Price Reduced Listing
$5,600,000
 $30,062 est/mo Sourced by Back At You

927 3rd Street,Santa Monica, CA 90403

Santa Monica, CA 90403

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Description

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 5.21% 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.

Details

MLS #26992555
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1956
Days On Site43
Listing Provided ByMiller & Desatnik Realty Co. | David Miller

Features

Bed(s)22
Bath(s)23
SQ Feet15,582
Story(s)2
Units20
Building(s)2
ZoningSMR3*
Acreage0.34

Interior

CoolingNone
HeatingWall Furnace
Heating Yes / NoYes
Cooling Yes / NoNo
AppliancesMicrowave, Refrigerator

Parking

Attached Garage Yes / NoYes
Parking FeaturesGarage, Tandem
Garage Yes / NoYes

Area Information

StateCA
CountyLos Angeles
CitySanta Monica
Zip Code90403
AreaC14 Santa Monica
Listing VS Median (in 90403)
Price:
$5,600,000
low | high
Med:
$1,392,500
100% of Average
sqft:
15,582
low | high
Med:
1,308
100% of Average
$ / sqft:
$359
low | high
Med:
$1,069
100% of Average
On site:
43
low | high
Med:
158
27.215189873418% of Average
Sourced by Back At You

Market Activity 90403

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Additional Information

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Learn More About This Property

Bruce Hatrak

Bruce Hatrak

Desert Lifestyle Properties

02054055 (760) 516-1741bmhatrak@gmail.com
StateCA
CountyLos Angeles
CitySanta Monica
Zip Code90403
AreaC14 Santa Monica
Listing VS Median (in 90403)
Price:
$5,600,000
low | high
Med:
$1,392,500
100% of Average
sqft:
15,582
low | high
Med:
1,308
100% of Average
$ / sqft:
$359
low | high
Med:
$1,069
100% of Average
On site:
43
low | high
Med:
158
27.215189873418% of Average
Sourced by Back At You
Nearby Listings (Within 1/4 mile)
Price: $4.2M - $7M
sqft: 11,500 - 19,000
Nearby Listings Property ImageNearby Listings Details
834 2nd Street Property Photo 1
$7,000,000
834 2nd Street
Santa Monica, CA 90403
Listing Updated: November 10, 2026 at 3:49:53 PM PST