INVESTOR NEEDED. Dream Location Remodel or Rebuild A+++ location

[Jesse Ozar]

Here is info for remodel or rebuild, in true a++++ location in Santa Monica CA. The property is a 7106 SF on 7500SF lot in SM zoned medium density R3. It is currently 24 boarding/studio units (confirmed with DBS and Rent Control Board). It is currently 100% unoccupied and a security guard stays there to keep squatters out. I must make clear that currently it is only plumbed for 8 bathrooms total, and that is confirmed by a case that happened in 2013 when he had only 2 tenants left. There are a couple scenarios that we went over with the DBS and Rent Control Board: 1. you can demolish the 2 buildings which will trigger ellis act, but what you can rebuild is 5 (1unit/1500SF) townhouse or condos 2 stories/30ft high without triggering any affordable housing clauses, and either sell them for $2.5/$2.9MM or lease them for $10/$12K/mo. As you know this is a process in SM, but could be done. (comp emails will follow) 2. you can keep it at 24 units, boarding house style, maybe some kind of silicon beach transitional housing (since tenants will need to stay at least 30 days). Or make it 24 full studio units and add 14 bathrooms. Studios in the area are renting at $1850-$2100 units and are 350-400SF. The math shows that you would get 24 x 296SF units which would maybe rent for less or maybe the same if you got a very creative architect to make the small spaces functional. These are just some ideas. Let me know what you think!