Active
$7,495,000
9 Units
11 Beds
10 Baths
2,700 Area(sq.ft.)
Lot: 17,136 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | 1 | 1 | No | $ 3,500 | $ 3,500 | $ 3,500 |
| Unit 2 | 1 | 3 | 2 | No | $ 8,000 | $ 8,000 | $ 8,000 |
| Unit 3 | 1 | 1 | 1 | No | $ 3,500 | $ 3,500 | $ 3,500 |
| Unit 4 | 1 | 1 | 1 | No | $ 2,433 | $ 2,433 | $ 3,750 |
| Unit 5 | 1 | 1 | 1 | No | $ 3,500 | $ 3,500 | $ 3,500 |
| Unit 6 | 1 | 1 | 1 | No | $ 3,000 | $ 3,000 | $ 3,750 |
| Unit 7 | 1 | 1 | 1 | No | $ 2,211 | $ 2,211 | $ 3,500 |
| Unit 8 | 1 | 1 | 1 | No | $ 3,750 | $ 3,750 | $ 3,750 |
| Unit 9 | 1 | 1 | 1 | No | $ 3,000 | $ 3,000 | $ 3,500 |
| 9 | 11 | 10 | $ 32,894 | $ 32,894 | $ 36,750 |
| MLS #: | 25493967 |
| Days On Market: | 305 |
| Listing Date: | February 4, 2025 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 2,776 |
| Price per unit: | $ 832,778 |
| Year Built: | 1960 |
Property Details
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.Interested in this Listing?
Miami Residence will connect you with an agent in a short time.
Income Details
| Gross Operating Income: | $ 378,548 |
| Total Annual Expense: | $ 119,137 |
| Net Operating Income: | $ 259,411 |
| Gross Annual Income: | $ 378,548 |
| Cap Rate: | 3.46% |
| Gross Rent Multiplier: | 19.70 |
Structure
| Type of Units: | 9 |
| Buildings: | 3 |
| Levels: | Multi/Split |
| Style: | Contemporary Mediterranean |
Land & Parking
| Zoning: | LAC2 |
| Parking Garage: | Driveway, Assigned |
Interior
| AC/Cooling: | Ceiling Fan |
| Equipment: | Dishwasher, Microwave |
| Heating: | Wall |
Exterior
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