2727 3rd St
- First time on the market in 57 years, held by the original owners since 1969
- Located within a few miles of major employers including Activision Blizzard, Google’s Venice campus, Snap Inc., and Universal Music Group
- Roughly 40% rent upside through natural turnover, $52,628 per month scheduled vs $73,800 market
- 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
- Large floor plans for the submarket, one bedrooms at 750 SF and two bedrooms at 1,010 SF
Property Description
We are proud to present 2727 3rd Street, a rare 22-unit multifamily offering situated in the heart of Santa Monica's sought-after Ocean Park neighborhood, just blocks from the celebrated dining and boutique retail of Main Street and less than half a mile from the sand and surf of Santa Monica State Beach. The property was built in 1969 and has been held by the original owners since.
The two-story, courtyard-style building encompasses approximately 17,020 square feet of rentable space across 20 spacious one-bedroom/one-bathroom units and two generously sized two-bedroom/one-and-a-half-bathroom residences. Unit sizes are notably large for the submarket, with one-bedroom floor plans at 750 square feet and two-bedroom homes reaching 1,010 square feet — offering tenants meaningful living space at a time when newer coastal product skews smaller. Select upper-floor units feature private balconies with ocean and neighborhood views, while ground-floor residences enjoy enclosed patios — premium amenities that continue to command leasing velocity and resident loyalty in this supply-constrained corridor. The property is completed by 22 covered, gated parking spaces, where dedicated parking is highly valued.
Organic income growth without the need for capital displacement or tenant buyouts. This embedded rent upside represents one of the most attractive features of the offering, with the potential to dramatically accelerate net operating income over a typical hold period.
Equally compelling from a long-term ownership perspective: the property's 22 units. substantially exceed the approximately 12 units permitted under current SMOP2 zoning. This legal non-conforming density is grandfathered from the original 1969 construction and cannot be replicated under any current entitlement pathway — making the existing improvements structurally more valuable than the land alone and creating a permanent competitive moat for the asset.
Key Property Information
| Listing Status: | Available |
|---|---|
| Property Types: | Apartment Buildings |
| Price: | $7,650,000 |
| No. of Units: | 22 |
| Cap Rate: | 5.16% |
| GRM /GIM: | 12.11 |
| Year Built: | 1969 |
| Building Size: | 17,020 Sq ft |
| Lot Size: | 0.36 Acres |
| Opportunity Zone: | No |
| Price per unit: | $347,727 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Aida Memary Scher | 818-212-2678 | [email protected] |
| Glen Scher | 818-212-2808 | [email protected] |
| Filip Niculete | 818-212-2748 | [email protected] |
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