Closed

3408 Pearl Street

Santa Monica CA, 90405

$1,867,000


$886.94 per sqft

Closed

4 Beds

3 Baths

2,105 sqft

Residential

Built in 1952

Listed by Adam Peterson with CB Richard Ellis, Inc.

3408 Pearl St. is a 3-unit multifamily investment property in Santa Monica, California. The property is located between Ocean Park and Pico Boulevards just north of The Santa Monica Business Park. This area, a mix of single-family homes and renters, has historically low vacancy rates and is one of LA's wealthiest zip codes. This location is right in the middle of retail and restaurants along Pico and Ocean Park, making walkability a nice perk to the asset. 3408 Pearl St. consists of one (2BD/1BA) unit with a private patio and two (1BD/1BA) units. The (2BD/1BA) unit as well as one of the (1BD/1BA) units will be delivered vacant. All of the units are separately metered for gas and electricity. The property also offers ample driveway parking for tenants and guests as well as private garages. Street parking is permitted, making the neighborhood streets composed of neighbors only. 3408 Pearl has been meticulously maintained with renovated units, newer roof and fencing around the front unit's private patio as well as in-unit laundry hook-ups. This offering presents a great opportunity for an investor or owner-user to acquire an asset in one of LA's best submarkets at an entry level price. Though the units have been updated over the years, a facelift to a more modern look can push market rents even higher. In addition to the unit's upside, the separate garages in the back can be converted into ADUs. Per SMR1 zoning, 1 ADU is allowed on the lot (buyer to verify). The City of Santa Monica is voting to pass and enact a 2nd ADU on SMR1 lots this March to take effect in April (buyer to verify). The upside on 3408 Pearl St. is tremendous and can easily double an investor's equity once a buildout is completed.

23236959

MLS ID

February 1, 2023

Listed

May 25, 2024

Updated

Map

3408 Pearl Street
Santa Monica CA, 90405

Interior Features

Total Stories

1


Bedrooms

4


Total Bathrooms

3


Interior Features

Ceiling Fan(s)


Appliances

Dishwasher, Refrigerator, Dryer, Washer


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.14 Acres

Other Property Details

Area Name

C14 - Santa Monica


Days on Market

9


Garage

No


Parking

Driveway, On Street


Parking Total

5


View

No


County

Los Angeles


Pool

No


Zoning

SMR1*


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

5/18/2023

Sold

$1,867,000

Listing Contact:  

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 5/25/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 5/25/2024 at 2:14 AM UTC

 

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