1147 6th St · Santa Monica, CA 90403

$6,195,000

4 bd · 20.0 ba · 12,327 sqft · MultiFamily public records · 241 Days on market

Built 1930 7,507 sqft lot $503/sqft · 40% above area Est $4432k · 40% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.2/10.0
• Appreciation +4.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 20 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

Reduced, but Seller needs to exchange. Spanish style 20 unit property in Santa Monica near the 3rd Street Promenade. Offering 500-700 SF 1-bedroom and Junior 1-bedroom (alcove studio) units in an ultra prime location with walkable retail and dining options. The building consists of (16) Junior alcove 1 bedroom 1 bath units, and (4) 1 bedroom 1 bath units. The property boasts strong in place cash flow with rental upside coming from at least 2 ADUs that could be added to the property. The secure entryway, center hallway, offers a character building in a super location to an affluent renter demographic. The building is master-metered for gas and has street parking only. The Property has a basement with Laundry. The basement is big enough to add 2 ADUs, each approximately 300 SF. The property size offers immediate scale and a strong foothold in one of the West Side of Los Angeles most desirable submarkets. There is short term assumable financing available (~$3,965,000 loan amount, fixed at 4.1% until 12/2026) .

Key facts

• Walkable retail
• Secure entryway
• Dining options

Tags

• ULTRA PRIME LOCATION
• WALKABLE RETAIL
• DINING OPTIONS
• SECURE ENTRYWAY
• CHARACTER BUILDING
• BASEMENT WITH LAUNDRY

What this means for you Summary

Snapshot

• This is a 20 × 4-bed/20.0-bath units multifamily listed at $6.20M.

Deal economics

• At list price, monthly cash flow is $70k ($846k/yr) — positive. Per door: $4k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($136k rent vs $6.20M).
• Recommended offer: $5.45M (12.0% below list) — sets the bar for market timing.
• Cap rate 19.9% 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).

Forward outlook

• In year one you build about $37k of equity ($43k loan paydown + $-6k 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 $1.73M cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$414k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 241 days — a 12% lower offer ($5.45M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y ago; this cycle's ask has dropped $1.10M (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $3.20M; list at $6.20M implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $5,451,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 241 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 1930 — 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: 2.20% ✓
• Cap rate: 19.95%
• Cash-on-cash: 48.77%
• DSCR: 3.17
• GRM: 3.8

CMA / ARV

• ARV (median comp): $4,432,465
• List price: $6,195,000
• Delta: 39.76%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 47.1%
• Equity multiple: 3.24×
• Total profit: $3,878,950
• Equity at exit: $1,767,739

10-year hold

• IRR: 48.6%
• Equity multiple: 5.84×
• Total profit: $8,390,852
• Equity at exit: $2,100,248

Cash invested: $1,734,600 (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: 75.8×

Monthly cashflow live

• Estimated rent: $136,179 high
• Mortgage (P&I): −$32,487
• Tax from tax record: −$2,016 /mo · $24,197/yr
• Insurance: −$2,581
• HOA: −$0
• Vacancy / Maint / Mgmt: −$28,598
• Net cashflow: $70,496

Break-even live

Break-even rent $46,943

Max offer price $6,195,000

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 20× units	4	20	$136,180
Total (20 units)			$136,179

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: $1,548,750
• Closing costs: $185,850
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-01
   days on market $6,195,000 Active 241 DOM
2. 2026-05-31
   days on market $6,195,000 Active 240 DOM
3. 2026-02-23
   price $6,195,000 1022-char remark

   Show marketing remark (1022 chars)

   Reduced, but Seller needs to exchange. Spanish style 20 unit property in Santa Monica near the 3rd Street Promenade. Offering 500-700 SF 1-bedroom and Junior 1-bedroom (alcove studio) units in an ultra prime location with walkable retail and dining options. The building consists of (16) Junior alcove 1 bedroom 1 bath units, and (4) 1 bedroom 1 bath units. The property boasts strong in place cash flow with rental upside coming from at least 2 ADUs that could be added to the property. The secure entryway, center hallway, offers a character building in a super location to an affluent renter demographic. The building is master-metered for gas and has street parking only. The Property has a basement with Laundry. The basement is big enough to add 2 ADUs, each approximately 300 SF. The property size offers immediate scale and a strong foothold in one of the West Side of Los Angeles most desirable submarkets. There is short term assumable financing available (~$3,965,000 loan amount, fixed at 4.1% until 12/2026) .

