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    240 3rd Avenue

    Venice, CA 90291
    • $2,750,000
    • STATUS: Active
    • ON SITE: 88 days
    • ID#: 21692236
    UPDATED: 71 min ago
    $2,750,000
    • 0
      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 California Regional Multiple Listing Service, Inc. as of 2021-05-12T17:38:37.55. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
    www.playavistaliving.com/homes/114222470
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    240 3rd Avenue Venice, CA 90291

    • Price: $2,750,000
    • Status: Active
    • Updated: 71 min ago
    • ID#: 21692236
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.14
    Acres
    3,288
    SQFT
    $836
    $/SQFT
    1956
    Built
    Neighborhood:
    C11 - Venice
    County:
    Los Angeles
    Area:
    C11 - 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.
    Property Features

    Gross Income 212141 Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 155004 Senior Community YN No Special Listing Conditions Standard Zoning Lard1.5

    Listing provided courtesy of Elijah Korobkin of Central Realty Advisors Inc


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-12T17:38:37.55. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
     
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