Historical Multifamily Sale Listing - Venice Property Portfolio (Redevelopment Offering)

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Venice Property Portfolio (Redevelopment Offering)

708-728 Machado Drive, Venice, CA 90291

N/A

14 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
14
Building Size:
10,924 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Additional Sub-types:
Residential (land)
Commercial/ Other (land)
Property Use Type:
Investment
Cap Rate:
2.81%
Lot Size:
19,588 SF
Listing ID
17382509
Last Updated
over 1 year ago

Description

Presenting for sale an exclusive redevelopment property portfolio in Venice, CA. The offering consists of 6 separate legal parcels with 5 distinct properties housing 14 residential units, built from 1947-1949 on a contiguous total of 19,588 square feet (est).

The portfolio includes 2 single family residences (SFR) at 708 Machado (2+1) and 712 Machado (3+2); the latter also has a rooftop deck and a second floor bonus room. Both properties are zoned RD1.5. The remaining 3 properties are 4-plexes: 716 Machado, mostly 2+1 units, situated on a double lot zoned RD1.5; 724 Machado, all 1+1 units which can also rent a one-car garage, zoned C2; and 728 Machado, all 1+1 units, zoned C2. Rental income is $19,552 per month (apx).

The large lot, multiple parcels, and strong location create an excellent situation for redevelopment. Attractive bank financing is available (4.275%, fixed for 5yrs), to serve as a construction bridge. The low "interest-only" rate and annual income of over $235k means low carry costs during the permitting phase.

This offering presents an exciting opportunity to purchase a rare, unique Venice property portfolio. The property is located in Venice, CA, off Lincoln Blvd between Ocean Park Blvd and Rose Ave. The portfolio is located just six blocks from the beach, walking distance from Whole Foods Market and other neighborhood attractions. Please contact the listing agent for further details or to schedule an appointment. Please do not disturb tenants.

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Created 10/20/2011