927 Ocean Ave Santa Monica, CA 90403

$8,000,000 Sold Price as of 01/27/2017

12 Beds
12 Baths
7,876 Sq.Ft.

Off Market

$8,000,000 Sold Price as of 01/27/2017 Refinance Your Mortgage

Map preview of 927 Ocean Ave, Santa Monica, CA 90403

Property Overview: 927 Ocean Ave Santa Monica, CA has 12 bedrooms, 12 bathrooms, 7,876 living square feet and 7,508 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Home Value Compared to the Market

927 Ocean Ave is currently an off market home in the city of Santa Monica. If you are considering making a home purchase, the value you pay for your home will depend on the market you're looking to purchase in. The city of Santa Monica has a median list price of $1,999,000. The median price per/sqft for Santa Monica is $1,204. With those numbers in mind, if you are looking to purchase a median priced home in Santa Monica, CA and put 20% down you will need to save up $399,800 for the down payment and will need roughly $39,980 for closing costs on top of the down payment. Homeowners who are looking to sell their home could expect to pay an average of 5% (2.5% to the listing agent and 2.5% to the buyers agent) in agent commissions when it comes to selling their home. With the median sale price for a home in Santa Monica the commission could be as much as $85,000. If you're thinking of selling and want to save, contact a local Ardent Real Estate Agent today.

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Sale History for 927 Ocean Ave

Last sold for $8,000,000 on January 27th, 2017

May, 2024
May 31, 2024

Date

Expired

CRMLS: 23286809

$11,000,000

Price
Jul 5, 2023

Date

Active

CRMLS: 23286809

$16,900,000

Price
Listing provided courtesy of CRMLS

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.

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January, 2021
Jan 2, 2021

Date

Expired

CRMLS: 19530876

$9,495,000

Price
Oct 21, 2020

Date

Withdrawn

CRMLS: 19530876

$9,495,000

Price
Aug 4, 2020

Date

Price Change

CRMLS: 19530876

$9,495,000

Price
Apr 28, 2020

Date

Active

CRMLS: 19530876

$9,950,000

Price
Apr 17, 2020

Date

Active Under Contract

CRMLS: 19530876

$9,950,000

Price
Feb 12, 2020

Date

Price Change

CRMLS: 19530876

$9,950,000

Price
Nov 19, 2019

Date

Active

CRMLS: 19530876

$10,495,000

Price
Listing provided courtesy of CRMLS

HUGE PRICE REDUCTION! SELLER WILL ENTERTAIN CARRYING FINANCING UP TO 75%. 927 Ocean Avenue is a 16 unit property ideally located directly across the street from the Ocean in Santa Monica.. The investment represents one of the most unique offerings ever available for sale in Santa Monica, as 15 out of 16 units are VACANT! The property is Mills Act approved and renderings of potential renovations are available. 927 Ocean Avenue is walking distance to Montana Avenue, 3rd Street Promenade, and many high end dining & entertainment venues.

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January, 2017
Jan 27, 2017

Date

Sold (Public Records)

Public Records

$8,000,000

Price
January, 2017
Jan 27, 2017

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 927 Ocean Ave

Assessed Value (2020): $8,494,814

Year	Land Value	Improved Value	Assessed Value
2020	$5,306,040	$3,188,774	$8,494,814

About 927 Ocean Ave

Detailed summary of property

927 Ocean Ave is categorized with a use code of Apartment House (5+ Units) in Santa Monica, CA 90403 and last sold on January 27, 2017 for $8,000,000. This property has 12 bedrooms, 12 bathrooms, roughly 7,876 living square feet, and sits on an approximately 7,508 square foot lot. Homes in Santa Monica are selling for a median price of $1,700,000 and a median price per square foot of $1,121. Based on Ardent Real Estate Group's Santa Monica Market Data, this home is sold 370.59% higher than the current median priced home. 927 Ocean Ave was last sold on January 27, 2017 for $8,000,000. Local nearby listings include 154 S Anita Ave, 12218 Montana Ave #202 and 12218 Montana Ave #205. The average home in Santa Monica, CA is selling in 124 days. There are currently 247 homes for sale in the Santa Monica real estate market and 88 of them are single family homes while 119 of them are condos and 40 are townhomes. If you are the homeowner and looking to sell the home at 927 Ocean Ave Santa Monica, CA 90403 contact Ardent Real Estate Group and we will put you in touch with one of our Santa Monica agents.

Public Facts for 927 Ocean Ave

Public county record property details

Beds: 12
Baths: 12
Year built: 1922
Sq. Ft.: 7,876
Lot Size: 7,508
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: S
APN: 4292-026-018

The source for these homes facts are from public records.

90403 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$1,900,000

Median List Price/Sq.Ft.

$1,107

Median Sold Price

$1,600,000

Median Sold Price/Sq.Ft.

$1,088

Total Inventory

Median Sale to List Price %

94.23%

Avg Days on Market

Loan Type

Conventional (10%), FHA (0%), VA (0%), Cash (10%), Other (10%)

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(714) 706-1823

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