23901 Civic Center Way Unit D238 · Malibu, CA 90265

$750,000

2 bd · 2.0 ba · 895 sqft · Condo public records · 142 Days on market

Built 1972 $838/sqft · 6% below area Est $798k · 6% under $1301/mo HOA · 16% of rent

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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).

• Cash flow +13.0/30.0
• ARV discount +10.2/15.0
• Schools +6.2/10.0
• 1% rule +6.1/10.0
• Appreciation +5.3/10.0
• DSCR +3.9/10.0
• Livability +2.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.7/5.0

Listing remarks MLS

Located in the heart of central Malibu, this desirable single-level condo offers the perfect blend of comfort, convenience, and resort-style living. The thoughtfully designed floor plan features two spacious bedroom suites, a welcoming living room that flows seamlessly into the dining area, and a generous patio where you can relax and take in the ocean views. The gated complex is rich with amenities, including a heated pool with breathtaking ocean and mountain vistas, a fully equipped fitness center, and tennis courts. Two covered parking spaces and 24-hour guard security add to the ease and peace of mind. Ideally situated just moments from Malibu's best restaurants, shopping, markets, and scenic hikes, and only minutes to Pepperdine University. This home is perfect as a full-time residence, weekend getaway, or investment opportunity. Pictures that are furnished are virtually staged.

Key facts

• Gated complex
• Mountain vistas
• Fitness center

Tags

• GATED COMPLEX
• HEATED POOL
• FITNESS CENTER
• TENNIS COURTS
• OCEAN VIEWS
• MOUNTAIN VISTAS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $750k.

Deal economics

• At list price, monthly cash flow is $-42 ($-505/yr) — negative.
• To cash-flow at today's rent, offer at most $743k (1.0% below list).
• Meets the 1% rule at list price ($8k rent vs $750k).
• Recommended offer: $660k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 0.7% in Malibu — 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 53/100 on livability (#979 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, schools B; Watch: housing C-, crime F, amenities 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 falling (-3.4%/yr); 636 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $8,308/mo this rent would consume 51% of the median local household income ($197k/yr) (locally 420% 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 $10k of equity ($5k loan paydown + $5k appreciation (0.6% local appreciation)).
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 5, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($660k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $520k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 8→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $660,000 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-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?
9. 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?
10. 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.
11. 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.
12. 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: 1.11% ✓
• Cap rate: 6.23%
• Cash-on-cash: -0.24%
• DSCR: 0.99
• GRM: 7.5

CMA / ARV

• ARV (median comp): $797,557
• List price: $750,000
• Delta: -5.96%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

0.62% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.88×
• Total profit: $-25,916
• Equity at exit: $241,236

10-year hold

• IRR: 0.4%
• Equity multiple: 1.04×
• Total profit: $7,931
• Equity at exit: $309,431

Cash invested: $210,000 (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 90265

• Home prices YoY: 0.1%
• Rents YoY: -3.4%
• Active inventory: 636
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $8,308 high
• Mortgage (P&I): −$3,933
• Tax from tax record: −$1,059 /mo · $12,708/yr
• Insurance: −$312
• HOA: −$1,301
• Vacancy / Maint / Mgmt: −$1,745
• Net cashflow: $-42

Break-even live

Break-even rent $8,361

Max offer price $742,568

Occupancy floor 96%

Sensitivity live

Price	-10% $382	-5% $170	+0% $-42	+5% $-254	+10% $-467
Rent	-10% $-698	-5% $-370	+0% $-42	+5% $286	+10% $614
Rate	-1.0pp $336	-0.5pp $149	base $-42	+0.5pp $-236	+1.0pp $-434

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23901 Civic Center Way Unit D133 Malibu, CA	2.0	2.0	895	$4,550	$5.08	19d	1	0.03mi
23901 Civic Center Way Unit D133 Malibu, CA	2.0	2.0	895	$4,550	$5.08	6d	1	0.03mi
23901 Civic Center Way Unit 126B Malibu, CA	2.0	2.0	905	$5,600	$6.19	0d	1	0.03mi
23901 Civic Center Way Malibu, CA	2.0–3.0	1.5–2.0	920	$4,450	$4.83	18d	6	0.04mi
23901 Civic Center Way Malibu, CA	2.0–3.0	1.0–1.5	989	$4,800	$4.85	2d	2	0.04mi
23901 Civic Center Way Malibu, CA	2.0–3.0	1.0–2.0	987	$4,600	$4.66	0d	3	0.04mi
22860 Pacific Coast Hwy Malibu, CA	1.0	1.0	650	$4,295	$6.61	44d	1	1.28mi

