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2918 Pacific Avenue

Venice, CA 90291
  • $2,299,000
  • STATUS: Active
  • ON SITE: 12 Days
  • ID#: 21106567
UPDATED: 74 min ago
$2,299,000
  • 0
    BEDS
  • 0.06
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1924
County:
Area:

School Ratings & Info

Listing provided courtesy of Michael Earley of Douglas Elliman Of California, Inc. and Benjamin Schick of Douglas Elliman Of California, Inc.

Description

Located adjacent to the world-famous Venice Canals and just one block from the sand and Venice Beach, these charming park-like parcels are ripe for development or to add additional ADU structures for increased rental income. This 2,829 sq ft parcel is comprised of two singles plus one 2 bed/1 bathCurrent rental income is $9,600 / mo. Cap Rate 5.0%This property along with the adjoining property located at 2918 Pacific creates two separate parcels totaling 6,558 sq ft of land with approximately 2,618 sq ft of buildings comprised of two 2 bed/1 bath units on one lot and two singles plus a 2 bed 1 bath on the other lot. Both properties run street to street to afford access from both Pacific Ave as well as Strongs Dr. Located a few feet from public transportation the property could take advantage of SB 10 which allows for greater density than previously zoned. The properties may possibly be available individually but it is the seller's intention to sell both units.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-02T21:29:04.5. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
www.themarellygroup.com/homes/123429226
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2918 Pacific Avenue Venice, CA 90291

  • Price: $2,299,000
  • Status: Active
  • On Site: 12 Days
  • Updated: 74 min ago
  • ID#: 21106567
0
Beds
0
Baths
0
½ Baths
0.06
Acres
1924
Built
Neighborhood:
C11 - Venice
County:
Los Angeles
Area:
C11 - Venice
Property Description
Located adjacent to the world-famous Venice Canals and just one block from the sand and Venice Beach, these charming park-like parcels are ripe for development or to add additional ADU structures for increased rental income. This 2,829 sq ft parcel is comprised of two singles plus one 2 bed/1 bathCurrent rental income is $9,600 / mo. Cap Rate 5.0%This property along with the adjoining property located at 2918 Pacific creates two separate parcels totaling 6,558 sq ft of land with approximately 2,618 sq ft of buildings comprised of two 2 bed/1 bath units on one lot and two singles plus a 2 bed 1 bath on the other lot. Both properties run street to street to afford access from both Pacific Ave as well as Strongs Dr. Located a few feet from public transportation the property could take advantage of SB 10 which allows for greater density than previously zoned. The properties may possibly be available individually but it is the seller's intention to sell both units.
Exterior Features

Architectural Style Bungalow Parking Features One Space Parking Total 5

Interior Features

Cooling None Cooling YN No Heating Floor Furnace Heating YN Yes

Property Features

Association Fee 0 Buyer Financing Cash Community Features Gated Disclosures Coastal Commission RestrictionsCoastal ZoneRent Control Gross Income 115200 Laundry Features Common Area Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 114000 New Construction YN No Possession Close Of Escrow Rent Control YN Yes Security Features Gated Community Senior Community YN No Special Listing Conditions Standard Tenant Pays Cable TvElectricityGas Vacancy Allowance Rate 0 Zoning Lard1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-02T21:29:04.5. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
 
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The Marelly Group | Sentry Residential
5256 South Mission Rd, Suite 1006
Bonsall CA, 92003
Listing provided courtesy of Michael Earley of Douglas Elliman Of California, Inc. and Benjamin Schick of Douglas Elliman Of California, Inc.