Description:

Property Summary Lambert Investments, Inc. proudly offers for sale a 5 unit building in prime Venice Beach, California. Location location, location! This well-maintained pride of ownership building is located on one of the larger walk streets. Situated in a very high demand area with a strong rental market. This is one of the hippest, most sought-after areas where you can walk to the beach just across the street. The property consists of a 3,342 square foot building on a 3,598 square foot lot and was built in 1909. Ideal for an owner user and investor. Charming owner’s unit 2 bedroom plus office/ den and 1 bath with large front patio, has lots of natural light, beautiful hardwood floors, decorative fireplace, large kitchen with lots of cabinet space, laundry room in unit and a peek-a-boo ocean view. Outdoor shower and laundry room. Walking distance to the vibrant trendy shops, dining, and nightlife. The building is master metered. NO seismic retrofitting necessary. 5 open parking spaces in the rear of the building. 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. Great opportunity to purchase an asset that has been in the same family for decades. Now is the time for a prime owner user/investment. UNIT MIX 1 1 Two Bedroom + Office/Den - 1 Bath 1 Two Bedroom + Office - 1 Bath 3 One Bedroom - 1 Bath Purchase Price: $2,495,000.00 Price Per SQFT: $746.56 Price Per Unit: $499,000 Rent Roll 1 2 1 $4,200.00 Vacant- Projected rent Downstairs 2 + Office/Den 2 2 1 $2,624.00 Upstairs -Upstairs 2 + Office 4 1 1 $2,300.00 Vacant- Projected rent Downstairs 5 1 1 $1,378.00 Upstairs Loft Style 6 1 1 $1,837.00 Upstairs Loft Style Ocean View Laundry $50.00 Equipment owned- projected income Owner does not currently charge MONTHLY $12,389.00 Including laundry ANNUAL $148,668.00 PRICE $2,495,000.00 GRM 16.8 CAP RATE 3.2% EXPENSE $37,520.00 Projected expenses NOI $79,960.50 Bldg Size 3342 # of Units 5 Price Per Sq Ft $746.56 Price Per Unit $499,000.00 New Taxes $31,187.50 Expense & Taxes: $68,707.50