HOA detail condo

• Monthly dues: $1,301 · $15,612/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $750,000 Active 142 DOM
2. 2026-06-18
   days on market $750,000 Active 139 DOM
3. 2026-06-17
   days on market $750,000 Active 138 DOM
4. 2026-06-16
   days on market $750,000 Active 137 DOM
5. 2026-06-15
   days on market $750,000 Active 136 DOM
6. 2026-06-13
   days on market $750,000 Active 134 DOM
7. 2026-06-13
   days on market $750,000 Active 133 DOM
8. 2026-06-09
   days on market $750,000 Active 130 DOM
9. 2026-06-08
   days on market $750,000 Active 129 DOM
10. 2026-06-07
    days on market $750,000 Active 128 DOM
11. 2026-06-04
    days on market $750,000 Active 125 DOM
12. 2026-06-03
    days on market $750,000 Active 124 DOM
13. 2026-06-02
    days on market $750,000 Active 123 DOM
14. 2026-06-01
    days on market $750,000 Active 122 DOM
15. 2026-05-31
    days on market $750,000 Active 121 DOM
16. 2026-05-10
    historical $4,550
17. 2026-01-29
    listed $750,000 Active 896-char remark

    Show marketing remark (896 chars)

    Located in the heart of central Malibu, this desirable single-level condo offers the perfect blend of comfort, convenience, and resort-style living. The thoughtfully designed floor plan features two spacious bedroom suites, a welcoming living room that flows seamlessly into the dining area, and a generous patio where you can relax and take in the ocean views. The gated complex is rich with amenities, including a heated pool with breathtaking ocean and mountain vistas, a fully equipped fitness center, and tennis courts. Two covered parking spaces and 24-hour guard security add to the ease and peace of mind. Ideally situated just moments from Malibu's best restaurants, shopping, markets, and scenic hikes, and only minutes to Pepperdine University. This home is perfect as a full-time residence, weekend getaway, or investment opportunity. Pictures that are furnished are virtually staged.

18. 2025-11-13
    price
19. 2025-09-18
    listed Active
20. 2025-08-10
    price $4,550
21. 2025-05-21
    listed $4,950
22. 2004-06-29
    soldstatus $520,000
23. 1986-04-29
    soldstatus $125,000

ⓘ 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: $12,708 · $1,059/mo
• Projected year-2 tax: $12,708 · $1,059/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 6/10 Major
• 🌡 Heat 6/10 Major 8 d/yr ≥83°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $99,698
• − Mortgage interest: −$42,012
• − Property taxes: −$12,708
• − Insurance: −$3,750
• − Repairs & maintenance: −$7,976
• − Management: −$7,976
• − HOA: −$15,612
• − Depreciation: −$21,818
• Taxable loss: −$12,153
• Est. tax savings @ 24.0%: +$2,917
• After-tax cash flow: $2,412/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 — Malibu

• Score: 53/100
• State rank: #979
• US rank: #24630

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Malibu, CA
• County: Los Angeles County · 9,444,647 people
• City population: 15,918
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 15,918
• Household income: $196,742
• Rent vs Own: 21.5% rent · 78.5% own
• Severe rent burden: 420.0

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 (77%)
• Race & ethnicity: White 77% Two or more races 10% Hispanic / Latino 9% Asian 5% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 8% Scotch-Irish 3% Romanian 3%
• Foreign-born: 16% · Canada, South Korea, China
• Languages at home: 82% English-only · Spanish 6% Other Indo-European 6% French/Haitian/Cajun 2%

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: ▲ 0.62%
• Current HPI: 498.5117
• Rent YoY: ▼ -3.39%
• 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

-96.4% since first listed

8 events — show timeline

• 2026-05-10 Rental Removed $4,550 CLAW
• 2026-01-29 Listed $750,000 TheMLS
• 2025-11-13 Price Changed — TheMLS
• 2025-09-18 Listed — TheMLS
• 2025-08-10 Price Changed $4,550 CLAW
• 2025-05-21 Listed for Rent $4,950 CLAW
• 2004-06-29 Sold (Public Records) $520,000 Public Records
• 1986-04-29 Sold (Public Records) $125,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $12,708 · +12.4% YoY. Source: county tax records.