1813 9th St · Santa Monica, CA 90404

$2,980,000

18 bd · 12.0 ba · 7,763 sqft · MultiFamily · 128 Days on market

Built 1963 Good condition 7,485 sqft lot $384/sqft · 12% below area Est $3401k · 12% 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 +15.6/30.0
• ARV discount +13.1/15.0
• Schools +6.2/10.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Appreciation +3.3/10.0
• Rent growth +2.5/5.0

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 MLS

We are proud to present a rare opportunity to acquire a well-located, 6 unit multifamily asset in the heart of Santa Monica, just a few blocks away from the beach. Built in 1963, the property spans approximately 7,763 square feet on a 7,485 square feet lot and boasts an exceptional unit mix of two 2-bedroom / 1.5-bath townhouse style units, three 3-bedroom / 2-bath units, and one 3-bedroom/1.5-baths townhouse -style unit. The units feature spacious floor plans and ample closet space. The well-maintained property is separately metered for gas & electric, serviced by a central water heater, and offers an on-site laundry facility, one 2-car garage with storage rooms, and five carport parking spaces with storage bins. In recent years, the property has had significant capital improvements including a newer roof, copper plumbing in most units, multiple updated electrical sub-panels, replacement of a complete full main sewer line, and a new water heater in the laundry room. Two units have been extensively upgraded to include individual tankless water heaters & in-unit laundry, upgraded flooring, new kitchens with new shaker cabinetry, quartz countertops, stainless-steel appliances including gas stove, refrigerator, microwave & dishwasher, new bathrooms, dual pane windows, and new lighting. These upgrades address deferral maintenance, improve building functions, enhance tenant experience, and will meaningfully increase the long-term value & performance of the property. The current rent is still below the market, a new owner is presented with the opportunity to increase rent to market price upon vacancy and further increase rental income with complete unit renovations of remaining unrenovated units. Additionally, the architectural work for the back carport ADU conversion is completed and ready to pull permits. This project will create two rentable studio units and will significantly increase both property value and cash flow. With stable income in place and meaningful upside through interior renovations and tenant turnover, the property presents a compelling blend of immediate cash flow & long term appreciation potential. This is a rare chance to own a turnkey asset in one of the most affluent & high-demand rental markets in Southern California.

Key facts

• Copper plumbing
• Well located
• Newer roof

Tags

• WELL LOCATED
• ON SITE LAUNDRY FACILITY
• NEWER ROOF
• COPPER PLUMBING
• UPDATED ELECTRICAL SUB PANELS
• REPLACEMENT OF MAIN SEWER LINE

What this means for you Summary

Snapshot

• This is a 2×2bd/1.5ba + 3×3bd/2ba + 1×3bd/1.5ba units multifamily listed at $2.98M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $212/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 $2.77M (7.1% below list).
• Recommended offer: $2.62M (12.0% below list) — sets the bar for market timing.
• 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 flat; 64 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $27,677/mo this rent would consume 349% of the median local household income ($95k/yr) (locally 1828% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $21k of loan paydown is wiped out by about $89k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($2.62M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts; this cycle's ask is 65395% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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 $2,622,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 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 1963 — 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: 0.93% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.83%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (median comp): $3,400,773
• List price: $2,980,000
• Delta: -12.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1427 15th St	0.68mi	18/13.0	8,623 (+11%)	15mo	$2,110,000	$245	33

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

Projected returns pro-forma

-3.0% appreciation · 0.06% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.42×
• Total profit: $-481,073
• Equity at exit: $444,328

10-year hold

• IRR: -15.1%
• Equity multiple: 0.26×
• Total profit: $-620,735
• Equity at exit: $257,656

Cash invested: $834,400 (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 90404

• Home prices YoY: -0.9%
• Rents YoY: 0.1%
• Active inventory: 64
• Price-to-rent: 57.0×

Monthly cashflow live

• Estimated rent: $27,677 high
• Mortgage (P&I): −$15,627
• Tax est. 1.5%: −$3,725 /mo · $44,700/yr
• Insurance: −$1,242
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,812
• Net cashflow: $1,271

