153 W Channel Rd Active Save Request In-Person Tour Request Virtual Tour
Santa Monica,CA 90402
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,700 sqft
Price per Sqft $2,775
MLS Listing ID 25493967
Style Contemporary Mediterranean
Bedrooms 11
Year Built 1960
Lot Size 0.393 Acres
Acres 0.0962
Property Sub-Type Multi-Family
Property Description
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 two 4 unit buildings, 1 Single Family house and 1 vacant lot. All parcels are to be sold concurrently together. Santa Monica mailing address but LA City 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 a current gross Income of $139,016 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 $143,532 with 3 units being delivered vacant at close. (Market rent for vacant units being used for current Income) 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 $378,548 Gross income at a 3.46 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.
Location
State CA
County Los Angeles
Area Pacific Palisades
Zoning LAC2
Rooms
Other Rooms None
Interior
Heating Wall
Cooling Ceiling Fan
Equipment Dishwasher, Microwave
Exterior
Parking Features Driveway, Assigned
Building
Story 2
Architectural Style Contemporary Mediterranean
Level or Stories Multi/Split
Others
Special Listing Condition Standard