4. 2025-10-13
   price $6,995,000 1022-char remark

   Show marketing remark (1022 chars)

   Reduced, but Seller needs to exchange. Spanish style 20 unit property in Santa Monica near the 3rd Street Promenade. Offering 500-700 SF 1-bedroom and Junior 1-bedroom (alcove studio) units in an ultra prime location with walkable retail and dining options. The building consists of (16) Junior alcove 1 bedroom 1 bath units, and (4) 1 bedroom 1 bath units. The property boasts strong in place cash flow with rental upside coming from at least 2 ADUs that could be added to the property. The secure entryway, center hallway, offers a character building in a super location to an affluent renter demographic. The building is master-metered for gas and has street parking only. The Property has a basement with Laundry. The basement is big enough to add 2 ADUs, each approximately 300 SF. The property size offers immediate scale and a strong foothold in one of the West Side of Los Angeles most desirable submarkets. There is short term assumable financing available (~$3,965,000 loan amount, fixed at 4.1% until 12/2026) .

5. 2025-10-06
   soldstatus $3,200,000
6. 2025-09-29
   listed $7,300,000 Active 1022-char remark

   Show marketing remark (1022 chars)

   Reduced, but Seller needs to exchange. Spanish style 20 unit property in Santa Monica near the 3rd Street Promenade. Offering 500-700 SF 1-bedroom and Junior 1-bedroom (alcove studio) units in an ultra prime location with walkable retail and dining options. The building consists of (16) Junior alcove 1 bedroom 1 bath units, and (4) 1 bedroom 1 bath units. The property boasts strong in place cash flow with rental upside coming from at least 2 ADUs that could be added to the property. The secure entryway, center hallway, offers a character building in a super location to an affluent renter demographic. The building is master-metered for gas and has street parking only. The Property has a basement with Laundry. The basement is big enough to add 2 ADUs, each approximately 300 SF. The property size offers immediate scale and a strong foothold in one of the West Side of Los Angeles most desirable submarkets. There is short term assumable financing available (~$3,965,000 loan amount, fixed at 4.1% until 12/2026) .

7. 2024-06-02
   historical $2,475
8. 2024-05-27
   listed $2,475
9. 2024-04-28
   historical $2,450
10. 2024-04-14
    listed $2,450
11. 2024-03-14
    historical $2,350
12. 2024-02-03
    listed $2,350
13. 2024-01-29
    historical $2,900
14. 2024-01-28
    listed $2,900
15. 2022-05-12
    price $2,208
16. 2007-07-24
    historical
17. 2007-03-20
    listed
18. 2006-09-21
    historical
19. 2006-09-20
    historical
20. 2006-03-20
    listed
21. 2006-03-20
    listed $5,400,000
22. 1997-01-29
    soldstatus $1,100,000

ⓘ 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: $24,197 · $2,016/mo
• Projected year-2 tax: $47,082 · $3,924/mo
• Expected delta: +$22,885/yr (+$1,907/mo · 94.6%)

ⓘ 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 · 19 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: $1,634,148
• − Mortgage interest: −$347,016
• − Property taxes: −$24,197
• − Insurance: −$30,975
• − Repairs & maintenance: −$130,732
• − Management: −$130,732
• − Depreciation: −$180,218
• Taxable income: $790,277
• Est. tax owed @ 24.0%: −$189,667
• After-tax cash flow: $656,291/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

+463.2% since first listed

20 events — show timeline

• 2026-02-23 Price Changed $6,195,000 TheMLS
• 2025-10-13 Price Changed $6,995,000 TheMLS
• 2025-10-06 Sold (Public Records) $3,200,000 Public Records
• 2025-09-29 Listed $7,300,000 TheMLS
• 2024-06-02 Rental Removed $2,475 APPFOLIO
• 2024-05-27 Listed for Rent $2,475 APPFOLIO
• 2024-04-28 Rental Removed $2,450 APPFOLIO
• 2024-04-14 Listed for Rent $2,450 APPFOLIO
• 2024-03-14 Rental Removed $2,350 APPFOLIO
• 2024-02-03 Listed for Rent $2,350 APPFOLIO
• 2024-01-29 Rental Removed $2,900 APPFOLIO
• 2024-01-28 Listed for Rent $2,900 APPFOLIO
• 2022-05-12 Price Changed $2,208 RENT.
• 2007-07-24 Delisted — TheMLS
• 2007-03-20 Listed — TheMLS
• 2006-09-21 Delisted — TheMLS
• 2006-09-20 Listing Removed — SDMLS
• 2006-03-20 Listed $5,400,000 SDMLS
• 2006-03-20 Listed — TheMLS
• 1997-01-29 Sold (Public Records) $1,100,000 Public Records

Property tax history

-6.3%/yr

Latest (2025): $24,197 · +6.8% YoY. Source: county tax records.