Property Details.

Price $8,675,000

Year Built 1964

# of Units 15

Price P/ Unit $578,333

Sq. ft. 11,958 SF

Price p/ Sq. ft. $725

Current Cap Rate 3.41%

Proforma Cap Rate 5.11%

Lot Size 11,528 SF

Zoning LAR4

354-356 4th Avenue
Venice, CA 90291

About the Property

The almost 12,000 sq. ft. two-story building sits on a large corner lot, and distinguishes itself from other properties with a smooth stucco facade complemented by a prominent mural commissioned by renowned artist Spencer Mar Gilburt. The subject property is comprised of (1) three-bedroom and one-bath townhouse, (1) two-bedroom and one-bath townhouse, (2) three-bedroom and two-bath units, (9) two-bedroom and one-bath units and (2) one-bedroom and one-bath units. 7 out of 15 units have been remodeled to include quartz countertops, stainless steel Frigidaire appliances, soft-close custom cabinets, LED lighting package, copper plumbing, and a custom black window package. Remodeled units are achieving market rents, which present a significant value-add opportunity to investors, as current rents are approximately 33% below market value.  Additionally, 354-356 4th Ave. features secured entry, approximately 24 covered parking spaces and a new roof.

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