1463 Wellesley Ave | Santa Monica
Unit 1: 2 BED | 1 BATH | Unit 2: 2 BED | 3 BATH | Unit 3: 3 BED | 3 BATH
Two adjacent lots (1463 & 1467 Wellesley Ave) in West Los Angeles off Santa Monica Blvd consisting of 15,524sf which can be combined together to create a single building site with 100ft of frontage on Wellesley Ave resulting in a merged lot project containing either 9 market rate apartments or condos, or 12 apartment units with 2 affordable. Large lot lends itself to a number of architectural possibilities with large units, space for amenities and lower cost of parking construction. There are 3 single family homes on site generating $12,250/mo in rental income allowing developer to cover expenses and generate 2.6% cap rate while applying for permits. Buyer to verify and satisfy self to all permits and square footage. $3,600,000 is for both lots sold together. If lots are sold separately, lots are offered as follows - 1463/5 Wellesley $2,250,000 and 1467 Wellesley $1,550,000.
Lot Size: 15,524 SQFT
Status: For Sale
Type: Listing Featured