2103 3rd St, Santa Monica, CA 90405

2103 3rd St, Santa Monica, CA 90405

Santa Monica, CA
$7,000,000

Property Description

INVESTMENT HIGHLIGHTS

  • Huge Value-Add 16-Unit with Market CAP at a 6.34% CAP
  • Great unit mix consisting of 4(2Bed+2Bath), 9(1Bed+1Bath) & 3(Studio) Units
  • 20 parking spots for all tenants, as well as ample street parking
  • 7 Units will be delivered vacant, offering immediate upside once rented out!
  • One of Santa Monica’s most unique architectural assets
  • A+ Location, Just a couple of blocks from the beach; Some units have ocean views!

EXECUTIVE SUMMARY

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 nonconforming studio unit. This “A+” location, with great curb appeal, is located just minutes from the beach! This 16 value-add deal has over 30% upside in rents, once units are rented for the market. 7 units will be delivered vacant offering 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 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. There is still plenty 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 of dollars in development, including Third Street Promenade, Santa Monica Airport, Miramar 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 Features

  • Sale Price: $7,000,000
  • Area Size: 12,321 SF
  • Land Area: 12,782 SF
  • Year Built: 1905/1960
  • Listing Date: 7/18/2022
  • Units: 16
  • Current GRM: 16.71
  • Current Cap Rate: 3.75%
  • Price Per Unit: $437,500
  • Market GRM: 11.55
  • Market Cap Rate: 6.34%