Broker Opinion of Value - 829 Ocean Park

Broker's Opinion of Value

829 Ocean Park

Santa Monica, CA 90405

7Units

5,682Square Feet

1953Year Built

6,603SF Lot

Filip Niculete

Senior Managing Director Investments

Aida Memary Scher

Associate Director Investments

Glen Scher

Senior Managing Director Investments

Prepared Exclusively for Peter Rodgers

September 2026

Team Track Record

Current Results, Local Market Experience, and Senior-Level Execution

LAAA Team | Marcus & MillichapLocal market knowledge. National reach. Senior-level execution.

494Closed Transactions

342Apartment Sales

19in Santa Monica

$1.56BTotal Sales Volume

Representative Local Closings

Address	Units	Sale Price	$/Unit	Distance	Closed
3205 Ocean Park Blvd	6	$7,000,000	$1,166,667	1.65 mi	2025
1540 7th St	8	$6,050,000	$756,250	1.04 mi	2022
1528 10th St	8	$3,350,000	$418,750	1.05 mi	2022

96.7%Apartment Pricing Accuracy

34Median Days on Market, Apartments

Published team performance, laaa.com/track-record, as of September 2, 2026.

829 Ocean Park is the gold marker. Navy markers are the 19 apartment buildings the LAAA Team has closed in Santa Monica; lighter markers are 2 other LAAA closings in the same area. Repeat sales at one building share a marker. Source: laaa.com/track-record, as of September 2, 2026.

The Team Behind the Assignment

Principal

Filip Niculete

Senior Managing Director Investments

Filip Niculete advises multifamily owners and investors throughout Southern California with an emphasis on disciplined marketing and execution.

(818) 212-2748
Filip.Niculete@marcusmillichap.com
CA License: 01905352

Aida Memary Scher

Associate Director Investments

Aida Memary Scher advises apartment owners across the Westside and the San Fernando Valley with the LAAA Team, with a focus on rent-controlled small buildings and disciplined marketing.

(818) 212-2678
Aida.Memary@marcusmillichap.com
CA License: 01980240

Principal

Glen Scher

Senior Managing Director Investments

Glen Scher advises apartment owners and investors across Southern California with a focus on evidence-based pricing and transaction execution.

(818) 212-2808
Glen.Scher@marcusmillichap.com
CA License: 01962976

Morgan Wetmore

Associate, Investments

Logan Ward

Associate, Investments

Luka Leader

Associate, Investments

Alexandro Tapia

Associate, Investments

Blake Lewitt

Associate, Investments

Mike Palade

Agent Assistant

Tony H. Dang

Business Operations Manager

Tirajeh Vossoughi-Horton

Investment Brokerage Intern

How We Market Your Property

Position the Story, Reach the Market, and Work the Buyer List

23,500+Active Email Subscribers

36,000+Owner & Investor Contacts

60,000+Buildings Tracked

100+Targeted Buyer Calls

Our public, continuously maintained reach combines active email subscribers, owner and investor contacts, a building-owner database, and targeted direct buyer calls for each listing.

The objective is not simply exposure. It is qualified competition for your property.

The Campaign Plan

Direct Owner and Investor Outreach

The campaign opens with calls. We start with the owners of every five to twelve unit building in Sunset Park and Ocean Park the team has sold or tracked, the buyers who bid on 824 Maple, 2332 20th and 711 Grant this year and did not win them, and the 1031 exchange buyers on a deadline who want Santa Monica rather than the Valley. A fully occupied building with a clean rent roll rewards a buyer who moves quickly, so the first two weeks are spent finding those people rather than waiting for them.

Full Platform Syndication

Every LAAA listing is advertised across the same ten platforms: TheMLS, CoStar and LoopNet, Crexi, Brevitas, Zillow, Redfin, ApartmentBuildings.com, DuxRE, MarcusMillichap.com and laaa.com. Syndication is source-stamped so we can tell you which platform produced each inquiry rather than reporting undifferentiated view counts.

Email Campaign and Reach

The property goes out to 23500 active email subscribers across an owner and investor database of 23500 contacts, then to targeted re-sends built from who opened and who did not. Campaign statistics are reported to you in full, including the misses.

Marcus & Millichap Agent Network

Marcus & Millichap's national agent network puts the listing in front of brokers whose own clients are looking for Westside multifamily, which reaches capital that never searches a listing portal at all.

