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    Santa Monica Development Assembly Opportunity Title is generated by Realmo AI

    3024 Pico Boulevard, Santa Monica, CA 90405

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    For Sale
    $3,350,000

    Commercial Sale - Santa Monica, CA

    Property size:
    3,042 SF
    Lot size:
    0.40 Acres
    Price / SF:
    $1,101/SF
    Added:
    Apr 23, 2026
    Days on Market:
    37
    Last Refresh:
    May 29 at 1:06 pm

    Property Features for 3024 Pico Boulevard

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    SM NC/R2
    Standard status
    Active
    APN
    4270006042
    Size
    3,042 SF
    Lot size
    0.40 Acres

    Utilities

    Cooling system
    Multi Units, Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1957
    Architectural style
    Other

    We can help!

    Listing Contact
    Farzam Jalili

    Listing agent Farzam Jalili License #02030454

    Listing office Rosedale Real Estate 638 STEPHEN ROAD, Burbank, CA

    Listing date Apr 23, 2026

    MLS# BB26087714 Listing URL

    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.

    HighLights

    • Rare three‑property development assembly in Santa Monica's Sunset Park neighborhood.
    • 17,550 sq ft lot with 150 feet of frontage, zoned Neighborhood Commercial (NC).
    • Immediate, diversified cash flow from fully tenanted residential, retail, and office spaces.
    • Massive flexibility for mixed‑use commercial and residential development.
    • Excellent location with high Walk Score and easy access to businesses, transit, beaches, and schools.
    • Located in a 'Biker’s Paradise'.

    Overview

    An exceptional opportunity exists to acquire a three-property development assembly in Santa Monica's Sunset Park neighborhood. The portfolio includes a fully tenanted 6-unit residential multifamily property at 3024 PICO Blvd, a versatile fully tenanted commercial storefront/retail building at 3018 PICO Blvd, and a fully tenanted commercial building featuring active store and office spaces at 3026 PICO Blvd. These contiguous lots offer 150 feet of frontage and 17550 square feet of space. The properties are zoned SM NC/R2 and Neighborhood Commercial (NC), providing immediate cash flow while planning for future development. The location is described as a "Biker’s Paradise" with a high Walk Score, offering access to local businesses, transit, beaches, and schools. The properties offer flexibility for a mixed-use commercial and residential project. The property at 3024 Pico has a size of 3042 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Regis McNicholas Jr. ... Training Center

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Santa Monica
    County
    Los Angeles
    State
    California
    Longitude
    -118.457625
    Latitude
    34.02553

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    FAQs

    What type of property is this?
    Mixed-use property - Three contiguous properties for mixed-use development in Santa Monica.
    Where is this mixed-use property 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: Rare three‑property development assembly in Santa Monica's Sunset Park neighborhood.; **17,550 sq ft lot with 150 feet of frontage**, zoned Neighborhood Commercial (NC).; Immediate, diversified cash flow from fully tenanted residential, retail, and office spaces.
    (818) 940-4880
    We can help!
    Listing Contact
    Farzam Jalili
    Real Estate License ID: 02030454
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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