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Key Details
Sold Price $6,200,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 12,321 sqft
Price per Sqft $503
MLS Listing ID SB21076716
Sold Date 08/17/21
HOA Y/N No
Year Built 1905
Lot Size 0.290 Acres
Acres 0.29
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.
Location
State CA
County Los Angeles
Area C14 - Santa Monica
Zoning SMOP2*
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Biking, Curbs
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 4289013017
Acceptable Financing Conventional
Listing Terms Conventional
Financing Conventional
Special Listing Condition Standard
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Bought with Cameron Samimi • Lyon Stahl Investment Real Estate, Inc.
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