Built In-House Buyer Research

Our team built the 16-database research system that develops a property-specific buyer list from ownership, acquisition, financing, and portfolio signals.

Direct Calls, Not Passive Exposure

We call the owners and investors most likely to act instead of relying on digital distribution alone.

Weekly Seller Intelligence

Calls, tours, buyer feedback, and offer activity are organized into a clear weekly campaign update.

We are proactive marketers rather than reactive ones. The offering is built, priced and staged before it is released, the outreach runs on a schedule you can see, and you get a written report on what happened rather than a summary of what we hoped would happen.

Our Active Multifamily Listings

Current LAAA Team Multifamily Availabilities and Escrows

Address	City	Units	Asking Price	$/Unit	Cap	Status
13724 Victory Blvd	Van Nuys	68	$22,900,000	$336,765	5.50%	Available
10455 Magnolia Blvd	North Hollywood	26	$9,200,000	$353,846	5.03%	Available
180 Holly Avenue	Carpinteria	19	$8,950,000	$471,053	4.80%	Available
2727 3rd Street	Santa Monica	22	$7,650,000	$347,727	5.16%	Available
31701 Ridge Route Rd	Castaic	33	$7,500,000	$227,273	5.64%	Available
3607 Pacific Ave	Marina del Rey	6	$5,395,000	$899,167	4.75%	Available
2001-2005 Grismer Avenue	Burbank	14	$5,350,000	$382,143	4.56%	Available
755 E Pine Street	Altadena	19	$5,195,000	$273,421	6.68%	Available
7018 Alabama Ave	Canoga Park	9	$5,100,000	$566,667	5.27%	Available
4603 La Mirada Avenue & 1255 Lyman Place	Los Angeles	9	$4,450,000	$494,444	5.28%	Available
24846 Walnut St	Santa Clarita	16	$4,200,000	$262,500	5.13%	Available
12314 & 12320 Washington Pl	Culver City	8	$3,096,000	$387,000	5.00%	Available
11025 Blix St	Toluca Lake	4	$2,700,000	$675,000	5.27%	Available
1303-1305 Laveta Terrace	Los Angeles	10	$2,590,000	$259,000	4.24%	Available
1807 Montana Street	Los Angeles	4	$2,395,000	$598,750	5.84%	Available
12231 Pacific Ave	Los Angeles	7	$1,900,000	$271,429	5.02%	Available
5614 W Adams Blvd	Los Angeles	7	$1,795,000	$256,429	6.52%	Available
24513-24519 Walnut St	Santa Clarita	3	$1,095,000	$365,000	4.31%	Available
20234 Roscoe Blvd	Winnetka	25	$4,750,000	$190,000	5.51%	In Escrow
3361 Hamilton Way	Los Angeles	4	$2,800,000	$700,000	5.62%	In Escrow
24802 & 24806 Walnut St	Santa Clarita	7	$1,725,000	$246,429	5.31%	In Escrow
Total (21 listings)		320	$110,736,000	$346,050	5.27%

The LAAA Team is currently marketing 18 multifamily listings with 3 more in escrow, together representing 320 units and $110.7M of asking value. Every assignment runs on the same marketing platform proposed for 829 Ocean Park.

Listings and statuses as published at www.laaa.com/listings; pricing and status are subject to change. The summary row shows total units and total asking value, the blended price per unit across all listings, and the median published cap rate.

Buyer Profile & Transaction Strategy

Who Is Most Likely to Buy, and How We Create Competition

Market Context

Eight closed sales of five to twelve unit buildings in 90405 since December 2025 frame the subject. The five to seven unit sales closed at $2,170,000 to $2,525,000, and where income was reported, at cap rates of 5.00% to 6.07% and multipliers of 11.58 to 12.89. The two most instructive are 824 Maple St, directly behind the subject, at $2,525,000 and a 5.87% cap in May 2026, and 2332 20th St, a 1959 six-unit of similar mix, at $2,210,000 and a 6.07% cap in July 2026.

The active listings are the other half of the picture. 2648 23rd St, an eight-unit 1949 building with the same one and two bedroom mix and seven renovated units, asks $3.2M at a published 5.50% cap. 1937 17th St, a six-unit 1948 building with two vacancies, asks $2.25M at 5.00%. The subject at $2.45M sits between them on price, below both on price per square foot, and offers a fully occupied roll that neither does.

