927 Ocean Ave

Santa Monica CA, 90403


$1,396.65 per sqft


20 Beds

16 Baths

7,876 sqft


Built in 1922

927 Ocean Avenue, a fully entitled property with RTI permits for a 20-unit multifamily development in an A+ Santa Monica location, north of Wilshire Boulevard, overlooking the Pacific Ocean.The existing property is a 7,509-square-foot parcel, zoned SMR-3, consisting of 16 units with the potential to add four (4) ADUs. The rehabilitated project will consist of 3 stories with 20 units, including a unique penthouse "crow's nest" unit facing the ocean.Property amenities will include a 1,566-square-foot roof terrace with entertainment and lounging areas, a lounge area on the second floor overlooking the ground level courtyard with flowering tree and water feature. TIME & COST SAVINGS IN BY-PASSING EXTENSIVE ENTITLEMENT PROCESS. 927 Ocean Avenue is a designated landmark building, and a new buyer will enjoy significant time and cost savings in by-passing the extensive entitlement process of approximately two (2) years or more. APPROVED BY THE CITY OF SANTA MONICA AND THE CALIFORNIA COASTAL COMMISSION WITH MILLS ACTS TAX SAVING OF 62% IN 10 YRS WITH TRANSFERABLE CONTRACT WITH CITY, and the buyer will receive, a full set of stamped construction drawings, including architectural, structural, mechanical, electrical, plumbing, civil and landscaping. PRIME SILICON BEACH LOCATION WITH A HIGHLY AFFLUENT RENTER POOL. In the past several years, Santa Monica has also become an integral part of Silicon Beach, Los Angeles' thriving technology, media and entertainment hub. Silicon Beach is home to many of most well- recognized companies in the world. Along with this economic transformation has come an increase in a young, affluent, educated population, employed by companies who invest heavily in attracting top-tier talent. With the median home price in the 90403 zip code at nearly $1.8 million, rental demand is strong in this desirable enclave. POPULARITY OF MICRO UNITS IN PRIME URBAN MARKETS. According to the LA Business Journal, micro-units have become desirable for renters in markets such as Santa Monica, where the cost of living runs high. An Urban Land Institute survey found that "ability to live alone" was one of the highest priorities of micro-unit tenants, after price and location. Micro units can command rents that are 25%-100% higher per square foot than larger apartments, but because the rents are lower comparatively. 927 Ocean Avenue presents a buyer with a once-in-lifetime opportunity to own a trophy asset in an unparalleled Southern California location.With its incomparable ocean views, proximity to shops along prestigious Montana Avenue, Third Street Promenade, and a vibrant dining and nightlife scene, 927 Ocean Avenue offers the laid-back appeal of a classic California beach town with big-city sophistication that is unlike anywhere else in the world.



July 5, 2023


November 28, 2023



927 Ocean Ave
Santa Monica CA, 90403

Interior Features

Total Stories



20 Beds


16 Baths





Cooling Description




Heating Description


Exterior/Building Features

Lot Size

0.17 acres

Exterior Features


Other Property Details

Days on Market




Garage Spaces



Garage - 1 Car

Parking Total




View Description



Los Angeles



Courtesy of Kimberly Roberts Stepp with KW Advisors
Listing Contact: 310-702-0400 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Bulldog Realtors shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2023 Combined L.A./Westside MLS. All rights reserved.

Data last updated 11/28/2023

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