Press Releases
Marcus & Millichap Brokers Two Santa Monica Multifamily Sales, Each Exceeding $1M Per Unit
September 08, 2026
SANTA MONICA, Calif., Sept. 8, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of two multifamily properties at 947 4th St. and 914 5th St. in Santa Monica, California. Each property sold for more than $1 million per unit, or a combined price of $10.25 million.
“The fact that both properties achieved more than $1 million per unit demonstrates the premium buyers continue to place on newer, difficult-to-replicate multifamily assets in Santa Monica,” said Rabbie Banafsheha, senior director investments. “These sales reflect the scarcity of newer multifamily product in the market and the value buyers place on well-located assets with larger floor plans.”
Banafsheha and Tony Azzi of The Azzi Group in Marcus & Millichap's Los Angeles office had the exclusive listings to market both properties on behalf of the seller and procured the buyer, The Ezralow Company.
“The $1.2 million-per-unit sale of 914 5th St. was the highest price per unit for a multifamily sale in Santa Monica in 2026,” said Azzi. “Achieving that benchmark highlights the strong competition for high-quality multifamily opportunities when they become available in this market.”
Built in 2014, the 9,186-square-foot property at 947 4th St. consists of five three-bedroom, three-bath units and is situated on a 0.17-acre parcel. The property sold for $5.45 million, or $1.09 million per unit, and features on-site parking.
Built in 2013, the 8,336-square-foot property at 914 5th St. consists of four three-bedroom, three-bath units and is situated on a 0.17-acre parcel. The property sold for $4.8 million, or $1.2 million per unit, and features subterranean parking, an elevator and private patios. Both properties are located within walking distance of the beach and near Santa Monica's dining, retail and entertainment amenities.
“The fact that both properties achieved more than $1 million per unit demonstrates the premium buyers continue to place on newer, difficult-to-replicate multifamily assets in Santa Monica,” said Rabbie Banafsheha, senior director investments. “These sales reflect the scarcity of newer multifamily product in the market and the value buyers place on well-located assets with larger floor plans.”
Banafsheha and Tony Azzi of The Azzi Group in Marcus & Millichap's Los Angeles office had the exclusive listings to market both properties on behalf of the seller and procured the buyer, The Ezralow Company.
“The $1.2 million-per-unit sale of 914 5th St. was the highest price per unit for a multifamily sale in Santa Monica in 2026,” said Azzi. “Achieving that benchmark highlights the strong competition for high-quality multifamily opportunities when they become available in this market.”
Built in 2014, the 9,186-square-foot property at 947 4th St. consists of five three-bedroom, three-bath units and is situated on a 0.17-acre parcel. The property sold for $5.45 million, or $1.09 million per unit, and features on-site parking.
Built in 2013, the 8,336-square-foot property at 914 5th St. consists of four three-bedroom, three-bath units and is situated on a 0.17-acre parcel. The property sold for $4.8 million, or $1.2 million per unit, and features subterranean parking, an elevator and private patios. Both properties are located within walking distance of the beach and near Santa Monica's dining, retail and entertainment amenities.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
