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    2103 3rd Street

    Santa Monica, CA 90405
    • $6,400,000
    • STATUS: ACTIVE
    • ON SITE: 24 days
    • ID#: SB21076716
    UPDATED: 79 min ago
    $6,400,000
    • 3
      BEDS
    • 0.29
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    County:

    School Ratings & Info

    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. 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.

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    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2021 San Diego MLS, Inc. Licensed in the state of California.
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    2103 3rd Street Santa Monica, CA 90405

    • Price: $6,400,000
    • Status: ACTIVE
    • Updated: 79 min ago
    • ID#: SB21076716
    3
    Beds
    0
    Baths
    0
    ½ Baths
    0.29
    Acres
    Neighborhood:
    Santa Monica (90405)
    County:
    Los Angeles
    Area:
    Santa Monica (90405)
    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. 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.
    Exterior Features

    Pool N/K Site Curbs

    Interior Features

    Total Baths Unit1 1 Total Baths Unit2 1 Total Baths Unit3 1 Total Baths Unit4 2

    Property Features

    Annual Expense Actual 143427 Buildings 1 Gross Scheduled Income Actual 387144 Terms Conventional Unit Number For Unit1 1 Unit Number For Unit2 2 Unit Number For Unit3 3 Unit Number4 4 Unit1 Rent Actual 2600.0 Unit2 Rent Actual 2095.0 Unit3 Rent Actual 2095.0 Unit4 Rent Actual 3600.0 Zoning Assessor

    Listing provided courtesy of Lyon Stahl Investment Real Estate, Inc.. Listing information © 2021 San Diego MLS Inc. Source: CRMLS
    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2021 San Diego MLS, Inc. Licensed in the state of California.
     
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