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927 Ocean Ave, Santa Monica, Los Angeles County, CA, 90403

For Sale

Listed by Kimberly Roberts Stepp with KW Advisors
$11,000,000 USD
$11,000,000 USD
  • 20 Beds
  • 7,876 Sqft
  • 0.172 ac Lot Size
  • Residential
Open House
No open houses are scheduled at this time.
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Property Summary for 927 Ocean Ave

Type
Residential
Sub-Type
Other
Listing Status
Active
Lot Size
0.172 Ac
MLS Number
23-286809
Year Built
1922
Parcel Number
4292-026-018
Parking info
5, Parking
Neighborhood
Wilshire - Montana
Zip
90403
School District
Santa Monica-Malibu Unified School District
Rooms Information

Description for 927 Ocean Ave

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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Features for 927 Ocean Ave

Building Features
  • Floors: 2
  • Units: 20
Cooling
  • Central A/C
Heating
  • Heating Systems: Central Furnace
Listing provided by Keller Williams Santa Monica
Copyright © 2024 TheMLSCLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Listed by:
Kimberly Roberts Stepp

KW Advisors

Taxes for 927 Ocean Ave, Santa Monica, CA 90403

Year Property Taxes Market Value
2023-2024 $34,048 $2,943,770
The market value for this residential property was estimated at $2,943,770. In 2023-2024, property taxes for 927 Ocean Ave, Santa Monica, CA 90403 were $34,048.

Nearby Sales

Address Sale Price Sale Date Sqft Price/sqft
923 Ocean Ave, Santa Monica, CA 90403 $5,800,000 11/01/2019 7,830 $741
933 Ocean Ave, Santa Monica, CA 90403 $700,000 31/01/1995 6,642 $105

Disclaimer

Latest sale prices and tax info are provided by PropertyShark, from public records.

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