One of the most architecturally unique buildings in all of Santa Monica! 2103 3rd St is a 16-unit asset located in the beautiful Santa Monica submarket, Ocean Park. The subject property is legally 15 units and has one nonconforming studio unit. This "A+" location, with great curb appeal, is located just minutes from the beach! This 16 value-add deal has over 30% upside in rents, once units are rented for the market. 7 units will be delivered tenant-ready offering 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 feature hardwood flooring and high ceilings. There are also 20 onsite parking spots for tenants, some being covered parking. There is also a laundry room onsite. There is still plenty 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 of dollars in development, including Third Street Promenade, Santa Monica Airport, Miramar Hotel, and multiple mixeduse projects. This value-add property is an ideal pickup for any investor looking for a trophy asset with plenty of upside, in an A+ location.
Listing courtesy of Listing Agent: Cameron Samimi (email@example.com) from Listing Office: Lyon Stahl Investment Real Estate, Inc..
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