423 Ocean Avenue, Santa Monica, CA 90402

$16,000,000
28
BD
18
BA
17,900
SqFt
List Price
$16,000,000
Status
Active
MLS#
818005507
Year Built
1936
Bedrooms
28
Bathrooms
18
Living Sq. Ft
17,900
Lot Size
22,464
Days on Market
68
Property Type
Multifamily
Stories
Two Level
Common Walls
Attached
Builders Tract Code
Not Applicable - 1007242

Property Description

423 Ocean is a generational opportunity to acquire a vacant 16-unit apartment building with underlying entitlements for 12 condominium units located on prime Ocean Avenue, north of Montana Avenue, in the City of Santa Monica. The existing apartment units have been vacated pursuant to the Ellis Act in anticipation of building the condominium project. A future Buyer will have the option of rehabbing the existing units and re-leasing them at current market rents (subject to rent control going forward) or executing the approved condominium development plan. The existing buildings are designated historical landmarks, which have been incorporated into the future development plan.

Additional Information

Fireplace Rooms
Other
Fireplace Description
Other
View
Bluff, Ocean, Panoramic, Park Or Green Belt, Water
Garage Spaces Total
15
Terms
Cash

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Courtesy of Park Place Partners, Inc., Richard Byrd - CA DRE#01301749

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