About this home

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.

Facts and features

Schools

• Roosevelt Elementary School

  elementary · K-5 · 0.5 mi

  9

• Lincoln Middle School

  middle · 6-8 · 0.9 mi

  8

• Santa Monica High School

  high · 9-12 · 1.3 mi

  9

• St. Monica Catholic Elementary School

  elementary · K-8 · 0.3 mi

• Saint Monica Preparatory

  high · 9-12 · 0.4 mi

• MUSE Global School

  elementary · PK-12 · 0.4 mi

Price history

• Sep 28, 2026 · Listed$6,025,000
• Apr 16, 2014 · Listing Removed$1,195
• Apr 12, 2014 · Listed For Rent$1,195
• Oct 20, 1964 · Sold$121,000

Tax history

• 2025$6,726 tax · $4,276,834 assessed
• 2024$6,275 tax · $385,606 assessed
• 2023$6,183 tax · $370,634 assessed
• 2022$6,089 tax · $363,368 assessed
• 2021$5,878 tax · $356,245 assessed
• 2020$5,834 tax · $352,593 assessed
• 2019$5,771 tax · $345,680 assessed
• 2018$5,406 tax · $338,903 assessed

Where it is