
Santa Monica, California 90402
This Restored Historic Craftsman Landmark is a High-Potential Investment Opportunity, listed at $7,500,000—positioned well below the $8,432,181 Fair Market Value by 11%. This valuation gap provides $932,181 in Instant Equity. Boasting an Excellent Condition Rating after a 2021 modernization, the residence features unobstructed ocean views and a rare Mills Act tax reduction of up to 80%. Near top-rated schools like Franklin Elementary, this estate blends coastal luxury with significant financial advantage. It is an elite acquisition for Luxury Owner-Occupants or Discerning Heritage Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 401 Ocean Avenue 2 Subject | $7,500,000* List Price | 4 | 6 | 3,655 | $2,307 | - |
A 101 Ocean Avenue B200 Sold | $7,000,000 | 3 | 3 | 2,920 | $2,397 | 0.2 mi |
B 515 Ocean Avenue Nph B Active | $6,900,000 List Price | 2 | 4 | 3,175 | $2,173 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
This historic Craftsman residence underwent a comprehensive restoration and modernization in 2021, placing it within the 5-year window for an excellent rating. The interior features high-end contemporary finishes, including wide-plank white oak flooring, custom Axis cabinetry, and premium built-in appliances. The bathrooms are luxurious with spa-like features such as a soaking tub, glass-enclosed showers, and a fireplace in the primary suite. All components, from the integrated home automation to the refined millwork, meet current luxury standards with no evidence of deferred maintenance.
Elementary School: Franklin Elementary School (9/10).
The active Mills Act contract provides an extraordinary property tax reduction of up to approximately 80%, offering a rare and substantial financial advantage for a luxury coastal estate.
Situated just beyond the bluff, the property features unobstructed, panoramic views of the Pacific Ocean and Santa Monica Mountains from multiple levels and private terraces.
The monthly association fee of $1,703.52 adds a significant recurring expense on top of the multi-million dollar purchase price.
As a designated historic landmark, the property is subject to strict preservation guidelines, which may limit the owner's ability to make future exterior modifications or structural changes.
With a truly irreplaceable ocean view, landmark designation, and an extraordinary Mills Act property tax reduction, 401 Ocean presents a rare opportunity to own a piece of Santa Monica's coastal legacy. Rich in local history, this Craftsman-style residence was originally built in 1910 by renowned architect Robert Farquhar and thoughtfully restored and modernized in 2021. As a designated historic landmark, the home benefits from an active and transferable Mills Act contract, offering a significant property tax reduction of up to approximately 80% -- an exceptional advantage in today's market. One of only two townhouse-style residences, the home lives with the privacy and presence of a single-family retreat, complete with a private entrance, side yard, multiple terraces, a two-car garage, and integrated home automation with surround sound throughout. Set just beyond the bluff, unobstructed views of the Pacific Ocean and Santa Monica Mountains unfold across the main and upper levels, all just moments from the beach, promenade, and pier. Inside, radiant natural light pours through expansive windows, illuminating exquisite millwork, wide-plank white oak floors, and refined modern finishes that elevate the home's timeless coastal character. The open-concept main level flows effortlessly from a sophisticated living room to an airy dining space and out to a private, hedge-lined terrace, the ideal setting for relaxed mornings or evenings dining al fresco. At the heart of the home, the gourmet kitchen is as beautiful as it is functional, featuring custom Axis cabinetry, a substantial seated island, premium built-in appliances including temperature-controlled wine storage, and a generous butler's pantry with wet bar. A charming powder room, laundry room, and bedroom suite complete the main floor. Upstairs, three additional bedroom suites await, including one with access to the upper terrace and the impressive primary suite. Positioned at the front of the home beneath soaring vaulted ceilings, the primary offers an awe-inspiring ocean-front vantage, a private balcony, expansive walk-in closet, and a spa-like en-suite bath with gas fireplace, dual vanity, soaking tub, and glass-enclosed shower. The lower level reveals an expansive brick-lined family room and full bathroom, ideal for a media lounge, gym, playroom, or private studio. Supremely located in the heart of Santa Monica with effortless access to world-class dining, boutiques, and Westside amenities, 401 Ocean is a one-of-a-kind heritage residence that honors California's past while defining the future of luxury coastal living.
No exterior & parking available.
Grades K-5 • 0.6 mi
Grades PK-5 • 1.8 mi
Grades K-5 • 2.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 2.0 | 94% |
| Baths | 6.0 | 2.5 | 94% |
| Square foot | 3,655 | 1,583.5 | 94% |
| Lot Size | 22,506 | 32,778 | 44% |
| Price | $7.50M | $2.13M | 94% |
| Price per sq ft | $2.1K | $1.4K | 89% |
| Built year | 1930 | 1976 | 6% |
| HOA | $1703.52 | $2.2K | 33% |
| Days on market | 12 | 207 | 6% |
Apr 10, 2026
$7,500,000
Initial Listing
Dec 3, 2021
$8,375,000
Public Record