31 Unit Building, Venice, CA 90291

$12,500,000
For Sale

Property Details

20 20 0 Multi Family

1305 Ocean Front Walk, Venice, California 90291

Description:

Property Summary Lambert Investments, Inc. proudly offers for sale a 31-unit apartment building located directly on the World-Renowned Venice Beach Boardwalk. This is a rare unique opportunity to purchase a great asset that has been in the same family for decades. The property is very clean and well maintained. The building is fully sprinklered and is master metered. Roof, deck, and balconies are approximately 3 years old, the water heater is approximately 5 years old. The property consists of 31 single apartment units and one leasing office fronting the famous Venice Beach Boardwalk. Situated in a very high demand area with a strong rental market. Spectacular large rooftop deck with beautiful Ocean, Boardwalk and City Views. Many units have Ocean Views and 7 units have classic claw foot bathtubs. The building is approximately 11,600 square feet sitting on a 4,215 square foot lot and was built in 1912. Currently, the building is mostly vacant and must be rented for a minimum of 30 days or more either furnished or unfurnished. This property has been operating as a hotel for over a decade. It is subject to Los Angeles Rent Control and the Rent Stabilization Ordinance (RSO.) As such, the unoccupied units must be rented at the rent levels on the attached schedule. There are currently several long-term rent-controlled tenants. The rent roll will be revised according to any tenant turnover. Any vacancy occurring after January 22, 2020, can be rented at market rents. Some of the Operational Expenses on Offering will no longer be applicable. Prime location close to the neighboring communities of Marina Del Rey, Playa Del Rey, Santa Monica and West Los Angeles. Located in the happening World- Renowned Silicon Beach.