$ 6,025,000
-
$6,025,000
Price -
3
Bed -
4
Bath -
15,582
SqFt -
0.34
Acre
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About the Listing CLW-L02710 - CLW-C133782,CLW-L09938
927 & 933 3rd Street is a 20-unit multifamily investment offering assembled across two adjacent parcels in Santa Monica's Wilshire Montana district three blocks from the beach and within a short walk of both Montana Avenue and the Third Street Promenade. The two 1956-vintage buildings are held and operated as a single asset, and are offered together.The unit mix is six two-bedroom units, ten one-bedroom units and four studios across 15,582 net rentable square feet on a combined 14,999 square foot lot.Scale of this kind is unusual in the submarket: of the eight most recent apartment sales in the immediate area, only one exceeded 15 units, and none offered a two-parcel assemblage.The defining characteristic of the offering is the spread between in-place and market rents. Current scheduled income is $464,067 against a projected market of $651,048 a 40.3% gap that translates into 64.3% net operating income growth as units turn. At the list price the asset trades at a 4.68% cap rate on in-place income and 7.69% on stabilized market income, with the difference representing the value a buyer underwrites and pays for.
Listing Highlights for 927 3rd St
Interior Details
- Bedrooms: 3
- Bathrooms: 4 Full
- Appliances: Microwave, Refrigerator
- Air Cond:
- Heating: Wall Furnace
- Fireplaces:
- Floor:
- Basement:
- Other:
- Water:
Exterior Details
- Lot Description: No Land Lease
- Garage Capacity: N/A
- Parking Spaces: 20
- Zoning: SMR3*
- Roof:
- Others: 2+ Total Units
- Sewer:
- Parking Features: Garage,Tandem
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: 4292018016
- Tax Year: N/A
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Listing Location
Questions About..
927 3rd St Santa Monica, CA 90403
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