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Santa Monica apartment cap rates held steady in 2018, with pricing both per unit and per square foot consistent with numbers in 2017. According to Kimberly R. Stepp of Stepp Commercial, the average cost per unit in Santa Monica was $455,871 and the average price per square foot was $573 in 2017, while the average cost per unit was $458,443 and cost per square foot was $546 in 2018.

“The market remained stable showing tepid growth late in the year,” Stepp, a principal at Stepp Commercial, tells GlobeSt.com. “The pricing indicators and overall sales volume remained consistent with 2017 levels, and cap rates averaged the same for both 2017 and 2018.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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