Santa Monica Multifamily Sales: 5+Unit Apartment Buildings
Understanding what multifamily properties are actually selling for in Santa Monica requires more than averages. Buyers evaluate each property based on income, condition, location, and long-term potential. T
This breakdown focuses on 5 to 11 unit apartment sales in Santa Monica, using real closed transactions, including sold prices, building size, lot size, cap rates, and GRM where reported. This data includes April 2025 to April 2026.
Santa Monica 5 Unit Apartment Sales (Cap Rate, GRM, Pricing Breakdown)
1921 19th St Santa Monica – Sold $1,778,000 | 4,628 SF | 7,998 Lot | Cap Rate 6.96% | GRM 11.98
938 15th St Santa Monica – Sold $2,215,000 | 4,062 SF | 7,500 Lot | Cap Rate 4.22% | GRM 14.55
2004 Oak St Santa Monica – Sold $2,225,000 | 2,818 SF | 7,011 Lot | Cap Rate Not Reported | GRM 16.61
231 California Ave Santa Monica – Sold $2,050,000 | 4,426 SF | 5,016 Lot | Cap Rate 5.03% | GRM 14.88
1507 14th St Santa Monica – Sold $2,035,000 | 3,230 SF | 7,514 Lot | Cap Rate 4.73% | GRM 16.09
1332 10th St Santa Monica – Sold $2,565,000 | 4,454 SF | 7,513 Lot | Cap Rate 5.29% | GRM 12.69
848 17th St Santa Monica – Sold $3,950,000 | 3,457 SF | 7,503 Lot | Cap Rate 4.60% | GRM 14.40
Cap Rate Range: 4.22% to 6.96%
GRM Range: 11.98 to 16.61
Santa Monica 6 Unit Apartment Sales (Cap Rate, GRM, Pricing Breakdown)
1523 18th St Santa Monica – Sold $2,176,000 | 5,238 SF | 7,500 Lot | Cap Rate 4.47% | GRM 13.78
1533 Yale St Santa Monica – Sold $2,200,000 | 4,851 SF | 8,140 Lot | Cap Rate Not Reported | GRM 19.65
2336 34th St Santa Monica – Sold $2,310,000 | 5,924 SF | 8,000 Lot | Cap Rate 6.89% | GRM 13.29
443 Bay St Santa Monica – Sold $2,625,000 | 5,532 SF | 5,752 Lot | Cap Rate 5.02% | GRM 12.55
1824 10th St Santa Monica – Sold $2,625,000 | 3,225 SF | 7,498 Lot | Cap Rate 5.51% | GRM 12.88
2002 Montana Ave Santa Monica – Sold $2,550,000 | 4,528 SF | 8,003 Lot | Cap Rate 3.20% | GRM 18.80
1131 17th St Santa Monica – Sold $2,630,000 | 8,946 SF | 7,497 Lot | Cap Rate 3.87% | GRM 15.26
2820 3rd St Santa Monica – Sold $2,446,000 | 4,636 SF | 5,369 Lot | Cap Rate Not Reported | GRM 10.00
1032 18th St Santa Monica – Sold $2,950,000 | 6,424 SF | 6,639 Lot | Cap Rate 4.37% | GRM 15.19
1247 Berkeley St Santa Monica – Sold $3,330,000 | 8,990 SF | 8,133 Lot | Cap Rate 5.60% | GRM 12.62
Cap Rate Range: 3.20% to 6.89%
GRM Range: 10.00 to 19.65
Santa Monica 7 Unit Apartment Sales (Cap Rate, GRM, Pricing Breakdown)
1811 Ocean Park Blvd Santa Monica – Sold $1,730,000 | 3,454 SF | 5,795 Lot | Cap Rate Not Reported | GRM 11.52
1810 12th St Santa Monica – Sold $2,525,000 | 5,190 SF | 7,516 Lot | Cap Rate Not Reported | GRM 12.72
2428 Kansas Ave Santa Monica – Sold $2,660,000 | 5,678 SF | 11,800 Lot | Cap Rate 5.64% | GRM 11.63
1837 18th St Santa Monica – Sold $3,250,000 | 7,200 SF | 8,008 Lot | Cap Rate 5.24% | GRM 12.82
817 20th St Santa Monica – Sold $3,900,000 | 9,598 SF | 8,016 Lot | Cap Rate 4.45% | GRM 14.40
811 20th St Santa Monica – Sold $3,900,000 | 9,598 SF | 8,016 Lot | Cap Rate 4.92% | GRM 13.43
