$7,945,000 Price Analysis   ♡   Santa Monica, CA 90402 11 bed 10 bath 2,700 SqFt ($2942/SqFt) 0.39 acre lot. Built 1960 Listed 2024-01-16 | Ⓧ USDA Ineligible due to price & location near Santa Monica |
Rare development opportunity locat ed in the Santa Monica Canyon located 1/5 Block from the Beach.
Property is situated between W Channel Rd and backs onto Chautauqua Blvd.17, 136 sq ft total lot size comprised of 4 separate parcels currently with 2x 4 unit buildings, Single Family house and vacant lot. All parcels are to be sold concurrently together. Santa Monica mailing address but LA City real for Building codes. Potential to build 30-59 Units .Current zoning C-2Q would allow 30 Units and R-4 density bonus could allow up to 59 units if parking limits are met. 153 W Channel Rd is a 4 unit Ocean View apartment building with 2 units delivered vacant at close with a current gross Income of $134, 864 year with 2 units vacant at close of escrow.157 W Channel Rd is a 2 story 1928 4 unit Building with Canyon and Ocean Views with current gross income of $142, 867 with 2 units being delivered vacant at close.
(Market rent for vacant units being used for current Income) Total Income of $277, 731 for the 8 Units. The 3 Bd 2 Ba Single Family w/ some Ocean View, home approx. 1500 sq ft (Owners Home) vacant at close of escrow with projected rent of $96, 00 yearly with a total of $373, 000 Gross income at a 3.1 cap with Additional vacant 4488 sq ft lot being used as a garden. Potential market rent at $444, 000 at 4 cap. Preliminary Development feasibility for the property has been conducted and renderings provided by Ketter Construction and development firm at 30 Units with 1 Commercial spac and a Gym which could later be converted to ADU.
Presented by James Allan at
COMPASS.
Property MLS #24-345583 from TheMLSCLAW
Full Bathrooms: 10
Heating Features: Wall
Lot Size Source: Assessor
Lot Size Square Feet: 17136
Calculated Total Monthly Association Fees: 0
Number of Units: 9
Unit Features: 1 BedsTotal: 1, 1 BathsTotal: 1, 1 SquareFeet: 3500, 2 BedsTotal: 1, 2 BathsTotal: 1, 2 SquareFeet: 3500, 3 BedsTotal: 1, 3 BathsTotal: 1, 3 SquareFeet: 3750, 4 BedsTotal: 1, 4 BathsTotal: 1, 4 SquareFeet: 3750, 5 BedsTotal: 1, 5 BathsTotal: 1, 5 SquareFeet: 3750, 6 BedsTotal: 1, 6 BathsTotal: 1, 6 SquareFeet: 3500, 7 BedsTotal: 1, 7 BathsTotal: 1, 7 SquareFeet: 3750, 8 BedsTotal: 1, 8 BathsTotal: 1, 8 SquareFeet: 3500, 9 BedsTotal: 3, 9 BathsTotal: 2, 9 SquareFeet: 8000
County: Los Angeles
Cap Rate: 3.15
Directions: East of PCH
Other Expense: 19200
Source Property Type: Residential Income
Area: Pacific Palisades
Source Neighborhood: Pacific Palisades
Parcel Number: 4410-012-028
Postal Code Plus 4: 1149
Zoning: LAC2
Source System Name: C2C
$7,945,000
TheMLSCLAW
Listed 2024-01-16
$7,995,000
TheMLSCLAW
Year Built: 1960
Common Walls: Attached
Levels: Multi Levels
Living Area Source: Vendor Enhanced
Property Age: 64
Levels or Stories: 2
Building Total Stories: 2
House Style: Contemporary Mediterranean
Year Built Source: Vendor Enhanced
Architectural Style: Contemporary Mediterranean
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.