1050 12th St · Santa Monica, CA 90403

$3,800,000

10 bd · 10.0 ba · 7,068 sqft · MultiFamily public records · 363 Days on market

Built 1957 7,517 sqft lot $538/sqft · 9% above area Est $3477k · 9% over

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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).

• Cash flow +12.6/30.0
• Schools +6.2/10.0
• Appreciation +4.9/10.0
• DSCR +3.8/10.0
• Livability +3.6/5.0
• ARV discount +3.3/15.0
• 1% rule +3.0/10.0
• 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: 10 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

Invest in one of Santa Monica's most sought-after corridors. Located in the heart of Wilshire-Montana on a charming tree-lined stretch of 12th Street, this 10-unit apartment building offers a desirable mix of 1-bedroom, and 2-bedroom units. New Roof, new gutters and new sub-panels in 2024 and 2025. Tenants enjoy immediate access to the vibrant offerings on Montana Avenue just a few blocks away, where boutique shopping, cozy cafes, and some of the Westside's best dining create a true neighborhood experience. Easy access to Palisades Park and the beach. This is an ideal opportunity for investors seeking long-term value in a trophy coastal location with consistent tenant demand, well-maintained interiors, and the potential for rent upside. One unit delivered vacant.

Key facts

• New sub-panels
• New gutters
• New roof

Tags

• NEW ROOF
• NEW GUTTERS
• NEW SUB-PANELS
• WELL-MAINTAINED INTERIORS

What this means for you Summary

Snapshot

• This is a 5×1bd/1ba + 5×2bd/1ba units multifamily listed at $3.80M.

Deal economics

• At list price, monthly cash flow is $-480 ($-6k/yr) — negative. Per door: $-48/mo.
• To cash-flow at today's rent, offer at most $3.72M (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.04M (20.0% below list).
• Recommended offer: $3.04M (20.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#178 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment 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.
• Zoned schools: Roosevelt Elementary (594 students, 18% FRL); Lincoln Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 854 students, 22% FRL); Santa Monica High (2,678 students, 30% FRL) — zoned schools at 23% FRL track the district average.
• Zoned-school proficiency averages 24% at this address vs 68% district-wide (-43 pts) — the specific schools serving this property underperform the Santa Monica-Malibu Unified average; the district grade overstates school quality for this exact location.
• 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 $22k of equity ($26k loan paydown + $-4k 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 ~$254k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 363 days — a 12% lower offer ($3.34M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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.
• Current owner paid $1.97M; list at $3.80M implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — 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 $3,039,500 (20.0% 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 363 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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. 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?
11. 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.
12. 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.
13. 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: 0.80% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• GRM: 10.4

CMA / ARV

• ARV (median comp): $3,477,353
• List price: $3,800,000
• Delta: 9.28%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
833 15th St	0.38mi	11/11.0 (+1)	6,574 (-7%)	6mo	$3,145,000	$478	56
824 Lincoln Blvd	0.44mi	10/11.0	6,480 (-8%)	11mo	$3,050,000	$471	52
948 5th St	0.55mi	10/9.0	6,803 (-4%)	17mo	$3,560,000	$523	50
1112 19th St	0.53mi	10/8.0	6,080 (-14%)	18mo	$2,500,000	$411	29

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: -5.1%
• Equity multiple: 0.77×
• Total profit: $-249,392
• Equity at exit: $1,084,327

10-year hold

• IRR: -1.2%
• Equity multiple: 0.88×
• Total profit: $-124,994
• Equity at exit: $1,288,287

Cash invested: $1,064,000 (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 90403

• Home prices YoY: -0.0%
• Rents YoY: -0.1%
• Active inventory: 93
• Price-to-rent: 109.3×

Monthly cashflow live

• Estimated rent: $30,395 high
• Mortgage (P&I): −$19,928
• Tax from tax record: −$2,981 /mo · $35,778/yr
• Insurance: −$1,583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,383
• Net cashflow: $-480

