New

$7,650,000

For Sale

A day ago

2727 3Rd Street, Santa Monica, CA

Name: 2727 3Rd Street, For Sale in Santa Monica - eXp Realty
Brand: Marcus & Millichap
SKU: 26871967
Price: 7650000 USD

House

MLS® 26871967

24 Bed

24 Bath

17020 sqft

Key Facts
Description
Map

Key Facts

Type

Levels Residential Income

Size 17020 sqft

Garage

Taxes

Days Active 17

Lot Size 0.3557 Acres

Approx. Age 1969

Avg. Price Per Sqft $449

MLS® Number 26871967

Property Address: 2727 3rd Street, Santa Monica, CA, 90405

Average square foot calculated using Size range provided by listing agent.

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.

MLS® Number26871967

Laundry Level

Central VacNo

FireplaceNo

Acreage

Exterior

Garage

Approx. Age1969

Basement

DrivewayCovered, Gated

Garage Spaces

Heat

A/C

Extras

Price History

-End Date

Not Sold YetSold Price

For Sale

Aug 13, 2026List Date

$7,650,000List Price

Commute

Commute

Starting Address

Destination Address

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