Description:

Property Summary

Rare opportunity to buy a 15 unit apartment building with 8 VACANT units in Prime Venice Beach! Located on a quiet walk street right next to the beach in the coolest most sought after rental market of Silicon Beach.

This is truly a property that can be re-positioned by adding value after being in the same family for decades.  Gas, water and electric are mastered metered.  Located in the happening culture of arts, restaurants, shopping and the world renowned Venice Beach Boardwalk.

The Venice Beach Boardwalk is the second highest tourist attraction in Southern California attracting visitors from all over the world. Extremely desirable high demand rental area.  Headquarters of some of the coolest most innovated tech and entertainment firms and startups. Neighboring beach communities with Marina Del Rey, Playa Del Rey, Santa Monica and the prime location of West Los Angeles.

This is a Probate Sale which does not require court approval.  This is an unusual opportunity that will not last.

Drive by only, do not disturb the tenants.

View inside of units with accepted offer only

 

 

Unit #                       Unit Mix          Projected & Actual Rents

1                      1 Bedroom – 1 Bath             $ 1,600.00

2                      1 Bedroom – 1 Bath            $ 2,800.00 * VACANT

3                              Studio – 1 Bath            $ 2,000.00 * VACANT

4                             Studio – 1 Bath             $ 2,000.00 * VACANT

5                      1 Bedroom – 1 Bath             $ 2,800.00 * VACANT

6                      1 Bedroom – 1 Bath             $ 2,800.00 * VACANT

7                              Studio – 1 Bath             $ 2,000.00 * VACANT

8                              Studio – 1 Bath            $ 2,000.00 * VACANT

9                      1 Bedroom – 1 Bath             $ 1,575.00 – Partial Ocean View

10                   1 Bedroom – 1 Bath              $ 1,450.00

11                            Studio – 1 Bath             $ 1,320.00 – Partial Ocean View

12                            Studio – 1 Bath             $   738.68

14                            Studio – 1 Bath             $ 2,000.00 * VACANT

15                    1 Bedroom – 1 Bath              $   813.75

16                   1 Bedroom – 1 Bath               $ 1,680.00 – Ocean & Mountain Views

Monthly Projected & Actual Income:     $ 27,577.43 *

Annual Projected & Actual Income:       $ 330,929.16 * 

* Projected rents are after vacant units have been renovated.

 

Actual Annual Expenses

Insurance:                                                                  $ 6,650.00

Waste Disposal:                                                        $ 2,638.16

Gas:                                                                             $ 2,066.32

Water, Electric & Sewer:                                         $ 7,112.76

Rent Stabilization:                                                   $ 1,017.45

Total Actual Annual Expenses:                              $ 19,484.69

Approximate New Taxes:                                        $ 48,688.00