40 Westminster Avenue, Venice, CA 90291 | MLS 15933761 | Listing Information | Real Living Pacific Realty | Real Living Real Estate
Real Living Pacific Realty
800-660-9140

40 Westminster Avenue,  Venice CA, 90291

7,691 sqft
Status: Sold
MLS#: 15933761
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Real Living Pacific Realty
800-660-9140

Listing Provided Courtesy Of: DeMers & Associates
Last Updated: 12/7/2016 2:39 AM
Description for 40 Westminster Avenue Venice, CA 90291
WOW - 18 units a block from the beach, just north of "downtown Venice Beach". This property has a huge upside in rent, estimate at something well north of $406,000 per year on a proforma basis, versus the $258,000 current scheduled rent. The small units allow for maximum rental value on a sqft basis. The building needs significant updating, currently 3 of the units are vacant and 1 or 2 units are occupied by managers. The building is master metered, has an on demand hot water system, and small gas wall heaters in each unit. It is 3 stories, no elevator, no parking, central hall, with two sets of stairs. The large basement could possibly be turned into a laundry room or storage to further increase rental income. The roof has an additional space used as owner storage. Some minimal views from the upper units, so this property is all about location! With the right rehab and management, this building offers spectacular upside. Rare Venice Opportunity!
Price
Sold Price:
$4,200,000
Sold Date:12/17/2015
Los Angeles
7,691 (approx)
15933761
Closed
Description
WOW - 18 units a block from the beach, just north of "downtown Venice Beach". This property has a huge upside in rent, estimate at something well north of $406,000 per year on a proforma basis, versus the $258,000 current scheduled rent. The small units allow for maximum rental value on a sqft basis. The building needs significant updating, currently 3 of the units are vacant and 1 or 2 units are occupied by managers. The building is master metered, has an on demand hot water system, and small gas wall heaters in each unit. It is 3 stories, no elevator, no parking, central hall, with two sets of stairs. The large basement could possibly be turned into a laundry room or storage to further increase rental income. The roof has an additional space used as owner storage. Some minimal views from the upper units, so this property is all about location! With the right rehab and management, this building offers spectacular upside. Rare Venice Opportunity!
Listing Information
Property Type: Cluster, 3+ Story
0.07 Acres 7,691 (approx) 1912
Tankless Water Heater
18 Total
Neighborhood
Room Information
No Laundry Facility
Interior Features
Refrigerator, None
None
Exterior / Lot Features
Flat
35X90
LARD1.5
Driving Directions
Just 500 feet to the Beach: West of Pacific Ave, 3 blocks north of "downtown" Venice Beach
Financial Considerations
4226006019
,$150,000
Listing Price History

Venice Real Estate

Venice is located in California. Venice, California 90291 has a population of 26,961.

The median household income in Venice, California 90291 is $76,578. The median household income for the surrounding county is $56,241 compared to the national median of $53,046. The median age of people living in Venice 90291 is 37.4 years.

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Courtesy: DeMers & Associates Laurence DeMers
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Information is deemed reliable but is not guaranteed.

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