SB 1211 for 24-unit apartment in Santa Monica
In Santa Monica, a 24-unit 24-unit apartment just became one of the highest-yield SB 1211 typologies — 14 new homes, ministerially approved. At Santa Monica's median rent of $3,500/mo, that's ~$588K in additional gross annual rent.
The Santa Monica scenario
The capital stack on a typical Santa Monica 24-unit apartment project: existing equity (the lot itself, owned outright in many cases), construction loan against the new ADU appraised value, refi at completion against the stabilized rent roll.
Local tip for Santa Monica: Santa Monica has rent control implications for new ADUs.
Large multifamily (10+ unit) design playbook
A 24-unit complex is capped at 8 detached ADUs by statute, so the play shifts toward interior conversions: max(1, ⌊units × 25%⌋) = 6 additional units carved from common rooms, oversized lobbies, basement storage, or laundry rooms.
Pro-forma snapshot
| Existing units | 24 |
| Detached ADUs (SB 1211) | 8 |
| Interior conversions | 6 |
| Total new units | 14 |
| Median 1BR rent in Santa Monica | $3,500/mo |
| Est. additional gross rent | $588K/yr |
| Estimated total project cost | ~$2,822K |
| Year-1 NOI estimate | ~$441K |
| Stabilized cap rate at cost | 15.6% |
| Replacement parking required | No (§66313) |
| Approval pathway | Ministerial · §66314 |
| Typical permit timeline in Santa Monica | 90-140 days |
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