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Multifamily

407 Ocean Front Walk

407 Ocean Front Walk, Venice, CA 90291

Listing Price: $6,650,000

Cap Rate
2.70%
Number of Units
12
Occupancy
100.0%
Price/Unit
$554,167
Price/Gross SF
$715.05
Gross SF
9,300

Investment Overview

Ringer Group at Marcus & Millichap is pleased to present for purchase 407 Ocean Front Walk in Venice, California, a 12-unit apartment building located in one of the most desirable locations in Los Angeles, if not all of California. Sitting on the world-famous Venice Boardwalk, just steps from the sand, paddle tennis and basketball courts, Muscle Beach, the Venice Skate Park and a myriad of other activities the property also provides access to the 26-mile bike/roller blading path. This track runs from Manhattan Beach, through Venice and Santa Monica, up to Pacific Palisades – arguably one of the most picturesque areas in the world. 407 Ocean Front Walk was built in 1909 and sits on a 4,719 square-foot lot, zoned LAR3. This investment consists of two buildings with three story each featuring twelve (12) spacious one bedroom/one bathroom units. Select units include large balconies and ocean views. All units have hardwood floors, granite countertops, kitchen appliances, and ceiling fans. The Venice Boardwalk is the second most highly trafficked tourist attraction in Southern California with well over 10 million visitors annually. Boarded by Santa Monica on the north, Mar Vista on the east, Marina del Rey on the south, and the Pacific Ocean on the west this lively neighborhood offers a unique and vibrant mix of activities and attractions. Tenants in this area enjoy eclectic collection of boutiques, salons, galleries, restaurants, bars, along with street vendors and performers that line the Boardwalk. Over the years, Venice has transformed from a cultural mecca into the heart of Silicon Beach, Los Angeles’ entertainment, media, and technology hub, which covers approximately a four-mile stretch along the L.A. coast, including Santa Monica, Venice, Marina del Rey, and Playa Vista. This location is at the epicenter of Silicon Beach, with many of the top tech companies (such as Google, Snap Inc., Hulu, You-Tube, ChowNow, etc.) within walking distance, which has attracted the strongest rental demographic today, the Gen Y / Millennials. This offering will appeal to any savvy investor who wants to capitalize on rental demand in the area and exercise +/-45% of rental upside through unit renovations.

Investment Highlights

  • Prime Venice Beach Boardwalk Location
  • Trophy Asset with +/-45% Potential Upside
  • Favorable Assumable 5.8 Year Loan @ 4.50%
  • Attractive Price per SF - $715
  • All Spacious One Bedroom Units

Exclusively Listed By

Financing By

Multifamily

407 Ocean Front Walk

Listing Price: $6,650,000

Cap Rate
2.70%
Number of Units
12
Occupancy
100.0%
Price/Unit
$554,167
Price/Gross SF
$715.05
Gross SF
9,300

Investment Highlights

  • Prime Venice Beach Boardwalk Location
  • Trophy Asset with +/-45% Potential Upside
  • Favorable Assumable 5.8 Year Loan @ 4.50%
  • Attractive Price per SF - $715
  • All Spacious One Bedroom Units

Investment Overview

Ringer Group at Marcus & Millichap is pleased to present for purchase 407 Ocean Front Walk in Venice, California, a 12-unit apartment building located in one of the most desirable locations in Los Angeles, if not all of California. Sitting on the world-famous Venice Boardwalk, just steps from the sand, paddle tennis and basketball courts, Muscle Beach, the Venice Skate Park and a myriad of other activities the property also provides access to the 26-mile bike/roller blading path. This track runs from Manhattan Beach, through Venice and Santa Monica, up to Pacific Palisades – arguably one of the most picturesque areas in the world. 407 Ocean Front Walk was built in 1909 and sits on a 4,719 square-foot lot, zoned LAR3. This investment consists of two buildings with three story each featuring twelve (12) spacious one bedroom/one bathroom units. Select units include large balconies and ocean views. All units have hardwood floors, granite countertops, kitchen appliances, and ceiling fans. The Venice Boardwalk is the second most highly trafficked tourist attraction in Southern California with well over 10 million visitors annually. Boarded by Santa Monica on the north, Mar Vista on the east, Marina del Rey on the south, and the Pacific Ocean on the west this lively neighborhood offers a unique and vibrant mix of activities and attractions. Tenants in this area enjoy eclectic collection of boutiques, salons, galleries, restaurants, bars, along with street vendors and performers that line the Boardwalk. Over the years, Venice has transformed from a cultural mecca into the heart of Silicon Beach, Los Angeles’ entertainment, media, and technology hub, which covers approximately a four-mile stretch along the L.A. coast, including Santa Monica, Venice, Marina del Rey, and Playa Vista. This location is at the epicenter of Silicon Beach, with many of the top tech companies (such as Google, Snap Inc., Hulu, You-Tube, ChowNow, etc.) within walking distance, which has attracted the strongest rental demographic today, the Gen Y / Millennials. This offering will appeal to any savvy investor who wants to capitalize on rental demand in the area and exercise +/-45% of rental upside through unit renovations.

Exclusively Listed By

Financing By

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