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TWO Trophy Properties in A+ Locations 1015 3rd St 46 Unit Apartment Building $29,950,000 ($651,087/Unit) 4.23% Cap Rate Santa Monica, CA 90403
INVESTMENT HIGHLIGHTS
- Generational opportunity to acquire two trophy multifamily assets totaling 46 units in a prestigious "North of Wilshire" Santa Monica location
- Exceptional unit mix of 1-, 2-, and 3-bedroom floor plans, all designed to maximize natural light
- Opportunity to establish a dominant rental footprint in one of the most supply-constrained and prestigious rental markets in Los Angeles
- Both properties extensively renovated with luxury finishes and systems:new plumbing, new electrical, split system AC, fireplaces, in-unit washer/dryer
- Prime location steps from the Pacific Ocean, Montana Avenue, and Santa Monica’s finest dining, retail, and cultural amenities
- Irreplaceable coastal real estate with high barriers to entry and limited future multifamily development potential
EXECUTIVE SUMMARY
Taksa Investment Group, part of RE/MAX Commercial & Investment Realty, is proud to present a generational opportunity to acquire two premier, extensively renovated apartment buildings in the coveted North of Wilshire neighborhood of Santa Monica: 1015 3rd Street and 1133 10th Street. Together, these assets total 46 units and offer investors the ability to establish a commanding rental presence in one of the most supply-constrained and high-barrier-to-entry markets in the country.
1015 3rd Street (25 units) and 1133 10th Street (21 units) have both undergone transformative renovations with no expense spared. Across both properties, the majority of units feature brand-new plumbing and electrical systems, split system air conditioning, fireplaces, in-unit washer/dryers, enhanced soundproofing
on walls, floors, and ceilings, stainless steel appliances, new cabinetry, vanities, closets, and upgraded finishes throughout. The result is a portfolio of luxury residences designed to satisfy Santa Monica’s most discerning tenant base.
Situated just blocks from the Pacific Ocean, Montana Avenue’s boutiques and cafes, and Santa Monica’s renowned fine dining, shopping, and entertainment, the properties blend timeless courtyard-style architecture with state-of-the-art interiors, making them irreplaceable assets in one of Los Angeles’ most sought after coastal enclaves.
1015 3rd Street (25 units) and 1133 10th Street (21 units) have both undergone transformative renovations with no expense spared. Across both properties, the majority of units feature brand-new plumbing and electrical systems, split system air conditioning, fireplaces, in-unit washer/dryers, enhanced soundproofing
on walls, floors, and ceilings, stainless steel appliances, new cabinetry, vanities, closets, and upgraded finishes throughout. The result is a portfolio of luxury residences designed to satisfy Santa Monica’s most discerning tenant base.
Situated just blocks from the Pacific Ocean, Montana Avenue’s boutiques and cafes, and Santa Monica’s renowned fine dining, shopping, and entertainment, the properties blend timeless courtyard-style architecture with state-of-the-art interiors, making them irreplaceable assets in one of Los Angeles’ most sought after coastal enclaves.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$1,883,142
|
$102.11
|
| Other Income |
$12,284
|
$0.67
|
| Vacancy Loss |
$56,494
|
$3.06
|
| Effective Gross Income |
$1,838,932
|
$99.71
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$571,454
|
$30.98
|
| Net Operating Income |
$1,267,478
|
$68.72
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $1,883,142 |
| Annual Per SF | $102.11 |
| Other Income | |
|---|---|
| Annual | $12,284 |
| Annual Per SF | $0.67 |
| Vacancy Loss | |
|---|---|
| Annual | $56,494 |
| Annual Per SF | $3.06 |
| Effective Gross Income | |
|---|---|
| Annual | $1,838,932 |
| Annual Per SF | $99.71 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $571,454 |
| Annual Per SF | $30.98 |
| Net Operating Income | |
|---|---|
| Annual | $1,267,478 |
| Annual Per SF | $68.72 |
PROPERTY FACTS
| Price | $29,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $651,087 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.78 AC |
| Cap Rate | 4.23% | Building Size | 38,871 SF |
| Gross Rent Multiplier | 15.8 | No. Stories | 2 |
| No. Units | 46 | Year Built | 1954 |
| Property Type | Multifamily | Parking Ratio | 1.16/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R4 | ||
| Price | $29,950,000 |
| Price Per Unit | $651,087 |
| Sale Type | Investment |
| Cap Rate | 4.23% |
| Gross Rent Multiplier | 15.8 |
| No. Units | 46 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.78 AC |
| Building Size | 38,871 SF |
| No. Stories | 2 |
| Year Built | 1954 |
| Parking Ratio | 1.16/1,000 SF |
| Zoning | R4 |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2.5 | 1 | - | 1,450 |
| 2+2 | 6 | - | 1,200 |
| 1+1 | 39 | - | 761 |
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Walk Score®
Very Walkable (83)
Transit Score®
Excellent Transit (71)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 4292-019-014 | Improvements Assessment | $2,844,571 |
| Land Assessment | $11,378,292 | Total Assessment | $14,222,863 |
PROPERTY TAXES
Parcel Number
4292-019-014
Land Assessment
$11,378,292
Improvements Assessment
$2,844,571
Total Assessment
$14,222,863
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TWO Trophy Properties in A+ Locations | 1015 3rd St
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