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Mr. Jackson
@mrjackson

2103 3rd St, Santa Monica, CA 90405

  • $6,400,000
2103 3rd St, Santa Monica, CA 90405, USA
Active

2103 3rd St, Santa Monica, CA 90405

2103 3rd St, Santa Monica, CA 90405, USA
  • $6,400,000

Description

One of the most architecturally unique buildings in all of Santa Monica! 2103 3rd St is a 16-Unit asset located in the beautiful Santa Monica submarket, Ocean Park. The subject property is legally 15 units and has one non-conforming studio unit. This “A+” location, with great curb appeal, is located just minutes from the beach! This 16 value-add deal has nearly 20% upside in rents, once units are rented for the market. 7 units will be delivered tenant ready, offering immediate upside! 2103 3rd St has a great unit mix of (9) 1-Bd/1Ba, (4) 2-Bd/2-Ba & (3) studio units. These spacious units feature hardwood flooring and high ceilings. There are also 20 onsite parking spots for tenants, some being covered parking. There is also a laundry room onsite. Once the tenant ready units are rented for market price, the property will be performing at 3.63% CAP. There is plenty of room to increase the rents and achieve 5.85% Market CAP. The subject property is only minutes away from millions of dollars in development, including Third Street Promenade, Santa Monica Airport, Mirmar Hotel, and multiple mixed-use projects. This value-add property is an ideal pickup for any investor looking for a trophy asset with plenty of upside, in an A+ location.


Property Status :

  • City Santa Monica
  • State/county California

Details

Updated on May 13, 2021 at 9:10 am
  • Property ID: LS37541
  • Price: $6,400,000
  • Property Size: 12321 sq ft
  • Land Area: 12782 sq ft
  • Year Built: 1905/1960
  • Property Type: Multifamily
  • Property Status: Active

Overview

Property ID: LS37541
  • Multifamily
  • Property Type
  • 12321
  • sq ft
  • 1905/1960
  • Year Built

Contact Information

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