Santa Monica Development
3024 Pico Blvd Santa Monica, CA 90405
For Sale
$3,350,000
Three contiguous properties for development in Santa Monica's Sunset Park.
Property Size17,550 SF
Price / SF$190.88
Days on Market98
Property Features for 3024 Pico Blvd
General Information
Standard status
Active
Size
17,550 SF
Property subtype
Commercial
Building Details
Year Built
1957
Listing Agency:
Rosedale Real Estate
(818) 843-7100
Listed By:
Farzam Jalili · License #02030454
(818) 843-7100
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 29 at 9:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rosedale Real Estate
Investment Insights
Based on property information with market context.
This offering presents a rare opportunity to acquire a three-property development assembly in the Sunset Park neighborhood of Santa Monica. 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. The three contiguous lots offer 150 feet of frontage and 17550 square feet of space. Zoned Santa Monica Neighborhood Commercial (NC), the properties provide immediate cash flow while allowing for future development. The site offers flexibility for a mixed-use commercial and residential project. Located in a "Biker’s Paradise" with a bike score of 95 and a high walk score of 81, the site provides access to local businesses, transit, beaches, and schools. The transit score is 55, indicating good transit options. This Pico Boulevard assembly offers potential to capitalize on existing cash flow from retail, office, and residential tenants or to execute a large-scale development.
Key Highlights
- Rare three‑property development assembly in Santa Monica's Sunset Park neighborhood.
- 17,550 sq ft of land with 150 feet of frontage on Pico Boulevard.
- Santa Monica Neighborhood Commercial (NC) zoning allows for flexible mixed‑use development.
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
Mixed Use
$5.08M
$4.44M – $5.92M
NOI $355,388 @ 7.0% cap · market cap 10.61%
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 authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three contiguous properties for development in Santa Monica's Sunset Park.
Where is this mixed-use property located?
The property is located at 3024 Pico Blvd 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 of land with 150 feet of frontage on Pico Boulevard.**; Santa Monica Neighborhood Commercial (NC) zoning allows for flexible mixed‑use development.
