2627-2639 3rd St Immeuble residentiel 7 lots 3 778 410 € (539 773 €/Lot) Santa Monica, CA 90405

10-Unit* Bank Foreclosure Sale Three Blocks from the Beach
• Exceptionally remodeled units on a large 8,407 square foot corner lot with high ceilings and ocean views from select units
• Recently renovated in 2023, the property features new copper plumbing and electrical, recessed lightings, in-unit washer and dryer hookups, and remodeled kitchens and bathrooms
• Property to be delivered vacant, excluding one unit, and furnished at a stabilized 7.70% cap rate and a 7.13% yield to cost**
• Opportunity for investor to achieve a 7.49% stabilized cap rate with the addition of two Accessory Dwelling Units (ADUs) above the current garages assuming a cost of $600,000
* The property currently has 7 legal units. The City of Santa Monica is working to legalize unpermitted renovations and update the unit count to 9 or 10 units. Contact listing broker for details.
** Cost to Ready of $350,000, accounts for permitting and lost income renovations.
Strong Multifamily Fundamentals
• Renters occupy 75.7% of housing units within a one-mile radius
• Submarket asking rents expected to rise 16% over the next five years
• The average household income within a three-mile radius is $182,092
• Within a five-mile radius of the property, the population is 445,052
• Median home value of $1,683,441 within a one-mile radius of the property
Prime Santa Monica Location, Steps from Main Street
• Ideally located in Santa Monica, just minutes from Silicon Beach, a thriving technology hub with major employers including Snap Inc., Hulu, and Activision Blizzard, while being close to the growing technology and media scene in Santa Monica, home to companies such as Google, TikTok, and Lionsgate
• Located two blocks from Main Street, the property provides convenient access to a vibrant selection of renowned restaurants and nightlife spots, including Seline, Crudo e Nudo, Pasjoli, Cobi's, Jameson's Pub, The Victorian, and Urth Caffe, and is just a mile from Abbot Kinney Boulevard, known for its upscale dining and shopping and recognized as "The Coolest Block in America" by GQ Magazine
• Located less than a mile from the 10 Freeway and Lincoln Boulevard, the property offers convenient access to West Los Angeles and the Greater Los Angeles area