402 Pacific · Santa Monica, CA 90405

$3,500,000

6 bd · 9.0 ba · 2,664 sqft · MultiFamily public records · 14 Days on market

Built 1954 5,357 sqft lot

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Why this score? — see what drove the D 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 +7.5/15.0
• Appreciation +7.5/10.0
• Cash flow +7.4/30.0
• Schools +6.2/10.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.5/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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

Southern California lifestyle, This renovated 6 unit residential income property is only steps away from the iconic beaches of Santa Monica. The complex is comprised of 3 top floor single level units, and 3 townhome style units with tree top vistas, new kitchen cabinetry, and stainless-steel appliances. This beautiful complex has the luxury of an in-unit washer & dryers as well as air conditioning. The building has controlled entry, with a video com security system. Ideally located close to the historic Santa Monica pier and Third Street Promenade.

Key facts

• Townhome style units
• 5,357 sq ft lot
• 5 garage spots

Tags

• STEPS AWAY FROM BEACHES
• TOP FLOOR SINGLE LEVEL UNITS
• TOWNHOME STYLE UNITS
• NEW KITCHEN CABINETRY
• STAINLESS STEEL APPLIANCES
• IN UNIT WASHER AND DRYERS

Property features AI

Finance

• Other: No accessory dwelling unit
• Financial info: Total building area reported as 3,912; Gross scheduled income: $231,348; Gross income: $231,348; Net operating income: $173,826; Total operating expenses: $57,522 (includes insurance $4,847; water/sewer $4,000; trash $3,800; taxes reported separately); Units are rented with tenant-paid utilities: gas and electricity; There are six total rental units
• HOA & community: Property is subject to rent control

Exterior

• Parking: Total of 7 parking spaces; 5 garage spaces (assigned), plus 2 uncovered spaces; Each unit includes one assigned garage space
• Utilities: Public sewer; District/public water; Six separate gas meters; Six separate electric meters; One separate water meter
• Home design: Attached multi-unit property; Two stories
• Construction: One building; Year built source: Assessor
• Exterior features: No pool; Corner lot; Gutters and curbs in the community

Interior

• Kitchen: Kitchens in each unit (appliance details not provided)
• Bedrooms: Six separate units (each unit is 1 bedroom)
• Bathrooms: Multiple units with 1 or 2 full bathrooms (units list: four units with 1 bath, two units with 2 baths)
• Interior features: Two-level layout; Entry on main level
• Laundry & utility: In-unit laundry available (inside, stackable)

What this means for you Summary

Snapshot

• This is a 6 × 6-bed/9.0-bath units multifamily listed at $3.50M.

Deal economics

• At list price, monthly cash flow is $-5k ($-54k/yr) — negative. Per door: $-752/mo.
• To cash-flow at today's rent, offer at most $2.70M (22.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.46M (29.7% below list).
• Recommended offer: $2.46M (29.7% below list) — sets the bar for 1% rule.
• Cap rate 4.7% 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 rising (+1.1%/yr); 100 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 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 $24,607/mo this rent would consume 244% of the median local household income ($121k/yr) (locally 2402% 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 $198k of equity ($24k loan paydown + $174k appreciation (5.0% local appreciation)).
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$317k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 17 sale attempts since 11y ago 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.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,460,700 (29.7% 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. 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 1954 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.70% ✗
• Cap rate: 4.75%
• Cash-on-cash: -5.53%
• DSCR: 0.75
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $1,494,504
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1856 9th St	0.41mi	6/4.0	2,568 (-4%)	16mo	$1,550,000	$604	42
827 Cedar St	0.41mi	6/3.0	2,929 (+10%)	7mo	$1,587,088	$542	38
2511 4th St	0.29mi	6/4.0	3,031 (+14%)	8mo	$1,700,000	$561	37

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

Projected returns pro-forma

4.97% appreciation · 1.05% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.47×
• Total profit: $465,230
• Equity at exit: $1,976,114

10-year hold

• IRR: 8.8%
• Equity multiple: 2.61×
• Total profit: $1,574,385
• Equity at exit: $3,404,491

Cash invested: $980,000 (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 90405

• Home prices YoY: 1.2%
• Rents YoY: 1.1%
• Active inventory: 100
• Price-to-rent: 71.1×

Monthly cashflow live

• Estimated rent: $24,607 medium
• Mortgage (P&I): −$18,354
• Tax from tax record: −$4,141 /mo · $49,687/yr
• Insurance: −$1,458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,167
• Net cashflow: $-4,514

Break-even live

Break-even rent $30,321

Max offer price $2,702,628

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 6× units	6	9	$24,606
Total (6 units)			$24,607

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: $875,000
• Closing costs: $105,000
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
44 Dudley Ave Venice, CA	5.0	3.0	3128	$14,245	$4.55	4d	1	0.99mi
611 Flower Ave Venice, CA	6.0	5.0	2618	$14,950	$5.71	7d	1	1.02mi
34 Park Ave Venice, CA	5.0	4.0	2112	$15,000	$7.10	43d	1	1.23mi
1812 Navy St Santa Monica, CA	5.0	3.0	3228	$19,000	$5.89	24d	1	1.41mi

