22
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$2,600,000
Est. payment /mo
4 Beds
8 Baths
3,288 SqFt
New
240 3rd AVE Venice, CA 90291
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 3,288 sqft
Price per Sqft $790
MLS Listing ID 26635601
Bedrooms 4
HOA Y/N No
Year Built 1956
Lot Size 6,189 Sqft
Property Description
240 3rd Ave is a high cash flowing 8-unit apartment building located in one of Venice's most desirable pockets. The property is fully parked with eight uncovered parking spaces and is aggressively priced at an 11.47 GIM with a 5.75% Cap Rate, representing the best combination of Cap Rate, GIM, and Price per Unit to trade in the neighborhood in recent years. The property also offers the ability to add multiple ADUs, providing meaningful long-term upside for a future owner, with buyers to verify feasibility. Priced at $325,000 per unit, 240 3rd Ave stabilizes north of a7.00% Cap Rate and under a 10 GRM. With the addition of four ADUs, inclusive of construction costs, the property is projected to operate at an 8.76% Cap Rate, an exceptional return profile for a core Venice asset. The property is ideally located just minutes from Abbot Kinney, Rose Avenue, and the Venice Beach Boardwalk, offering tenants immediate access to some of the area's most sought-after restaurants, cafes, and retail. Nearby favorites include Gjelina, Felix Trattoria, Great White, and The Butcher's Daughter, making this an exceptionally desirable rental location in one of Los Angeles' most iconic coastal neighborhoods.
Location
State CA
County Los Angeles
Area C11 - Venice
Zoning LARD1.5
Interior
Heating Wall Furnace
Fireplace No
Appliance Disposal
Laundry Common Area
Exterior
Parking Features Driveway
Total Parking Spaces 8
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 4286001014
Special Listing Condition Notice Of Default
Listed by Shaya Lowenstein Lyon Stahl Investment Real Estate, Inc.
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