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Diego Magdaleno

diego@1visionproperties.com +1(714) 676-7271

$2,600,000

Est. payment - /mo

4 Beds

8 Baths

3,288 SqFt

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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 3,288 sqft

Price per Sqft $790

MLS Listing ID 26635601

Bedrooms 4

HOA Y/N No

Year Built 1956

Lot Size 6,189 Sqft

Property Description

240 3rd Ave is a high cash flowing 8-unit apartment building located in one of Venice's most desirable pockets. The property is fully parked with eight uncovered parking spaces and is aggressively priced at an 11.47 GIM with a 5.75% Cap Rate, representing the best combination of Cap Rate, GIM, and Price per Unit to trade in the neighborhood in recent years. The property also offers the ability to add multiple ADUs, providing meaningful long-term upside for a future owner, with buyers to verify feasibility. Priced at $325,000 per unit, 240 3rd Ave stabilizes north of a7.00% Cap Rate and under a 10 GRM. With the addition of four ADUs, inclusive of construction costs, the property is projected to operate at an 8.76% Cap Rate, an exceptional return profile for a core Venice asset. The property is ideally located just minutes from Abbot Kinney, Rose Avenue, and the Venice Beach Boardwalk, offering tenants immediate access to some of the area's most sought-after restaurants, cafes, and retail. Nearby favorites include Gjelina, Felix Trattoria, Great White, and The Butcher's Daughter, making this an exceptionally desirable rental location in one of Los Angeles' most iconic coastal neighborhoods.

Location

State CA

County Los Angeles

Area C11 - Venice

Zoning LARD1.5

Interior

Heating Wall Furnace

Fireplace No

Appliance Disposal

Laundry Common Area

Exterior

Parking Features Driveway

Total Parking Spaces 8

Building

Story 2

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 4286001014

Special Listing Condition Notice Of Default

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Listed by Shaya Lowenstein Lyon Stahl Investment Real Estate, Inc.

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240 3rd AVE Venice, CA 90291