Break-even live

Break-even rent $26,068

Max offer price $2,980,000

Occupancy floor 90%

Sensitivity live

Price	-10% $3,330	-5% $2,300	+0% $1,271	+5% $241	+10% $-789
Rent	-10% $-916	-5% $177	+0% $1,271	+5% $2,364	+10% $3,457
Rate	-1.0pp $2,771	-0.5pp $2,029	base $1,271	+0.5pp $499	+1.0pp $-287

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$8,716
▸ 3× units	3	2	$14,220
1× unit	3	1.5	$4,740
Total (6 units)			$27,677

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: $745,000
• Closing costs: $89,400
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $2,980,000 Active 128 DOM
2. 2026-06-18
   days on market $2,980,000 Active 125 DOM
3. 2026-06-17
   days on market $2,980,000 Active 124 DOM
4. 2026-06-16
   days on market $2,980,000 Active 123 DOM
5. 2026-06-15
   days on market $2,980,000 Active 122 DOM
6. 2026-06-13
   days on market $2,980,000 Active 120 DOM
7. 2026-06-13
   days on market $2,980,000 Active 119 DOM
8. 2026-06-09
   days on market $2,980,000 Active 116 DOM
9. 2026-06-08
   days on market $2,980,000 Active 115 DOM
10. 2026-06-07
    days on market $2,980,000 Active 114 DOM
11. 2026-06-04
    days on market $2,980,000 Active 111 DOM
12. 2026-06-03
    days on market $2,980,000 Active 110 DOM
13. 2026-06-02
    days on market $2,980,000 Active 109 DOM
14. 2026-06-01
    days on market $2,980,000 Active 108 DOM
15. 2026-05-31
    days on market $2,980,000 Active 107 DOM
16. 2026-04-19
    historical $4,550
17. 2026-04-17
    listed $4,550
18. 2026-04-01
    price $2,980,000 2313-char remark

    Show marketing remark (2313 chars)

    We are proud to present a rare opportunity to acquire a well-located, 6 unit multifamily asset in the heart of Santa Monica, just a few blocks away from the beach. Built in 1963, the property spans approximately 7,763 square feet on a 7,485 square feet lot and boasts an exceptional unit mix of two 2-bedroom / 1.5-bath townhouse style units, three 3-bedroom / 2-bath units, and one 3-bedroom/1.5-baths townhouse -style unit. The units feature spacious floor plans and ample closet space. The well-maintained property is separately metered for gas & electric, serviced by a central water heater, and offers an on-site laundry facility, one 2-car garage with storage rooms, and five carport parking spaces with storage bins. In recent years, the property has had significant capital improvements including a newer roof, copper plumbing in most units, multiple updated electrical sub-panels, replacement of a complete full main sewer line, and a new water heater in the laundry room. Two units have been extensively upgraded to include individual tankless water heaters & in-unit laundry, upgraded flooring, new kitchens with new shaker cabinetry, quartz countertops, stainless-steel appliances including gas stove, refrigerator, microwave & dishwasher, new bathrooms, dual pane windows, and new lighting. These upgrades address deferral maintenance, improve building functions, enhance tenant experience, and will meaningfully increase the long-term value & performance of the property. The current rent is still below the market, a new owner is presented with the opportunity to increase rent to market price upon vacancy and further increase rental income with complete unit renovations of remaining unrenovated units. Additionally, the architectural work for the back carport ADU conversion is completed and ready to pull permits. This project will create two rentable studio units and will significantly increase both property value and cash flow. With stable income in place and meaningful upside through interior renovations and tenant turnover, the property presents a compelling blend of immediate cash flow & long term appreciation potential. This is a rare chance to own a turnkey asset in one of the most affluent & high-demand rental markets in Southern California.

