Listed by Colliers - Los Angeles - Brentwood, California
$4,300,000
120 Westminster Ave
Details
APN 4238-011-024; 4238-011-023
Property Type Multifamily
Sub Type Apartment Building
Square Footage 7,674
Units 21
Cap Rate 5.25%
NOI $225,892
Pro-Forma Cap Rate 7.83%
Pro-Forma NOI $336,840
Price per SqFt $560
Year Built 1920
Acreage 0.06 - 0.12
Zoning C4
Parking Spaces 9 spaces
Parking per 1,000 SqFt 1.17
Multifamily | 21 Units | $204,762/unit
Marketing description
Situated in the heart of Venice Beach, this rare 21-unit multifamily property presents a unique opportunity to acquire a well-located coastal asset just steps from Abbot Kinney Boulevard and Main Street. On the market for the first time in 25 years, the property features a consistent unit mix of (13) studios, (7) one-bedroom, one-bath, and (1) onebedroom, one-bath with loft floor plans. Included in the offering is a 2,401-square-foot adjacent parking lot on a seperate legal parcel, providing investors the potential to develop two additional residential units. With a Walk Score of 98 and a Bike Score of 100, the property offers an unmatched beachside lifestyle in one of Los Angeles’ most soughtafter rental markets.
Investment highlights
- Rare 21-unit multifamily investment located in the heart of Venice Beach, just steps from Main Street and Abbot Kinney Boulevard
- Ideally situated two blocks from Windward Avenue and the iconic Venice sign, surrounded by premier restaurants, cafés, and nightlife including Great White, Belles Beach House, Townhouse, Gran Blanco, and Ggiata Delicatessen
- First time on the market in 25 years, the property is competitively priced at $204,762 per unit
- The property offers a 5.25% in-place cap rate to be a 7.83% pro forma cap rate
- The adjacent 2,401-square-foot parking lot offers a valuable opportunity for an investor to develop two additional townhome residential units or a duplex with a yield to cost of 6.5%. In the meantime, the lot can generate steady income through individual parking leases or by renting the entire space to a nearby high-end retailer, given the strong local demand for parking
- Property features a consistent unit mix of (13) studios, (7) one-bedroom, one-bath, and (1) one-bedroom, one-bath with loft, plus new electrical panels installed in 2025 and a new roof currently being installed
- Rated a "Walker’s Paradise" and "Biker’s Paradise" with a Walk Score of 98 and Bike Score of 100, the property offers unparalleled access to beach paths and a year-round outdoor lifestyle
- Potential to develop two residential units or neighborhood-serving retail, subject to Coastal Commission restrictions
- Preliminary underwriting supports a two-unit townhome development valued at approximately $1 million, projecting a 21% return on cost
- The lot could continue operating as a surface parking lot; during development at $300-$450/month per stall for 8 spaces
- Alternatively, the entire 8-space parking lot could be leased to a nearby high-end retailer along Abbot Kinney Boulevard or Main Street, where parking is scarce and demand is high from businesses like Great White, Huset, Keetsa, and Hourglass
- The area has benefited from significant private investment and redevelopment, with over $1 billion poured into nearby residential, creative office, and mixed-use projects in the past decade
- Lot Size SF: 2,911 SF (Building) & 2,401 SF (Parking)
Listing Contacts
Listed by Colliers - Los Angeles - Brentwood, California
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$225,892.00
$18,824.33/mo
Valuation Metrics
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DSCR
5.25%
Cap Rate
5.25%
ROI
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