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RYAN STEELE

ryan.steele@lptrealty.com +1(818) 900-1859

$ 7,650,000

Est. payment | -/mo

24 Beds

24 Baths

17,020 SqFt

Save

$ 7,650,000

Est. payment | -/mo

Save

24 Beds

24 Baths

17,020 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 17,020 sqft

Price per Sqft $449

MLS Listing ID 26871967

Bedrooms 24

Year Built 1969

Lot Size 0.356 Acres

Acres 0.3557

Property Sub-Type Multi-Family

Property Description

We are proud to present 2727 3rd Street, a rare 22-unit multifamily offering situated in the heart of Santa Monica's sought-after Ocean Park neighborhood, just blocks from the celebrated dining and boutique retail of Main Street and less than half a mile from the sand and surf of Santa Monica State Beach. The property was built in 1969 and has been held by the original owners since. The two-story, courtyard-style building encompasses approximately 17,020 square feet of rentable space across 20 spacious one-bedroom/one-bathroom units and two generously sized two-bedroom/one-and-a-half-bathroom residences. Unit sizes are notably large for the submarket, with one-bedroom floor plans at 750 square feet and two-bedroom homes reaching 1,010 square feet offering tenants meaningful living space at a time when newer coastal product skews smaller. Select upper-floor units feature private balconies with ocean and neighborhood views, while ground-floor residences enjoy enclosed patios premium amenities that continue to command leasing velocity and resident loyalty in this supply-constrained corridor. The property is completed by 22 covered, gated parking spaces, where dedicated parking is highly valued. Organic income growth without the need for capital displacement or tenant buyouts. This embedded rent upside represents one of the most attractive features of the offering, with the potential to dramatically accelerate net operating income over a typical hold period. Equally compelling from a long-term ownership perspective: the property's 22 units. substantially exceed the approximately 12 units permitted under current SMOP2 zoning. This legal non-conforming density is grandfathered from the original 1969 construction and cannot be replicated under any current entitlement pathway making the existing improvements structurally more valuable than the land alone and creating a permanent competitive moat for the asset.

Location

State CA

County Los Angeles

Area Santa Monica

Zoning SMOP2*

Rooms

Other Rooms None

Interior

Heating Other

Cooling Other

Equipment Other

Exterior

Parking Features Covered Parking, Gated

Building

Level or Stories Two

Others

Special Listing Condition Standard

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The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Marcus & Millichap

Schools and Properties Nearby

2727 3rd St Santa Monica, CA 90405