3110 Highland Ave, Santa Monica, CA 90405
3 Unit Apartment Building | $3,295,000 ($1,098,333/Unit) | 3.48% Cap Rate | Santa Monica, CA 90405
For Sale
Active
30 pictures
Asking Price $3,295,000
- Property Type
-
Multifamily
- Square Feet
- 3,232 SF
Listing Contacts
- Property Info
Property Overview
Lucrum Real Estate Group is proud to present The Seaside, a tranquil retreat located in the charming beachside community of Ocean Park in the City of Santa Monica. Situated on the quiet residential street of Highland Ave., this unique property, which is just 6 blocks from the beach, offers an amazing opportunity and endless possibilities for either someone looking to call this property home or a seasoned investor.
The private compound, which is not subject to Santa Monica Rent Control and allows for 5% + CPI annual rent increases per AB 1482, was originally built in 1920, and in 1988, the construction of (2) detached apartment units was completed. Over the course of the last few years, the property has undergone extensive renovation to both the main home, as well as the apartment units.
This wonderful opportunity encompasses an impressive ±3,232 building square feet per city records and consists of a 4 Bedroom + 3 Bath Two-Story Single-Family Home with a private 3rd Floor Sundeck, as well as (2) detached 2-Bedroom apartment units in a 3-story structure with the 4th floor consisting of a massive sundeck and lounge with partial views of the Pacific Ocean and surrounding city. *In addition, there’s a 1st floor, non-conforming studio unit that could be used as an office or potentially converted into a legal apartment unit.
Each of these fantastic units is individually metered for gas and electricity, and offers individual hot water heaters, further lowering utility costs, as well as an on-site laundry facility for tenants.
Though certain upgrades have been made, there is still a considerable amount of value to add to this incredible property, as well as a tremendous amount of rental income that has yet to be unlocked, making The Seaside an incredible opportunity.
(1) Four-Bedroom + Three-Bath House
(1) Two-Bedroom + Two-Bath
(1) Two-Bedroom + One-Bath
(1) Studio + One-Bath (*Non-Conforming Unit)
Santa Monica, California, is one of the most sought-after and highly desirable coastal cities, known for its vibrant culture, beautiful beaches, and thriving economy. The city of Santa Monica in Los Angeles County sits along a 3-mile stretch of the Pacific Ocean with 245 acres of sandy beach.
Located on the western edge of Los Angeles County, it is bordered by the Pacific Ocean to the west and the city of Los Angeles to the east. It’s known for its iconic Santa Monica Pier, upscale shopping destinations like the Third Street Promenade, and its proximity to Silicon Beach, home to numerous tech companies.
Santa Monica’s real estate market is characterized by high demand and limited supply, resulting in property values that are among the highest in the region.
Santa Monica boasts a robust business community characterized by a mix of industries, including technology, entertainment, tourism, and retail. The city is home to Silicon Beach, a thriving hub for tech startups and established companies alike. Major corporations, creative agencies, and innovative startups contribute to Santa Monica’s reputation as a center of entrepreneurship and innovation.
Santa Monica embraces its artistic and cultural heritage with a diverse array of arts organizations, galleries, and cultural institutions. The Bergamot Station Arts Center, located in the city’s Mid-City neighborhood, houses numerous galleries showcasing contemporary art from local and international artists. The Annenberg Community Beach House offers cultural events, art exhibitions, and educational programs against the backdrop of Santa Monica’s iconic coastline.
Santa Monica offers endless opportunities for entertainment and recreation. The iconic Santa Monica Pier is a popular destination featuring amusement park rides, street performers, and panoramic views of the Pacific Ocean. The Third Street Promenade is a vibrant outdoor shopping and dining district known for its pedestrian-friendly atmosphere and diverse retail options. Additionally, Santa Monica’s pristine beaches provide a serene escape for sunbathing, swimming, and water sports.
Santa Monica’s culinary scene is a reflection of its diverse and cosmopolitan population. The city boasts an eclectic mix of restaurants, cafes, and eateries offering cuisines from around the world. From upscale dining establishments overlooking the ocean to cozy neighborhood bistros serving farm-to-table fare, Santa Monica offers culinary experiences to suit every palate.
Santa Monica, California, is a dynamic and vibrant city that embodies the quintessential Southern California lifestyle. With its stunning beaches, diverse demographics, thriving business community, and rich cultural offerings, Santa Monica offers residents and visitors alike a unique blend of coastal charm and urban sophistication. Whether strolling along the beach, exploring art galleries, or dining at world-class restaurants, Santa Monica invites you to experience the best of coastal California living.
