Description

Rare development opportunity located in the Santa Monica Canyon located 1/5 Block from the Beach. Property is situated between W Channel Rd and backs onto Chautauqua Blvd.17,136 sq ft total lot size comprised of 4 separate parcels currently with 2x 4 unit buildings, Single Family house and vacant lot. All parcels are to be sold concurrently together.Current zoning C-2Q would allow 30 Units. 153 W Channel Rd is a 4 unit Ocean View apartment building with 2 units delivered vacant at close with a current gross Income of $134,864 year with 2 units vacant at close of escrow.157 W Channel Rd is a 2 story 1928 4 unit Building with Canyon and Ocean Views with current gross income of $160,260/year with 3 units being delivered vacant at close. (Market rent for vacant units being used for current Income) Total Income of $277,731 for the 8 Units.The 3 Bd 2 Ba Single Family w/ some Ocean View, home approx. 1300 sq ft (Owners Home) vacant at close of escrow with projected rent of $90,000 yearly. Additional vacant 4488 sq ft lot being used as a garden. ** Renderings completed for 30 Units and 1 Retail Space with Ocean Views. 14 Two Bedroom Units and 16 One Bedrooms Units, 50 Parking Spaces, Media Room, Fitness Center, and Rooftop Deck with Outside Kitchen in Prime Santa Monica Canyon. //5 units and 1 SFR delivered vacant.