1323 11th Street — 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
5.65%

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

The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer the opportunity to acquire 1323 11th Street, a 10-unit partially renovated apartment community located in Santa Monica. Situated between Santa Monica Boulevard and Wilshire Boulevard, the subject property is located within walking distance to the 3rd Street Promenade and provides easy access to everyday amenities. Situated on a 7,483 square foot lot, the property consists of a single building with seven one-bedroom units and three two-bedroom units. Current ownership has extensively renovated 80% of the units, featuring new flooring throughout, modern kitchens with quartz countertops, stainless steel appliances—including dishwasher, stove/oven, and farmhouse-style sink—and open-concept dining and living areas. Renovated units also include updated bathrooms, contemporary vanities, spacious closets, and ample cabinet space. The two remaining legacy 1Bdr/1Bath units average $1,578/month against a market rent of $2,495, representing a $918 per-unit gap that offers meaningful upside through unit turnover and renovation. 1323 11th Street provides investors a rare buying opportunity that delivers an immediate healthy income stream, with remaining rental upside in a prime coastal market. PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS. Investment Highlights: • Extremely rare opportunity to acquire a renovated apartment building north of Santa Monica Boulevard in Santa Monica • The government-required seismic retrofit work has been completed which saves a new investor substantially in capital and time • Residents can easily access the 10 freeway and major thoroughfares such as Wilshire, Santa Monica, and Olympic Boulevards within five minutes • 15-Minute walk to the 3rd Street Promenade • The two legacy 1Bdr/1Bath units average $1,578/month against a market rent of $2,495, a $918/unit gap providing upside potential through unit turnover and renova

Market Context

This multifamily in Santa Monica, CA is listed for sale. It is offered at an approximate 5.7% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 86 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 5.7% 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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