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.
Property Details
Price:
$7,945,000
MLS #:
24345733
Status:
Active
Baths:
0
Address:
157 W Channel Road 4410012029
Type:
Land
Neighborhood:
c15pacificpalisades
City:
Santa Monica
Listed Date:
Jan 16, 2024
State:
CA
ZIP:
90402
Lot Size:
17,136 sqft / 0.39 acres (approx)
See this Listing
Mortgage Calculator
Schools
Interior
Exterior
View
Canyon, City Lights, Coastline
Financial
Map
Community
- Address157 W Channel Road 4410012029 Santa Monica CA
- AreaC15 – Pacific Palisades
- CitySanta Monica
- CountyLos Angeles
- Zip Code90402
Similar Listings Nearby
Pacific Palisades, CA$9,995,000
2.19 miles away
- 2020 Federal Avenue 4261037004
Los Angeles, CA$9,885,000
4.10 miles away
- 413 Ocean Avenue 4293007021
Santa Monica, CA$8,500,000
0.47 miles away
- 620 N Marquette Street 4414019009
Pacific Palisades, CA$8,250,000
1.76 miles away
- 1637 Stanford 4268004024
Santa Monica, CA$8,250,000
3.02 miles away
- 825 Ocean Avenue 4292025013
Santa Monica, CA$7,999,000
0.86 miles away
- 1541 Casale Road 4425003052
Pacific Palisades, CA$7,995,000
2.34 miles away
- 990 Corsica Drive 4408010011
Pacific Palisades, CA$7,495,000
1.31 miles away
- 0 Scenic Place 4416027040
Pacific Palisades, CA$5,995,000
2.34 miles away
Courtesy of Compass. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
157 W Channel Road 4410012029
Santa Monica, CA
LIGHTBOX-IMAGES