Listing history 10 events

1. 2026-06-18
   days on market $3,500,000 Active 14 DOM
2. 2026-06-17
   days on market $3,500,000 Active 13 DOM
3. 2026-06-16
   days on market $3,500,000 Active 12 DOM
4. 2026-06-15
   days on market $3,500,000 Active 11 DOM
5. 2026-06-13
   days on market $3,500,000 Active 9 DOM
6. 2026-06-13
   days on market $3,500,000 Active 8 DOM
7. 2026-06-09
   days on market $3,500,000 Active 5 DOM
8. 2026-06-08
   days on market $3,500,000 Active 4 DOM
9. 2026-06-07
   remarks 556-char remark
10. 2026-06-07
    listed $3,500,000 Active 3 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: $49,687 · $4,141/mo
• Projected year-2 tax: $49,687 · $4,141/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 7/10 Severe 6 d/yr ≥80°F today · 17 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: $295,284
• − Mortgage interest: −$196,054
• − Property taxes: −$49,687
• − Insurance: −$17,500
• − Repairs & maintenance: −$23,623
• − Management: −$23,623
• − Depreciation: −$101,818
• Taxable loss: −$117,021
• Est. tax savings @ 24.0%: +$28,085
• After-tax cash flow: $-26,080/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): 27,298
• Household income: $121,241
• Rent vs Own: 68.6% rent · 31.4% own
• Severe rent burden: 2402.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 15% Two or more races 12% Asian 8% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 5% Italian 4% Scotch-Irish 4%
• Foreign-born: 22% · Canada, China, Dominican Republic
• Languages at home: 73% English-only · Spanish 10% Other Indo-European 5% Other Asian/Pacific 3%

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: ▲ 4.97%
• Current HPI: 434.8689
• Rent YoY: ▲ 1.05%
• 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

+1582.7% since first listed

47 events — show timeline

• 2026-06-04 Listed $3,500,000 CRMLS
• 2026-02-27 Rental Removed $2,500 CLAW
• 2026-02-27 Relisted — CRMLS
• 2026-02-13 Price Changed $2,500 CLAW
• 2026-01-21 Price Changed $2,600 CLAW
• 2025-12-26 Listed for Rent $2,700 CLAW
• 2025-10-30 Relisted — CRMLS
• 2025-10-30 Listing Removed — CRMLS
• 2025-10-06 Relisted — CRMLS
• 2025-02-27 Listed $3,795,000 CRMLS
• 2020-03-02 Sold (MLS) $3,645,000 TheMLS
• 2020-01-16 Contingent — TheMLS
• 2019-11-19 Price Changed $3,645,000 SDMLS
• 2019-11-07 Price Changed $3,645,000 TheMLS
• 2019-09-18 Listed $3,750,000 TheMLS
• 2019-02-28 Listing Removed — SDMLS
• 2019-02-28 Delisted — TheMLS
• 2018-10-02 Price Changed — TheMLS
• 2018-06-14 Listed $3,785,000 SDMLS
• 2018-06-14 Listed — TheMLS
• 2017-10-18 Sold (Public Records) $3,570,000 Public Records
• 2017-10-18 Sold (MLS) $3,570,000 SDMLS
• 2017-10-18 Sold (MLS) $3,570,000 TheMLS
• 2017-08-28 Pending — TheMLS
• 2017-08-16 Relisted — TheMLS
• 2017-08-15 Delisted — TheMLS
• 2017-08-03 Price Changed $3,750,000 TheMLS
• 2017-07-11 Relisted — TheMLS
• 2017-07-11 Price Changed $3,875,000 TheMLS
• 2017-07-05 Delisted — TheMLS
• 2017-06-07 Price Changed $3,975,000 TheMLS
• 2017-05-22 Price Changed $4,100,000 TheMLS
• 2017-04-19 Listed $4,190,000 TheMLS
• 2017-04-19 Listed $3,750,000 SDMLS
• 2016-05-12 Delisted — TheMLS
• 2016-05-11 Listing Removed — SDMLS
• 2016-04-27 Listed — TheMLS
• 2016-04-27 Listed $3,185,000 SDMLS
• 2015-06-23 Sold (MLS) $1,840,000 SDMLS
• 2015-06-23 Sold (MLS) $1,840,000 TheMLS
• 2015-06-22 Sold (Public Records) $1,840,000 Public Records
• 2015-06-03 Pending — TheMLS
• 2015-05-03 Listed $2,100,000 TheMLS
• 2015-04-10 Listed $2,100,000 SDMLS
• 1989-08-07 Sold (Public Records) $203,630 Public Records
• 1987-06-26 Sold (Public Records) $101,000 Public Records
• 1985-08-23 Sold (Public Records) $208,000 Public Records

Property tax history

+11.9%/yr

Latest (2025): $49,687 · +6.6% YoY. Source: county tax records.