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1637-1651 Stanford St 0.53 Acres of Residential Land Offered at $7,950,000 in Santa Monica, CA 90404
Investment Highlights
- Prime Santa Monica multifamily development opportunity
- In close proximity to major employers such as Amazon Studios, Oracle, Red Bull, GoodRX, CBS Television and Lionsgate
- Within a half mile of the 26th Street/Bergamot light rail allowing for a reduction in parking requirements
Executive Summary
Property Facts
1 Lot Available
Lot
| Price | $7,950,000 | Lot Size | 0.53 AC |
| Price Per AC | $14,969,383.37 |
| Price | $7,950,000 |
| Price Per AC | $14,969,383.37 |
| Lot Size | 0.53 AC |
Four contiguous lots located in Santa Monica's Conservation Creative Sector of the Bergamot Plan. Currently there are vacant single family homes on the site.
Description
1637-1651 Stanford Street consists of four contiguous parcels with vacant single-family homes on a total of 23,134 SF of land. The sites are all located within the Conservation Creative Sector of the Bergamot Plan. For Housing Projects located within the Conservation Creative Sector, the plan allows for market- rate multifamily to reach a height of 55 ft with a FAR of 2.5 while 100% affordable housing developments are allowed a maximum height of 65 ft with a FAR of 3. The sites are located within a half mile of the 26th Street/Bergamot light rail Metro line giving developers the ability to use California Assembly Bill 2097 to significantly reduce the parking requirements for housing projects. In addition, by utilizing the newly passed bill, California Assembly Bill 1287, a developer can increase the density by 100% by allocating 15% of the units to very low income, and 15% of the units to moderate income.
Property Taxes
| Parcel Numbers | Improvements Assessment | $102,000 | |
| Land Assessment | $9,322,800 | Total Assessment | $9,424,800 |
Property Taxes
Presented by
1637-1651 Stanford St
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