Active
2002 21st Street
Santa Monica CA, 90404
$10,900,000
$376.95 per sqft
Active
0.66 Acres
Land
Listed by Dario Svidler with Keller Williams Beverly Hills 424-600-7633
REDUCED! We are pleased to present a prime development opportunity: a Shovel-Ready Project featuring 19 condominium townhomes in the highly coveted Santa Monica area. With all permits secured and previous structures vacated by Ellis Act and tenants paid relocation fees, this project is poised for immediate action.Situated on a near 29,000 square foot lot, this exceptional property enjoys a rare status in one of the Los Angeles area's most desirable locales. Whether developed as rental units for long-term investment or sold individually as condominiums, the potential for achieving some of the highest square-foot pricing in Southern California is unparalleled. Designed with meticulous attention to maximizing land use, the contemporary layout boasts spacious two-bedroom, two-and-a-half-bathroom townhomes averaging 1,237 square feet each. Each unit offers subterranean private, attached, direct-access garages, and select layouts feature private rooftop decks. A central courtyard and meticulously manicured landscaping will enhance the community ambiance, with several units featuring street-facing entrances, providing a single-family residence feel without the typical complexities. This project addresses a significant barrier to entry in the market, given the limited availability of new condominium developments in the area. Overcoming substantial neighborhood resistance and navigating challenging entitlement processes underscores the strategic advantage of this investment opportunity. Located in a highly sought-after neighborhood, residents will enjoy proximity to amenities such as Whole Foods, Santa Monica Brew Works, and a variety of dining and entertainment options. Nearby institutions like Santa Monica College and Virginia Avenue Park further enrich the vibrant community appeal. Convenient access to major employment centers and leisure destinations, including Venice Beach and Downtown LA, via the nearby Expo Line Bike Path and public transit networks, further enhances the development's appeal. This meticulously planned development not only promises exceptional quality of living but also represents a robust investment opportunity in one of the Los Angeles area's most dynamic real estate markets. No Affordable Units Required. The Project is entitled with no mandatory deed-restricted affordable units. Favorable Down-Zoning Impact: Subsequent to project entitlement, the City of Santa Monica adjusted the allowable density in the R2 district from 1 dwelling unit per 1,500 square feet to 1 dwelling unit per 2,000 square feet. As a result, under current municipal zoning regulations, the site could accommodate a maximum of 14 dwelling units (without invoking the CA State Density Bonus law). Of these 14, two units would be required to be deed-restricted affordable, leaving 12 units as market-rate residences.To achieve the same 19 market-rate units, the developer would be required to utilize CA State Density Bonus law, constructing a total of 22 units (or more, depending on affordability levels), with at least 3 units designated as deed-restricted affordable. Affordable units often result in lower return on investment due to below-market rents, and often necessitate smaller unit sizes throughout the development both in order to fit more units on the same site and in order to manage construction costs effectively, hindering completed unit values as a result.Notably, this development enjoys exemption from all affordability mandates, allowing for significantly greater financial returns than would be achievable under current entitlement conditions. ADU Potential: Pursuant to CA Government Code65852.2(e)((1)C)(ii), this Project would qualify for the addition of up to 4 accessory dwelling units (25% of multifamily unit count). The Property APN is 4274-026-026, which was created by the merging of 4274-026-001, 4274-026-003, 4274-026-005 and 4274-026-007.
24414673
MLSⓇ ID
July 12, 2024
Listed
August 30, 2024
Updated
Map
2002 21st Street
Santa Monica CA, 90404
Exterior/Building Features
Lot Size
0.66 Acres
Other Property Details
Area Name
C14 - Santa Monica
Days on Market
38
Garage
No
Parking Total
0
View
Yes
County
Los Angeles
Pool
No
Zoning
SMR2*
Listing History
Date | Event | Price |
---|---|---|
8/19/2024 | Price change | $10,900,000 -9% |
Listing Contact: 310-432-6400
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 8/30/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 8/30/2024 at 7:09 PM UTC