1117 6th St · Santa Monica, CA 90403

$10,250,000

36 bd · 45.0 ba · 29,535 sqft · MultiFamily public records · 272 Days on market

Built 1971 0.34 ac lot $347/sqft · 13% below area Est $11745k · 13% under ↓ 17% since listing

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Why this score? — see what drove the B- 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).

• Cash flow +22.6/30.0
• ARV discount +13.2/15.0
• DSCR +7.2/10.0
• Schools +6.2/10.0
• Appreciation +4.9/10.0
• 1% rule +4.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 27 units. confirmed

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

$347 PER SF- NORTH OF WILSHIRE. 1117 6th Street presents a rare opportunity to acquire a well-located, 27-unit multifamily asset in the heart of Santa Monica, just six blocks from the beach and three blocks to the world-renowned 3rd Street Promenade. Built in 1971 and offered for sale for the first time in over 40 years, the property spans approximately 29,535 square feet on a 14,800 square foot lot and offers an ideal unit mix for the local tenant base: nine (9) 1-bedroom/1-bath units, ten(9) 1-bedroom/1.5-bath units with dens, six (7) 2-bedroom/2-bath units, and two (2) 2-bedroom/2-bath units with dens. Many units feature spacious floorplans, ample closet space, and extra storage. The building has undergone recent capital improvements, including a new roof installed just two years ago and completed balcony inspections and repairs, reducing near-term capital needs. Residents enjoy 42 gated garage parking spaces, controlled-access entry, onsite laundry facilities, and an elevator, all of which enhance tenant convenience and retention. The property is attractively priced at under $373 per square foot, offering investors significant value relative to comparable assets in this supply-constrained coastal market. With stable in-place income and meaningful upside through interior renovations and tenant turnover, 1117 6th Street presents a compelling blend of immediate cash flow and long-term appreciation potential. Situated in one of Southern California's most desirable rental markets with access to retail, dining, employment centers, and transit this asset is well-positioned for investors seeking a well-maintained building with growth potential.

Key facts

• Elevator
• New roof
• 0.34 acre lot

Tags

• WALKING DISTANCE TO BEACH
• RECENT CAPITAL IMPROVEMENTS
• NEW ROOF
• CONTROLLED-ACCESS ENTRY
• ONSITE LAUNDRY FACILITIES
• ELEVATOR

What this means for you Summary

Snapshot

• This is a 9×1bd/1ba + 10×1bd/1.5ba + 8×2bd/2ba units multifamily listed at $10.25M.

Deal economics

• At list price, monthly cash flow is $17k ($209k/yr) — positive. Per door: $645/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 $9.93M (3.1% below list).
• Recommended offer: $9.02M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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 $99,313/mo this rent would consume 977% 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 $61k of equity ($71k loan paydown + $-10k 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.
• At projected returns (-0.1% appreciation + 0.0% rent growth), your $2.87M cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$686k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 272 days — a 12% lower offer ($9.02M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $9,020,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 272 days. Have you received any prior offers? Is the seller open to a 12% 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 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.97% ✗
• Cap rate: 8.33%
• Cash-on-cash: 7.28%
• DSCR: 1.32
• GRM: 8.6

CMA / ARV

• ARV (median comp): $11,744,842
• List price: $10,250,000
• Delta: -12.73%
• Verdict: UNDERPRICED
• Comps: 5 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.5%
• Equity multiple: 1.16×
• Total profit: $464,650
• Equity at exit: $2,924,831

10-year hold

• IRR: 6.9%
• Equity multiple: 1.69×
• Total profit: $1,979,086
• Equity at exit: $3,474,986

Cash invested: $2,870,000 (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: 237.5×

Monthly cashflow live

• Estimated rent: $99,313 high
• Mortgage (P&I): −$53,752
• Tax from tax record: −$3,031 /mo · $36,373/yr
• Insurance: −$4,271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$20,856
• Net cashflow: $17,403

Break-even live

Break-even rent $77,284

Max offer price $10,250,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$32,373
▸ 10× units	1	1.5	$35,970
▸ 8× units	2	2	$30,976
Total (27 units)			$99,313

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: $2,562,500
• Closing costs: $307,500
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-24
   price $10,250,000 1668-char remark

   Show marketing remark (1668 chars)

   $347 PER SF- NORTH OF WILSHIRE. 1117 6th Street presents a rare opportunity to acquire a well-located, 27-unit multifamily asset in the heart of Santa Monica, just six blocks from the beach and three blocks to the world-renowned 3rd Street Promenade. Built in 1971 and offered for sale for the first time in over 40 years, the property spans approximately 29,535 square feet on a 14,800 square foot lot and offers an ideal unit mix for the local tenant base: nine (9) 1-bedroom/1-bath units, ten(9) 1-bedroom/1.5-bath units with dens, six (7) 2-bedroom/2-bath units, and two (2) 2-bedroom/2-bath units with dens. Many units feature spacious floorplans, ample closet space, and extra storage. The building has undergone recent capital improvements, including a new roof installed just two years ago and completed balcony inspections and repairs, reducing near-term capital needs. Residents enjoy 42 gated garage parking spaces, controlled-access entry, onsite laundry facilities, and an elevator, all of which enhance tenant convenience and retention. The property is attractively priced at under $373 per square foot, offering investors significant value relative to comparable assets in this supply-constrained coastal market. With stable in-place income and meaningful upside through interior renovations and tenant turnover, 1117 6th Street presents a compelling blend of immediate cash flow and long-term appreciation potential. Situated in one of Southern California's most desirable rental markets with access to retail, dining, employment centers, and transit this asset is well-positioned for investors seeking a well-maintained building with growth potential.

