2820 3rd st, Santa Monica, CA 90405
Pending
$2,900,000
9%
6 Units
12 Beds
12 Baths
4,636 Area(sq.ft.)
Lot: 5,369 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 6 | 2 | 2 | No | $ 3,438 | $ 20,627 | $ 4,000 |
| 6 | 12 | 12 | $ 20,628 | $ 123,762 | $ 24,000 |
| MLS #: | 25505533 |
| Days On Market: | 278 |
| Listing Date: | March 3, 2025 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 626 |
| Price per unit: | $ 483,333 |
| Year Built: | 1962 |
Property Details
PRICE REDUCED $300K. See Docs Section for OM. The Highlight Group of Equity Union as the exclusive listing agent is pleased to present the opportunity to acquire 2820 3rd St., a six (6) unit apartment property built in 1962. The property is located one parcel north of the corner of Ashland Ave. and 3rd Street, one block east of retail, dining and entertainment on Main Street and three blocks from the Ocean, in a prime part of Santa Monica. Property Description: 2820 3rd St., is a six (6) unit apartment property consisting of one two-story building, constructed of wood frame and stucco in 1962. The unit mix boasts all large 2bed+2bath units. The property totals 4,636 building square feet that sits on a 5,369 square foot lot. PROPERTY DETAILS: The property features all spacious two-bedroom, two-bathroom units of which most have some level of recent renovation. Both bathrooms are inside the bedrooms, a unique dual master bedroom feature making the units ideal for families or roommates. Each unit also features open kitchens and large living areas. Select units boast floor-to-ceiling windows and hardwood flooring throughout, providing an upscale aesthetic. The bottom unit facing 3rd St. enjoys the added benefit of a large, private, fenced-off outdoor patio, an attractive and rare feature for tenants seeking outdoor space. All units are separately metered for electricity and gas and the landlord pays for tenant water/sewer and trash. Parking is provided on site with seven (7) spaces, with some covered by a tuck-under carport. Tenants also have access to six (6) storage lockers in the parking area and laundry is provided on-site in a separate laundry room. Investors may also want to explore the possibility of ADU conversion for the tuck under parking area. Based on retrofit work that was completed by a prior owner back in 1997, the City of Santa Monica has approved the property as in compliance for the soft-story retrofit requirement.Interested in this Listing?
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Income Details
| Vacancy Rate: | 16% |
| Gross Operating Income: | $ 241,498 |
| Total Annual Expense: | $ 70,302 |
| Net Operating Income: | $ 170,996 |
| Gross Annual Income: | $ 247,524 |
| Cap Rate: | 5.9% |
| Gross Rent Multiplier: | 11.70 |
Structure
| Type of Units: | Multifamily |
| Buildings: | 1 |
| Levels: | Two |
Land & Parking
| Zoning: | SMOP2* |
| Parking Garage: | Other |
Interior
| AC/Cooling: | Other |
| Equipment: | Other |
| Heating: | Other |
Exterior
Detailed Map
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