927 3rd

Santa Monica Santa Monica, CA, 90403

For Sale $6,025,000

22beds
15,582sqft
0.34acre

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.

Listing agent:

License #

Miller & Desatnik Realty Co.

Identification

Street Address927 3rd

City / State / ZIPSanta Monica, CA 90403

Listing StatusFor Sale

List Price$6,025,000

MLS Number26992555

Property TypeResidential Income

Key Stats

Bedrooms22

Living Area (Sq Ft)15,582 sq ft

Lot Size (Acres / Sq Ft)0.34 acres

Year Built1956

Price Per Sq Ft$386.66

Interior

HeatingWall Furnace

Cooling / ACNone

AppliancesMicrowave, Refrigerator

Exterior & Property

Garage / Parking Spaces20 spaces

Stories / Levels2 stories

Location

Neighborhood / CommunityC14 - Santa Monica

CountyLos Angeles

Geo-Coordinates34.02202100, -118.50301900

Listing Meta

Days On Market8 days

Date ListedSeptember 25, 2026

Listing AgentDavid Miller — Miller & Desatnik Realty Co.

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927 3rd is a Residential Income property located in Santa Monica, California, featuring a 0.344 acre lot, 15,582 sqft, 22 bedrooms, MLS #26992555.

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Data last modified: 2026-10-03 07:14:34