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2103 3rd Street

Santa Monica, CA 90405
  • $7,000,000
  • STATUS: Active
  • ON SITE: 24 Days
  • ID#: SB22152092
UPDATED: 30 min ago
$7,000,000
  • 0
    BEDS
  • 0.29
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1905
County:

School Ratings & Info

Listing Agent(s): Cameron Samimi of Lyon Stahl Investment Real Estate, Inc. (310-425-9838) and Kelly Giery of Lyon Stahl Investment Real Estate, Inc.(310-425-9838)


Description

One of the most architecturally unique buildings in all ofSanta Monica! 2103 3rd St is a 16-unit asset located in thebeautiful Santa Monica submarket, Ocean Park. Thesubject property is legally 15 units and has one nonconformingstudio unit. This "A+" location, with great curbappeal, is located just minutes from the beach! This 16value-add deal has over 30% upside in rents, once unitsare rented for the market. 7 units will be delivered tenant-readyoffering immediate upside!2103 3rd St has a great unit mix of (9) 1-Bd/1-Ba, (4) 2-Bd/1-Ba & (3) Studio units. These spacious units featurehardwood flooring and high ceilings. There are also 20onsite parking spots for tenants, some being coveredparking. There is also a laundry room onsite. There is stillplenty of room to increase the rents and achieve a 6.34%Market CAP and 11.55 GRM.The subject property is only minutes away from millions ofdollars in development, including Third Street Promenade,Santa Monica Airport, Miramar Hotel, and multiple mixeduseprojects. This value-add property is an ideal pickupfor any investor looking for a trophy asset with plenty ofupside, in an A+ location.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-08T17:31:04.873. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Villa Real Estate. Licensed in the State of California, USA.
www.thecharlieprice.com/homes/130904047
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2103 3rd Street Santa Monica, CA 90405

  • Price: $7,000,000
  • Status: Active
  • On Site: 24 Days
  • Updated: 30 min ago
  • ID#: SB22152092
0
Beds
0
Baths
0
½ Baths
0.29
Acres
1905
Built
Neighborhood:
C14 - Santa Monica
County:
Los Angeles
Area:
C14 - Santa Monica
Property Description
One of the most architecturally unique buildings in all ofSanta Monica! 2103 3rd St is a 16-unit asset located in thebeautiful Santa Monica submarket, Ocean Park. Thesubject property is legally 15 units and has one nonconformingstudio unit. This "A+" location, with great curbappeal, is located just minutes from the beach! This 16value-add deal has over 30% upside in rents, once unitsare rented for the market. 7 units will be delivered tenant-readyoffering immediate upside!2103 3rd St has a great unit mix of (9) 1-Bd/1-Ba, (4) 2-Bd/1-Ba & (3) Studio units. These spacious units featurehardwood flooring and high ceilings. There are also 20onsite parking spots for tenants, some being coveredparking. There is also a laundry room onsite. There is stillplenty of room to increase the rents and achieve a 6.34%Market CAP and 11.55 GRM.The subject property is only minutes away from millions ofdollars in development, including Third Street Promenade,Santa Monica Airport, Miramar Hotel, and multiple mixeduseprojects. This value-add property is an ideal pickupfor any investor looking for a trophy asset with plenty ofupside, in an A+ location.
Exterior Features

Lot Features 0-1 Unit/Acre Number Of Separate Electric Meters 16 Parking Total 20 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN No Cap Rate 3.75 Common Interest Community Apartment Community Features CurbsGolfHikingUrban Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 419004 Gross Scheduled Income 419004 Insurance Expense 0 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Conventional Net Operating Income 262255 New Construction YN No Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Operating Expense 144179 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 0 Vacancy Allowance Rate 3 Water Sewer Expense 0 Water Source Public Zoning Smop2*



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-08T17:31:04.873. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Villa Real Estate. Licensed in the State of California, USA.
 
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Villa Real Estate
450 Newport Center Drive, Suite 100
Newport Beach CA, 92660
Listing Agent(s): Cameron Samimi of Lyon Stahl Investment Real Estate, Inc. (310-425-9838) and Kelly Giery of Lyon Stahl Investment Real Estate, Inc.(310-425-9838)