927 Ocean Avenue
Santa Monica, CA, 90403 $ 11,000,000
Baths0.0 Sq 7,876 Monthly Estimate*
$ 76,838
Studio
for $11,000,000. This 7,876 square foot home was built in 1922 on a lot size of 0.17.
927 Ocean Avenue, a fully entitled property with RTI permits for a 20-unit multifamily development in an A+ Santa Monica location, north of Wilshire Boulevard, overlooking the Pacific Ocean.The existing property is a 7,509-square-foot parcel, zoned SMR-3, consisting of 16 units with the potential to add four (4) ADUs. The rehabilitated project will consist of 3 stories with 20 units, including a unique penthouse "crow's nest" unit facing the ocean.Property amenities will include a 1,566-square-foot roof terrace with entertainment and lounging areas, a lounge area on the second floor overlooking the ground level courtyard with flowering tree and water feature. TIME & COST SAVINGS IN BY-PASSING EXTENSIVE ENTITLEMENT PROCESS. 927 Ocean Avenue is a designated landmark building, and a new buyer will enjoy significant time and cost savings in by-passing the extensive entitlement process of approximately two (2) years or more. APPROVED BY THE CITY OF SANTA MONICA AND THE CALIFORNIA COASTAL COMMISSION WITH MILLS ACTS TAX SAVING OF 62% IN 10 YRS WITH TRANSFERABLE CONTRACT WITH CITY, and the buyer will receive, a full set of stamped construction drawings, including architectural, structural, mechanical, electrical, plumbing, civil and landscaping. PRIME SILICON BEACH LOCATION WITH A HIGHLY AFFLUENT RENTER POOL. In the past several years, Santa Monica has also become an integral part of Silicon Beach, Los Angeles' thriving technology, media and entertainment hub. Silicon Beach is home to many of most well- recognized companies in the world. Along with this economic transformation has come an increase in a young, affluent, educated population, employed by companies who invest heavily in attracting top-tier talent. With the median home price in the 90403 zip code at nearly $1.8 million, rental demand is strong in this desirable enclave. POPULARITY OF MICRO UNITS IN PRIME URBAN MARKETS. According to the LA Business Journal, micro-units have become desirable for renters in markets such as Santa Monica, where the cost of living runs high. An Urban Land Institute survey found that "ability to live alone" was one of the highest priorities of micro-unit tenants, after price and location. Micro units can command rents that are 25%-100% higher per square foot than larger apartments, but because the rents are lower comparatively. 927 Ocean Avenue presents a buyer with a once-in-lifetime opportunity to own a trophy asset in an unparalleled Southern California location.With its incomparable ocean views, proximity to shops along prestigious Montana Avenue, Third Street Promenade, and a vibrant dining and nightlife scene, 927 Ocean Avenue offers the laid-back appeal of a classic California beach town with big-city sophistication that is unlike anywhere else in the world.
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FeaturesGeneralHeating Central
Cooling Central Air
Zoning SMR3*
Year Built 1922
View Ocean
Levels Multi/Split
County Los Angeles
Net Operating Income 573619.0
New Construction No
Property Type C
HOA / Comm Assn No
Status Active
City Santa Monica
Buyer Agent Compensation 1.50
View Y/N Yes
Senior Community Y/N No
MLS Area C14 - Santa Monica
Lot Size Square Feet 7509.0
Street Name Ocean
Property Condition Fixer
Standard Status Active
Buyer Agent Compensation Type %
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ExteriorParking Features Garage - Single Door
Lot Size Area 7509.0
Building Area Total 7876.0
Lot Size Acres 0.17
Lot Size Units Square Feet
Land Lease Type Fee
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InteriorTotal Stories 2
Air Conditioning Y/N Yes
Heating Y/N Yes
Street Suffix Avenue
Total Baths 0
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* Excluded FeaturesList ByKimberly Roberts SteppListing Agent
Affordability Calculator
- Monthly Principal & Interest
- $76,838
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Santa Monica, CA
Average List Price $3,843,179
Percent of Sale Price 65%
About Santa Monica, CA 92,541 Population
10% Since 2002
$ 89,894 Median Income
42.46 Median Age
16% Households with Children
Trends Information provided by ATTOM Data Solutions.
793437 Elementary School
793428 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
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7/11/2023 | $11,000,000 | | Listed Price |