2337 Penmar Ave, Venice, CA 90291

2337 Penmar Ave, Venice, CA 90291

Venice, CA

Property Description

This 8-unit apartment building is located in a dynamic residential neighborhood in Venice, one of LA’s most robust beach communities. It consists of (2) 2BR/1BA units, and (6) 1BR/1BA units. The property has long-term ownership with the same family for 4 decades. It has been professionally managed since the 1990’s. There is 40% upside in rents, with the opportunity to increase cash flow well within sight. There is an assumable loan in place with Chase Bank at 3.97%, fixed until July 2026. The lot is 8,303 SF, zoned Lar4. This is an irreplaceable location, within walking distance of Lincoln Blvd restaurants, shopping, and the Costco Center. It is a short drive to Venice Beach, and Marina del Rey Harbor. Silicon Beach is just down the road, featuring major employers like Facebook, Google, Amazon, and Youtube. Don’t miss the chance to acquire an ownership stake in this valuable Westside location.

Property Features

  • Sale Price: $2,850,000
  • Area Size: 5,957 Sq. Ft.
  • Land Area: 8,303 Sq. Ft.
  • Year Built: 1955
  • Listing Date: 1/20/2023
  • Units: 8
  • Current GRM: 17.28
  • Current Cap Rate: 3.38%
  • Price Per Unit: $356,250
  • Market GRM: 12.43
  • Market Cap Rate: 5.44%
  • Current NOI: $96,345

Lyon Stahl Investment Real Estate

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