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740 Washington Blvd, Marina del Rey, CA 90292

$1,525,000

Description

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.

Investment Highlights:

● 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!

Property Downloads

Address

  • City: Marina Del Rey
  • State/county: CA
  • Country: United States

Detail

Updated on June 7, 2019 at 3:51 pm

  • Price: $1,525,000
  • Property Size: 1,140 Sq Ft
  • Land Area: 2,500 Sq Ft
  • Garage Size: 2
  • Year Built: 1953
  • Property Type: Multifamily
  • Property Status: Active
  • Numbers of Units: 2
  • NOI: $25,183
  • GRM: 30.38
  • Market GRM: 19.87
  • Market CAP RATE: 3.26%

Contact info

Matt Dunfrund
Matt Dunfrund
(424) 330-2015(310) 367-9666
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