Property listed by Marcus & Millichap, Michael Sterman 818-212-2700
$1,495,000
We are pleased to present 2200 Penmar Ave a charming 3-unit apartment building located in the heart of Venice, one of Los Angeles' most desirable coastal neighborhoods. Built in 1949, the property features (2) one-bedroom + one-bath units and (1) two-bedroom + one-bath unit, totaling approximately 2,054 square feet of… Read More rentable space on a 4,545 square foot lot. All units are equipped with in-unit washer and dryers, providing added convenience and appeal to tenants. Additionally, two of the units come with their own private garage parking and outdoor patios ideal for enjoying the Venice beach lifestyle. One unit will be delivered vacant at the close of escrow, offering an excellent opportunity for an owner-user or investor seeking to capitalize on immediate rental upside in a supply-constrained market. Tucked away on a quiet residential street, 2200 Penmar offers tenants the perfect blend of tranquility and accessibility. Just minutes from the iconic Abbot Kinney Boulevard, Venice Beach, and a wide array of shopping, dining, and entertainment options, the location is second to none. Easy access to Lincoln Blvd, Venice Blvd, and major freeways ensures smooth connectivity to Santa Monica, Culver City, and beyond.2200 Penmar Ave represents a unique value-add opportunity for investors due to the property's location and rental upside. The property offers a initial CAP rate of 4.13% with the ability to improve to a 4.67% CAP rate once units turnover. Read Less
Listing Snapshot
Days Online
5
Last Updated
Property Type
Other
Beds
4
Square Ft.
2,054
Lot Size
0.1 Acres
Year Built
1949
MLS Number
25552661
30 Days Snapshot Of 90291
$2.40M
-10%
(avg) sold price
20
-16%
homes sold
79
-2%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1949, Building area total: 2,054, Levels: One, Living area: 2054, 1 story, 1 building
Income
Gross income: $96,600, Net operating income: $61,693
Lot
0.1042 acres, 4,541 square feet, Size: 4,541
Parking
Garage
Property
Zoning: LAR1
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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