240 3rd Avenue

Venice, CA 90291

$2,600,000
Last Sold Price
4
Beds
8
Baths
3,288 Sq. Ft.
$791 / Sq. Ft.
3,288
Sq. Ft.
$791
per Sq. Ft.

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.
  1. Listed by Elijah Korobkin • DRE #01897085 • Brokerage DRE #01897085 • Central Realty Advisors Inc

Property Details for 240 3rd Avenue

Zoning
LARD1.5
Parcel Number
4286001014
Total Units
8.0
Living Area
3288
Source Living Area
Other
Area
Venice (C11)
Vacancy Rate
7 Units
Lot Size Area
6187

Location

Listing Courtesy of Central Realty Advisors Inc, Elijah Korobkin, DRE #01897085

Sold By Power Brokers International, Shiva Mehrdad, DRE #01279649

Add your commute
LISTING UPDATED: 06/21/2021 05:59 PM

Property Details for 240 3rd Avenue

StatusSold
MLS #21-692236
Days on Market116
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1956
Lot Size0.14 AC / 6,187 SF
CountyLos Angeles County

Location

Listing Courtesy of Central Realty Advisors Inc, Elijah Korobkin, DRE #01897085

Sold By Power Brokers International, Shiva Mehrdad, DRE #01279649

Add your commute

Building Information for 240 3rd Avenue

Stories2Residences-Year Built1956Building Size-Lot Size0.14 AC / 6,187 SF

Payment Calculator

$16,920 per month

30 year fixed, 7.25% Interest

Principal and Interest

$14,189

Property Taxes

$2,731

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 240 3rd Avenue

Community / Development
Community / Development
  • Number Of Units: 8
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Other
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartments
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $212,141
  • Net Operating Income: $155,004.00
  • Gross Income: $212,141
  • Cap Rate: 5.64%
  • Gross Rent Multiplier: $12.60
  • Total Annual Expense: 57137
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1421
  • Lot Size Square Feet: 6187
Parking Details
Parking Details
  • Parking Garage: Other
  • Total Parking: 8
Interior Features
Interior Features
  • Cooling Type: Other
  • Heating Type: Other
Exterior Features
Exterior Features
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 02-12-2021
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,800.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $1,800.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $3,000.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $3,000.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,441.00
  • Unit Actual Rent: $1,441.00
  • Unit Projected Rent: $3,000.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,800.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $1,800.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,800.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $1,800.00
  • Like Units: 1
Unit 6 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $3,000.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $3,000.00
  • Like Units: 1
Unit 7 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $3,000.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $3,000.00
  • Like Units: 1
Unit 8 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,800.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $1,800.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $422,497.00
  • Assessed Improvement Percent: 25.0
  • Assessed Land Value: $1,267,493.00
  • Assessed Land Percent: 75
  • Assessed Total Value: $1,689,990.00

Property History for 240 3rd Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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.

Similar Homes

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Listing Courtesy of Central Realty Advisors Inc, Elijah Korobkin, DRE #01897085

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided 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 CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.