*Buyer to Verify with the City of Santa Monica
The private compound, which is not subject to Santa Monica Rent Control and allows for 5% + CPI annual rent increases per AB 1482, was originally built in 1920, and in 1988, the construction of (2) detached apartment units was completed. Over the course of the last few years, the property has undergone extensive renovation to both the main home, as well as the apartment units.
This wonderful opportunity encompasses an impressive ±3,232 building square feet per city records and consists of a 4 Bedroom + 3 Bath Two-Story Single-Family Home with a private 3rd Floor Sundeck, as well as (2) detached 2-Bedroom apartment units in a 3-story structure with the 4th floor consisting of a massive sundeck and lounge with partial views of the Pacific Ocean and surrounding city. *In addition, there’s a 1st floor, non-conforming studio unit that could be used as an office or potentially converted into a legal apartment unit.
Each of these fantastic units is individually metered for gas and electricity, and offers individual hot water heaters, further lowering utility costs, as well as an on-site laundry facility for tenants.
Though certain upgrades have been made, there is still a considerable amount of value to add to this incredible property, as well as a tremendous amount of rental income that has yet to be unlocked, making The Seaside an incredible opportunity.
(1) Four-Bedroom + Three-Bath House
(1) Two-Bedroom + Two-Bath
(1) Two-Bedroom + One-Bath
(1) Studio + One-Bath (*Non-Conforming Unit)
Santa Monica, California, is one of the most sought-after and highly desirable coastal cities, known for its vibrant culture, beautiful beaches, and thriving economy. The city of Santa Monica in Los Angeles County sits along a 3-mile stretch of the Pacific Ocean with 245 acres of sandy beach.
Located on the western edge of Los Angeles County, it is bordered by the Pacific Ocean to the west and the city of Los Angeles to the east. It’s known for its iconic Santa Monica Pier, upscale shopping destinations like the Third Street Promenade, and its proximity to Silicon Beach, home to numerous tech companies.
Santa Monica’s real estate market is characterized by high demand and limited supply, resulting in property values that are among the highest in the region.
Santa Monica boasts a robust business community characterized by a mix of industries, including technology, entertainment, tourism, and retail. The city is home to Silicon Beach, a thriving hub for tech startups and established companies alike. Major corporations, creative agencies, and innovative startups contribute to Santa Monica’s reputation as a center of entrepreneurship and innovation.
Santa Monica embraces its artistic and cultural heritage with a diverse array of arts organizations, galleries, and cultural institutions. The Bergamot Station Arts Center, located in the city’s Mid-City neighborhood, houses numerous galleries showcasing contemporary art from local and international artists. The Annenberg Community Beach House offers cultural events, art exhibitions, and educational programs against the backdrop of Santa Monica’s iconic coastline.
Santa Monica offers endless opportunities for entertainment and recreation. The iconic Santa Monica Pier is a popular destination featuring amusement park rides, street performers, and panoramic views of the Pacific Ocean. The Third Street Promenade is a vibrant outdoor shopping and dining district known for its pedestrian-friendly atmosphere and diverse retail options. Additionally, Santa Monica’s pristine beaches provide a serene escape for sunbathing, swimming, and water sports.
Santa Monica’s culinary scene is a reflection of its diverse and cosmopolitan population. The city boasts an eclectic mix of restaurants, cafes, and eateries offering cuisines from around the world. From upscale dining establishments overlooking the ocean to cozy neighborhood bistros serving farm-to-table fare, Santa Monica offers culinary experiences to suit every palate.
Santa Monica, California, is a dynamic and vibrant city that embodies the quintessential Southern California lifestyle. With its stunning beaches, diverse demographics, thriving business community, and rich cultural offerings, Santa Monica offers residents and visitors alike a unique blend of coastal charm and urban sophistication. Whether strolling along the beach, exploring art galleries, or dining at world-class restaurants, Santa Monica invites you to experience the best of coastal California living.
*Buyer to Verify with the City of Santa Monica
Property Details
- Year Built
- 1920
- Stories
- 4
- Lot Size (sq. ft)
- 4,792 SF
- Units
- 3
Highlights
- Potential to deliver the property vacant
- Not subject to Santa Monica rent control & allows for rent increases of 5% +CPI P / AB1482
- Wonderful owner-user opportunity with the ability to Airbnb units
- Tranquil gardens, lush & mature landscaping throughout
- Newly installed rooftop decks with partial views of The Pacific Ocean
- Fully renovated main house & units, including bamboo flooring, countertops & appliances
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