Log In/Sign Up
Your email has been sent.
2008-2020 Strongs Dr 7 Unit Apartment Building $3,595,000 ($513,571/Unit) 5.63% Cap Rate Venice, CA 90291
Investment Highlights
- Below-Market Assumable Debt
- Excellent In-Place Cap Rate of 5.63%
- New electrical 400-amp service
- Excellent In-Place GRM 12.5
- New Kitchens and Bathrooms in some units
- Tankless hot water heaters in most units
Executive Summary
True North CRE of Compass Commercial, as the exclusive listing agent, is pleased to present 2008 Strong's Drive, a 7-unit multifamily investment opportunity located in the highly desirable Venice Canals neighborhood of Los Angeles. Originally constructed in 1922 and thoughtfully remodeled, the property comprises approximately 4,008± square feet of rentable building area situated on two lots totaling 6,182± square-feet lot, zoned LARD1.5 and LAR3, offering long-term flexibility and investment stability in a premier coastal submarket. The property features six well-appointed one-bedroom/one-bath apartment units, plus a detached one-bedroom/one-bath single-family home. Each unit is separately metered for gas and electricity and includes its own water heater. Landlord utility costs are minimal as tenants are responsible for most of the utilities through a RUBS program.
Ideally positioned in the heart of Venice, the property benefits from one of Los Angeles' most iconic and supply-constrained coastal neighborhoods, known for its lifestyle-driven appeal, strong tenant demand, and long-term value resilience. Residents enjoy immediate proximity to Abbot Kinney Boulevard, the Venice Beach Boardwalk, and the broader Silicon Beach employment corridor, with premier dining, retail, wellness, and outdoor amenities just moments away. Major employment hubs in Santa Monica, Playa Vista, Culver City, and West Los Angeles are easily accessible, while convenient connectivity to the I-10, I-405, and Route 90 enhances mobility throughout the Westside and greater Los Angeles. This rare combination of coastal charm, walkability, and commuter accessibility supports a compelling long-term hold opportunity in one of Southern California's most sought-after investment markets.
ASSUMABLE FINANCING
The property is encumbered by an existing $2,533,000 loan bearing a fixed interest rate of 3.15% through December 1, 2028. The loan is structured with interest-only payments through January 1, 2026, after which it converts to principal and interest based on a 30-year amortization schedule at the same fixed rate, continuing through January 1, 2029. The loan is assumable, subject to lender approval, for an assumption fee equal to 1% of the loan balance. The borrower and property must satisfy the lender’s current underwriting requirements, which may necessitate a principal paydown at closing. For additional details regarding the loan assumption, please contact Loren Tirone, Haute Financial Group, at (248) 767-2607 or loren@hautefinancialgroup.com DRE #01823627.
Ideally positioned in the heart of Venice, the property benefits from one of Los Angeles' most iconic and supply-constrained coastal neighborhoods, known for its lifestyle-driven appeal, strong tenant demand, and long-term value resilience. Residents enjoy immediate proximity to Abbot Kinney Boulevard, the Venice Beach Boardwalk, and the broader Silicon Beach employment corridor, with premier dining, retail, wellness, and outdoor amenities just moments away. Major employment hubs in Santa Monica, Playa Vista, Culver City, and West Los Angeles are easily accessible, while convenient connectivity to the I-10, I-405, and Route 90 enhances mobility throughout the Westside and greater Los Angeles. This rare combination of coastal charm, walkability, and commuter accessibility supports a compelling long-term hold opportunity in one of Southern California's most sought-after investment markets.
ASSUMABLE FINANCING
The property is encumbered by an existing $2,533,000 loan bearing a fixed interest rate of 3.15% through December 1, 2028. The loan is structured with interest-only payments through January 1, 2026, after which it converts to principal and interest based on a 30-year amortization schedule at the same fixed rate, continuing through January 1, 2029. The loan is assumable, subject to lender approval, for an assumption fee equal to 1% of the loan balance. The borrower and property must satisfy the lender’s current underwriting requirements, which may necessitate a principal paydown at closing. For additional details regarding the loan assumption, please contact Loren Tirone, Haute Financial Group, at (248) 767-2607 or loren@hautefinancialgroup.com DRE #01823627.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$277,028
|
$69.12
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$277,028
|
$69.12
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$77,885
|
$19.43
|
| Net Operating Income |
$199,143
|
$49.69
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $277,028 |
| Annual Per SF | $69.12 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $277,028 |
| Annual Per SF | $69.12 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $77,885 |
| Annual Per SF | $19.43 |
| Net Operating Income | |
|---|---|
| Annual | $199,143 |
| Annual Per SF | $49.69 |
Property Facts
| Price | $3,595,000 | Apartment Style | Low-Rise |
| Price Per Unit | $513,571 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.63% | Building Size | 4,008 SF |
| Gross Rent Multiplier | 12.5 | No. Stories | 2 |
| No. Units | 7 | Year Built | 1922 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LAR3 & LAR1.5 | ||
| Price | $3,595,000 |
| Price Per Unit | $513,571 |
| Sale Type | Investment |
| Cap Rate | 5.63% |
| Gross Rent Multiplier | 12.5 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,008 SF |
| No. Stories | 2 |
| Year Built | 1922 |
| Parking Ratio | 1/1,000 SF |
| Zoning | LAR3 & LAR1.5 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | $3,788 | - |
1 1
Walk Score®
Walker's Paradise (95)
Bike Score®
Biker's Paradise (98)
Property Taxes
| Parcel Number | 4238-022-031 | Improvements Assessment | $382,774 |
| Land Assessment | $1,531,102 | Total Assessment | $1,913,876 |
Property Taxes
Parcel Number
4238-022-031
Land Assessment
$1,531,102
Improvements Assessment
$382,774
Total Assessment
$1,913,876
1 of 70
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
2008-2020 Strongs Dr
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.