This is one of those rare properties that has been coveted over the years by developers and buyers that want to develop for themselves. It hasn’t ever been available for sale until now! Why has it been covered? Firstly it’s perched high in the Hermosa Hills and promises commanding views from each of the two townhomes that could be developed, with monstrous panoramic ocean views from the roof decks. The lot is 40 x 140, and because the whole area falls off to the south west and the lot is down-sloping, a new back unit should have excellent vistas to the ocean in the southwest, AND from the front unit one should be able to see over the top of it, and everything else in that direction. 17th Street is a highly sought after street with many newer homes and townhomes. A buyer will, of course, need to verify exactly what can be built and how good the views could actually be. We have drone shots from various heights depicting how good the views could potentially be. There are currently two small homes on the sight. One has a long term tenant paying very low rent. The other unit has been used as storage and “needs everything” done to it. To be clear, this is a land value proposition. That being said, for the right buyer there may also be a usable income property here.
