947 7th St · Santa Monica, CA 90403

$2,650,000

9 bd · 8.1 ba · 6,313 sqft · MultiFamily · 34 Days on market

Built 1955 Good condition 7,528 sqft lot $420/sqft · 21% below area Est $3337k · 21% under

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +14.7/30.0
• Schools +6.2/10.0
• Appreciation +4.9/10.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

A rare two-building, 7-unit apartment community ideally situated in one of Santa Monica's most coveted and supply-constrained residential enclaves. Built in 1955 and coming to market for the first time in over 50 years, this offering represents a true generational ownership event the kind of long-term, pride-of-ownership asset that rarely surfaces in one of Southern California's most desirable and barrier-to-entry coastal markets. Situated on a 7,525 square foot lot, the property totals 6,313 square feet of gross building area across two structures, offering an average of 902 square feet per unit. The asset features a well-diversified unit mix of three (3) one bedroom, one bath units, two (2) two-bedroom, one bath units, and two (2) two-bedroom, two bath units

Key facts

• 7,528 sq ft lot
• Parking
• Built 1955

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $2.65M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $700 ($8k/yr) — positive. Per door: $233/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.41M (9.2% below list).
• Recommended offer: $2.41M (9.2% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 1.2% in Santa Monica — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#178 in CA) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, commute A+; Watch: health & safety C-, crime F, cost of living F.
• Santa Monica-Malibu Unified (urban): math 61% / reading 74% proficiency, ranked #123 of 1,400 in CA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.1%/yr); 93 active listings in the ZIP; high-income renter base; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $24,068/mo this rent would consume 237% of the median local household income ($122k/yr) (locally 2265% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $16k of equity ($18k loan paydown + $-3k appreciation (-0.1% local appreciation)).
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 8, paydown + projected appreciation supports a ~$177k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($2.57M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,406,800 (9.2% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.61%
• Cash-on-cash: 1.13%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (median comp): $3,336,618
• List price: $2,650,000
• Delta: -20.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
824 Lincoln Blvd	0.18mi	10/11.0 (+1)	6,480 (+3%)	11mo	$3,050,000	$471	61
948 5th St	0.19mi	10/9.0 (+1)	6,803 (+8%)	17mo	$3,560,000	$523	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.1% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.84×
• Total profit: $-115,602
• Equity at exit: $756,176

10-year hold

• IRR: 0.3%
• Equity multiple: 1.03×
• Total profit: $19,244
• Equity at exit: $898,411

Cash invested: $742,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 90403

• Home prices YoY: -0.0%
• Rents YoY: -0.1%
• Active inventory: 93
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $24,068 high
• Mortgage (P&I): −$13,897
• Tax est. 1.5%: −$3,312 /mo · $39,750/yr
• Insurance: −$1,104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,054
• Net cashflow: $700

Break-even live

Break-even rent $23,182

Max offer price $2,650,000

Occupancy floor 92%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$24,069
Total (3 units)			$24,068

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $662,500
• Closing costs: $79,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $2,650,000 Active 34 DOM
2. 2026-06-17
   days on market $2,650,000 Active 33 DOM
3. 2026-06-16
   days on market $2,650,000 Active 32 DOM
4. 2026-06-15
   days on market $2,650,000 Active 31 DOM
5. 2026-06-13
   days on market $2,650,000 Active 29 DOM
6. 2026-06-13
   days on market $2,650,000 Active 28 DOM
7. 2026-06-09
   days on market $2,650,000 Active 25 DOM
8. 2026-06-08
   days on market $2,650,000 Active 24 DOM
9. 2026-06-07
   days on market $2,650,000 Active 23 DOM
10. 2026-06-04
    days on market $2,650,000 Active 20 DOM
11. 2026-06-03
    days on market $2,650,000 Active 19 DOM
12. 2026-06-02
    days on market $2,650,000 Active 18 DOM
13. 2026-06-01
    days on market $2,650,000 Active 17 DOM
14. 2026-05-31
    days on market $2,650,000 Active 16 DOM
15. 2026-05-15
    listed $2,650,000 Active 770-char remark

    Show marketing remark (770 chars)

    A rare two-building, 7-unit apartment community ideally situated in one of Santa Monica's most coveted and supply-constrained residential enclaves. Built in 1955 and coming to market for the first time in over 50 years, this offering represents a true generational ownership event the kind of long-term, pride-of-ownership asset that rarely surfaces in one of Southern California's most desirable and barrier-to-entry coastal markets. Situated on a 7,525 square foot lot, the property totals 6,313 square feet of gross building area across two structures, offering an average of 902 square feet per unit. The asset features a well-diversified unit mix of three (3) one bedroom, one bath units, two (2) two-bedroom, one bath units, and two (2) two-bedroom, two bath units

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥80°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $288,816
• − Mortgage interest: −$148,441
• − Property taxes: −$39,750
• − Insurance: −$13,250
• − Repairs & maintenance: −$23,105
• − Management: −$23,105
• − Depreciation: −$77,091
• Taxable loss: −$35,927
• Est. tax savings @ 24.0%: +$8,622
• After-tax cash flow: $17,024/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This two-building, 7-unit apartment community is in good condition with a well-maintained exterior and landscaping. It offers a good investment opportunity with potential for value enhancement through minor cosmetic upgrades.

Value-add opportunities

• Both Paint exterior walls — Fresh paint can enhance curb appeal and property value
• Both Replace windows — New windows can improve energy efficiency and property value
• Both Upgrade HVAC system — A modern HVAC system can improve comfort and energy efficiency
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior walls — Fresh paint can enhance curb appeal and property value ↑
• Both Replace windows — New windows can improve energy efficiency and property value ↑
• Both Upgrade HVAC system — A modern HVAC system can improve comfort and energy efficiency ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Santa Monica-Malibu Unified
• NCES district ID: 0635700
• Math proficiency: 61% ▬ 0.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $81,489
• Composite: 61.58/100
• National rank: #1535
• State rank: #123 of 1400 in CA

Livability — Santa Monica

• Score: 72/100
• State rank: #178
• US rank: #5878

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing B- Health & safety C- User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Monica, CA
• County: Los Angeles County · 9,444,647 people
• City population: 93,581
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 23,867
• Household income: $121,925
• Rent vs Own: 73.8% rent · 26.2% own
• Severe rent burden: 2265.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 12% Two or more races 12% Asian 11% Black 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Italian 7% Romanian 5% Scotch-Irish 4%
• Foreign-born: 24% · Canada, China, Dominican Republic
• Languages at home: 75% English-only · Spanish 8% Other Indo-European 6% Russian/Polish/Slavic 4%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.10%
• Current HPI: 310.2427
• Rent YoY: ▼ -0.07%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

1 event — show timeline

• 2026-05-15 Listed $2,650,000 TheMLS