Multifamily Development
3024 Pico Boulevard Santa Monica, CA 90405
3024 Pico Boulevard, Santa Monica, CA, 90405
$3,350,000
For Sale
$3,350,000
MULTI_FAMILY - Santa Monica, CA
Property Size17,550 SF
Price / SF$190.88
Days on Market89
Property Features for 3024 Pico Boulevard
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- SM NC/R2
- Standard status
- Active
- APN
- 4270006042
Utilities
- Cooling system
- Window Unit(s), Wall/Window Unit(s)
Building Details
- Year built
- 1957
Listing Agency
Rosedale Real Estate
(818) 940-4880
638 STEPHEN ROAD, Burbank, CA
Listed by
Farzam Jalili · License #02030454
(818) 940-4880
Added: Apr 21 Checked: Jul 18 at 2:06 am
MLS# BB26087714
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale development assembly comprises three contiguous parcels at 3018, 3024, and 3026 Pico Boulevard. The portfolio includes a fully tenanted 6-unit multifamily property at 3024 Pico Boulevard, a fully tenant commercial storefront/retail building at 3018 Pico Boulevard, and a fully tenanted commercial building at 3026 Pico Boulevard with active store and office spaces.
The site totals 150 feet of frontage and 17,550 square feet, with zoning listed as SM NC/R2 (Santa Monica Neighborhood Commercial NC and R2). Offered as a unified package, the assembly provides diversified income across residential and commercial uses while also supporting planning for future development on the combined lots.
All three properties are described as fully tenanted, and the package is being marketed together for an ownership structure that can accommodate mixed-use development or continued operation of the existing buildings.
The site totals 150 feet of frontage and 17,550 square feet, with zoning listed as SM NC/R2 (Santa Monica Neighborhood Commercial NC and R2). Offered as a unified package, the assembly provides diversified income across residential and commercial uses while also supporting planning for future development on the combined lots.
All three properties are described as fully tenanted, and the package is being marketed together for an ownership structure that can accommodate mixed-use development or continued operation of the existing buildings.
Key Highlights
- Three contiguous Santa Monica parcels on Pico Blvd: 3018, 3024, and 3026 Pico Blvd
- Total 150 ft frontage and 17,550 SF combined, zoned Santa Monica Neighborhood Commercial (NC)
- 3024 Pico Blvd is a fully tenanted 6‑unit residential multifamily building
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $558.1k | $31.80 |
| − Vacancy | −$44.6k | −$2.54 |
| EGI | $513.4k | $29.26 |
| − OpEx | −$231.0k | −$13.17 |
| NOI | $282.4k | $16.09 |
17,550 SF · lease $31.80/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Retail
$5.55M
$4.85M – $6.47M
NOI $388,287 @ 7.0% cap · market cap 11.59%
Second Best
Office B
$5.48M
$4.80M – $6.39M
NOI $383,629 @ 7.0% cap · market cap 11.45%
Theoretical Best
Office A
$9.40M
$8.22M – $10.96M
NOI $657,734 @ 7.0% cap · market cap 19.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Regis McNicholas Jr. ...
Training Center
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Three contiguous lots offer a fully tenanted 6-unit residence plus retail and office buildings, zoned SM NC/R2.
Where is this apartment building located?
The property is located at 3024 Pico Boulevard Santa Monica, CA.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: Three contiguous Santa Monica parcels on Pico Blvd: 3018, 3024, and 3026 Pico Blvd; Total 150 ft frontage and 17,550 SF combined, zoned Santa Monica Neighborhood Commercial (NC); 3024 Pico Blvd is a fully tenanted 6‑unit residential multifamily building
