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153 W Channel Rd 9 Unit Apartment Building $7,495,000 ($832,778/Unit) 3.46% Cap Rate Santa Monica, CA 90402
INVESTMENT HIGHLIGHTS
- Ocean View Apartments
- Future Development Opportunity
- Vacant Lot
EXECUTIVE SUMMARY
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 two 4 unit buildings, 1 Single Family house and 1 vacant lot. All parcels are to be sold concurrently together. Santa Monica mailing address but LA City for Building codes. Potential to build 30-59 Units . Current zoning C-2Q would allow 30 Units and R-4 density bonus could allow up to 59 units if parking limits are met. 153 W Channel Rd is a 4 unit Ocean View apartment building with a current gross Income of $139,016 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 $143,532 with 3 units being delivered vacant at close. (Market rent for vacant units being used for current Income) The 3 Bd 2 Ba Single Family w/ some Ocean View, home approx. 1500 sq ft (Owners Home) vacant at close of escrow with projected rent of $96,00 yearly with a total of $378,548 Gross income at a 3.46 cap with Additional vacant 4488 sq ft lot being used as a garden. Potential market rent at $444,000 at 4 cap. Preliminary Development feasibility for the property has been conducted and renderings provided by Ketter Construction and development firm at 30 Units with 1 Commercial space and a Gym which could later be converted to ADU.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $7,495,000 | Apartment Style | Low-Rise |
| Price Per Unit | $832,778 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.39 AC |
| Cap Rate | 3.46% | Building Size | 5,628 SF |
| Gross Rent Multiplier | 19.7 | No. Stories | 2 |
| No. Units | 9 | Year Built | 1928 |
| Property Type | Multifamily | Parking Ratio | 2.31/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LAC2 - Commercial | ||
| Price | $7,495,000 |
| Price Per Unit | $832,778 |
| Sale Type | Investment |
| Cap Rate | 3.46% |
| Gross Rent Multiplier | 19.7 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.39 AC |
| Building Size | 5,628 SF |
| No. Stories | 2 |
| Year Built | 1928 |
| Parking Ratio | 2.31/1,000 SF |
| Zoning | LAC2 - Commercial |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $2,950 | 675 - 730 |
| 3+2 | 1 | $8,000 | 1,200 |
PROPERTY TAXES
| Parcel Number | 4410-012-028 | Total Assessment | $147,288 (2025) |
| Land Assessment | $73,767 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $73,521 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
4410-012-028
Land Assessment
$73,767 (2025)
Improvements Assessment
$73,521 (2025)
Total Assessment
$147,288 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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153 W Channel Rd
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