2103 3Rd St, Santa Monica, CA 90405
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2103 3Rd St Santa Monica, CA 90405

$6,200,000 Sold Price as of 08/17/2021
  • 17 Beds
  • 20 Baths
  • 12,321 Sq.Ft.
Sold
$6,200,000 Sold Price as of 08/17/2021 Refinance Your Mortgage

Map preview of 2103 3Rd St, Santa Monica, CA 90405

Property Overview: 2103 3Rd St Santa Monica, CA has 17 bedrooms, 20 bathrooms, 12,321 living square feet and 12,782 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: One of the most architecturally unique buildings in all of Santa Monica! 2103 3rd St is a 16-Unit asset located in the beautiful Santa Monica submarket, Ocean Park. The subject property is legally 15 units and has one non-conforming studio unit. This "A+" location, with great curb appeal, is located just minutes from the beach! This 16 value-add deal has nearly 20% upside in rents, once units are rented for the market. 7 units will be delivered tenant ready, offering immediate upside! 2103 3rd St has a great unit mix of (9) 1-Bd/1Ba, (4) 2-Bd/2-Ba & (3) studio units. These spacious units feature hardwood flooring and high ceilings. There are also 20 onsite parking spots for tenants, some being covered parking. There is also a laundry room onsite. Once the tenant ready units are rented for market price, the property will be performing at 3.63% CAP. There is plenty of room to increase the rents and achieve 5.85% Market CAP. The subject property is only minutes away from millions of dollars in development, including Third Street Promenade, Santa Monica Airport, Mirmar Hotel, and multiple mixed-use projects. This value-add property is an ideal pickup for any investor looking for a trophy asset with plenty of upside, in an A+ location.

Listed by Cameron Samimi | BRE #02035763 | Lyon Stahl Investment Real Estate, Inc.
Co-listed by Kelly Giery | BRE #02097805 | Lyon Stahl Investment Real Estate, Inc.
Last checked: 7 minutes ago | Last updated: April 12th, 2023 | Source CRMLS | DOM: 17

Home details

Lot Sq. Ft
12,782
HOA Dues
$0/mo
Year built
1905
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
SB21076716
City
Santa Monica
County
Los Angeles
Time on Site
1050 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 16
  • Total # of Buildings: 1
  • # of Electric Meters: 16
  • # of Gas Meters: 1
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 3
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,600
  • Total Rent: $7,800
  • Pro Forma/Market Rent: $7,800
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,095
  • Total Rent: $4,190
  • Pro Forma/Market Rent: $4,190
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,095
  • Total Rent: $2,095
  • Pro Forma/Market Rent: $2,095
Unit Breakdown 4
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $3,600
  • Total Rent: $7,200
  • Pro Forma/Market Rent: $7,200
Unit Breakdown 5
  • # of Units: 6
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,513
  • Total Rent: $9,078
  • Pro Forma/Market Rent: $15,600
Unit Breakdown 6
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $936
  • Total Rent: $1,872
  • Pro Forma/Market Rent: $7,200
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $387,144
  • Net Operating Income: $232,103
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $143,427
  • Electric: $0
  • Gas/Fuel: $0
  • New Taxes: $0
  • Trash: $0
  • Insurance: $0
  • Professional Management: $0
  • Water/Sewer: $0

Property Details for 2103 3Rd St

Interior Features
Laundry Information
  • Has Laundry
  • Community
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Lot Information
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 16
  • Parcel Number: 4289013017
  • Year Built Source: Assessor
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: Off Main St and Pico Blvd
Neighborhood Information
  • Community Features: Biking, Curbs
View more facts & features

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Sale History for 2103 3Rd St

