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2727 3rd Street, Santa Monica, CA 90405

Ocean Park Generational Offering

2727 3rd Street, Santa Monica, CA 90405

22 units in Santa Monica's Ocean Park, on the market for the first time since the original family built it in 1969.

Exclusively listed by the LAAA Team at Marcus & Millichap

Listing Price
$7,650,000
Cap Rate
5.16%
Units
22
GRM
12.11
Price / Unit
$347,727
Price / SF
$449.47
Gross SF
17,020 SF
Year Built
1969

Offering

The Offering

2727 3rd Street is a 22 unit, courtyard style building two blocks from Main Street and half a mile from Santa Monica State Beach, offered by the family that built it in 1969. The unit mix runs 20 oversized one bedroom units of 750 SF, two with private rooftop decks, and two 1,010 SF two bedroom, one and a half bath units, backed by 22 covered gated parking spaces. Scheduled rents sit roughly 40% below market, giving a buyer organic income growth through natural turnover with no capital displacement.

  1. 01

    First time on the market in 57 years, held by the original family since 1969

  2. 02

    Located within a few miles of major employers including Activision Blizzard, Google's Venice campus, Snap Inc., and Universal Music Group

  3. 03

    Roughly 40% rent upside through natural turnover, $52,628 per month scheduled vs $73,800 market

  4. 04

    Just blocks from the beach, Main Street's boutique shops, coffee houses, and acclaimed restaurants, 2727 3rd St offers residents an exceptional walkable lifestyle in the heart of Ocean Park

  5. 05

    Large floor plans for the submarket, one bedrooms at 750 SF and two bedrooms at 1,010 SF

Location

Ocean Park

2727 3rd Street, Santa Monica, CA 90405

Ocean Park is Santa Monica's original beach neighborhood, a walkable grid of tree lined streets between Main Street and the sand. The property sits blocks from the boutique retail and dining of Main Street, half a mile from Santa Monica State Beach, and within a Walker's Paradise Walk Score of 93. Residents reach the Metro E Line, top rated SMMUSD schools, and the Silicon Beach employment base in minutes, and supply in the neighborhood is permanently constrained by coastal zoning.

Listing Team

Exclusively listed by the LAAA Team.

For offering materials, financials, or offer guidance, reach out directly.

Next Step

Ready to dig into the financials?

Sign the Confidentiality Agreement to access the full Offering Memorandum for Ocean Park Generational Offering.

LA Apartment Advisors

The LAAA Team

Marcus & Millichap

All property showings are by appointment only.

This information has been secured from sources believed to be reliable, but no representations or warranties, expressed or implied, are made as to the accuracy of the information. References to square footage, age, or income are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. All property showings are by appointment only.

2727 3rd Street, Santa Monica, CA 90405 | Offering Memorandum