Listed by Colliers - Los Angeles - Brentwood, California
$5,600,000
20 Brooks Avenue
Details
APN 4286-026-003
Property Type Multifamily
Sub Type Apartment Building
Square Footage 11,616
Units 18
Cap Rate 5.48%
NOI $307,010
Occupancy 100%
Pro-Forma Cap Rate 7.64%
Pro-Forma NOI $428,043
Price per SqFt $482
Year Built 1909
Acreage 0.140
Zoning LARD1.5
Parking Spaces 1 spaces
Parking Per SqFt 0.09
Multifamily | 18 Units | $311,111/unit
Marketing description
Located just one block from the beach in Venice, this 18-unit property offers an exceptional opportunity to acquire a coastal multifamily asset in one of Los Angeles’ most iconic and supply-constrained neighborhoods. The unit mix includes (9) studios, (7) one-bedroom/one-bath, and (2) two-bedroom, one-bath units, appealing to the area's diverse, lifestyle-driven renter base. Residents enjoy access to a rooftop deck with ocean breezes and panoramic views, all within steps of Abbot Kinney Boulevard’s renowned upscale dining and boutique shopping.
Investment highlights
- Land Area 0.14 AC | 5,984 SF
- Rare 18-unit multifamily investment located just one block from the beach in the heart of Venice
- Ideally situated steps from the infamous Abbot Kinney Boulevard, home to many of Los Angeles' most popular restaurants, cafes, and boutiques, including Gjelina, Erewhon, Barrique, Felix Trattoria, RVR, and The Butcher's Daughter
- Competitively priced at $311,111 per unit, with an in-place cap rate of 5.48% and the opportunity to achieve a 7.64% pro forma cap rate
- First time on the market in 23 years, presenting a rare opportunity to acquire a turnkey asset in the prime Venice Beach
- Residents benefit from a rooftop deck with panoramic ocean views, a community laundry room, and 1 parking spot
- Diverse unit mix consisting of (9) studios, (7) one-bedroom, one bathroom, and (2) two-bedroom, one-bathroom floor plans
- Boasting a Walk Score of 94 and a Bike Score of 100, the property is just one block from the Venice Boardwalk, offering residents direct access to a year-round outdoor lifestyle
- Submarket asking rents expected to rise 18.85% over the next five years
- Employment population of 273,315 within a five-mile radius
- Average annual mortgage payment in Venice ($112,180) is nearly 3.5 times higher than the average annual rent payment ($33,924), fueling strong demand for rental properties in the submarket
- Submarket occupancy averaged 95.8% over the past five years
- The average household income within a three-mile radius is $179,786
- Within a five-mile radius of the property, the population is 414,389
- Ideally positioned in the heart of Silicon Beach's thriving tech hub, with immediate access to major employers including Snap Inc., Google's Venice campus, and Adweek, while being minutes from Santa Monica's employer's featuring Hulu, Amazon Studios, Activision Blizzard, and Bird
- Prime location within walking distance to Venice and Santa Monica's premier dining destinations, including Fig Tree, Dudley Market, Venice Ale House, Waterfront, Great White, Gran Blanco, Market, Belles, La La Land, Gjusta, Café Gratitude, Coucou, Pasjoli, Shoops, and Urth Café
- Located less than a half mile from the infamous Abbot Kinney Boulevard, filled with boutique shops, monthly First Friday food truck events, and high-end retailers including Rag & Bone, Warby Parker, Aviator Nation, and Vince, establishing the street as "The Coolest Block in America" according to GQ Magazine
Listing Contacts
Listed by Colliers - Los Angeles - Brentwood, California
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Loan Amount
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Annual Debt Service
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$--
Annual Cash Flow
$307,010.00
$25,584.17/mo
Valuation Metrics
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DSCR
5.48%
Cap Rate
5.48%
ROI
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