2508 3rd St, Santa Monica, CA 90405

2508 3rd St, Santa Monica, CA 90405

Santa Monica, CA

Property Description

Lyon | Stahl is proud to present 2508 3rd St, an 8-unit Mid-Century Modern style apartment building located in the desirable Ocean Park neighborhood of prestigious Santa Monica, CA. lt is only four blocks to the beach between Ocean Park Boulevard and Mills Street in the heart of Santa Monica, also referred to as Silicon Beach. This 6,512 sq. ft. building was built in 1965 and is situated on a 6,497 sq. ft. OP-2 lot (according to assessor’s records – has not been verified).

This well-maintained property had seismic retrofit work done in 1997 and does not currently appear on the Santa Monica Seismic Retrofit Map. The units are separately metered for gas & electric, and the building features on-site laundry, on- site office storage area, and eight parking spaces available to tenants. There are also bike racks, a communal rooftop deck with ocean views, and additional permitted street parking for residents who apply through the city and pay for permits.

In addition to its great location, this 8-unit building offers a desirable unit mix of four 2-bed/2-bath units and four 1-bed/1-bath units. All the units offer stoves, dishwashers, wall units for heating, and high-end rust resistant premium security doors. Rear units also have balconies and select units offer updated kitchens with solid surface countertops.

Boasting a walk-score of 94 (CoStar), this pride-of-ownership-property is situated in an unbeatable location only two blocks to Main Street where the Sunday Farmer’s Market is held. Your tenants can also enjoy the close-proximity to the Santa Monica Pier (with its Pacific Park, Ferris Wheel and much more), the convenience of the downtown metro station, and the 3rd Street Promenade with its upscale shopping, dining, and entertainment.

This is an incredible investment opportunity to own a high- upside apartment building in one of the most desirable rental and beach communities in the country.

<strong>Investment Highlights:

• Location, Location, Location! This Mid-Century Modern 8-Unit Apartment Building Has It. In the Ocean Park Area of Santa Monica Internationally Known for Its Beautiful Coastline and Much More.
• 6,512 SF of Living Space | Situated on a 6 ,497 SF Parcel of Land (According to Assessor’s Records – Has Not Been Verified).
• Desirable Unit Mix – (4) 2-Bed/2-Bath Units &amp; (4) 1-Bed/1-Bath Units.
• Seismic Retrofit Work Done in 1997 &amp; Does Not Currently Appear on the Santa Monica Seismic Retrofit Map.
• Separately Metered for Gas &amp; Electric I Features On-Site Laundry, On-Site Office Storage Area, (8) Parking Spaces, &amp; Rooftop Deck with Beautiful Ocean View (Available to All Tenants).
• Unbeatable Santa Monica Location – Only 2 Blocks to Main St and 4 Blocks to the Ocean/Beach | Also Close Proximity to the Santa Monica Pier, 3rd St Promenade &amp; Metro Station.

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Property Features

  • Sale Price: $3,730,000
  • Area Size: 6,512 SF
  • Land Area: 6,497 SF
  • Year Built: 1965
  • Closing Date: 7/10/19
  • Units: 8
  • Current GRM: 18.52
  • Current Cap Rate: 3.75%
  • Market GRM: 11.68
  • Market Cap Rate: 6.34%
  • Current NOI: $138,908

Lyon Stahl Investment Real Estate

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