1018 21st St · Santa Monica, CA 90403

$2,595,000

11 bd · 6.0 ba · 5,734 sqft · MultiFamily public records · 20 Days on market

Built 1956 6,614 sqft lot Est $2741k · 5% 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).

• Cash flow +15.5/30.0
• ARV discount +9.9/15.0
• Schools +6.2/10.0
• Appreciation +4.9/10.0
• DSCR +4.8/10.0
• 1% rule +4.0/10.0
• 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: 5 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

Ideally situated North of Wilshire on a beautiful tree-lined street just moments from Montana Avenue, 1018 21st Street presents a unique opportunity to acquire a premier 5-unit apartment property in Santa Monica's most coveted neighborhood. The property features an attractive unit mix consisting of one spacious 3-bedroom, 2-bath residence, two remodeled 2-bedroom, 2-bath units with air conditioning, and two 2-bedroom, 1.5-bath units. Each unit includes a private garage parking space. The expansive 3-bedroom, 2-bath unit creates a rare owner-user opportunity, allowing a buyer to enjoy the coveted Santa Monica lifestyle while benefiting from income generated by the remaining units. Enjoy conv

Key facts

• Strong unit mix
• 6,614 sq ft lot
• 5 garage spots

Tags

• PRIVATE GARAGE PARKING
• OWNER-USER OPPORTUNITY
• STRONG UNIT MIX
• RARE INVESTMENT OPPORTUNITY

Property features AI

Finance

• Other: Unit rents (actual): $1,542; $4,595; $4,495; $1,908; $988; Projected rents shown per unit ranging up to $6,500 for one unit and $4,500–$5,500 for others; Property contains one building
• Financial info: Gross operating income reported at $162,336; Net operating income reported at $155,836; Total annual expenses reported at $6,500; Gross income listed as 162,336; Gross rent multiplier of 18; Scheduled/Actual rents reported as Actual
• HOA & community: Complex contains 5 units

Exterior

• Parking: Garage parking; Total of 5 parking spaces; 5 garage spaces
• Utilities: Public water
• Home design: Residential income property; Two-level building; Raised foundation
• Construction: Raised foundation
• Exterior features: Alley access; No additional detached structures reported

Interior

• Kitchen: Kitchens included in apartment units
• Bedrooms: One 3-bedroom unit; Three 2-bedroom units; One 2-bedroom unit (another floor plan listed separately)
• Bathrooms: One unit with 2 baths; Several units with 2 baths; Two units with 1.5 baths
• Heating & cooling: Zoned heating; Wall heating; Air conditioning; Multi-zone cooling; Wall unit cooling
• Interior features: Community laundry available; Rent control in effect; Alley access
• Laundry & utility: Shared community laundry

What this means for you Summary

Snapshot

• This is a 1×3bd/2ba + 2×2bd/2ba + 2×2bd/1.5ba units multifamily listed at $2.60M.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $209/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 $2.33M (10.1% below list).
• Recommended offer: $2.33M (10.1% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 $23,333/mo this rent would consume 230% 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 $15k 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 ~$174k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($2.56M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — 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 $2,333,300 (10.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.72%
• DSCR: 1.08
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $2,740,852
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1112 19th St	0.19mi	10/8.0 (-1)	6,080 (+6%)	18mo	$2,500,000	$411	53
1236 21st St	0.31mi	11/10.0	5,016 (-12%)	2mo	$2,805,000	$559	47
2618 Arizona Ave #2	0.57mi	12/8.0 (+1)	5,483 (-4%)	9mo	$1,950,000	$356	45
833 15th St	0.48mi	11/11.0	6,574 (+15%)	6mo	$3,145,000	$478	28

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: -2.7%
• Equity multiple: 0.88×
• Total profit: $-90,074
• Equity at exit: $740,482

10-year hold

• IRR: 1.0%
• Equity multiple: 1.10×
• Total profit: $69,607
• Equity at exit: $879,765

Cash invested: $726,600 (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: 42.7×

Monthly cashflow live

• Estimated rent: $23,333 high
• Mortgage (P&I): −$13,608
• Tax from tax record: −$2,700 /mo · $32,401/yr
• Insurance: −$1,081
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,900
• Net cashflow: $1,043

Break-even live

Break-even rent $22,012

Max offer price $2,595,000

Occupancy floor 91%

Sensitivity live

Price	-10% $2,512	-5% $1,778	+0% $1,043	+5% $309	+10% $-426
Rent	-10% $-800	-5% $122	+0% $1,043	+5% $1,965	+10% $2,887
Rate	-1.0pp $2,350	-0.5pp $1,703	base $1,043	+0.5pp $371	+1.0pp $-313

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$5,062
▸ 2× units	2	2	$9,136
▸ 2× units	2	1.5	$9,136
Total (5 units)			$23,333

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: $648,750
• Closing costs: $77,850
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $2,595,000 Active 20 DOM
2. 2026-06-17
   pricedays on market $2,595,000 Active 19 DOM
3. 2026-06-16
   days on market $2,649,000 Active 18 DOM
4. 2026-06-16
   price $2,649,000 Active 17 DOM
5. 2026-06-15
   days on market $2,659,000 Active 17 DOM
6. 2026-06-13
   days on market $2,659,000 Active 15 DOM
7. 2026-06-13
   days on market $2,659,000 Active 14 DOM
8. 2026-06-10
   price $2,659,000 Active 11 DOM
9. 2026-06-09
   days on market $2,695,000 Active 11 DOM
10. 2026-06-08
    pricedays on market $2,695,000 Active 10 DOM
11. 2026-06-07
    pricedays on market $2,845,000 Active 9 DOM
12. 2026-06-04
    days on market $2,895,000 Active 6 DOM
13. 2026-06-03
    days on market $2,895,000 Active 5 DOM
14. 2026-06-02
    pricedays on market $2,895,000 Active 4 DOM
15. 2026-06-02
    price $2,979,000 Active 3 DOM
16. 2026-06-01
    days on market $2,995,000 Active 3 DOM
17. 2026-05-31
    days on market $2,995,000 Active 2 DOM

ⓘ 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: $32,401 · $2,700/mo
• Projected year-2 tax: $32,401 · $2,700/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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥83°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: $279,996
• − Mortgage interest: −$145,360
• − Property taxes: −$32,401
• − Insurance: −$12,975
• − Repairs & maintenance: −$22,400
• − Management: −$22,400
• − Depreciation: −$75,491
• Taxable loss: −$31,031
• Est. tax savings @ 24.0%: +$7,447
• After-tax cash flow: $19,966/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

+2335.0% since first listed

3 events — show timeline

• 2026-05-29 Listed $2,995,000 TheMLS
• 2021-05-18 Sold (Public Records) $2,339,000 Public Records
• 1973-05-04 Sold (Public Records) $123,000 Public Records

Property tax history

+14.3%/yr

Latest (2025): $32,401 · +6.5% YoY. Source: county tax records.