240 3rd Avenue
240 3rd Avenue
$2,600,000
4
8
3,288
3,288
$791
Sold 6/21/21
Description
7 of 8 units VACANT - 240 3rd Ave is a Value-Add 8-unit asset, conveniently located steps to the Ocean in prime Venice, right in the heart of Silicon Beach. Built in 1956, the two-story complex features a unit mix consisting of (4) One-Bed/One-Bath units and (4) Bachelor/One-Bath units. Per the Los Angeles Housing and Community Investment Department (HCIDLA), the four Bachelor units may be rented as flexible units. This allows a new owner the ability to have 4 to 8 rental units as either long term...7 of 8 units VACANT - 240 3rd Ave is a Value-Add 8-unit asset, conveniently located steps to the Ocean in prime Venice, right in the heart of Silicon Beach. Built in 1956, the two-story complex features a unit mix consisting of (4) One-Bed/One-Bath units and (4) Bachelor/One-Bath units. Per the Los Angeles Housing and Community Investment Department (HCIDLA), the four Bachelor units may be rented as flexible units. This allows a new owner the ability to have 4 to 8 rental units as either long term tenancy, 30-day rentals, co-living, etc. The building features (9) electrical meters, (5) gas meters, (8) parking spaces, and on-site laundry facilities. The complex attracts tenants looking to live within blocks of the beach (94 walk score & 100/100 bike score!) , moments to two of the hippest corridors in the country, and a short drive to big tech and entertainment headquarters. The property presents a rare opportunity for investors to achieve a 6.30% cap rate upon full building stabilization.
- Listed by Elijah Korobkin • DRE #01897085 • Brokerage DRE #01897085 • Central Realty Advisors Inc
Property Details for 240 3rd Avenue
Zoning
LARD1.5
Parcel Number4286001014
Total Units8.0
Living Area3288
Source Living AreaOther
AreaVenice (C11)
Vacancy Rate7 Units
Lot Size Area6187
Location
LISTING UPDATED: 06/21/2021 05:59 PM
Property Details for 240 3rd Avenue
Status | Sold |
---|---|
MLS # | 21-692236 |
Days on Market | 116 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1956 |
Lot Size | 0.14 AC / 6,187 SF |
County | Los Angeles County |
Location
Building Information for 240 3rd Avenue
Stories2Residences-Year Built1956Building Size-Lot Size0.14 AC / 6,187 SF
Payment Calculator
$16,920 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 240 3rd Avenue
Property History for 240 3rd Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 240 3rd Avenue
Taxable ValueLand$1,989,000Additions$664,600Total$2,653,600
Tax Record2023$32,776 ($2,731 / month)
Home Facts
Total Finished SqFt3,288 SqFtAbove Grade Finished SqFt3,288 SqFtLot Size6,188 SqFtStyleMulti-Family Res (5+ Units)Year Built1956ZoningLARD1.5CountyLOS ANGELESAPN4286-001-014
Schools near 240 3rd Avenue
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Charter - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Westminster Avenue Elementary School PublicK to 5 | ||
Venice Senior High School Public9 to 12 | ||
Animo Venice Charter High School Charter9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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