1428 11th St, Santa Monica — 10-Unit Multifamily, $3M (Jan 2024)
Updated April 28, 2026
Units: 10 · Sale price: $3,000,000 · Price per unit: $300,000 · Closed: January 2024
A 10-unit mid-size multifamily property at 1428 11th St in Santa Monica, sold January 2024 for $3,000,000 — approximately $300,000 per unit.
2024 LA multifamily began the recovery — transaction volume rebuilt toward $6.9B, institutional capital returned to active bidding, pricing stabilized.
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 5th largest of the 8 Santa Monica apartment buildings Michael Sterman has closed.
At $300,000 a unit it sits 51% below 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.
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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