231 California ave, Santa Monica, CA 90403
Active
$2,295,000
5 Units
8 Beds
5 Baths
4,426 Area(sq.ft.)
Lot: 5,016 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 2 | 1 | 1 | No | $ 2,294 | $ 4,588 | $ 6,500 |
| Unit 2 | 2 | 2 | 1 | No | $ 2,285 | $ 4,571 | $ 8,190 |
| Unit 3 | 1 | 2 | 1.50 | No | $ 3,695 | $ 3,695 | $ 4,295 |
| 5 | 8 | 6 | $ 12,853 | $ 22,013 | $ 33,675 |
| MLS #: | 25551221 |
| Days On Market: | 177 |
| Listing Date: | June 11, 2025 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 519 |
| Price per unit: | $ 459,000 |
| Year Built: | 1953 |
Property Details
231 California Avenue, a rare five-unit multifamily investment located in the prestigious North of Wilshire enclave of Santa Monica-just three blocks from the beach and moments from the vibrant retail and dining along Montana Avenue. Built in 1953, this two-story property spans approximately 4,426 square feet on a 5,016 square-foot lot zoned SMR3*, offering investors a compelling blend of prime location, strong in-place fundamentals, and substantial long-term upside. The building features an attractive unit mix of spacious one- and two-bedroom layouts, including two 1-bed/1 bath units, two 2-bed/1-bath units and one 2-bed/1.5- bath unit which boasts a private outdoor patio. The property includes four on-site parking spaces (two garaged and two tandem), with additional permitted street parking available for residents. Each unit is separately metered for gas and electricity, includes its own water heater, and is supported by a security system. Operating expenses are minimal, limited primarily to water, common area electricity, and trash. Boasting a Walk Score of 89, the location offers residents unparalleled access to Santa Monica's top lifestyle destinations, including the beach, Palisades Park, Third Street Promenade, and the iconic Pier. Easy access to major transit corridors like the 10 Freeway, 405, PCH, and Expo Line ensures convenient connectivity to Downtown LA, Silicon Beach, and LAX. This is a premier opportunity to acquire a turn-key asset in one of Southern California's most supply-constrained and highly desirable coastal submarkets.Interested in this Listing?
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Income Details
| Gross Operating Income: | $ 155,740 |
| Total Annual Expense: | $ 49,942 |
| Net Operating Income: | $ 105,798 |
| Gross Annual Income: | $ 155,740 |
| Cap Rate: | 4.61% |
| Gross Rent Multiplier: | 14.88 |
Structure
| Type of Units: | Apartments |
| Buildings: | 2 |
| Levels: | Two |
Land & Parking
| Zoning: | SMR3* |
| Parking Garage: | Garage - 2 Car, Driveway |
Interior
| Cooking Appliances: | Cooktop - Gas |
| AC/Cooling: | None |
| Equipment: | Refrigerator |
| Heating: | Central |
| Laundry: | Community |
Exterior
Detailed Map
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