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iQsold inc
927 3rd St, Santa Monica, CA 90403
- $6,025,000
- 22
- BD
- 23
- BA
- 15,582
- SqFt
- List Price
- $6,025,000
- MLS#
- 26992555
- Year Built
- 1956
- Bedrooms
- 22
- Bathrooms
- 23
- Living Sq. Ft
- 15,582
- Lot Size
- 14,999
- Days on Market
- 12
- Property Type
- Multifamily
- Stories
- 2
Property 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 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.
Additional Information
- Other Buildings
- None
- Heat
- Wall
- Cooling
- None
- Number of Cars in Garage
- Garage Is Attached, Tandem
Mortgage Calculator
Courtesy of Miller & Desatnik Realty Co., David Miller - CA DRE#02105346
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