California Duplex For Sale: Rare Development Opportunity in Santa Monica Canyon
If you’re in the market for a unique and potentially highly lucrative real estate investment, look no further than this California duplex for sale. Situated in the highly sought-after Santa Monica Canyon, this property offers a rare development opportunity just a stone’s throw away from the beach.
Located between W Channel Rd and Chautauqua Blvd, this property spans a total lot size of 17,136 sq ft, which is comprised of four separate parcels. Currently, there are two 4-unit buildings, a single-family house, and a vacant lot on the premises. The seller intends to sell all parcels together, presenting an incredible chance for an ambitious developer or investor.
The current zoning of the property is C-2Q, which permits the construction of up to 30 units. However, there is an added potential for a density bonus under the R-4 zoning, which could allow for up to 59 units if certain parking requirements are met. This flexibility in zoning regulations makes this property an even more appealing investment opportunity.
Let’s take a closer look at the existing structures on the property. 153 W Channel Rd is a 4-unit apartment building with stunning ocean views. At the close of escrow, two units will be delivered vacant, providing immediate income potential. Currently, this building generates a gross income of $134,864 per year.
157 W Channel Rd is a two-story 1928 4-unit building that offers both canyon and ocean views. Similar to the previous building, two units will be vacant at the close of escrow. This building currently generates a gross income of $142,867 per year, with the market rent for the vacant units factored into the current income.
Additionally, the property includes a charming 3-bedroom, 2-bathroom single-family home with partial ocean views. This home, which spans approximately 1,300 sq ft, will be vacant at the close of escrow. With a projected annual rent of $90,000, this property adds significant value to the overall income potential.
Furthermore, there is an additional vacant 4,488 sq ft lot currently being used as a garden. This lot presents yet another opportunity for development or expansion, adding to the already impressive potential of this property.
To further entice potential investors, a preliminary development feasibility study has already been conducted. This study outlines the various possibilities and potential for maximizing the value of this property.
In conclusion, this California duplex for sale in the Santa Monica Canyon represents a rare and exciting development opportunity. With its prime location just a 1/5 block away from the beach, the potential to build 30-59 units, and the current income generated by the existing structures, this property is a dream investment for any developer or investor. Don’t miss out on this chance to own a piece of prime real estate in one of California’s most desirable areas.
155 W Channel Rd, Santa Monica, CA 90402