Positioning Thesis

The right buyer values what is scarce here: a corner lot a mile from the beach, seven paying tenants, a clean title history and two units whose rents reset on turnover. That buyer should be qualified early on whether they will hold for the turnover or want it priced in, because the answer decides whether an offer lands at the top or the bottom of the range.

Likely Buyer Profiles

Likely Buyer 01

Westside Small-Building Owner

Owners who already hold five to fifteen unit buildings in Santa Monica, Venice and Mar Vista, including the buyers on the Maple, 20th Street and Grant Street sales this year. They know the registry, the General Adjustment and the tenant base, and they buy on yield against a known turnover path.

Likely Buyer 02

1031 Exchange Buyer

Sellers trading out of larger or more management-intensive assets into a Westside replacement property under a 45-day identification clock. The 2332 20th St buyer in July was completing an exchange, and a fully occupied Santa Monica corner building at a 5.16% yield is exactly the identification that pool makes.

Likely Buyer 03

Long-Hold Family Investor

Families and individuals who buy Santa Monica apartments to hold for decades, the same profile as the current ownership. They pay for location and tenant stability rather than the first-year yield, and they are the buyers most likely to reach the top of the range.

Transaction Strategy

Price Off the Sale Behind the Building

824 Maple St shares the block with the subject and closed in May 2026 at $2,525,000, a 5.87% cap and an 11.58 multiplier. Every buyer who tours will know that sale. Pricing at $2.45M, a 5.16% cap and an 11.93 multiplier on a smaller building with more rent upside sits deliberately in the shadow of that print rather than above it, and the offering should say so rather than let a buyer discover it.

Sell the Turnover Story Honestly

Two of the seven units rent at $1,712 and $1,757 against a one-bedroom market of about $2,550. That is roughly $1,600 per month of income that arrives only when those tenants leave, and no one can promise when. The offering should show the current column and the market column side by side, state that the gap is turnover-dependent under Santa Monica rent control, and let the buyer price the timing. Buyers who find that gap on their own treat it as a problem; buyers who are shown it treat it as the reason to buy.

Have the Registry and the Bills Ready Before Launch

The documents a Santa Monica buyer asks for on the first call are the Rent Control Board registration for each unit, twelve months of bills, and the seismic retrofit status. Ownership has provided a rent roll and one month of expenses. Assembling the registry printout, a trailing statement and the City's retrofit letter before launch removes the three questions that stall escrows on buildings of this vintage.

Investment Overview

829 Ocean Park Blvd, Santa Monica, CA 90405

7Units

5,682Building SF

1953Year Built

6,603Lot SF

829 Ocean Park Blvd is a seven-unit, two-story apartment building on the northeast corner of Ocean Park Blvd and 9th St in the Sunset Park neighborhood of Santa Monica. The county carries the building at 5,682 SF on a 6,603 SF lot, built 1953 with an effective year of 1959, under zoning code SMR3A.

At the recommended $2.45M the property prices at $350,000 per unit and $431 per SF, a 5.16% return on current income and 6.25% at underwritten market rents. The closed Sunset Park sales of the past nine months ran $310,000 to $458,000 per unit and $366 to $493 per SF at cap rates of 5.00% to 6.07%, and the sale directly behind the subject on Maple St closed at 5.87%. The subject prices inside every range and below the Maple St yield because its income has more room to grow.

Investment Highlights

Seven units on a 6,603 SF corner lot at Ocean Park Blvd and 9th St, built 1953, 5,682 SF per the county
100% occupied at $17,107 per month scheduled, $205,286 per year, with no vacant units on the February 2026 rent roll
5.16% cap rate and 11.93 GRM on current income at the recommended price, 6.25% at underwritten market rents
Walk Score 87 and Bike Score 88, one mile to Main Street and the beach, with on-site laundry and parking

Location Overview

Sunset Park, Santa Monica, One Mile From Main Street and the Sand

The property sits at the corner of Ocean Park Blvd and 9th St, between Lincoln Blvd and the Ocean Park neighborhood, in the 90405 ZIP code. Ocean Park Blvd runs west to Main Street and the beach in about a mile and east to Santa Monica College and the Expo Line's 17th Street station. Lincoln Blvd, one block west, carries the retail corridor from Rose Avenue to downtown Santa Monica, and Whole Foods, Trader Joe's and Santa Monica Airport Park are all within ten minutes.

