MLS: 24-345583

153 Channel Rd, Santa Monica, CA 90402

Priced at: $7,945,000
Bedrooms:
11
Bathrooms (Full):
0
Bathrooms (Half):
0
Living Area SqFt:
2,700 Sq Ft
Lot SqFt:
17,136 Sq Ft
Year Built:
1960
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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Features

Equipment/ Appliances:
  • Dishwasher
  • Microwave
Parking:
  • Driveway
  • Assigned
MLS: 24-345583
153 Channel Rd, Santa Monica, CA 90402
Price: $7,945,000
Listing courtesy of Compass.

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Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, make reference to the purchase agreement and to the documents required by Section 718.503, Florida statutes, to be furnished by a developer to a buyer or lessee. In the interest of continuous product improvements and to meet changing market conditions, the builder reserves the right to modify maps, floorplans, exterior, specifications, features, prices and product types without prior notice or obligation. Some features may vary from plan to plan. All maps, plans, and elevations renderings are artist’s conceptions and not necessarily to scale. All square footages are approximate - room sizes may vary from square footages as shown on the floorplan. Landscape will vary as to maturity, number and species and from floorplan to floorplan.

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