1712 Washington Way, Venice, CA 90291

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