19. 2026-03-14
    listed $4,550
20. 2026-02-13
    listed $3,250,000 Active 2313-char remark

    Show marketing remark (2313 chars)

    We are proud to present a rare opportunity to acquire a well-located, 6 unit multifamily asset in the heart of Santa Monica, just a few blocks away from the beach. Built in 1963, the property spans approximately 7,763 square feet on a 7,485 square feet lot and boasts an exceptional unit mix of two 2-bedroom / 1.5-bath townhouse style units, three 3-bedroom / 2-bath units, and one 3-bedroom/1.5-baths townhouse -style unit. The units feature spacious floor plans and ample closet space. The well-maintained property is separately metered for gas & electric, serviced by a central water heater, and offers an on-site laundry facility, one 2-car garage with storage rooms, and five carport parking spaces with storage bins. In recent years, the property has had significant capital improvements including a newer roof, copper plumbing in most units, multiple updated electrical sub-panels, replacement of a complete full main sewer line, and a new water heater in the laundry room. Two units have been extensively upgraded to include individual tankless water heaters & in-unit laundry, upgraded flooring, new kitchens with new shaker cabinetry, quartz countertops, stainless-steel appliances including gas stove, refrigerator, microwave & dishwasher, new bathrooms, dual pane windows, and new lighting. These upgrades address deferral maintenance, improve building functions, enhance tenant experience, and will meaningfully increase the long-term value & performance of the property. The current rent is still below the market, a new owner is presented with the opportunity to increase rent to market price upon vacancy and further increase rental income with complete unit renovations of remaining unrenovated units. Additionally, the architectural work for the back carport ADU conversion is completed and ready to pull permits. This project will create two rentable studio units and will significantly increase both property value and cash flow. With stable income in place and meaningful upside through interior renovations and tenant turnover, the property presents a compelling blend of immediate cash flow & long term appreciation potential. This is a rare chance to own a turnkey asset in one of the most affluent & high-demand rental markets in Southern California.

21. 2026-02-12
    historical
22. 2026-01-29
    historical $4,550
23. 2026-01-22
    listed $4,550
24. 2026-01-01
    historical $4,650
25. 2025-12-16
    listed $4,650
26. 2025-12-12
    historical $5,000
27. 2025-12-10
    listed $5,000
28. 2025-12-10
    listed $3,250,000 Active

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

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: $332,124
• − Mortgage interest: −$166,926
• − Property taxes: −$44,700
• − Insurance: −$14,900
• − Repairs & maintenance: −$26,570
• − Management: −$26,570
• − Depreciation: −$86,691
• Taxable loss: −$34,233
• Est. tax savings @ 24.0%: +$8,216
• After-tax cash flow: $23,465/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, 6-unit multifamily property in Santa Monica offers spacious units with modern amenities and a good condition score. Minor exterior painting and window seal replacement would further enhance its value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace window seals — Improves energy efficiency and appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace window seals — Improves energy efficiency and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 22,978
• Household income: $95,139
• Rent vs Own: 78.6% rent · 21.4% own
• Severe rent burden: 1828.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 45% Hispanic / Latino 27% Two or more races 17% Asian 11% Black 10%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Italian 4% Scotch-Irish 2% Romanian 2%
• Foreign-born: 24% · Canada, China, South Korea
• Languages at home: 65% English-only · Spanish 19% Other Indo-European 5% Chinese 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: ▼ -3.36%
• Current HPI: 376.4711
• Rent YoY: ▲ 0.06%
• 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

-99.9% since first listed

13 events — show timeline

• 2026-04-19 Rental Removed $4,550 REALLYO
• 2026-04-17 Listed for Rent $4,550 REALLYO
• 2026-04-01 Price Changed $2,980,000 CRMLS
• 2026-03-14 Listed for Rent $4,550 SHOWMOJO
• 2026-02-13 Listed $3,250,000 CRMLS
• 2026-02-12 Listing Removed — CRMLS
• 2026-01-29 Rental Removed $4,550 REALLYO
• 2026-01-22 Listed for Rent $4,550 REALLYO
• 2026-01-01 Rental Removed $4,650 SHOWMOJO
• 2025-12-16 Listed for Rent $4,650 SHOWMOJO
• 2025-12-12 Rental Removed $5,000 REALLYO
• 2025-12-10 Listed for Rent $5,000 REALLYO
• 2025-12-10 Listed $3,250,000 CRMLS