Description

The triplex is fully leased as is the back “room” offering the buyer a strong 3.5% existing cap rate, with upside in those rents. This property also offers an opportunity to convert this triplex into a five-unit building, adding an additional +/- 1,400 square feet in a prime Venice Beach location close to Abbot Kinney and Venice Canals. There are currently two structures on this property- The first is 1712 Washington Way, a three-unit bungalow; the second “back structure” is a +/- 770 SF room (with a permitted bathroom) and two garage units totaling +/- 1,400 square feet. The opportunity here is to convert the room and garages in the “back structure” into two ADU’s making this a 5 unit +/- 3,010 square foot property. The front building has 1 studio and 2 one-bed/one-bath units, one of which has its own private patio. Tenants share a spacious and private outdoor courtyard, as well as convenient entrances from both Washington Way and Mildred Avenue. For the right offer, the seller might potentially be able to deliver some or all units vacant. This 6,204 SF lot boasts the coveted RD1.5 zoning on a classic tree-lined street next door to multimillion dollar single family homes and condos. At the current rental income, the property offers a 3.5 cap rate. There is a 51% upside potential with the ADU conversions. There are no long-term leases. As a triplex, it qualifies for residential financing. Venice has enjoyed historically strong appreciation, attracting tech professionals and remote workers across industries to a thriving hub in an irreplaceable beach location. Buyer is to verify all square footage, building and +/- 1,400 square feet.

Units:

  • Unit 1712: 1 Bed/1 Bath, $2,499/Month, Leased Month-To-Month
  • Unit 1712 1/2: Studio, $2,300/Month, Lease Expires Oct. 2022
  • Unit 1712 3/4: 1 Bed/1 Bath, $2,700/Month, Lease Expires Oct. 2022
  • 609 Mildred: Recreation Space, $2,000/Month, Leased Month-To-Month

List Price: $2,325,000
Building Size: 1,610 Sq.Ft.
Lot Size: 6,204
Units: 3 Units + Rec Space
Potential Units: 5
NOI: $81,312
Effective Gross Income: $113,988
CAP Rate: 3.5%
GRM: 20.4

Property Features:
  • Front building is a fully leased triplex with good rental upside
  • Second building has a +/- 770 square foot room, which is currently leased at a below market rate, and two garage units. This building totals +/- 1,400 square feet
  • Existing 3.5% cap rate in trophy Venice location with good rental upside
  • Opportunity to convert the second building into two ADU’s, making this a 5-unit building totaling +/- 3,010 square feet
  • 2 blocks to Abbot Kinney and Venice Canals, 3 blocks to Venice Beach
  • Qualifies for residential financing as a 3- unit investment property
  • 51% upside potential with ADU conversions, no long term leases
  • Historically strong appreciation in Venice, irreplaceable beach property

3
Bedrooms

Property ID

1712 Washington Way, Venice, CA

Property Type

Residential

Status

Sold

Price

$2,250,000.00

Additional Features

N

maher commercial realty

N

residential income for sale in Venice CA

N

venice ca real estate

N

venice ca real estate for sale

N

venice CA residential income


Agents

Oron Maher

Oron Maher

Director Broker

  • (310) 464-1453
  • OM@MaherCR.com
  • MaherCR.com
Nicole Lu

Nicole Lu

Investment Associate

  • 1 (310) 710-1018
  • nicole@lugroupe.com

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