2306 3rd St
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2306 3rd St
12 Unit Apartment Building $4,750,000 ($395,833/Unit) 4.47% Cap Rate Santa Monica, CA 90405
Investment Highlights
- Legacy 12-Unit Property in the Ocean Park Neighborhood of Santa Monica
- Unit Mix: (3) 2-Bed/1-Bath, (8) 1-Bed/1-Bath, (1) Studio
- 4.47% CAP | 6.67% Market CAP
- Double Lot! (1) 4-Unit Building, (1) Duplex, (1) SFR + (1) Studio Attached, (4) Detached Bungalows
- 7,937 Total RSF On a 12,703 SF Lot
- Located in Ocean Park Conveniently Nestled Between Venice Beach and Downtown Santa Monica
Executive Summary
Situated in the picturesque Ocean Park neighborhood of Santa Monica, 2306 3rd Street stands as a rare gem for investors seeking a prestigious addition to their portfolio. Sitting on a double lot, this legacy 12-unit property features an eclectic mix of residential options, including (1) 4-unit building, (1) duplex, (1) single-family residence with an attached studio, and (4) detached bungalows. With a unit mix of (3) 2-bed/1-bath, (8) 1-bed/1-bath, and (1) studio, the property offers a total of 7,937 square feet of rentable space on a generous 12,703 square foot lot.
Boasting a 4.47% CAP rate and a market CAP rate of 6.67%, the investment potential is substantial. Residents enjoy the perfect blend of comfort and convenience, enhanced by the property's prime location. Positioned just blocks from the beach and within walking distance of top-tier retail and restaurants, 2306 3rd Street benefits from its enviable location between Venice Beach and Downtown Santa Monica.
Whether you're seeking steady returns or aiming to capitalize on the area's dynamic growth, this property represents a compelling opportunity in coveted location.
Boasting a 4.47% CAP rate and a market CAP rate of 6.67%, the investment potential is substantial. Residents enjoy the perfect blend of comfort and convenience, enhanced by the property's prime location. Positioned just blocks from the beach and within walking distance of top-tier retail and restaurants, 2306 3rd Street benefits from its enviable location between Venice Beach and Downtown Santa Monica.
Whether you're seeking steady returns or aiming to capitalize on the area's dynamic growth, this property represents a compelling opportunity in coveted location.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,750,000 | Apartment Style | Garden |
| Price Per Unit | $395,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 4.47% | Building Size | 4,291 SF |
| No. Units | 12 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment |
| Price | $4,750,000 |
| Price Per Unit | $395,833 |
| Sale Type | Investment |
| Cap Rate | 4.47% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,291 SF |
| No. Stories | 1 |
| Year Built | 1923 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $2,501 | - |
| 1+1 | 8 | $2,405 | - |
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Walk Score ®
Walker's Paradise (97)
Bike Score ®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 4289-015-012 | Improvements Assessment | $213,504 (2024) |
| Land Assessment | $739,590 (2024) | Total Assessment | $953,094 (2024) |
PROPERTY TAXES
Parcel Number
4289-015-012
Land Assessment
$739,590 (2024)
Improvements Assessment
$213,504 (2024)
Total Assessment
$953,094 (2024)
zoning
| Zoning Code | SMOP2* |
| SMOP2* |
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2306 3rd St
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