1124 7th St preview
1124 7th St preview
Rich Bassin

1124 7th St

$2,550,000  |  1124 7th Street, Santa Monica, CA 90403

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 town home sales in the area. The comparable with the most effective data to project a value is 954-956 A-C 5th Street. 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.

  • Sold
    Status
  • 2
    Bedrooms
  • 1
    Bathroom
  • 1907
    Year Built
  • 1,256 Sq.Ft.
    Living Area

Features & Amenities

Area & Lot

  • Living Space: 1,256 Sq.Ft.
  • Lot Size: 0.17 Acres
  • Status: Sold
  • Year Built: 1907

Financial

  • Sales Price: $2,550,000

1124 7th St

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Named one of The Wall Street Journal’s Top 100 Realtors nationwide. Rich has represented nearly $1 billion in residential and commercial sales through more than 35 years in the industry.
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