47 Westminster Ave, Venice, CA 90291

47 Westminster Ave, Venice, CA 90291

Venice, CA

Property Description

47 Westminster Ave offers the rare opportunity to own a coveted property situated one block from Ocean Front Walk and three blocks from Abbot Kinney Blvd in the bohemian beach enclave and high demand rental market of Venice, CA. Built in 1966, this two-story building is comprised of (2) 3 bed/2 bath units totaling 2,320 SF of rentable living space and sits on a 2,671 SF lot. The property includes an enclosed courtyard for tenants to enjoy a private outdoor space on one side of the building. Three parking spots serve the other side. The property is low maintenance with minimal expenses, as both units were renovated and leased out last year. Washer/dryer hookups are provided in each unit, and tenants pay for their own power, gas, and trash service. The landlord is only responsible for water and gardening. With a Walkscore of 92, this location is a walker’s paradise and conveniently located a few short blocks from Abbott Kinney Blvd. (dubbed by GQ Magazine as, “The coolest block in America”), Main St, and Rose Ave. The new owner and/or tenants can easily access the premier shopping, trendy restaurants, and multiple galleries this vibrant beach town has to offer. Located in the heart of Silicon Beach, the immediate area is a growing technology, media, and startup hub.

Property Features

  • Sale Price: $1,700,000
  • Area Size: 2,320 Sq. Ft.
  • Land Area: 2,671 Sq. Ft.
  • Year Built: 1966
  • Listing Date: 11/15/2023
  • Closing Date: 2/7/2024
  • Units: 2
  • Current GRM: 18.25
  • Current Cap Rate: 3.77%
  • Price Per Unit: $847,500
  • Market GRM: 14.27
  • Market Cap Rate: 5.26%
  • Current NOI: $63,962

Lyon Stahl Investment Real Estate

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