Units: 6 · Sale price: $3,600,000 · Price per unit: $600,000 · Closed: October 2017
A 6-unit small multifamily property at 402 Pacific St in Santa Monica, sold October 2017 for $3,600,000 — approximately $600,000 per unit.
2017 LA multifamily pricing approached cycle peaks. Buyer discipline was tightening on value-add deals even as top-line pricing continued to advance.
Santa Monica operates under its own Rent Control Board distinct from LA City RSO. Westside premium pricing with tight, stable regulatory overhead.
Small multifamily properties in this range trade primarily among private investors, family offices, and 1031 exchangers.
This transaction is part of the Sterman Multifamily Group closed archive — $1.41 billion across 254 closed transactions over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
$1.41 billion across 254 closed transactions.
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