New Listing – Value-Add Duplex in Marina del Rey
Matt Dunfrund of Lyon | Stahl Investment Real Estate is pleased to present 740 Washington Blvd, a value-add duplex located in Marina del Rey!
This property is offered at $1,550,000
Presenting an interesting value-add duplex listing at 740 Washington Blvd, Marina del Rey 90292. Featuring a front 1 Bedroom 1 Bath unit with a private front yard currently renting for $1,194/mth & a rear 2 Bedroom 2 Bath unit rented for $2,995/mth for a current gross income of $4,189/month; $50,268/year. At our $1,550,000 asking price, the property is priced at: $775,000/unit; a 30.83 current GRM; a 19.87 market GRM; a 1.62% current CAP; a 3.26% market CAP, and $1,360/SF. The property is legally a triplex so an astute buyer could add significant income/value by converting the rear 2+2 unit to two 1+1 units. With proforma market rents on 1 Bedroom units locally averaging approx. $3,000/mth, there is significant upside potential here once the existing tenants vacate. The property also has a large two-car garage in the rear alley. Unique 2,500sf lot with commercial C2/R4 zoning allowing for a wide variety of mixed-uses & live/work opportunities.
Also presents a great owner-user opportunity to acquire a multi-unit property with solid rental income for a lower price than most single family homes locally! Located an A+ location at the heart of Silicon Beach & only a short walk or bike ride from all of the Marina & Venice’s hippest restaurants; shops; bars; entertainment; outdoor activities & the beach. Walking distance to Coeur d’ Alene Avenue School & St. Mark School, as well as Triangle Park & the Marvin Braude Bike Path.
● Clean Venice/MDR Duplex in an A+ Location at the heart of Silicon Beach only 1 mile from the Venice Pier & 0.7m from Abbot Kinney’s fantastic shops; restaurants & bars
● Currently featuring one 1+1 unit with a private front yard & one 2+2 unit (Legally a triplex & could be converted back to two 1+1 units by new owner to add significant income/value)
● Unique 2,500sf lot with commercial C2/R4 zoning allowing for a wide variety of mixed-uses & live/work opportunities
● Also presents a great owner-user opportunity to acquire a multi-unit property with solid rental income for a lower price than most single family homes locally!
Marina del Rey Highlights:
● Historically high occupancy rates.
● Dramatic net absorption during recoveries.
● Extremely limited numbers of large blocks of available space.
● Significant increases in rental rates in strong economic times.