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    240 3rd Ave

    Venice, CA 90291
    • $2,750,000
    • STATUS: Active
    • ON SITE: 87 days
    • MLS #: 21-692236
    $2,750,000
    • 4
      BEDS
    • 0.14
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 3,288
      SQFT
    • $836
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1956
    County:
    Area:

    School Ratings & Info

    Description

    7 of 8 units VACANT - 240 3rd Ave is a Value-Add 8-unit asset, conveniently located steps to the Ocean in prime Venice, right in the heart of Silicon Beach. Built in 1956, the two-story complex features a unit mix consisting of (4) One-Bed/One-Bath units and (4) Bachelor/One-Bath units. Per the Los Angeles Housing and Community Investment Department (HCIDLA), the four Bachelor units may be rented as flexible units. This allows a new owner the ability to have 4 to 8 rental units as either long term tenancy, 30-day rentals, co-living, etc. The building features (9) electrical meters, (5) gas meters, (8) parking spaces, and on-site laundry facilities. The complex attracts tenants looking to live within blocks of the beach (94 walk score & 100/100 bike score!), moments to two of the hippest corridors in the country, and a short drive to big tech and entertainment headquarters. The property presents a rare opportunity for investors to achieve a 6.30% cap rate upon full building stabilization.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-05-09T23:42:19.54. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.searchdesertrealestate.com/homes/114176501
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    240 3rd Ave Venice, CA 90291

    • Price: $2,750,000
    • Status: Active
    • MLS #: 21-692236
    4
    Beds
    0
    Baths
    0
    ½ Baths
    0.14
    Acres
    3,288
    SQFT
    $836
    $/SQFT
    1956
    Built
    Neighborhood:
    Venice
    County:
    Los Angeles
    Area:
    Venice
    Property Description
    7 of 8 units VACANT - 240 3rd Ave is a Value-Add 8-unit asset, conveniently located steps to the Ocean in prime Venice, right in the heart of Silicon Beach. Built in 1956, the two-story complex features a unit mix consisting of (4) One-Bed/One-Bath units and (4) Bachelor/One-Bath units. Per the Los Angeles Housing and Community Investment Department (HCIDLA), the four Bachelor units may be rented as flexible units. This allows a new owner the ability to have 4 to 8 rental units as either long term tenancy, 30-day rentals, co-living, etc. The building features (9) electrical meters, (5) gas meters, (8) parking spaces, and on-site laundry facilities. The complex attracts tenants looking to live within blocks of the beach (94 walk score & 100/100 bike score!), moments to two of the hippest corridors in the country, and a short drive to big tech and entertainment headquarters. The property presents a rare opportunity for investors to achieve a 6.30% cap rate upon full building stabilization.
    Exterior Features

    Lot Size Area 6187 Other Structures Other Parking Garage Other Total Parking 8

    Interior Features

    Baths Total 8.00 Cooling Other Equipment Other Heating Other

    Property Features

    Assessed Total Value 1689990 Gross Income 212141 Gross Operating Income 212141 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 1 Like Units5 1 Like Units6 1 Net Operating Income 155004.00 Number Of Buildings 1 Number Of Units 8 Sale Type Standard Source Living Area Other Source Lot Size Area Other Total Annual Expense 57137 Type Of Units Apartments Year Built Source Other Zoning Lard1.5

    Listing provided courtesy of Elijah Korobkin DRE#01897085 of Central Realty Advisors Inc.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-05-09T23:42:19.54. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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