1 /
25
Map
$9,900,000 - $12,100,000
●
Multifamily -
Off Market
927 Ocean Ave
Santa Monica, CA 90403
Studio
0 Bath
7876 Sqft
About This Property
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.
The manager has listed the unit size as 7876 square feet.
The manager has listed the unit size as 7876 square feet.
Unit Size
7,876Ft²
Days on Market
-
Land Size
0.17 acres
Price per sqft
$1,397
Property Type
Multifamily
Property Taxes
-
HOA Dues
-
Year Built
1922
Price History
Date / Event | Date | Event | Price |
---|---|---|---|
Apr 26, 2024 | No longer available | - | |
No longer available | |||
Jan 24, 2024 | Relisted | $11,000,000 | |
Relisted | |||
Dec 1, 2023 | In contract | - | |
In contract | |||
Jul 5, 2023 | Listed | $11,000,000 | |
Listed | |||
Sep 2, 2021 | Sold | $90,000 | |
Sold |
Property Highlights
Air Conditioning
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
Past Sales
Date | Unit | Beds | Baths | Sqft | Price | Closed | Owner | Listed By |
---|---|---|---|---|---|---|---|---|
11/17/2019
|
|
Studio
|
-
|
7876 ft²
|
$10,495,000
Studio
-
7876 ft²
|
-
-
|
-
|
-
|