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.
Courtesy of KW Advisors, Kimberly Roberts Stepp - CA DRE#01251767
The information being provided by CARETS (CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS, and/or VCRDS)is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identifyprospective properties visitor may be interested in purchasing.Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX)program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than thebroker and/or agent who owns this web site.The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, isdeemed reliable but not guaranteed and should be personally verified through personal inspection by and/or withthe appropriate professionals. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS,DAMLS, CRMLS, i-Tech MLS and/or VCRDS and is protected by all applicable copyright laws. Any disseminationof this information is in violation of copyright laws and is strictly prohibited.CARETS, California Real Estate Technology Services, is a consolidated MLS property listing data feed comprisedof CLAW (Combined LA/Westside MLS), CRISNet MLS (Southland Regional AOR), DAMLS (Desert Area MLS),CRMLS (California Regional MLS), i-Tech MLS (Glendale AOR/Pasadena Foothills AOR) and VCRDS (VenturaCounty Regional Data Share).