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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2603 3rd St Santa Monica, CA 90405-4128

    • Apartment buildings
    • 7,286 SF
    • 0.18 lot acres
    OFF-MARKET
    Last Sale
    Feb 24, 2020
    $3,980,039
    Value Estimations
    $3,330,000
    Show details
    Cap Rate Potential
    3.7%
    Apartment buildings
    Location Intelligence
    Property ID
    US09-6995783
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • 2603 3rd Street Apartments / Apartment Complex

    Property Details for 2603 3rd St

    Year built
    1964
    Construction
    WOOD
    Lot size
    0.18 lot acres
    Property size
    7,286 SF
    Zone code
    SMOP2*
    Property type
    Apartment buildings
    APN
    4287-011-021
    APU
    4287011021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,175,000
      ML approach
      $3,195,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,839,000
      Market price range: $1.68M - $3.84M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,700,000
      Current use
      COMMERCIAL (GENERAL)
      $5,545,000
      Change: +105% Conversion: Moderate
      RESTAURANT
      $4,745,000
      Change: +76% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $4,435,000
      Change: +64% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,370,000
      Change: +25% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Santa Monica
    County
    Los Angeles
    State
    California
    Longitude
    -118.482
    Latitude
    34.003
    CBSA code
    31080
    CBSA name
    LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $51,155
    $2,144,403
    $2,124,768
    $4,269,171
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $840,000
      6,128 SF

      1005 Hl St, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 6,128 SF
      1005 Hl St, Santa Monica, CA 90405-4631
      View Details
    • Value Estimation
      $2,585,000
      11,738 SF

      2323 28th St

      APARTMENT HOUSE (5+ UNITS) • 11,738 SF
      2323 28th St, Santa Monica, CA 90405-1974
      View Details
    • Value Estimation
      $2,665,000
      12,122 SF

      1731 Pico Blvd

      APARTMENT HOUSE (5+ UNITS) • 12,122 SF
      1731 Pico Blvd, Santa Monica, CA 90405-1642
      View Details
    • Value Estimation
      $815,000
      5,931 SF

      2301 Ocean Park Blvd

      APARTMENT HOUSE (5+ UNITS) • 5,931 SF
      2301 Ocean Park Blvd, Santa Monica, CA 90405-5116
      View Details
    • Value Estimation
      $735,000
      3,352 SF

      161 Ocean Park Blvd

      APARTMENT HOUSE (5+ UNITS) • 3,352 SF
      161 Ocean Park Blvd, Santa Monica, CA 90405-3527
      View Details
    • Value Estimation
      $1,525,000
      7,301 SF

      2134 20th St

      APARTMENT HOUSE (5+ UNITS) • 7,301 SF
      2134 20th St, Santa Monica, CA 90405-1732
      View Details

    Similar Nearby for Sale

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      Apartment buildings
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      Santa Monica Income Property

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      Santa Monica Multifamily Investment Opportunity

      Value-add multifamily property in Santa Monica with rental upside.
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      Santa Monica Multifamily Investment Opportunity

      Seven-unit apartment complex in prime Ocean Park, Santa Monica.
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    • $1,599,000
      2,222 SF

      Santa Monica Triplex with Garages

      Rare, well-maintained triplex with individual garages in Santa Monica.
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    Similar Nearby for Lease

    • $2,900 /Mo

      Santa Monica Apartment For Rent

      Well-maintained 1 bed, 1 bath apartment with in-unit laundry.
      707 Strand St, Santa Monica, CA 90405
      View Details
    • $3,195 /Mo

      Modern Apartment Near Ocean Park

      New one-bedroom apartment near the beach and local amenities.
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      View Details
    • Contact for pricing
      4,596 SF

      Creative Office Space Available

      Plug-and-play creative office space for rent.
      2218 Main St, Santa Monica, CA 90405
      View Details
    • Contact for pricing
      44,930 SF

      Ocean Park Blvd Office Space

      Third floor office space available for rent in Santa Monica.
      3100 Ocean Park Blvd, Santa Monica, CA 90405
      View Details
    • $49 SF/Yr
      32,930 SF

      Santa Monica Blvd Retail Flagship

      Prime Santa Monica retail space available.
      402 Santa Monica Blvd, Santa Monica, CA 90405
      View Details
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    Santa Monica, CA 90405-4128
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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.

    More about this property
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