Property 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.

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