559
Sunset Avenue,
Venice,
California
CA
90291-2660
Sold For: $5,825,000
Listing ID: 22215457
Price/SqFt:
$586.80
Status:
Closed
Sold Date:
2/24/2023
SqFt:
10,651
Sq Ft
Acres:
0.259
Acres
Year Built:
1964
559 Sunset Avenue is a 14-unit apartment located in the high barrier to entry neighborhood of Venice. The property is situated on a double lot (11,270 SF) and consists of two (2) one-bedroom units and twelve (12) two-bedroom units. In addition, the property is walking distance to the dining and entertainment options on Rose Avenue & 6th Avenue. The opportunity presents a new investor the ability to renovate units immediately and capture close to 63% upside in rents. Tenants are within 1 1/2 blocks to Whole Foods and a short walk to Abbot Kinney. Lastly, 559 Sunset is offered at a sub-16 GRM and provides ample parking for tenants (17 spaces).
Primary Features
County:
Los Angeles
Price/SqFt:
586.8
Property Type:
Residential Income
Year Built:
1964
Zoning:
LARD1.5
Interior
Heating Type:
Wall Furnace
Interior Features:
Ceiling Fan(s)
Stories Total:
2
External
Lot Size Area:
11270
Lot Size Dimensions:
81x140
Lot Size Square Feet:
11270
Number Of Buildings:
1
Parking:
yes
Parking Features:
Assigned
Parking Total:
17
Location
Country:
US
MLS Area Major:
C11 - Venice
Additional
Association:
no
Days On Market:
74
List Agent State License:
01956479
List Office State License:
01947193
Lot Size Units:
Square Feet
New Construction:
no
Number Of Units Total:
14
Parcel Number:
4240010035
Financial
Cap Rate:
4.37
Gross Multiplier:
15.51
Gross Operating Income:
402911
Net Operating Income:
272927
Special Listing Conditions:
Standard
Total Expenses:
117896
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Based on information from CARETS as of Thursday, March 28th, 2024 01:20:37 PM. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. 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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Listed by: AndresDiaz, DRE #01956479 from Keller Williams Downtown LA 213-797-7000
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