The 90405 ZIP code reports 27,298 residents with a median age of 43.1 and a median household income of $121,241, and 69% of its households rent. Median gross rent is $2,417. The parcel scores 87 on Walk Score, 57 on Transit Score and 88 on Bike Score, and sits in FEMA Zone X, an area of minimal flood hazard. HUD's 2026 small-area fair market rents for the ZIP are $2,850 for a one bedroom and $3,550 for a two bedroom.

Sunset Park is one of the few Westside submarkets where small buildings still trade in volume: eight five to twelve unit sales closed in the ZIP between December 2025 and August 2026, including one on the subject's own block. Buyers here are choosing among 1930s to 1970s walk-ups at similar yields, which is why the evidence for this pricing is direct rather than inferred from other neighborhoods.

Property & Location Details
Address	829 Ocean Park Blvd, Santa Monica, CA 90405
City	Santa Monica, CA 90405
APN	4284-008-001
Year Built	1953
Building SF	5,682
Lot Size	6,603 SF (0.152 ac)
Units	7
Parking	On-site parking at the rear of the building off 9th St

Property Details

829 Ocean Park

Property Overview
Units	7
Year Built	1953
Building SF	5,682
Lot SF	6,603
APN	4284-008-001

Unit Mix
4x 1 Bed / 1 Bath	-
3x 2 Bed / 1 Bath	-

Property Photos

829 Ocean Park

1 / 2

Exterior

Click any image to enlarge. Images depict the property and representative interiors. Source: listing media and site photography.

Rent Comparables

Achieved and Asking Rents in the Immediate Submarket

One Bedroom Comparables

Address	Unit Type	SF	Asking Rent	Distance
1828 Cedar St, Santa Monica	1 Bed / 1 Bath	700 (est.)	$2,190	0.17 mi
21218 Bay St, Santa Monica	1 Bed / 1 Bath	-	$2,250	0.45 mi
31311 Marine St, Santa Monica	1 Bed / 1 Bath	575 (est.)	$2,600	0.48 mi
42004 Oak St, Santa Monica	1 Bed / 1 Bath	-	$2,650	0.80 mi
52262 31st St, Santa Monica	1 Bed / 1 Bath	-	$2,675	1.62 mi
6660 Ocean Park Blvd, Santa Monica	1 Bed / 1 Bath	-	$2,875	0.17 mi
Average (6 comps)		638 (incl. est.)	$2,540	0.61 mi

Two Bedroom Comparables

Address	Unit Type	SF	Asking Rent	Distance
72015 17th St, Santa Monica	2 Bed / 1 Bath	700 (est.)	$2,795	0.77 mi
82240 28th St, Santa Monica	2 Bed / 1 Bath	850 (est.)	$2,800	1.42 mi
91846 10th St, Santa Monica	2 Bed / 1 Bath	908 (est.)	$2,895	0.59 mi
102426 20th St, Santa Monica	2 Bed / 1 Bath	-	$2,995	0.76 mi
111948 20th St, Santa Monica	2 Bed / 1 Bath	-	$3,200	0.96 mi
121315 Ocean Park Blvd, Santa Monica	2 Bed / 1 Bath	-	$3,300	0.27 mi
13817 Hill St, Santa Monica	2 Bed / 1 Bath	-	$3,450	0.14 mi
Average (7 comps)		819 (incl. est.)	$3,062	0.70 mi

Rent evidence is read plan by plan. Six one-bedroom listings in Sunset Park run $2,190 to $2,875 and average $2,540, with the one on Ocean Park Blvd at $2,875 and an unrenovated 700 SF unit two blocks away at $2,190. Seven two-bedroom listings run $2,795 to $3,450 and average $3,062; the 850 to 908 SF units with published area ask $2,800 to $2,895, and a renovated two bedroom one block south on Hill St asks $3,450.

The market column carries $2,550 for the one bedrooms, the rent units 5 and 6 already achieve, and $3,100 for the two bedrooms, both below the listing averages and below HUD's 2026 fair market rents for the ZIP. The subject's most recent leases, $2,550 on two of the one bedrooms and $2,795 to $3,000 on the two bedrooms, confirm both figures are achievable without renovation. The gap between the current and market columns is $2,393 per month, and about $1,600 of it sits in the two long-term one-bedroom tenancies, which under Santa Monica rent control recover only when those tenants choose to leave.

