927 3rd ST, Santa Monica, CA 90403
927 3rd ST, Santa Monica, CA 90403
927 3rd ST, Santa Monica, CA 90403
21
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$6,025,000
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22 Beds
23 Baths
15,582 SqFt
Active

927 3rd ST Santa Monica, CA 90403

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Herb Rim

Herb Rim

+1(818) 699-9179

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

CRMLS Full IDX Feed (MAIN Website Search)
Listed by David Miller Miller & Desatnik Realty Co. #02105346

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927 3rd ST

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Herb Rim

Herb Rim

Realtor License ID: 01870707

+1(818) 699-9179

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