423 Ocean Ave
Santa Monica, CA 90402
423 Ocean · Land For Sale · 0.52 AC

423 Ocean is a generational opportunity to acquire a vacant 16-unit apartment building with underlying entitlements for 12 condominium units located on prime Ocean Avenue, north of Montana Avenue, in the City of Santa Monica. The existing apartment units have been vacated pursuant to the Ellis Act in anticipation of building the condominium project. A future Buyer will have the option of rehabbing the existing units and re-leasing them at current market rents (subject to rent control going forward) or executing the approved condominium development plan. The existing buildings are designated historical landmarks, which have been incorporated into the future development plan. 1. Generational opportunity to acquire entitled land on famed Ocean Avenue, north of Montana Avenue. 2. Existing 16-unit apartment property consisting of eight (8) one bedroom units and eight (8) two bedroom units, totaling +/- 17,900 sq. ft. (1,120 sf avg.). 3. The neighborhood north of Montana Avenue is one of the most expensive areas in West LA. 4. Future units overlook the Pacific Ocean with unobstructed views from the 2nd to the 4th levels. 5. The Property is directly across the street from Palisades Park and is a quick walk to Santa Monica State Beach. 6. Has an Aapproved Tentative Tract Map, Architectural Review, and Landmark Commission. In addition, Coastal Commission Approval is expected in the 4th Quarter of 2018. 7. No new condominiums have been built on Ocean Avenue (north of Montana Avenue) in 25 years. 8. Santa Monica is the epicenter of “Silicon Beach”, the term given to West LA’s burgeoning startup tech scene.