Sale Comparables

8 Closed Sales in the Submarket

Address	Yr	Units	Bldg SF	Sale Price	$/Unit	$/SF	GRM	Cap	Date
12411 20th St, Santa Monica	1935	7	5,937	$2,170,000	$310,000	$366	12.89	-	2026-08-24
22318 16th St, Santa Monica	1977	12	20,805	$4,870,000	$405,833	$234	12.18	-	2026-08-05
32332 20th St, Santa Monica	1959	6	5,420	$2,210,000	$368,333	$408	11.76	6.07%	2026-07-31
4711 Grant St, Santa Monica	1956	6	6,128	$2,330,000	$388,333	$380	12.07	-	2026-07-22
51044 Pacific St, Santa Monica	1963	5	4,646	$2,289,000	$457,800	$493	-	5.00%	2026-06-30
61807 Oak St, Santa Monica	1979	5	4,607	$2,220,000	$444,000	$482	-	-	2026-06-25
7824 Maple St, Santa Monica	1973	6	6,882	$2,525,000	$420,833	$367	11.58	5.87%	2026-05-07
82336 34th St, Santa Monica	1966	6	5,924	$2,310,000	$385,000	$390	-	-	2025-12-05
Median (8 comps)			5,930	$2,299,500	$397,083	$385	12.07	5.87%	-

1. 2411 20th St, Santa Monica - The only seven-unit sale in the set and the most recent closing; older single-story product on a larger lot. Seven units in 5,937 SF across three single-story buildings, built 1935, on a 13,544 SF lot with garages and surface parking. Closed at a 12.89 gross rent multiplier; no cap rate was reported. Listed by RE/MAX Commercial.

2. 2318 16th St, Santa Monica - Larger 1970s building included for its recent multiplier only; scale and vintage limit its weight. Twelve units in 20,805 SF, built 1977, two stories with 28 covered spaces; twice the subject's unit count and more than three times its area. Closed at a 12.18 gross rent multiplier with one vacancy; listed by RE/MAX Commercial.

3. 2332 20th St, Santa Monica - Closest vintage match in the set with reported income and a two-bedroom-heavy mix like the subject's. Six units in 5,420 SF across two buildings, built 1959: two 1 bed / 1 bath and four 2 bed / 1 bath of about 1,288 SF. Closed at a 6.07% cap and 11.76 gross rent multiplier; the buyer was completing a 1031 exchange. Listed by Lyon Stahl.

4. 711 Grant St, Santa Monica - Recent Ocean Park closing with a published multiplier, but sold with vacancies and a pro forma cap that cannot be treated as in-place yield. Six units in 6,128 SF across two buildings, built 1956, five surface spaces, four tenths of a mile west of the subject. Marketed at $2,495,000 as a high-vacancy property and closed at $2,330,000 (93% of ask). CoStar records a 6.08% pro forma cap and a 12.07 gross rent multiplier; the pro forma cap is not carried.

5. 1044 Pacific St, Santa Monica - Three blocks north with a reported in-place cap; the highest price per square foot of the income-supported sales. Five units in 4,646 SF, built 1963, seven covered spaces: one 1 bed / 1 bath of 780 SF and four 2 bed / 1 bath of 950 SF. Closed at a 5.00% actual cap with 20% vacancy at sale; listed and sold by KW Advisors.

6. 1807 Oak St, Santa Monica - Newest vintage in the set; supports price per unit and per square foot only. Five units in 4,607 SF across three single-story buildings, built 1979: four one bedrooms of about 668 SF and one 3 bed / 2 bath. Sold by a Japanese corporate owner through Compass; no income was published.

7. 824 Maple St, Santa Monica - Directly behind the subject on the same block, closed four months ago with reported income; the anchor comparable. Six units in 6,882 SF, built 1973, two stories, on the same block as the subject: two 1 bed / 1 bath, three 2 bed / 2 bath and one 3 bed / 2 bath of roughly 1,000 SF average. Closed at a 5.87% cap and 11.58 gross rent multiplier on $148,268 of reported net operating income; listed by Roque & Mark, sold to a private buyer represented by CBRE.

8. 2336 34th St, Santa Monica - All-two-bedroom 1966 building in eastern Sunset Park; per-unit and per-square-foot evidence only. Six 2 bed / 2 bath units of about 1,116 SF in 5,924 SF, built 1966, two stories. Sold to a local private buyer through Compass Commercial; no income was published.

