Description
One of the most architecturally unique buildings in all ofSanta Monica! 2103 3rd St is a 16-unit asset located in thebeautiful Santa Monica submarket, Ocean Park. Thesubject property is legally 15 units and has one nonconformingstudio unit. This "A+" location, with great curbappeal, is located just minutes from the beach! This 16value-add deal has over 30% upside in rents, once unitsare rented for the market. 7 units will be delivered tenant-readyoffering immediate upside!2103 3rd St has a great unit mix of (9) 1-Bd/1-Ba, (4) 2-Bd/1-Ba & (3) Studio units. These spacious units featurehardwood flooring and high ceilings. There are also 20onsite parking spots for tenants, some being coveredparking. There is also a laundry room onsite. There is stillplenty of room to increase the rents and achieve a 6.34%Market CAP and 11.55 GRM.The subject property is only minutes away from millions ofdollars in development, including Third Street Promenade,Santa Monica Airport, Miramar Hotel, and multiple mixeduseprojects. This value-add property is an ideal pickupfor any investor looking for a trophy asset with plenty ofupside, in an A+ location.
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0.29ACRES
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01/2 BATHS
School Ratings & Info
Description
One of the most architecturally unique buildings in all ofSanta Monica! 2103 3rd St is a 16-unit asset located in thebeautiful Santa Monica submarket, Ocean Park. Thesubject property is legally 15 units and has one nonconformingstudio unit. This "A+" location, with great curbappeal, is located just minutes from the beach! This 16value-add deal has over 30% upside in rents, once unitsare rented for the market. 7 units will be delivered tenant-readyoffering immediate upside!2103 3rd St has a great unit mix of (9) 1-Bd/1-Ba, (4) 2-Bd/1-Ba & (3) Studio units. These spacious units featurehardwood flooring and high ceilings. There are also 20onsite parking spots for tenants, some being coveredparking. There is also a laundry room onsite. There is stillplenty of room to increase the rents and achieve a 6.34%Market CAP and 11.55 GRM.The subject property is only minutes away from millions ofdollars in development, including Third Street Promenade,Santa Monica Airport, Miramar Hotel, and multiple mixeduseprojects. This value-add property is an ideal pickupfor any investor looking for a trophy asset with plenty ofupside, in an A+ location.
Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-08T00:25:59.26. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.