246 16th Street, Santa Monica, California 90402, Santa Monica, 90402 - 4 bed, 3 bath
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Santa Monica, California 90402
This Prime Residential Redevelopment Asset is listed at $3,850,000, representing a strategic acquisition in Santa Monica’s elite North of Montana enclave. While the price reflects a premium over the $3,506,924 Fair Market Value, the property’s intrinsic worth lies in its 7,498 sqft lot and location within the 9/10 rated Franklin Elementary School district. With a Condition Rating of 5, the structure is sold for land value and features a private patio and a bonus loft. This is an ideal Value-Add project for Luxury Developers or Custom Home Builders.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 246 16th Street Subject | $3,850,000* List Price | 4 | 3 | 2,388 | $1,469 | - |
A 212 16th Street Sold | $4,100,000 | 6 | 4 | 3,103 | $1,321 | 0.1 mi |
B 201 23rd Street Sold | $4,175,000 | 4 | 3 | 3,247 | $1,286 | 0.6 mi |
C 728 11th Street Sold | $3,000,000 | 5 | 4 | 2,514 | $1,193 | 0.6 mi |
D 243 Euclid Street Pending | $3,800,000 List Price | 3 | 2 | 1,843 | $2,062 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1925, this property requires a total replacement of all major systems including plumbing, electrical, HVAC, and roofing. While the interior appears clean in photos, the kitchen and bathrooms are severely outdated with parquet flooring and old tile, and the listing explicitly states the home is being sold for land value, indicating substantial rehabilitation is necessary to meet modern standards.
Elementary School: Franklin Elementary School (9/10).
Situated in one of Santa Monica's most prestigious and sought-after neighborhoods, this property offers exceptional long-term value and a high-end lifestyle appeal.
The property is located within the highly regarded Franklin Elementary School district, a major draw for families that significantly bolsters property demand and resale value.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 3.
The home is being sold for land value and requires a total replacement of all major systems, including plumbing, electrical, HVAC, and roofing, necessitating a massive capital investment.
The seller will not consider any offers prior to a specific future deadline, which may create a high-pressure competitive environment and limit a buyer's ability to negotiate terms.
1925 Colonial Revival residence offering an opportunity to restore and reimagine a classic Santa Monica home. With over a century of history, this two-story red brick home is ready for its next chapter in life - translation: plan on replacing most of the major and minor components of the property; Doors, windows, plumbing, fireplace, electrical, HVAC, roof, etc. Being sold for land value only, the existing home spans approximately 2,388 square feet and includes 4 bedrooms and 2.5 bathrooms. The property features attractive front and rear yards with mature landscaping, grassy lawns, rose gardens, and mature privacy hedging. A detached two-car garage is accessed via the alley and includes a bonus space with loft and bathroom, presenting additional flexibility for creative use. Located within the highly regarded Franklin School District, this compelling value-add opportunity is perfect for those looking to renovate, expand, or customize a character home in a prime north of Montana Ave location. No purchase offers will be considered prior to offer deadline of 4/20/26. Offer guidelines available in listing documents.
No exterior & parking available.
Grades K-5 • 0.8 mi
Grades PK-5 • 0.8 mi
Grades K-5 • 1.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 4.0 | 50% |
| Baths | 3.0 | 4.0 | 45% |
| Square foot | 2,388 | 2,743 | 39% |
| Lot Size | 7,498 | 8,452 | 32% |
| Price | $3.85M | $5.08M | 20% |
| Price per sq ft | $1.6K | $2.0K | 30% |
| Built year | 1925 | 1948 | 18% |
| HOA | $0 | $0 | 50% |
| Days on market | 12 | 186 | 2% |
Apr 10, 2026
$3,850,000
Initial Listing