2103 3rd St, Santa Monica, CA 90405

2103 3rd St, Santa Monica, CA 90405

Santa Monica, CA

Property 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 Features

  • Sale Price: $6,400,000
  • Area Size: 12321 SF
  • Land Area: 12782 SF
  • Year Built: 1905/1960
  • Listing Date: 4/13/2021
  • Units: 16
  • Current GRM: 16.53
  • Current Cap Rate: 3.63%
  • Market GRM: 12.13
  • Market Cap Rate: 5.85%

Lyon Stahl Investment Real Estate

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