Listed by Compass
$4,895,000
22 28th Ave l Venice
Details
APN 4226-021-026
Property Type Multifamily
Sub Type Apartment Building
Square Footage 5,398
Units 4
Cap Rate 5.52%
NOI $275,952
Tenancy Multi
Pro-Forma Cap Rate 6.90%
Pro-Forma NOI $345,192
Year Built 1925
Year Renovated 1988
Acreage 0.120
Parking Spaces 8 spaces
Parking per 1,000 SqFt 1.48
Investment Type Value Add
Multifamily | 5.52% CAP | 4 Units
Marketing description
This 4-unit multifamily property at 22 28th Ave in Venice, California offers an exceptional investment opportunity in one of Los Angeles' most desirable beachside neighborhoods. Venice is bordered by Santa Monica and Marina Del Rey. At its heart, Venice Beach is still a seaside town, but the addition of upscale shopping and dining options has made this small piece of paradise a prime location to reside and visit.
Investment highlights
- Prime Venice Beach location - bordered by Santa Monica and Marina Del Rey
- Current 5.52% Cap Rate with Market Pro-Forma 6.9% Cap Rate
- Strong upside potential - significant rental upside to market rates
- Current GRM 13.9 with Market GRM 11.64
- Below-market rents with current NOI of $275,952 and Pro-Forma NOI of $345,192
- 4 units with 5,398 gross building SF on 5,280 SF lot
- Built 1925, renovated 1988
- 8 parking spaces
- Walkable to Venice Beach, shops, dining, and entertainment
Listing Contacts
Listed by Compass
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$275,952.00
$22,996.00/mo
Valuation Metrics
0
DSCR
5.64%
Cap Rate
5.64%
ROI
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