2338 Ocean Park Boulevard

Description

First time on the market in over 35 years and located along a prime westwardly corridor to the beach. This property is a double lot with a total of 13,980 SF R-3 in the city of Santa Monica. Currently, the property is a 3,700 SF vacant motel and parking lot. The property is located in the City of Santa Monica and is zoned Medium Density Residential. The property includes two parcels totaling 0.161 acres. The project is not located within a fire hazard area nor flood zone. The property has a potential to build 11 units by right and a total of 23 units with 4 units set aside as affordable using AB 1287 (stackable density bonus law). Although, the offering has a building with all utilities in place, the property is aggressively priced at a land value of $286.12/SF