1124 7TH Street, Santa Monica, CA 90403
Single-family home · 2 recorded sales since 2014
Sold April 2019
Listing Agent: David Harrington (DRE #01320460) · Listing Office: Matthews Real Estate Investmen · Contact: 866-889-0550 · Bought with: Darlene Hutton · Compass · MLS #19444468 · Source: CRMLS
About this single-family home
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.
Listing description from the April 2019 sale, as reported to CRMLS.
Sale history
