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.

Property details

Bedrooms

22

Bathrooms

23

Square feet

15,582

Year built

1956

Property type

Residential Income

Lot size

14,999 sqft

Location

927 3rd Street • Santa Monica, CA 90403

More homes for sale and rent in Santa Monica, CA →

Listed by

David Miller · Miller & Desatnik Realty Co.

Similar Listings

Recent sales near 927 3rd Street

904 5th Street 1: Sold $1,800,000 · 4 bd · 3 ba · 1,863 sqft · Jun 2026 · 0.1 mi
Coldwell Banker Realty | DRE #01266642
Buyer's agent: Brad F. Cole, Coldwell Banker Realty | DRE #01291534
901 Ocean Avenue: Sold $25,827,797 · 38 bd · 38 ba · 30,954 sqft · Jun 2026 · 0.2 mi
CB Richard Ellis, Inc. | DRE #01435254
Buyer's agent: Subscriber Non, Non-Participant Office | DRE #13252
1024 5th Street 3: Sold $852,600 · 2 bd · 2 ba · 945 sqft · Jul 2026 · 0.2 mi
Smart LA Realty | DRE #01822601
Buyer's agent: Tiffany Gatto, Smart LA Realty | DRE #01822601
1024 5th: Sold $793,500 · 2 bd · 2 ba · 953 sqft · Jul 2026 · 0.2 mi
Coldwell Banker Realty | DRE #02095630
Buyer's agent: George Tell, Coldwell Banker Realty | DRE #02095630
1042 6th Street: Sold $4,450,000 · 8 bd · 16 ba · 9,900 sqft · Aug 2026 · 0.2 mi
Marcus & Millichap | DRE #00908473
Buyer's agent: Maria Santos Ortiz, Figure 8 Realty | DRE #02146082
928 7th Street 3: Sold $1,380,000 · 3 bd · 3 ba · 1,590 sqft · Aug 2026 · 0.3 mi
521 Montana Avenue 211: Sold $822,000 · 1 bd · 1 ba · 930 sqft · Sep 2026 · 0.3 mi
Equity Union | DRE #02140143
Buyer's agent: John O'Brien, Nourmand & Associates-BW | DRE #02155454
521 Montana Avenue 103: Sold $750,000 · 1 bd · 1 ba · 930 sqft · Jun 2026 · 0.3 mi
KW Westside Estates | DRE #01756680
Buyer's agent: Kristina Kavurmadzian, Beverly and Company, Inc. | DRE #02156804

Closed sales reported in 90403, nearest first, last 12 months. All recent sales in Santa Monica →

22-Bedroom Residential Income - 927 3rd Street, Santa Monica, CA