1025 Ocean Ave, Santa Monica — 21-Unit Multifamily, $22.8M (May 2016)
Updated April 28, 2026
Units: 21 · Sale price: $22,756,000 · Price per unit: $1,083,619 · Closed: May 2016
A 21-unit mid-size multifamily property at 1025 Ocean Ave in Santa Monica, sold May 2016 for $22,756,000 — approximately $1,083,619 per unit.
2016 was mid-cycle for LA multifamily. Pricing had firmed meaningfully from post-2008 lows. Strong bid across stabilized inventory.
Santa Monica operates under its own Rent Control Board distinct from LA City RSO. Westside premium pricing with tight, stable regulatory overhead.
Mid-size multifamily in this unit range attracts both private investors and smaller institutional buyers, particularly on value-add theses.
Set against the rest of the Santa Monica record, this is the 2nd largest of the 8 Santa Monica apartment buildings Michael Sterman has closed.
At $1,083,619 a unit it sits 76% above the Santa Monica median of $616,667. Per-unit price tracks condition and the in-place rent roll as much as location, so the gap is a starting question rather than a verdict.
Other Santa Monica closings the same year: 843 16th St (13 units, $8,695,000).
This transaction is part of the Sterman Multifamily Group closed archive — over fourteen years at Marcus & Millichap.
Related
- Selling Multifamily Property in Santa Monica
- Santa Monica: the neighborhood, its buildings and what they sell for
- How to Sell a Multifamily Property in Los Angeles
- Request a free evaluation of your building
- Verify this sale independently — search public records and coverage for this transaction yourself
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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