740 Flower Avenue

    Venice, CA 90291
    • $2,300,000
    • STATUS: Active
    • ON SITE: 23 days
    • ID#: 18400444
    $2,300,000
    • 0
      BEDS
    • 0.13
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 2,367
      SQFT
    • $972
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1951
    County:
    Area:

    School Ratings & Info

    Description

    We are proud to present to market the "FLOWER 3", a well maintained 3 unit apartment building, located in the heart of Silicon Beach. Composed of 2 (2 + 1) and 1 (1 + 1) units, this trophy like asset is equipped with in-unit washer/dryers, spacious floor plans, and plenty of room to create outdoor spaces. Sitting on a lot size of 5,795sf zoned LARD1.5, there is potential to develop a new construction 2-3 unit building. Near to many of the most prominent tech companies in the nation (such as Facebook, Google, Snapchat, YouTube, & SpaceX) this offering is uniquely positioned to attract the young, highly skilled, and highly paid millennials that are driving rents up this local rental submarket. Priced attractively at $972 per square foot, we are below the market average of $1,000/sf. With continued rent growth in the surrounding neighborhood, this asset is well positioned for future appreciation potential.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-17T00:33:29.53. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.mainstreetgroup.com/homes/88819485

    740 Flower Avenue Venice, CA 90291

    • Price: $2,300,000
    • Status: Active
    • ID#: 18400444
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.13
    Acres
    2,367
    SQFT
    $972
    $/SQFT
    1951
    Built
    Neighborhood:
    C11 - Venice
    County:
    Los Angeles
    Area:
    C11 - Venice
    Property Description
    We are proud to present to market the "FLOWER 3", a well maintained 3 unit apartment building, located in the heart of Silicon Beach. Composed of 2 (2 + 1) and 1 (1 + 1) units, this trophy like asset is equipped with in-unit washer/dryers, spacious floor plans, and plenty of room to create outdoor spaces. Sitting on a lot size of 5,795sf zoned LARD1.5, there is potential to develop a new construction 2-3 unit building. Near to many of the most prominent tech companies in the nation (such as Facebook, Google, Snapchat, YouTube, & SpaceX) this offering is uniquely positioned to attract the young, highly skilled, and highly paid millennials that are driving rents up this local rental submarket. Priced attractively at $972 per square foot, we are below the market average of $1,000/sf. With continued rent growth in the surrounding neighborhood, this asset is well positioned for future appreciation potential.
    Exterior Features

    Lot Size Units Square Feet Parking Features Garage - Three Door Parking YN Yes

    Interior Features

    Cooling None Cooling YN No Laundry Features See Remarks

    Property Features

    Cap Rate 1.88 Gross Multiplier 29.30 Gross Operating Income 78504.00 Improvements Amount 269152 Land Value 100921 Laundry YN Yes Net Operating Income 43164.00 Special Listing Conditions Standard Total Expenses 35340.00 Zoning Lard1.5

    Listing provided courtesy of Casey Lins of Re/Max Estate Properties and Scott Rosenberg of Re/Max Estate Properties.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-17T00:33:29.53. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
    Mainstreet Realtors®
    8577 Haven Ave, Suite 100
    Rancho Cucamonga CA, 91730