Opinion of Value

Suggested List Price and Expected Sale Range

Basis	Price	$/Unit	$/SF	GRM Current	GRM Pro Forma	Cap Current	Cap Pro Forma
Suggested list price	$2,450,000	$350,000	$431.19	11.93	10.47	5.16%	6.25%
Range top	$2,550,000	$364,286	$448.79	12.42	10.90	4.91%	5.96%
Midpoint	$2,450,000	$350,000	$431.19	11.93	10.47	5.16%	6.25%
Range bottom	$2,350,000	$335,714	$413.59	11.45	10.04	5.43%	6.57%

Property taxes reassess at the sale price, so the net operating income and therefore the capitalization rate are recalculated at every rung above.

On-Market Comparables

Active Competition and the Pricing Ceiling

Address	Yr	Units	Bldg SF	List Price	$/Unit	$/SF	GRM	Cap	Date
12648 23rd St, Santa Monica	1949	8	6,294	$3,200,000	$400,000	$508	10.90	5.50%	2026-09-02
21937 17th St, Santa Monica	1948	6	4,840	$2,250,000	$375,000	$465	11.92	5.00%	2026-09-02
32218 24th St, Santa Monica	1947	5	3,412	$2,950,000	$590,000	$865	13.94	4.83%	2026-09-02
Average (3 comps)			4,849	$2,800,000	$455,000	$613	12.25	5.11%	-

Financial Analysis

829 Ocean Park

Unit Mix & Scheduled Rent

Unit	Type	Approx SF	Status	Current Rent	Market Rent
Unit 1	2 Bed / 1 Bath	-	Occupied	$3,000	$3,100
Unit 2	1 Bed / 1 Bath	-	Occupied	$1,757	$2,550
Unit 3	1 Bed / 1 Bath	-	Occupied	$1,712	$2,550
Unit 4	2 Bed / 1 Bath	-	Occupied	$2,795	$3,100
Unit 5	1 Bed / 1 Bath	-	Occupied	$2,550	$2,550
Unit 6	1 Bed / 1 Bath	-	Occupied	$2,550	$2,550
Unit 7	2 Bed / 1 Bath	-	Occupied	$2,744	$3,100
Total Scheduled Rent				$17,107	$19,500
Additional Income^[1]				$100	$100
Monthly Scheduled Gross Income				$17,207	$19,600

Annualized Operating Data

	Current	Market
Scheduled Gross Income^[2]	$206,483	$235,197
Vacancy Reserve at 3.0%^[3]	($6,159)	($7,020)
Gross Operating Income	$200,325	$228,177
Operating Expenses	($73,983)	($75,097)
Net Operating Income	$126,342	$153,080

Annualized Expenses

	Current	Pro Forma
Real Estate Taxes[4]	$31,386	$31,386
Insurance[5]	$6,667	$6,667
Utilities - Electric[6]	$1,382	$1,382
Utilities - Water & Sewer[7]	$8,132	$8,132
Utilities - Gas[8]	$338	$338
Trash Removal[9]	$4,654	$4,654
Repairs & Maintenance[10]	$5,600	$5,600
Landscaping[11]	$4,800	$4,800
Pest Control[12]	$1,261	$1,261
Replacement Reserves[13]	$1,750	$1,750
Management Fee (4.0% of EGI)[14]	$8,013	$9,127
Total Operating Expenses	$73,983	$75,097
Expense Ratio	36.9%	32.9%
Per Unit	$10,569	$10,728
Per Square Foot	$13.02	$13.22

Notes to the Operating Statement

[1] Additional Income: Laundry income in place: $99.75 per month collected in March 2026 per ownership's workbook, $1,197 per year. January 2026 was $109.14.

[2] Scheduled Gross Income: Seven occupied units at the rents on the February 27, 2026 ownership rent roll, $17,107.19 per month or $205,286 per year. The market column carries $2,550 for the one bedrooms (the rent units 5 and 6 already achieve) and $3,100 for the two bedrooms, supported by the Sunset Park rent comparables, and applies only on turnover under Santa Monica vacancy decontrol.

[3] Vacancy Reserve: 3.0% of scheduled gross rent, the LAAA standard for a fully occupied whole-unit building. The building is 100% occupied.

