Investment highlight
- Prime Investment/Development Opportunity, Includes One SFR, Two 4 Unit Buildings, and One Vacant Lot in Prime Santa Monica Canyon.
- Current zoning C-2Q would allow 30 Units and R-4 density bonus could allow up to 59 units if parking limits are met
- 3 Bd 2 Ba House w/ some Ocean View, 1300 sq ft, vacant at close of escrow with projected rent of $90,000 yearly.
- 17,136 sq ft total lot size comprised of 4 separate parcels
- Total Income of $277,731/year for the 8 Units
- Vacant 4488 sq ft lot being used as a garden
executive summary
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. 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. 1300 sq ft (Owners Home) vacant at close of escrow with projected rent of $90,000 yearly.
Additional vacant 4488 sq ft lot being used as a garden. Preliminary Development feasibility for the property has been conducted contact James for information.
property facts
| Price | $7,995,000 | Apartment Style | Low Rise |
| Price Per Unit | $999,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.39 AC |
| Cap Rate | 2.52% | Building Size | 5,628 SF |
| Gross Rent Multiplier | 17.79 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1928 |
| Property Type | Multifamily | Parking Ratio | 2.31/1,000 SF |
| Property Subtype | Apartment |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $3,500 | 675 – 730 |
Propert taxes
| Parcel Numbers | Total Assessment | $297,424 | |
| Land Assessment | $186,819 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $110,605 | Tax Year | 2022 |
