3028 Colorado Avenue, Santa Monica, California 90404, Santa Monica, 90404 - bed, bath

3028 Colorado Avenue, Santa Monica, California 90404 home-pic-0
ACTIVE$2,195,000
3028 Colorado Avenue, Santa Monica, California 90404
0Bed
0Bath
2,116Sqft
5,972Lot
Year Built
1940
Close
-
List price
$2.19M
Original List price
$2.19M
Price/Sqft
$1,037
HOA
-
Days on market
-
Sold On
-
MLS number
PW24196365
Home ConditionFair
Features
View-

About this home

We found 2 Cons,3 Pros. Rank: price - $2.19M(50th), sqft - 2116(50th), beds - undefined(50th), baths - undefined(50th).

Fully approved plans (RTI) for 2 additional units (both ADUs are 3 bedrooms + 2 bathrooms and projected to rent for $6K/month each) resulting in a 6-Unit Property that will total 4,102 square feet of living area on a 5,972 square foot lot in a prime area of Santa Monica! This rare opportunity offers a corner lot with alley access and is ideal for an owner/user or investor. The charming, existing 4-unit building is situated on the front half of the large lot, providing space for the two new approved units and the 5 on-site parking spots along the rear alley. The property is located in the heart of “Silicon Beach” which is home to numerous technology companies, including being less than one mile from large office campuses including the Water Garden, the West Edge, Riot Games Headquarters, and the Colorado Center with office tenants including Amazon, Hulu, and Roku.

Price History

Date
Event
Price
02/25/21
Sold
$1,670,000
Condition Rating
Fair

The property was built in 1940. The images show that the units are aged but maintained. The kitchens and bathrooms appear functional but outdated. The property requires minor updates or repairs.
Pros & Cons

Pros

Development Potential: Approved plans for two additional ADUs offer significant potential to increase rental income and property value.
Prime Location: Located in the heart of 'Silicon Beach,' close to major tech companies and office campuses, ensuring high tenant demand.
Corner Lot with Alley Access: The corner lot with alley access provides convenient parking and development opportunities.

Cons

Age of Existing Structure: The existing 4-unit building was built in 1940, potentially requiring maintenance and upgrades.
Construction Required: Realizing the full potential requires construction of the approved ADUs, incurring additional costs and time.

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