927 3rd Street, Santa Monica, CA — listing photo 1
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FOR SALENew Listing

927 3rd Street

Santa Monica, CA 90403
22 Beds
23 Baths
15,582 Sq Ft
Built 1956
$6,025,000

Property Overview

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.

Home Details

Property type
Residential Income
Year built
1956
Living area
15,582 sq ft
Lot size
14,999 sq ft
Parking
20 spaces
Stories
2
Days on market
8
MLS status
Active
Zoning
SMR3*

Features & Amenities

Appliances

  • Microwave
  • Refrigerator

Parking

  • Garage
  • Tandem

Community, Schools & Utilities

Utilities

Heating
WallFurnace
Cooling
None
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Location & Neighborhood

927 3rd Street

Santa Monica, CA 90403

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Frequently Asked Questions About 927 3rd Street

Property type: Residential Income

The current asking price is $6,025,000. Pricing is subject to change and may vary based on market conditions, negotiations, and property updates. Contact our team to verify current pricing.
Yes. Use the Book Visit action or contact form to request an in-person or virtual tour of 927 3rd Street. Our team will confirm availability and timing.
This 22 bedrooms and 23 bathrooms property offers approximately 15,582 square feet of living space. It was built in 1956. Review the listing details and disclosures, then independently verify material features before making a decision.
The property is in Santa Monica, California. Review the map, visit at relevant times of day, and verify schools, commute routes, services, noise, hazards, and local rules for the exact address.
Financing depends on the buyer, lender, property type, condition, appraisal, insurance, and association documents. A qualified lender can confirm available programs and costs for this Santa Monica property.
The MLS currently reports the property as Active. It has been listed for 8 days. Status can change, so verify availability before relying on it.

What clients say

“Reza was the best agent we have ever worked with.”Russell & Susan McQueen

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Crown Coastal Support Team

Direct support from our real estate team

No obligation. Your inquiry goes directly to the Crown Coastal team.

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Reza Barghlameno

eXp of California

Call: +1 (858) 305-4362
Email: contact@crowncoastalhomes.com

Listing Agent

Name: David Miller
MLS ID: CLW-C133782

Available property

$6,025,000

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Data provided by California Regional Multiple Listing Service, Inc. ("CRMLS"). Information is for viewer's personal, non-commercial use. All data should be independently verified for accuracy.