$4,200,000 Price Analysis   ♡   Venice, CA 90291 5 bed 15 bath 6,300 SqFt ($666/SqFt) 2,896SqFt lot. Built 1910 Listed 2024-05-28, Taxes $14,182 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
8.36% Proforma CAP Rate with 3 vacant units in the iconic Venice Beach!
* Sale Pending *We are thrilled to present an exceptional investment opportunity at the tip of the world renown Venice Beach Boardwalk, in the City of Venice (under Los Angeles RSO). 44 Navy St is a prime 15-unit value-add apartment steps away from the sand and world-famous Venice Beach. Offering a tremendous locations, yet with a quiet residential atmosphere. This is the first time this property offered for sale since 1977. This rare investment offering probably one of the best valued multifamily investment offering in Venice Beach at $280k/unit and 8.36% Proforma CAP Rate (buyer to verify). The location offers unparalleled and world class area amenities: Venice Beach (Skatepark, Muscle Beach, Fishing-Pier, etc.), Venice Boardwalk, South Beach Park, restaurants (Venice Ale, The Waterfront Venice, etc.) and retail stores. It has a perfect Bike Score of 100 and Walk Score of 90. Surrounded by high-end properties, the area boasts a fantastic dmographic of $163, 669 average household income within a mile radius!
The property is a 3 story apartment that was built in 1910 (not historical buyer to verify). It has a large building size of 6, 300 SF and situated on a 2, 896 SF R3 zoned lot. It has 15 units (NO Onsite Manager is required!) with suitable unit mix for the area: five (5) x 1bed+1bath and ten (10) x Studio units. Each unit has functional layout that is suitable for beach living. Some units have private balconies and several units have ocen views. Each unit has laminate wood floor, gas wall heater, full sized kitchen and combination between bathtub or shower stall. Most of the units have not been upgraded. Because of the unit mix, it encourages higher turnover which is ideal for this location quality. Each unit is individually metered for electricity. The electrical panels for each unit have been updated. The roof was recently tuned by roofing company and the exterior paint were recently touched up. The building is fully sprinklered, complete with fire alarm system and fire door. It has additional fire escape staircases in the back. Each unit is separately metered for electricity, gas and water are master metered.
Presented by Han Chen at
Growth Investment Group Pasade.
Property MLS #AR24107083 from CRMLS
Heating: Yes
Lot Size Acres: 0.066483
Lot Size Source: Assessor
Lot Size Square Feet: 2896
Road Surface Type: Paved
Bedrooms in Unit-1: 1
Total Bathrooms in Unit-1: 1
Total Bathrooms in Unit-2: 1
Maintenance Expense: 29004.00
Tenant Pays: Electricity, Gas
Rent Control: Yes
County: Los Angeles
Cap Rate: 4.00
Source Property Type: Residential Income
Insurance Expense: 4108.00
Area: C11 - Venice
Source Neighborhood: C11 - Venice
New Taxes Expense: 50375.00
Number of Separate Electric Meters: 15
Number of Separate Gas Meters: 1
Number of Separate Water Meters: 1
Parcel Number: 4286018011
Pest Control Expense: 488.00
Professional Management Expense: 11191.00
Trash Expense: 3310.00
Zoning: LAR3
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $368,634 + $752,330 $1,120,964 | $14,182 |
| 2021 | $361,406 + $737,579 $1,098,985 | $13,983 |
| 2020 | $357,701 + $730,017 $1,087,718 | $14,115 |
| 2019 | $350,688 + $715,703 $1,066,391 | $13,584 |
| 2018 | $343,812 + $701,670 $1,045,482 | $13,549 |
| 2017 | $337,071 + $687,912 $1,024,983 | $13,228 |
| 2016 | $330,462 + $674,424 $1,004,886 | $12,882 |
| 2015 | $325,499 + $664,294 $989,793 | $12,704 |
| 2014 | $319,123 + $651,282 $970,405 | $12,840 |
| 2013 | $317,681 + $648,339 $966,020 | $12,835 |
| 2012 | $311,452 + $635,627 $947,079 | $13,003 |
| 2010 | $305,346 + $623,164 $928,510 | $12,753 |
| 2009 | $303,784 + $619,977 $923,761 | $12,301 |
| 2009 | $303,064 + $618,507 $921,571 | $12,301 |
| 2008 | $297,828 + $607,821 $905,649 | $11,802 |
| 2007 | $291,989 + $595,903 $887,892 | $11,414 |
$4,200,000
CRMLS
Listed 2024-05-28
$4,550,000
CRMLS
Listing removed 2014-02-06
$860
WestsideRentals
Listed for rent 2014-02-04
$860
WestsideRentals
Sold 1997-07-29
$745,000
ITECH
Listed 1997-04-15
$757,000
ITECH
Year Built: 1910
Building Features: 1
Common Walls: 2+ Common Walls
Direction Faces: Northwest
Entry Level: 1
Entry Location: 1
Property Age: 114
Property Attached: Yes
Roof: Flat
Levels or Stories: Three Or More
Building Total Stories: 3
Structure Type: Apartment
Year Built Source: Assessor
Sewer: Sewer: Public Sewer, Water Sewer Expense: 3840.00
Cable Connected
Electricity Connected
Natural Gas Connected
Phone Available
Sewer Connected
Water Connected
Water Source: Public
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.