19 Wavecrest Ave
Venice, CA 90291
Prime "at the beach" Silicon Beach Investment · Multifamily Property For Sale
·
10 Units
Property Facts
| No. Units | 10 | Lot Size | 0.06 AC |
| Property Type | Multifamily | Building Size | 7,281 SF |
| Property Subtype | Apartment | Average Occupancy | 30% |
| Apartment Style | Mid-Rise | No. Stories | 4 |
| Building Class | C | Year Built | 1912 |
| Zoning | RD1.5-1, Venice - restricted Density Multiple Dwelling | ||
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 7,281 SF |
| Average Occupancy | 30% |
| No. Stories | 4 |
| Year Built | 1912 |
| Zoning | RD1.5-1, Venice - restricted Density Multiple Dwelling |
About 19 WAVECREST AVE , VENICE, CA 90291
Investment opportunity just feet from the sand in world famous Venice Beach. The home of LAs hottest tech scene, avant garde dining and retail on Abbot Kinney, as well as the most highly sought-after rental submarket on the West Coast! The subject property is ideally-located off Speedway, which is the 1st street from the famous Boardwalk. This vintage building has character inside and out - highlighted with Spanish tile surfaces and tub surrounds, in the kitchens and baths. The units have been largely redone, throughout, with mostly copper plumbing and a one-year old roof. The Seller plans to deliver 9 of the 10 units vacant and "market-rent-ready" at the close of escrow! And the Seller will likely leaseback the large 2 Bed/1 Bath Penthouse at a market rent, after closing, as well. The penthouse has a large deck with hot tub, as well as a 2nd rooftop deck with vast views of the Pacific and the whole LA Basin. A charming asset with massive unrealized upside in a location with a brand name and cache that is arguably second-to-none. The building has an appealing unit mix of seven 1 Bed/1 Baths, two 2 Bed/1 Baths and then a huge 2 Bed/1 Bath Penthouse. And a palatable day one cap rate of over 4.5% - hard to find anywhere in The Westside.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
| 2+1 | 3 | - | - |
Property Taxes
| Parcel Number | 4226-003-010 | Improvements Assessment | $2,040,000 |
| Land Assessment | $2,856,000 | Total Assessment | $4,896,000 |
Property Taxes
