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James Allan
Compass
310-437-7500
Rare development opportunity located 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 space and a Gym which could later be converted to ADU.
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Total Bedrooms : 11
Total Baths: 10
Full Baths: 0
Half Baths: 0
Property Appliances: Dishwasher,Microwave
Wall Furnace
Has Heating
Year Built: 1960
Building Area Total: 2,700
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.3934
Lot Size Source: Assessor
Lot Size Square Feet: 17136
Original List Price: 7,995,000
Listing Contract Date: 2024-01-16
Listing Agreement: Exclusive Right To Sell
Parcel Number: 4410012028
Garage Description: Assigned,Driveway
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: C15 - Pacific Palisades
Postal Code Plus 4: 1149
Directions: East of PCH
Zoning: LAC2
Source Property Type: Residential Income
Area: C15 - Pacific Palisades
Property Age: 64
Year Built Source: Vendor Enhanced
Total Square Feet Living: 2700
Levels or Stories: Multi/Split
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
413 Ocean Avenue, Santa Monica, CA,90402 | $8,500,000 | 29 | 24 | 13,052 | 11212 Sqft |
413 Ocean Avenue, Santa Monica, CA,90402 | $8,500,000 | -- | -- | -- | 11212 Sqft |
201 Ocean Avenue #1202B, Santa Monica, CA,90402 | $26,913 | 3 | 3 | 1,775 | 57733 Sqft |
201 Ocean Avenue #1201,.., Santa Monica, CA,90402 | $26,913 | 3 | 3 | 1,775 | 57733 Sqft |
201 Ocean Avenue #906P, Santa Monica, CA,90402 | $2,199,000 | 2 | 2 | 1,229 | 38608 Sqft |
615 23rd Street, Santa Monica, CA,90402 | $14,995,000 | 7 | 7 | 7,000 | 8695 Sqft |
101 Ocean Avenue, Santa Monica, CA,90402 | $11,950,000 | 3 | 3 | 4,148 | 85220 Sqft |
220 Adelaide Drive, Santa Monica, CA,90402 | $15,500,000 | 5 | 6 | 9,899 | 19677 Sqft |
640 Hightree Road, Santa Monica, CA,90402 | $5,995,000 | 4 | 3 | 3,985 | 9565 Sqft |
444 Sycamore Road, Santa Monica, CA,90402 | $3,998,000 | 4 | 1 | 2,380 | 4643 Sqft |
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ByOwner last updated this listing 05/04/2024 @ 05:23
MLS: 24345583
LISTED BY: James Allan, Compass
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.