Venice CA  home offered at $6,250,000 

Call Lisa DiNoto Group at (909)921-2544 to see this home.

 

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: yes
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
Senior Community: no

Financial

Cap Rate: 4.37
Gross Multiplier: 15.51
Gross Operating Income: 402911
Net Operating Income: 272927
Special Listing Conditions: Standard
Total Expenses: 117896

Zoning Info


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Listed by: AndresDiaz, DRE #01956479 from Keller Williams Downtown LA 213-797-7000

Contact - Listing ID 22215457

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Lisa DiNoto

9483 Haven Ave #100
Rancho Cucamonga, CA 91730
Phone: 9099212544

Data services provided by IDX Broker
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