Break-even live

Break-even rent $31,003

Max offer price $3,715,138

Occupancy floor 97%

Sensitivity live

Price	-10% $1,671	-5% $595	+0% $-480	+5% $-1,556	+10% $-2,631
Rent	-10% $-2,882	-5% $-1,681	+0% $-480	+5% $720	+10% $1,921
Rate	-1.0pp $1,433	-0.5pp $486	base $-480	+0.5pp $-1,465	+1.0pp $-2,467

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$14,480
▸ 5× units	2	1	$15,915
Total (10 units)			$30,395

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: $950,000
• Closing costs: $114,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-16
   days on market $3,800,000 Active 363 DOM
2. 2026-06-15
   days on market $3,800,000 Active 362 DOM
3. 2026-06-13
   days on market $3,800,000 Active 360 DOM
4. 2026-06-13
   days on market $3,800,000 Active 359 DOM
5. 2026-06-09
   days on market $3,800,000 Active 356 DOM
6. 2026-06-08
   days on market $3,800,000 Active 355 DOM
7. 2026-06-07
   days on market $3,800,000 Active 354 DOM
8. 2026-06-04
   days on market $3,800,000 Active 351 DOM
9. 2026-06-03
   days on market $3,800,000 Active 350 DOM
10. 2026-06-02
    days on market $3,800,000 Active 349 DOM
11. 2026-06-01
    days on market $3,800,000 Active 348 DOM
12. 2026-05-31
    days on market $3,800,000 Active 347 DOM
13. 2025-06-18
    listed $3,800,000 Active 775-char remark

    Show marketing remark (775 chars)

    Invest in one of Santa Monica's most sought-after corridors. Located in the heart of Wilshire-Montana on a charming tree-lined stretch of 12th Street, this 10-unit apartment building offers a desirable mix of 1-bedroom, and 2-bedroom units. New Roof, new gutters and new sub-panels in 2024 and 2025. Tenants enjoy immediate access to the vibrant offerings on Montana Avenue just a few blocks away, where boutique shopping, cozy cafes, and some of the Westside's best dining create a true neighborhood experience. Easy access to Palisades Park and the beach. This is an ideal opportunity for investors seeking long-term value in a trophy coastal location with consistent tenant demand, well-maintained interiors, and the potential for rent upside. One unit delivered vacant.

14. 2004-05-14
    soldstatus $1,968,000
15. 2004-05-01
    soldstatus $1,968,000 162-char remark

    Show marketing remark (162 chars)

    Location, Location, Location. Well maintained, Good unit mix, Great potential, inspection upon accepted offer. 4 units recently renovated. Sold "AS IS".

16. 2004-03-22
    historical 162-char remark

    Show marketing remark (162 chars)

    Location, Location, Location. Well maintained, Good unit mix, Great potential, inspection upon accepted offer. 4 units recently renovated. Sold "AS IS".

17. 2004-01-06
    listed $1,995,000 162-char remark

    Show marketing remark (162 chars)

    Location, Location, Location. Well maintained, Good unit mix, Great potential, inspection upon accepted offer. 4 units recently renovated. Sold "AS IS".

ⓘ 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: $35,778 · $2,981/mo
• Projected year-2 tax: $35,778 · $2,981/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: $364,740
• − Mortgage interest: −$212,859
• − Property taxes: −$35,778
• − Insurance: −$19,000
• − Repairs & maintenance: −$29,179
• − Management: −$29,179
• − Depreciation: −$110,545
• Taxable loss: −$71,801
• Est. tax savings @ 24.0%: +$17,232
• After-tax cash flow: $11,468/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

+90.5% since first listed

5 events — show timeline

• 2025-06-18 Listed $3,800,000 TheMLS
• 2004-05-14 Sold (Public Records) $1,968,000 Public Records
• 2004-05-01 Sold (MLS) $1,968,000 TheMLS
• 2004-03-22 Delisted — TheMLS
• 2004-01-06 Listed $1,995,000 TheMLS

Property tax history

+2.1%/yr

Latest (2025): $35,778 · +6.6% YoY. Source: county tax records.