Santa Monica, CA 90405 2306 3rd Street
$5,500,000
37 more
Presented By: Brett Lyon with Lyon Stahl Investment Real Estate, Inc.; 3107801899
Home Details
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 3.71% CAP rate and a market CAP rate of 5.60%, 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.
Presented By: Brett Lyon with Lyon Stahl Investment Real Estate, Inc.; 3107801899
Interior Features for 2306 3rd Street
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsTwoCommonWallsOrMore
Fireplace FeaturesNone
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesCommonArea
Total Stories2
Other Rooms
Entry Level1
General for 2306 3rd Street
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Carport Y/NNo
CitySanta Monica
Community FeaturesBiking
CoolingNone
CountyLos Angeles
Days on Market15
DirectionsDouble Lot on the corner of 3rd Street and the Strand
Electric On Property Y/NNo
Entry Location1
Expected Active Date 2024-07-29
Garage Spaces0.0
Garage Y/NNo
Gross Income343807.0
HeatingNone
Home Owner AssocNo
Home Warranty Y/NNo
Insurance Expense11906.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
Lot Size Square Feet6219.0
Lot Size UnitsSquareFeet
MLS AreaC14 - Santa Monica
MaintenanceExpense17190.0
MobileHomeRemainsYNNo
Net Operating Income203823.0
New ConstructionNo
NumberOfUnitsTotal12
Operating Expense122794.0
Pool FeaturesNone
Private PoolNo
Property Sub Type AdditionalMixedUse
Property SubTypeMixedUse
Property TypeResidentialIncome
Rent Control Y/NYes
Senior Community Y/NNo
SewerPublicSewer
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Tax Lot4
Taxes$65,108
TermsConventional
Trash Expense0.0
View Y/NNo
Water Sewer Expense0.0
Waterfront Y/NNo
Year Built1924
Year Built SourceAssessor
ZoningSMOP2*
Exterior for 2306 3rd Street
Building Area Total7937.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesElevenToFifteenUnitsAcre
Lot Size Acres0.1428
Lot Size Area6219.0
Lot Size SourceAssessor
Number of Buildings7
Number of Separate Electric Meters12
Number of Separate Gas Meters12
Number of Separate Water Meters1
Open Parking Y/NNo
SpaNo
Total Parking0.0
Water SourcePublic
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480