3408 Pearl Street

Santa Monica, CA 90405

$1,867,000
Last Sold Price
4
Beds
3
Baths
2,105 Sq. Ft.
$887 / Sq. Ft.
2,105
Sq. Ft.
$887
per Sq. Ft.

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.
  1. Listed by Adam Peterson • DRE #01815802 • Brokerage DRE #00868409 • CB Richard Ellis, Inc.

Property Details for 3408 Pearl Street

Zoning
SMR1*
Parcel Number
4270017002
Total Units
3.0
Living Area
2105
Source Living Area
Vendor Enhanced
Area
Santa Monica (C14)
Vacancy Rate
66.7%
Lot Size Area
5961

Location

Listing Courtesy of CB Richard Ellis, Inc., Adam Peterson, DRE #01815802

Sold By Berkshire Hathaway HomeServices California Propert, David Putnam, DRE #01036004; Berkshire Hathaway HomeServices California Propert, Helen Mizoguchi, DRE #01280324

Add your commute
LISTING UPDATED: 04/12/2023 04:11 PM

Property Details for 3408 Pearl Street

StatusSold
MLS #23-236959
Days on Market9
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1952
Lot Size0.14 AC / 5,961 SF
CountyLos Angeles County

Location

Listing Courtesy of CB Richard Ellis, Inc., Adam Peterson, DRE #01815802

Sold By Berkshire Hathaway HomeServices California Propert, David Putnam, DRE #01036004; Berkshire Hathaway HomeServices California Propert, Helen Mizoguchi, DRE #01280324

Add your commute

Building Information for 3408 Pearl Street

Stories1Residences-Year Built1952Building Size-Lot Size0.14 AC / 5,961 SF

Payment Calculator

$11,257 per month

30 year fixed, 7.25% Interest

Principal and Interest

$10,189

Property Taxes

$1,068

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 3408 Pearl Street

Community / Development
Community / Development
  • Number Of Units: 3
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 1
  • Number Of Buildings: 2
  • Type Of Units: Triplex
  • Direction Faces: North
Contract Info
Contract Info
  • Disclosures: As Is, Rent Control
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $102,000
  • Net Operating Income: $66,300.00
  • Gross Income: $102,000
  • Gross Rent Multiplier: $17.89
  • Total Annual Expense: 35700
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1368
  • Lot Size Square Feet: 5961
  • Lot Size Dimensions: 50x120
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Driveway, On street
  • Total Parking: 5
  • Parking Features: Driveway, Street
Interior Features
Interior Features
  • Cooling Type: Air Conditioning, Ceiling Fan
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Alarm System, Ceiling Fan, Washer, Refrigerator, Dryer, Dishwasher
  • Interior Features: Ceiling Fan(s)
  • Common Walls: Attached
  • Laundry: Washer Included, Dryer Included
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Accessory Dwelling Unit
Lease Terms
Lease Terms
  • Entry Date: 02-01-2023
  • Rent Control: Yes
  • Rent Control: 100
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $4,000.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,700.00
  • Unit Actual Rent: $1,700.00
  • Unit Projected Rent: $2,250.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $2,250.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $179,879.00
  • Assessed Improvement Percent: 18.04
  • Assessed Land Value: $817,137.00
  • Assessed Land Percent: 81.96
  • Assessed Total Value: $997,016.00

Property History for 3408 Pearl Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of CB Richard Ellis, Inc., Adam Peterson, DRE #01815802

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.