Santa Monica Multifamily Opportunity 30% return

[Loren Miner]

Here is an opportunity (off MLS) to build tall and skinny units and sell them individually.

Currently sits a 950 sqft home on a 7,500 sqft lot and is zoned R2. 3-4 units can be built on the land. The Seller was asking $2,099,000 to walk away, however now he wants $1.9m range now. 

(http://www.zillow.com/homedetails/1432-17th-St-Santa-Monica-CA-90404/20479743_zpid/?view=public)

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Here is his vision for the property.

http://www.airesantamonica.com/

Garden Flat - High $900,000 Range

Garden Townhome - $2,000,000 range

Townhome - $1,500,000 Range

The play on this property would create 3 (possibly 4), Garden Townhome.

Resale at each at around $1.8m each

Build at $166/sq for each. I have a great builder if you need one.

Reach out with any questions!