840 18th St Santa Monica – Sold $3,900,000 | 9,927 SF | 8,009 Lot | Cap Rate 5.12% | GRM 12.93
Cap Rate Range: 4.45% to 5.64%
GRM Range: 11.52 to 14.40
Santa Monica 8 Unit Apartment Sales (Prices, Cap Rate, GRM)
1143 Lincoln Blvd Santa Monica – Sold $3,700,000 | 10,434 SF | 7,520 Lot | Cap Rate 4.94% | GRM 12.87
2609 Euclid St Santa Monica – Sold $1,173,500 | 7,444 SF | 9,386 Lot | Cap Rate Not Reported | GRM Not Reported
2318 33rd St Santa Monica – Sold $5,000,000 | 5,864 SF | 19,209 Lot | Cap Rate Not Reported | GRM Not Reported
Cap Rate Range: 4.50% to 5.75%
Santa Monica 9 Unit Apartment Sales (Cap Rate, GRM, Pricing Breakdown)
2401–2405 20th St Santa Monica – Sold $1,975,000 | 7,148 SF | 13,520 Lot | Cap Rate Not Reported | GRM 17.05
301 Ashland Ave Santa Monica – Sold $6,600,000 | 7,424 SF | 7,729 Lot | Cap Rate 4.20% | GRM 15.40
GRM Range: 15.40 to 17.05
Cap Rate Range: 4.25% to 5.75%
Santa Monica 10 Unit Apartment Sales (Cap Rate, GRM, Pricing Breakdown)
824 Lincoln Blvd Santa Monica – Sold $3,050,000 | 6,480 SF | 7,521 Lot | Cap Rate Not Reported | GRM 13.35
1013 12th St Santa Monica – Sold $3,700,000 | 7,954 SF | 7,525 Lot | Cap Rate Not Reported | GRM 15.28
917 5th St Santa Monica – Sold $4,175,000 | 8,212 SF | 7,496 Lot | Cap Rate 4.65% | GRM 13.90
Cap Rate Range: 4.65% to 5.6%
Santa Monica 11 Unit Apartment Sales (Cap Rate, GRM, Pricing Breakdown)
1518 10th St Santa Monica – Sold $3,637,000 | 10,080 SF | 7,490 Lot | Cap Rate 5.00% | GRM 13.50
1423 Euclid St Santa Monica – Sold $3,770,000 | 12,159 SF | 7,513 Lot | Cap Rate 5.55% | GRM 12.16
1445 9th St Santa Monica – Sold $4,435,000 | 7,422 SF | 7,481 Lot | Cap Rate Not Reported | GRM Not Reported
Cap Rate Range: 5.% to 5.%
GRM Range: 12.16 to 13.50
What 5–11 Unit Apartment Buildings Are Worth in Santa Monica: Cap Rates, GRM, and Real Sales Data (2025–2026)
Most 5–11 unit apartment buildings in Santa Monica are trading within:
Cap Rates: approximately 4.5% to 5.5%
GRM: typically between 12 and 14
However, pricing varies significantly depending on:
Rental income and upside potential
Property condition and upgrades
Lot size and development potential
Location within Santa Monica
Each property is valued individually based on how buyers analyze income, risk, and future potential.
Thinking About Selling a Multifamily Property in Santa Monica
If you own a 5–11 unit apartment building and are considering selling, pricing is not based on averages. It is based on how buyers will evaluate your specific property.
Understanding cap rate, GRM, and buyer expectations is critical to positioning your property correctly and achieving the strongest possible result.
Multifamily pricing comes down to details: lot size, zoning, future potential, parking, garages, meters, in-unit laundry, amenities, building systems, and soft-story compliance. Buyers underwrite all of it. The right positioning is what drives maximum value. Make sure you have the right advocate on your side.
Disclaimer
Not all listings report cap rate or full financials. Where data is not provided, values reflect available MLS information. Buyers are advised to independently verify all income and expense data.