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.
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DAYS ON MARKET
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56
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LAST UPDATED
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4/12/2023
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YEAR BUILT
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1952
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COMMUNITY
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Santa Monica
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COUNTY
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Los Angeles
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STATUS
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Sold
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PROPERTY TYPE(S)
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Residential Income
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| APPLIANCES |
Dishwasher, Dryer, Refrigerator, Washer |
| AREA |
Santa Monica |
| GARAGE |
Driveway, On Street |
| HEAT |
Wall Furnace |
| INTERIOR |
Ceiling Fan(s) |
| LOT |
5961 sq ft |
| LOT DIMENSIONS |
50x120 |
| PARKING |
Driveway,On Street |
| STORIES |
1 |
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Listed with CB Richard Ellis, Inc.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 4/20/24 8:08 AM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
This IDX solution is (c) Diverse Solutions 2024.
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