2306 3rd Street

Santa Monica, CA 90405

$4,950,000
Price
12
Beds
12
Baths
7,937 Sq. Ft.
$624 / Sq. Ft.
7,937
Sq. Ft.
$624
per Sq. Ft.

Description

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...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 4.25% CAP rate and a market CAP rate of 6.35%, 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.
  1. Listed by Brett Lyon • DRE #01717818 • Brokerage DRE #01972083 • Lyon Stahl Investment Real Estate, Inc. • 3107801899
  2. Listed by Woody Stahl • DRE #01399621 • Brokerage DRE #01972083 • Lyon Stahl Investment Real Est

Property Details for 2306 3rd Street

Parking Spaces Total
0
Private Pool
No
Cooling Type
None
Total Units
12.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
7937
Assessor Parcel Number
4289-015-012
LISTING UPDATED: 10/22/2024 03:16 AM

Property Details for 2306 3rd Street

StatusActive
MLS #SB24155287
Days on Market94
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeResidential Income
Year Built1924
Lot Size0.14 AC / 6,219 SF
CountyLos Angeles County

Building Information for 2306 3rd Street

Stories2Residences-Year Built1924Building Size-Lot Size0.14 AC / 6,219 SF

Property Information for 2306 3rd Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $326,617
  • Gross Scheduled Income: $343,807
  • Vacancy Allowance: 17190
  • Gross Operating Income: $326,617
  • Net Operating Income: $210,184
Expense Details
  • Operating Expense: $116,433
  • New Taxes Expense: $58,747
  • Gardener Expense: $1,200
  • Insurance Expense: $11,906
  • Maintenance Expense: $17,190
  • Professional Management Expense: $17,190
  • Other Expense: $10,200
  • Other Expense Description: Utility
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $116,433
Tax / Assessment Info
  • Tax Tract Number: 4
  • Tax Census Tract: 7020.02
  • Tax Lot: 4
Community / Development
Community / Development
  • Assessments YN: No
  • Assessments: None
  • Community Features: Biking
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: None
  • Heating Type: None
  • Heating: None
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Lot Features: 11-15 Units/Acre
  • Number Of Units: 12
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,501
  • Unit Type Total Rent: $7,502
  • Unit Type Pro Forma: 3665
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 8
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,405
  • Unit Type Total Rent: $19,293
  • Unit Type Pro Forma: 3100
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 9
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,820
  • Unit Type Total Rent: $1,820
  • Unit Type Pro Forma: 2000
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 7
  • Number Of Separate Electric Meters: 12
  • Number Of Separate Gas Meters: 12
  • Number Of Separate Water Meters: 1

Property History for 2306 3rd Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 2306 3rd Street

Taxable ValueLand$739,590Additions$213,924Total$953,514
Tax Record2024$12,503 ($1,042 / month)
Home Facts
Total Finished SqFt2,961 SqFtAbove Grade Finished SqFt2,961 SqFtLot Size6,219 SqFtStyleMulti-Family Res (5+ Units)Year Built1924ZoningSMOP2*CountyLOS ANGELESAPN4289-015-012

Schools near 2306 3rd Street

This home is within Santa Monica-Malibu Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - K to 8
Rating
School
Distance
John Muir Elementary School
PublicK to 5

John Adams Middle School
Public6 to 8

Santa Monica High School
Public9 to 12

Santa Monica Alternative (K-8) School
PublicK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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2306 3rd Street is a mixed use property for sale in Santa Monica, CA 90405. This property was listed for sale on July 29, 2024 by Lyon Stahl Investment Real Estate, Inc., it's currently listed at $4,950,000. This listing's school district is Santa Monica-Malibu Unified School District. Nearby schools include John Muir Elementary School, John Adams Middle School and Santa Monica High School. 2306 3rd Street is a 12-bed, 12-bath, 7,937 sqft mixed use property built in 1924.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Lyon Stahl Investment Real Estate, Inc., Brett Lyon, DRE #01717818; Lyon Stahl Investment Real Est, Woody Stahl, DRE #01399621

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.