For the first time in more than 40 years, a three-story, 27-unit apartment building at 1117 Sixth Street in Santa Monica is up for grabs. Built in 1971 and tucked just north of Wilshire Boulevard, the walkable complex sits only a few blocks from the beach and the 3rd Street Promenade. Marketing materials peg the ask at around $11 million, positioning the property as a rare find in Santa Monica’s tight coastal rental market and a potential target for local investors and small-portfolio buyers chasing well-located, value-add multifamily deals.
Property at a glance
The building totals roughly 29,535 square feet on a lot of about 15,019 square feet, with 27 apartments in a mix of one- and two-bedroom layouts, as reported by Santa Monica Mirror. The unit mix breaks down into nine 1-bed/1-bath units, nine 1-bed/1.5-bath units with dens, seven 2-bed/2-bath units, and two 2-bed/2-bath units with dens. Many apartments are described as having larger floor plans and extra storage, with common-area features geared toward long-term tenants.
Where it's listed and the asking price
Public listing platforms show the building on the market in the low-eleven-million range. The Compass/MLS entry lists the property at $10,995,000 and provides the core building and lot details agents are using in their materials. Other aggregator feeds show slight variations in the advertised number and per-unit calculations, so serious buyers are being steered to the current MLS record for the latest list price and a full look at the rent roll.
Listing broker and recent work
Michael Sterman of Marcus & Millichap is handling the offering, and his marketing highlights tenant-friendly basics such as 40 gated garage spaces, controlled-access entry, on-site laundry, and an elevator, according to the listing page. The materials also point to recent capital improvements, including a roof replacement completed about two years ago and balcony inspections and repairs that have already done, which the broker frames as reducing near-term capital expenditure needs. One version of the brokerage marketing shows a higher asking number than some listing feeds, a reminder that details can shift across platforms and that prospective buyers should request the latest offering memorandum for current pricing.
Rent control matters
Any buyer here has to run the numbers through Santa Monica’s rent-control lens. The city’s ordinance covers many multifamily buildings constructed before April 10, 1979, and limits allowable rent hikes and the reasons a landlord can evict, according to the City of Santa Monica Rent Control Agency. That framework means value-add upside is tied to regulated annual adjustments and vacancy and turnover rules instead of immediate jumps to market rent. For underwriting, the rent roll, each unit’s MAR, and the building’s registration history are key pieces of the puzzle.
Investor angle
Marketing materials pitch the asset as a value-add play with mid-single-digit cap-rate math and per-unit and per-square-foot figures that shift slightly depending on which listing feed you read. The headline story is a combination of stable in-place income and potential upside from interior renovations. Location does a lot of the heavy lifting: the property sits about six blocks from the sand and within easy walking distance of Montana Avenue and the 3rd Street Promenade, a combination that can offset slower rent-growth mechanics for some buyers. Local brokers note that coastal North-of-Wilshire buildings do not trade often, so a well-maintained property coming to market can attract a competitive crowd.
What to watch
All eyes will be on the offering memorandum, full rent roll, and inspection reports to clarify near-term cash flow, remaining physical needs, and realistic timelines for tenant turnover. Given the building’s age, its coastal location, and Santa Monica’s regulatory rules, the eventual buyer who threads the needle between renovation spending and rent-control limits could help set expectations for the next wave of trades in the neighborhood. As reported by the Santa Monica Mirror, this is the first time the property has hit the open market in more than four decades, which is why Westside multifamily investors are watching this one closely.
