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29 Navy St
Venice, CA 90291
Multifamily Property For Sale
·
25 Units
Investment Highlights
- Premier Multifamily Property in an Irreplaceable Coastal Location Steps Away from Venice Beach
- The Property is 96% Occupied, Offering the Rare Opportunity to Acquire a Premium Asset with Strong Upside Potential and Durable Income
- Prime Silicon Beach Location, with Exceptional Demand Drivers for Multifamily
Executive Summary
Madison Partners is pleased to offer investors the exceptional opportunity to acquire the 100% fee-simple interest in 29 Navy Street, a premium 25-unit multifamily property located in the world-renowned Venice Beach area of Los Angeles, California. Built in 1924 and completely renovated in 2015 / 2018 to cutting-edge specifications, the Property is situated on 0.13 acres in a central, highly-walkable location just steps from Venice Beach and the area’s multitude of amenities and attractions. The Property features an ideal unit mix comprised of sixteen studio units, six 1-bedroom units, and three 2-bedroom units, with below-market average in-place rents, allowing for substantial future upside scenarios in the continued low vacancy environment. Nearly $2 million has been invested into Property improvements since 2015 to create a unique and highly-desirable unit physical program featuring high-character Venice Beach charm with exposed brick interiors, wide-plank flooring, stainless steel appliances, and premium fixtures and finishes throughout. Moreover, the property features a penthouse unit with an ocean view rooftop patio, an extremely rare and coveted amenity in this prime beachside location, allowing for attainment of premium rents.
Property Facts
| Sale Type | Investment | Lot Size | 0.14 AC |
| No. Units | 25 | Building Size | 11,493 SF |
| Property Type | Multifamily | Average Occupancy | 96% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1924/2018 |
| Building Class | C | ||
| Zoning | R3 - Multiple Dwelling | ||
| Sale Type | Investment |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 11,493 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built/Renovated | 1924/2018 |
| Zoning | R3 - Multiple Dwelling |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Oven
- Tub/Shower
- Pantry
Site Amenities
- 24 Hour Access
- Picnic Area
- Tenant Controlled HVAC
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 16 | - | - |
| 1+1 | 6 | - | 328 - 381 |
| 2+1 | 3 | - | 120 - 398 |
Property Taxes
| Parcel Number | 4288-028-018 | Improvements Assessment | $3,196,249 |
| Land Assessment | $7,457,923 | Total Assessment | $10,654,172 |
Property Taxes
Parcel Number
4288-028-018
Land Assessment
$7,457,923
Improvements Assessment
$3,196,249
Total Assessment
$10,654,172
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