
Santa Monica, California 90402
This property presents a High-Potential Investment Opportunity with a List Price of $3,775,000—positioned well below the $3,962,365 Fair Market Value by 4%. This valuation gap offers $187,365 in Instant Equity for buyers willing to execute a luxury renovation. With a Condition Rating of 5, the expansive 13,748-square-foot sloped lot and Creek/Stream views provide a unique canvas for architectural development. This is a value-add acquisition ideal for Buy-and-Hold Investors or Owner-Occupants seeking to build a custom estate in the prestigious Santa Monica Canyon.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 507 W Rustic Subject | $3,775,000* List Price | 3 | 3 | 2,176 | $1,821 | - |
A 1015 San Vicente Boulevard Sold | $3,850,000 | 3 | 3 | 2,332 | $1,651 | 0.7 mi |
B 671 San Lorenzo Street Sold | $4,266,200 | 2 | 4 | 2,473 | $1,725 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1973 (51 years old) with no evidence of recent renovations, the property is sold 'as-is' and explicitly described as needing work. Interior images show dated bathrooms and original wood floors that require significant rehab, and the listing suggests a 'fully reimagined luxury estate,' indicating that systems and finishes are likely at the end of their functional lifespan.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 13748, living area = 2176.
Situated in the highly coveted Santa Monica Canyon (90402), this property offers a rare opportunity to own in a quiet, tree-lined neighborhood with immediate proximity to the beach and top-rated Canyon Charter Elementary.
The 13,748-square-foot sloped lot provides a unique canvas for high-end architectural drama, allowing for terraced gardens, cantilevered decks, or a hillside pool that flat lots cannot accommodate.
The property is being sold in 'as-is' condition and requires substantial work, which will necessitate a significant additional investment of time and capital beyond the purchase price.
While the sloped canyon lot offers aesthetic potential, it also presents higher engineering costs and construction complexities for any future expansion or outdoor development compared to level parcels.
Opportunities like this simply don't come along in Santa Monica Canyon. Tucked along Rustic Canyon Creek on a quiet, tree-lined street, this traditional two-story residence sits on an expansive 13,748-square-foot sloped canyon lot in one of the most coveted and rarely available pockets of 90402. Properties at this scale, on this street, in this neighborhood do not reach the open market often and when they do, they don't last. The home is being sold in as-is condition and needs work which is precisely the opportunity. The 3-bedroom, 2.5-bath layout offers solid bones: soaring entry ceilings, original wood floors, dual fireplaces, a primary suite with private balcony, French doors opening to the backyard, and an oversized two-car garage with direct access. What it needs is a buyer with vision. The sloped lot is the canvas. Terraced gardens, a hillside pool, cantilevered outdoor living decks, a fully reimagined luxury estate, the topography here invites the kind of architectural drama that flat lots simply can't deliver. Bring your architect, your designer, and your imagination. Minutes from Canyon Charter Elementary, from the beach, Santa Monica Stairs, premier dining, and the 3rd Street Promenade. Surrounded by nature, connected to everything. This is your chance to secure an irreplaceable address in the heart of "The Canyon" and tailor this exceptional residence to reflect your personal vision and lifestyle.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 3.0 | 3.0 | 50% |
| Square foot | 2,176 | 2,451 | 36% |
| Lot Size | 13,748 | 8,693 | 84% |
| Price | $3.77M | $4.80M | 20% |
| Price per sq ft | $1.7K | $2.0K | 38% |
| Built year | 1973 | 1948 | 87% |
| HOA | $0 | $0 | 50% |
| Days on market | 19 | 130 | 2% |
May 18, 2026
$3,775,000
Initial Listing
Apr 12, 2017
$2,050,000
Public Record