714-745-2708

927 3rd Street, Santa Monica, CA 90403

$6,025,000 Approx. USD 22 beds, 23 baths
15,582 sqft

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Marketed By The Keaty Team

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Marketed By The Keaty Team REALTOR® - Sales Associate 714-608-3298 m
714-745-2708 o
Lic#: 01276603
NRDS ID: 187514104
thekeatyteam@bhhscal.com Tustin Office
18302 Irvine Blvd, Suite 240
Tustin, CA 92780
Phone: 714-832-8800
Fax: 949-565-7700

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Listing Agent

David Miller | davemiller@mdrealtycorp.com
Lic#: 02105346
Broker: Courtesy of Miller & Desatnik Realty Co.
Phone: 323-948-7507

Co Listing Agent

Errol Spiro | errol@mdrealtycorp.com
Lic#: 00893163
Broker: Courtesy of Miller & Desatnik Realty Co.
Phone: 310-202-9166

Agent Remarks

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.

Listing Details

Property type: (Multi-Family)

Status: Active

MLS# 26992555

Price: $6,025,000

Beds: 22

Baths: 23

Built in 1956

15,582 sqft

2 stories

0.34 acres

Lot size: 0.3443

County: Los Angeles

Zoning: SMR3*

Appliances: Microwave,Refrigerator

Parking description: Garage,Tandem

Heating/cooling: None

Heating description: Wall Furnace

MLS area: C14 - Santa Monica

Last Updated: 10/3/2026

Days On Market (DOM): 10

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This listing belongs to the C14 - Santa Monica MLS area

Lat/Long: 34.022021, -118.503019.
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