The subject property is a historical home with potential to rehabilitate the existing cottage on the property and add 3 units as per plans. The comparables used to evaluate the property are recent townhome sales in the area. The comparable with the most effective data to project a value is 954-956 A-C 5th St. This property had development potential at the time of sale, the existing historic home on the property was rehabilitated and the developer added 3 additional units all approximately the same size as our subject property's architectural assumptions. Condominiums in this highly desired pocket of Santa Monica sell for $2,500,000 on average, and a developer would have the opportunity to build 3 more units behind the existing cottage and later sell all four (4) condos for a total of $10,000,000. This is a huge spread and a great value-add opportunity for any developer to capitalize on the hot condominium market in Santa Monica.
| DAYS ON MARKET|| 12|| LAST UPDATED|| 3/26/2019|
| YEAR BUILT|| 1907|| COMMUNITY|| Santa Monica (C14)|
| COUNTY|| Los Angeles|| STATUS|| Pending|
| PROPERTY TYPE(S)|| Single Family|
|AREA||Santa Monica (C14)|
|LOT||7511 sq ft|
|POOL DESCRIPTION||No Pool|
|VIEW DESCRIPTION||Other View|
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Listing provided by David Harrington CalDRE:01320460, Matthews Real Estate Investment Services
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