1222 Chelsea Avenue, Santa Monica, CA 90404 (MLS # 26651929)

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PRICE $2,400,000 BEDS 7 BATHS 5 HOME SIZE 2,464 sqft LOT SIZE 5,315 sqft Request More Info Schedule a Showing

1222 Chelsea Avenue presents a rare opportunity to acquire a well-located triplex on a quiet, tree-lined street just moments from Douglas Park, neighborhood markets, shops, dining, and transit in one of Santa Monica's most desirable residential neighborhoods. The property consists of three thoughtfully configured units totaling approximately 2,464 square feet, including a charming front 3-bedroom, 2-bath cottage and a rear two-story duplex featuring a spacious 3-bedroom, 2-bath upper residence with a large private terrace and a 1-bedroom, 1-bath lower unit. The layout provides both separation and functionality, appealing to traditional tenants, extended households, or multi-generational living. A detached three-car garage and on-site laundry enhance convenience, usability, and long-term tenant appeal, while the overall scale of the property offers the intimacy of low-density ownership rarely available in Santa Monica's high-barrier-to-entry market. The property is currently leased to a single tenant under a month-to-month master lease generating approximately $152,340 annually ($12,695 per month), providing immediate income from day one with operational simplicity. At the offering price of $2,400,000, the asset reflects an in-place cap rate of approximately 4.50% based on current operations. Previously withdrawn from the rental market under the Ellis Act, with re-rental restrictions expired, the property offers a level of flexibility that is increasingly uncommon locally: a buyer may elect to continue the existing master lease structure, deliver the property vacant for personal occupancy or repositioning, or lease the units individually at market rates depending on investment strategy. This optionality allows alignment with a variety of objectives, whether seeking stabilized income, partial owner occupancy with supplemental rental revenue, a family compound configuration, or long-term hold in a premier coastal submarket. Operating expenses are consistent with typical small multifamily ownership, and recent 2025 capital improvements including plumbing, electrical, termite remediation, mold remediation, and foundation-related work provide additional confidence in the property's condition and ongoing durability. Rather than relying on speculative renovation or aggressive repositioning assumptions, the value of this offering centers on location, configuration, regulatory clarity, and structural flexibility within one of the Westside's most supply-constrained residential neighborhoods. Opportunities of this scale and versatility in Santa Monica are increasingly limited, making 1222 Chelsea Avenue a compelling option for both investors and owner-users seeking stable income, long-term appreciation potential, and meaningful control over future use.