3408 Pearl Street
3408 Pearl Street
$1,867,000
4
3
2,105
2,105
$887
Sold 3/29/23
Description
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)...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.
- Listed by Adam Peterson • DRE #01815802 • Brokerage DRE #00868409 • CB Richard Ellis, Inc.
Property Details for 3408 Pearl Street
Zoning
SMR1*
Parcel Number4270017002
Total Units3.0
Living Area2105
Source Living AreaVendor Enhanced
AreaSanta Monica (C14)
Vacancy Rate66.7%
Lot Size Area5961
Location
LISTING UPDATED: 04/12/2023 04:11 PM
Property Details for 3408 Pearl Street
Status | Sold |
---|---|
MLS # | 23-236959 |
Days on Market | 9 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1952 |
Lot Size | 0.14 AC / 5,961 SF |
County | Los Angeles County |
Location
Building Information for 3408 Pearl Street
Stories1Residences-Year Built1952Building Size-Lot Size0.14 AC / 5,961 SF
Payment Calculator
$11,257 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 3408 Pearl Street
Property History for 3408 Pearl Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 3408 Pearl Street
Taxable ValueLand$833,479Additions$183,476Total$1,016,955
Tax Record2023$12,817 ($1,068 / month)
Home Facts
Total Finished SqFt2,105 SqFtAbove Grade Finished SqFt2,105 SqFtLot Size6,000 SqFtStyleTriplexYear Built1952ZoningSMR1*CountyLOS ANGELESAPN4270-017-002
Schools near 3408 Pearl Street
This home is within Santa Monica-Malibu Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Grant Elementary School PublicK to 5 | ||
John Adams Middle School Public6 to 8 | ||
Santa Monica High School Public9 to 12 | ||
Olympic High (Continuation) School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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