153 W Channel Road, Santa Monica, CA 90402 (MLS # 24345583)
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 Type(s):
Residential Income
|
Last Updated
|
1/16/2024
|
Year Built
|
1960
|
|
Community
|
Pacific Palisades
|
County
|
Los Angeles
|
Additional Details
| APPLIANCES |
Dishwasher, Microwave |
| AREA |
Pacific Palisades |
| BUYER'S BROKERAGE COMPENSATION |
2.500 % |
| GARAGE |
Assigned, Driveway |
| HEAT |
Wall Furnace |
| LOT |
0.39 acre(s) |
| PARKING |
Assigned,Driveway |
| STORIES |
2 |
| ZONING |
LAC2 |
Location
Listed with Compass
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Based on information from California Regional Multiple Listing Service, Inc. as of 5/4/24 4:40 PM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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