927 3rd ST, Santa Monica, CA 90403
927 3rd ST, Santa Monica, CA 90403
927 3rd ST, Santa Monica, CA 90403
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Ryan Arita

Ryan Arita

+1(818) 288-8857
$6,025,000
Est. payment /mo
22 Beds
23 Baths
15,582 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 15,582 sqft

Price per Sqft $386

MLS Listing ID 26992555

Bedrooms 22

HOA Y/N No

Year Built 1956

Lot Size 0.344 Acres

Property Description

927 & 933 3rd Street is a 20-unit multifamily investment offering assembled across two adjacent parcels in Santa Monica's Wilshire Montana district three blocks from the beach and within a short walk of both Montana Avenue and the Third Street Promenade. The two 1956-vintage buildings are held and operated as a single asset, and are offered together.The unit mix is six two-bedroom units, ten one-bedroom units and four studios across 15,582 net rentable square feet on a combined 14,999 square foot lot.Scale of this kind is unusual in the submarket: of the eight most recent apartment sales in the immediate area, only one exceeded 15 units, and none offered a two-parcel assemblage.The defining characteristic of the offering is the spread between in-place and market rents. Current scheduled income is $464,067 against a projected market of $651,048 a 40.3% gap that translates into 64.3% net operating income growth as units turn. At the list price the asset trades at a 4.68% cap rate on in-place income and 7.69% on stabilized market income, with the difference representing the value a buyer underwrites and pays for.

Location

State CA

County Los Angeles

Area C14 - Santa Monica

Zoning SMR3*

Interior

Heating Wall Furnace

Cooling None

Fireplace No

Appliance Microwave, Refrigerator

Exterior

Parking Features Garage, Tandem

Total Parking Spaces 20

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 4292018016

Special Listing Condition Standard

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Listed by David Miller Miller & Desatnik Realty Co. #02105346

NEARBY SCHOOL & BUSINESS

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