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22 Beds
23 Baths
15,582 sqft

$6,025,000

927 3rd Street, Santa Monica CA, 90403

Price per sqft$386.66
Built in1956
Property size15,582 sqft
Property typeResidential
Listed by David Miller CA DRE# 02105346 with Miller & Desatnik Realty Co. 323-948-7507

Overview

Active

Listed Sep 25, 2026

Updated 3 days ago

927 & 933 3rd Street is a 20-unit multifamily investment offering assembled across two adjacent parcels in Santa Monica's Wilshire Montana district three blocks from the beach and within a short walk of both Montana Avenue and the Third Street Promenade. The two 1956-vintage buildings are held and operated as a single asset, and are offered together.The unit mix is six two-bedroom units, ten one-bedroom units and four studios across 15,582 net rentable square feet on a combined 14,999 square foot lot.Scale of this kind is unusual in the submarket: of the eight most recent apartment sales in the immediate area, only one exceeded 15 units, and none offered a two-parcel assemblage.The defining characteristic of the offering is the spread between in-place and market rents. Current scheduled income is $464,067 against a projected market of $651,048 a 40.3% gap that translates into 64.3% net operating income growth as units turn. At the list price the asset trades at a 4.68% cap rate on in-place income and 7.69% on stabilized market income, with the difference representing the value a buyer underwrites and pays for.

$40,084/mo

Est. mortgage payment based on a $6,025,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
26992555

Interior Features

Bedrooms
22
Bathrooms
23
Heating
Yes
Basement
No

Exterior Features

Lot Size
0.34 Acres

Other Property Details

Garage
Yes
55+/Senior Community
No
MLS provider logo

Listed by David Miller CA DRE# 02105346 with Miller & Desatnik Realty Co. 323-948-7507

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/4/2026. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2026 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 10/4/2026 at 4:18 AM UTC Last Checked: 4:18 AM UTC

 

 

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