Active

927 Ocean Avenue

Santa Monica CA, 90403

$11,000,000


$1,396.65 per sqft

Active

20 Beds

16 Baths

7,876 sqft

Residential

Built in 1922

Listed by Kimberly Roberts Stepp with KW Advisors 310-482-2200

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.

23286809

MLS ID

July 5, 2023

Listed

March 30, 2024

Updated

Map

927 Ocean Avenue
Santa Monica CA, 90403

Interior Features

Total Stories

2


Bedrooms

20 Beds


Bathrooms

16 Baths


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.17 Acres

Other Property Details

Area Name

C14 - Santa Monica


Days on Market

214


Garage

Yes


Garage Spaces

5


Parking

Door-Single, Garage


Parking Total

5


View

Yes


View Description

Ocean


County

Los Angeles


Pool

No


Zoning

SMR3*


Buyer Agency Compensation

1.5%

Listing History

Date

Event

Price

1/22/2024

Active

11/29/2023

Pending

Listing Contact: 310-482-2200 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/30/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/30/2024 at 3:14 AM UTC

 

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