FOR SALE
Two Craftsman Style Homes On A Single Lot
Prime North of Wilshire / Santa Monica / Redevelopment / Owner-User /Investment
1146 24th Street, Santa Monica, CA 90403
First time on the market in over 55 years!
Muselli Commercial Realtors is pleased to present an opportunity to acquire a 5,800 square foot lot with two separate craftsman style homes located at 1146 24th Street, Santa Monica, CA. Purchase opportunities include owner-user, redevelopment, or residential investment. This North of Wilshire location is ripe with opportunity in one of California’s premiere coastal markets. The Location is a Walker's Paradise with a Walk Score of 91 and a Bike Score of 79. Stroll to Douglas Park with its tennis courts, kids playground, dog friendly walking paths, pond, lawn bowling, and picnicking.
CONTACT THE LISTING BROKER TO VIEW.
DO NOT DISTURB OCCUPANTS.
Price
$1,850,000.00.
Improvements
Front home: 2 bedroom and 1 bath home of approximately 1,126 SF.
Rear home: Approximately 678 sf with 1 bath. It has not been lived in for over 55 years and requires a full renovation. The property is sold “AS IS”.
A buyer can occupy the front home and rent out the rear home, or live in the rear home and rent out the front home, or utilize the rear home as a guest house. There is uncovered parking on site. No garage. See photos for more detail.
Neighborhood
Situated just North of Wilshire Boulevard, the property is within walking distance of California Chicken Cafe, Whole Foods, Trader Joes, Verizon, Douglas Park, and the Montana Avenue Shopping & Restaurant District. Saint John’s Health Center is just around the corner
Occupancy
The property will be delivered vacant at the close of escrow.
Lot Size
Approximately 5,800 SF. There is 47 feet of frontage on 24th Street.
APN 4276-004-009. See included assessors plat map.
Zoning & Uses
R-2 Low Density Multi-Unit Residential. Uses include: single family, multi-family, single room occupancy, senior group residential, family day care, hospice, transitional housing. The buyer is advised to verify the zoning, development standards and uses with the City of Santa Monica.
Option 1 - Development Residential
According to information received from the City of Santa Monica Planning Department the following development and use standards could apply:
Development: 3 units and 2 detached Accessory Dwelling Units (ADU’s) are able to be built by right. You will not be under rent control if you demo and build a new structure or demo at least 51% of the current structure and rebuild. Buyer is advised to contact the Planning Department to verify.
Option 2 - Owner/User Residential
According to information received from the Rent Control Board the following use standards could apply for an owner user: Owner/User Residential: The property can be exempt from rent control if at least one home is owner occupied. The buyer is advised to contact the Rent Control Board to verify.
Option 3 - Investor Residential
Investor: An investor can renovate the current homes, rent out the two units at market rent, and then annual increases will be according to the Annual Rent Control Board Increase. The buyer is advised to contact the Rent Control Board to verify.
Ellis Act
The property was removed in 2019 from Rent Control utilizing the Ellis Act