Last sold for $6,200,000 on August 17th, 2021
  • April, 2023

  • Apr 12, 2023

    Date

    Expired

    CRMLS: SB22152092

    $7,000,000

    Price

  • Jul 14, 2022

    Date

    Active

    CRMLS: SB22152092

    $7,000,000

    Price

  • Listing provided courtesy of CRMLS

    One of the most architecturally unique buildings in all of Santa Monica! 2103 3rd St is a 16-unit asset located in the beautiful Santa Monica submarket, Ocean Park. The subject property is legally 15 units and has one nonconforming studio unit. This "A+" location, with great curb appeal, is located just minutes from the beach! This 16 value-add deal has over 30% upside in rents, once units are rented for the market. 7 units will be delivered tenant-ready offering immediate upside! 2103 3rd St has a great unit mix of (9) 1-Bd/1-Ba, (4) 2- Bd/1-Ba & (3) Studio units. These spacious units feature hardwood flooring and high ceilings. There are also 20 onsite parking spots for tenants, some being covered parking. There is also a laundry room onsite. There is still plenty of room to increase the rents and achieve a 6.34% Market CAP and 11.55 GRM. The subject property is only minutes away from millions of dollars in development, including Third Street Promenade, Santa Monica Airport, Miramar Hotel, and multiple mixeduse projects. This value-add property is an ideal pickup for any investor looking for a trophy asset with plenty of upside, in an A+ location.

  • August, 2021

  • Aug 17, 2021

    Date

    Sold

    CRMLS: SB21076716

    $6,200,000

    Price

  • May 19, 2021

    Date

    Active Under Contract

    CRMLS: SB21076716

    $6,400,000

    Price

  • May 2, 2021

    Date

    Active

    CRMLS: SB21076716

    $6,400,000

    Price

  • Apr 13, 2021

    Date

    Coming Soon

    CRMLS: SB21076716

    $6,400,000

    Price

  • May, 2013

  • May 1, 2013

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 2103 3Rd St

Assessed Value (2020): $2,745,177
Year Land Value Improved Value Assessed Value
2020 $1,904,194 $840,983 $2,745,177

Home Value Compared to the Market

This property vs the competition

2103 3Rd St sold on August 17, 2021 for 259.55% higher than the current median sold price for the city of Santa Monica which is $1,780,000. The median sold price per/sqft for Santa Monica is $1,218 and this home is sold at $519.44 per/sqft which puts the price per square foot 57.35% lower than the current median sale per square foot for the city of Santa Monica.

About 2103 3Rd St

Detailed summary of property

2103 3Rd St is a multi family that recently sold in Santa Monica, CA 90405. This multi family property offered 17 bedrooms, 20 bathrooms, roughly 12,321 living square feet, and sits on an approximately 12,782 square foot lot. 2103 3Rd St was first listed on ArdentRealEstateGroup.com on May 13, 2021. The homeowner sold the property for $6,200,000. Home in Santa Monica are selling for a median price of $1,780,000 and a median price per square foot of $1,218. Based on Ardent Real Estate Group's Santa Monica Market Data, this home is sold 259.55% higher than the current median priced home. Local homes that are currently for sale include 1823 N Fuller Ave, 1908 Hillcrest Rd and 3625 Regal Pl. While the average home in Santa Monica, CA is selling in 129 days, 2103 3Rd St has a days on market of 17 days. There are currently 224 homes for sale in the Santa Monica real estate market and 81 of them are single family homes while 112 of them are condos and 31 are townhomes. For more information on this home for sale at 2103 3Rd St Santa Monica, CA 90405 contact Ardent Real Estate Group and we will put you in touch with one of our Santa Monica agents.

Public Facts for 2103 3Rd St

Public county record property details
Beds
12
Baths
12
Year built
1905
Sq. Ft.
11,841
Lot Size
12,781
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
1,2
APN
4289-013-017

The source for these homes facts are from public records.

90405 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$2,000,000
Median List Price/Sq.Ft.
$1,137
Median Sold Price
$1,780,000
Median Sold Price/Sq.Ft.
$1,218
Total Inventory
58
Median Sale to List Price %
100%
Avg Days on Market
43
Loan Type
Conventional (10%), FHA (0%), VA (0%), Cash (10%), Other (20%)

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Related Resources to 2103 3Rd St

Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.