426 S Venice Blvd, Venice, CA 90291

$3,595,000
11
BA
6,332
SqFt
List Price
$3,595,000
MLS#
22-214813
Year Built
1972
Bathrooms
11
Living Sq. Ft
6,332
Lot Size
5,946
Days on Market
31
Property Type
Multifamily
Stories
3

Property Description

We are pleased to present for sale 426 S Venice Blvd in beautiful Venice, CA. This multifamily property boasts an enviable location nestled just east of Venice Beach and just north of the Venice Canals. Tenants can walk to all that Venice has to offer while returning home to a serene and peaceful environment away from all of the local buzz that abounds in this urban beach enclave. 426 S Venice consists of 8 existing residential units and 1 rec room which is currently being approved as an Accessory Dwelling Unit. That's a total of 9 units once the ADU is completed. The Coastal Commission has held its hearing regarding the ADU application and it received no objections. RTI permits are expected in March. Current unit mix consists of (2) 2+2, (4) 1+1, and (3) studio units. Four of the units have lofts and adjoining private rooftop decks, which is a true rarity among the apartment inventory in the immediate area. For instance, a recently renovated studio unit with a loft and rooftop deck was leased for $3,195. The rental upside potential of roughly 75% for this property is almost unheard of. For the astute investor, 426 S Venice can be purchased at a per unit basis of less than $400,000 and a per foot number of just $567. Combine these metrics with a proven renovation roadmap and it's clear to see the long-term value this property presents. Significant capital improvements have been made recently including completion of the soft story retrofit, new exterior paint, and new landscaping. The property also features secured entry, rear alley access, and an on-site laundry room.

Additional Information

Other Buildings
None
Heat
Other
Cooling
Other
Number of Cars in Garage
Carport, Garage - 2 Car

Mortgage Calculator

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Calculator source: Real Geeks

Courtesy of , Robert Renshaw - CA DRE#

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