Property Description

For the first time in nearly three decades, 2418 Pacific Ave is now on the market. The sellers own an identical 4-plex next door at 2420 Pacific and are open to offers on both properties, either together or separately. These exceptional A-Class Venice assets are on the walk streets of the Venice Canals and are mere seconds from the beach. This offering presents an outstanding opportunity for an investor or owner-occupant to acquire a trophy asset in a highly desirable area of Venice Beach. The building boasts strong in-place rents and is being offered at a 4.62% cap rate and 15.36 GRM. With parking and outdoor space available for 3 out of 4 units, a buyer will have ease when renting, minimizing vacancy loss. Each property is a 2,802 square feet 4-unit building on a 2,755- square foot lot. They feature one 3-br/2-ba unit with a patio and 2 parking spaces, one 2-br/1-ba unit with a large back deck and 2 parking spaces, and 2 studio units with one parking space each and a patio. 2418 Pacific Ave will be delivered with two vacant units, a vacant 2-bedroom and a vacant studio, both of which are situated on the same level, providing an owner occupant the opportunity to combine them into a single, larger space. 2420 Pacific Ave will be delivered fully occupied and is generating 151,000 in rental income.