2331 4th Street, Santa Monica, California 90405, Santa Monica, 90405 - 0 bed, 1 bath
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Santa Monica, California 90405
This property presents a High-Potential Investment Opportunity with a List Price of $2,750,000—positioned slightly above the $2,724,737 Fair Market Value. While requiring a full residential conversion, the OP2 Zoning allows for diverse development, including duplexes or townhomes. Featuring a Condition Rating of 5, the asset benefits from recent infrastructure upgrades like a new roof and HVAC. This is a strategic acquisition for Value-Add Investors or Developers seeking to capitalize on the prime Ocean Park location and ocean views.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2331 4th Street Subject | $2,750,000* List Price | 0 | 1 | 2,388 | $1,141 | - |
A 1019 Pine Street Active | $2,125,000 List Price | 3 | 2 | 1,895 | $1,121 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1925, this property is a former commercial market requiring a full residential conversion. While it features a new roof, HVAC, and upgraded electrical, it lacks a residential kitchen and standard living layout, placing it in the 'needs rehab' category despite the updated systems.
The OP2 zoning offers exceptional flexibility, allowing for the development of a luxury single-family residence, duplex, triplex, or townhomes on a generous 5,587 sq. ft. lot.
Located in the highly sought-after Ocean Park neighborhood of Santa Monica, the property boasts ocean views and excellent proximity to the beach and local amenities.
The building features essential recent improvements including a new roof, new HVAC system, upgraded power panel, and a remodeled bathroom, reducing initial renovation overhead.
Transitioning from a former general market to a residential property requires significant architectural redesign and capital investment to create a functional living layout.
With only one bathroom and a commercial-centric floor plan, the property lacks the traditional residential amenities and bedroom count expected at this price point.
Unique opportunity to acquire a former general market site and convert to an extraordinary residential property. Building has new HVAC, new roof, new slurry coat in the parking lot, remodeled bathroom, upgraded power panel. The OP2, or "Ocean Park Low Density Residential" Zoning District is intended to provide a variety of low-density housing types that reflect the distinct identity of the Ocean Park neighborhood. These types include single-unit dwellings, accessory dwelling units, junior accessory dwelling units, duplexes and triplexes, townhouses, and courtyard housing with at least 2,000 sq. ft. of parcel area per unit. In addition to low density residential development, this District provides for uses such as transitional housing or hospice facilities, family day care, and neighborhood serving uses such as childcare, neighborhood grocery stores, and community facilities that may be appropriate in a residential environment.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 3.0 | 3% |
| Baths | 1.0 | 2.0 | 17% |
| Square foot | 2,388 | 1,810 | 66% |
| Lot Size | 5,587 | 6,087 | 34% |
| Price | $2.75M | $2.75M | 50% |
| Price per sq ft | $1.2K | $1.4K | 20% |
| Built year | 1925 | 1942 | 17% |
| HOA | $0 | $0 | 50% |
| Days on market | 19 | 131 | 6% |
May 18, 2026
$2,750,000
Initial Listing
Sep 6, 2018
$3,295,000
Public Record
Dec 28, 2005
$1,500,000
Public Record