximately 9,416 square feet, and together the portfolio features an attractive and highly functional 20-unit mix comprised of (4) 1-bed/1-bath, (6) 2-bed/1.5-bath, (6) 2-bed/2-bath, (2) 3-bed/1.5-bath, and (2) 3-bed/2-bath units. This balanced mix appeals to a wide renter base and positions the asset for long-term revenue growth as turnover occurs. The property provides 22 parking spaces, including six tandem spaces at the front and ten standard spaces at the rear, along with a controlled-access, gated entry and on-site laundry facilities. The soft-story seismic retrofit has been completed (buyer to verify). Priced at an attractive basis compared to recent sale comparables at $327k/unit and $428/square-foot, with strong underlying land value and scale in one of the Westside’s most supply-constrained submarkets. 1243 & 1247 12th St offer investors a rare opportunity to acquire two contiguous buildings in an irreplaceable coastal location with meaningful operational and appreciation upside. Investment Highlights: • Prime Santa Monica location – Between Wilshire and Arizona, ~12 blocks from the beach, walkable to cafés, grocery, transit, and neighborhood amenities. • Walk Score 89 – "Very Walkable" – Close to daily conveniences and major Westside employment hubs with strong long-term renter demand. • Two 10-unit buildings (20 units) – 18,832 SF on a 15,007 SF lot with 22 parking spaces (six tandem front, ten rear), gated entry, and on-site laundry. • Attractive unit mix – (4) 1+1, (6) 2+1.5, (6) 2+2, (2) 3+1.5, (2) 3+2; supports broad demand and long-term rent growth throu

Market Context

This multifamily in Santa Monica, CA is listed for sale. It is offered at an approximate 5.3% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 79 days. Compare it against other multifamily listings for sale in Santa Monica, CA — view the full market.

As of Q1 2026, the Greater Los Angeles multifamily market showed average asking rents near $2333.00/unit/mo, and cap rates around 5.0%. Source: multiple brokerage reports, Q1 2026.

Its 5.3% asking cap rate is above the Greater Los Angeles multifamily market average of about 5.0%, implying a higher yield (and typically more risk or upside) than comparable assets.

Multifamily market FAQ

What is the typical cap rate for multifamily in Greater Los Angeles?
About 5.0% as of Q1 2026, per multiple brokerage reports.

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