2. 2026-02-26
   price $10,995,000 1668-char remark

   Show marketing remark (1668 chars)

   $347 PER SF- NORTH OF WILSHIRE. 1117 6th Street presents a rare opportunity to acquire a well-located, 27-unit multifamily asset in the heart of Santa Monica, just six blocks from the beach and three blocks to the world-renowned 3rd Street Promenade. Built in 1971 and offered for sale for the first time in over 40 years, the property spans approximately 29,535 square feet on a 14,800 square foot lot and offers an ideal unit mix for the local tenant base: nine (9) 1-bedroom/1-bath units, ten(9) 1-bedroom/1.5-bath units with dens, six (7) 2-bedroom/2-bath units, and two (2) 2-bedroom/2-bath units with dens. Many units feature spacious floorplans, ample closet space, and extra storage. The building has undergone recent capital improvements, including a new roof installed just two years ago and completed balcony inspections and repairs, reducing near-term capital needs. Residents enjoy 42 gated garage parking spaces, controlled-access entry, onsite laundry facilities, and an elevator, all of which enhance tenant convenience and retention. The property is attractively priced at under $373 per square foot, offering investors significant value relative to comparable assets in this supply-constrained coastal market. With stable in-place income and meaningful upside through interior renovations and tenant turnover, 1117 6th Street presents a compelling blend of immediate cash flow and long-term appreciation potential. Situated in one of Southern California's most desirable rental markets with access to retail, dining, employment centers, and transit this asset is well-positioned for investors seeking a well-maintained building with growth potential.

3. 2025-11-17
   price $11,800,000 1668-char remark

   Show marketing remark (1668 chars)

   $347 PER SF- NORTH OF WILSHIRE. 1117 6th Street presents a rare opportunity to acquire a well-located, 27-unit multifamily asset in the heart of Santa Monica, just six blocks from the beach and three blocks to the world-renowned 3rd Street Promenade. Built in 1971 and offered for sale for the first time in over 40 years, the property spans approximately 29,535 square feet on a 14,800 square foot lot and offers an ideal unit mix for the local tenant base: nine (9) 1-bedroom/1-bath units, ten(9) 1-bedroom/1.5-bath units with dens, six (7) 2-bedroom/2-bath units, and two (2) 2-bedroom/2-bath units with dens. Many units feature spacious floorplans, ample closet space, and extra storage. The building has undergone recent capital improvements, including a new roof installed just two years ago and completed balcony inspections and repairs, reducing near-term capital needs. Residents enjoy 42 gated garage parking spaces, controlled-access entry, onsite laundry facilities, and an elevator, all of which enhance tenant convenience and retention. The property is attractively priced at under $373 per square foot, offering investors significant value relative to comparable assets in this supply-constrained coastal market. With stable in-place income and meaningful upside through interior renovations and tenant turnover, 1117 6th Street presents a compelling blend of immediate cash flow and long-term appreciation potential. Situated in one of Southern California's most desirable rental markets with access to retail, dining, employment centers, and transit this asset is well-positioned for investors seeking a well-maintained building with growth potential.

4. 2025-08-27
   listed $12,400,000 Active 1668-char remark

   Show marketing remark (1668 chars)

   $347 PER SF- NORTH OF WILSHIRE. 1117 6th Street presents a rare opportunity to acquire a well-located, 27-unit multifamily asset in the heart of Santa Monica, just six blocks from the beach and three blocks to the world-renowned 3rd Street Promenade. Built in 1971 and offered for sale for the first time in over 40 years, the property spans approximately 29,535 square feet on a 14,800 square foot lot and offers an ideal unit mix for the local tenant base: nine (9) 1-bedroom/1-bath units, ten(9) 1-bedroom/1.5-bath units with dens, six (7) 2-bedroom/2-bath units, and two (2) 2-bedroom/2-bath units with dens. Many units feature spacious floorplans, ample closet space, and extra storage. The building has undergone recent capital improvements, including a new roof installed just two years ago and completed balcony inspections and repairs, reducing near-term capital needs. Residents enjoy 42 gated garage parking spaces, controlled-access entry, onsite laundry facilities, and an elevator, all of which enhance tenant convenience and retention. The property is attractively priced at under $373 per square foot, offering investors significant value relative to comparable assets in this supply-constrained coastal market. With stable in-place income and meaningful upside through interior renovations and tenant turnover, 1117 6th Street presents a compelling blend of immediate cash flow and long-term appreciation potential. Situated in one of Southern California's most desirable rental markets with access to retail, dining, employment centers, and transit this asset is well-positioned for investors seeking a well-maintained building with growth potential.

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

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $36,373 · $3,031/mo
• Projected year-2 tax: $77,900 · $6,492/mo
• Expected delta: +$41,527/yr (+$3,461/mo · 114.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $1,191,756
• − Mortgage interest: −$574,159
• − Property taxes: −$36,373
• − Insurance: −$51,250
• − Repairs & maintenance: −$95,340
• − Management: −$95,340
• − Depreciation: −$298,182
• Taxable income: $41,111
• Est. tax owed @ 24.0%: −$9,867
• After-tax cash flow: $198,972/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.

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

-17.3% since first listed

4 events — show timeline

• 2026-04-24 Price Changed $10,250,000 TheMLS
• 2026-02-26 Price Changed $10,995,000 TheMLS
• 2025-11-17 Price Changed $11,800,000 TheMLS
• 2025-08-27 Listed $12,400,000 TheMLS

Property tax history

+2.2%/yr

Latest (2025): $36,373 · +7.1% YoY. Source: county tax records.