[4] Real Estate Taxes: Reassessed at the recommended list price of $2,450,000 at the 1.203757% fiscal 2025/2026 rate for tax rate area 8604 ($29,492), plus $1,894 of flat direct assessments carried from the 2025 bill. Ownership pays $4,464 on a 1975 base-year assessment.

[5] Insurance: Ownership's current premium of $6,667 per year, carried as paid. The LAAA allowance of $200 per unit plus $1.00 per gross square foot would be $7,082; a buyer should obtain quotes.

[6] Utilities - Electric: House meter only: ownership's March 2026 Southern California Edison bill of $115.17 annualized to $1,382. Units appear to be separately metered.

[7] Utilities - Water & Sewer: Ownership's March 2026 City of Santa Monica water ($431.70) and sewer ($245.98) bills annualized to $8,132.

[8] Utilities - Gas: Laundry room gas only: ownership's March 2026 bill of $28.16 annualized to $338.

[9] Trash Removal: Ownership's March 2026 City of Santa Monica refuse and recycling bill of $387.85 annualized to $4,654.

[10] Repairs & Maintenance: $800 per unit per year, $5,600, for a 1953 building. Ownership's schedule carries no repairs line.

[11] Landscaping: Gardening at $400 per month on ownership's schedule (two $200 lines), $4,800 per year.

[12] Pest Control: Ownership's monthly Orkin service of $105.10 annualized to $1,261.

[13] Replacement Reserves: $250 per unit per year, $1,750. Ownership's schedule carries no reserve.

[14] Management Fee (4.0% of EGI): 4.0% of effective gross income, $8,013. Ownership currently pays a third-party manager $958.74 per month ($11,505, about 5.6% of rent), so the underwritten figure is below the seller's actual cost.

Owner-reported figures are unaudited. A buyer should verify all income and expenses in due diligence.

Summary

Operating Data
Price	$2,450,000
Number of Units	7
Price per Unit	$350,000
Price per SF	$431.19
Current GRM	11.93
Market GRM	10.47
Current Cap Rate (LAAA calculation: current NOI / recommended value)	5.16%
Market Cap Rate (LAAA calculation: market NOI / recommended value)	6.25%

Acquisition Structure
Structure	All Cash
Equity Required	$2,450,000

The recommended list price is $2.45M, inside an opinion-of-value range of $2.35M to $2.55M. Current scheduled income of $205,286 less a 3% vacancy reserve plus $1,197 of laundry income gives $200,325 of effective gross income; operating expenses of $73,983, including taxes reassessed at the list price, produce net operating income of $126,342, a 5.16% cap rate and an 11.93 gross rent multiplier. At underwritten market rents of $234,000 the net operating income is $153,080 and the cap rate 6.25%. The price is $350,000 per unit and $431 per SF.

Against the evidence, the price is disciplined. It sits inside the closed per-unit range, inside the closed per-square-foot range, at a yield between the 5.00% Pacific St sale and the 5.87% Maple St sale, and at a multiplier between Maple and 20th Street. The reasons it is not higher are the same reasons it is defensible: two units 30% under market that recover only on turnover, a one-month expense record, and a 1953 building whose retrofit status is not yet documented. A buyer who underwrites the turnover will pay the top of the range; a buyer who prices it out will pay the bottom.

Recommended List Price

$2,450,000

Supported value range: $2,350,000 to $2,550,000

Disclosures

Scheduled income is the ownership rent roll as of February 27, 2026, all seven units occupied. Laundry income is the March 2026 collection of $99.75 per month. Taxes are reassessed at the list price at the 1.203757% rate for tax rate area 8604 plus $1,894 of flat direct assessments carried from the 2025 bill. Utilities ($14,506) and pest control ($1,261) are ownership's March 2026 bills annualized; gardening is ownership's actual $4,800 per year. Insurance is ownership's current premium of $6,667; repairs are $800 per unit and reserves $250 per unit; management is 4% of effective gross income against $11,505 currently paid.

No trailing twelve-month statement was provided, so the expense build is an allowance-based estimate. The bedroom mix (three two bedrooms, four one bedrooms) was confirmed by ownership. Unit square footages are not published and are omitted. Market rents are asking rents from Sunset Park listings retrieved September 2, 2026 and apply only on turnover under Santa Monica rent control. Comparable cap rates and multipliers are as recorded by CoStar or published by listing brokers and were not independently audited.