240 3rd Ave is a high cash flowing 8-unit apartment building located in one of Venice's most desirable pockets. The property is fully parked with eight uncovered parking spaces and is aggressively priced at an 11.47 GIM with a 5.75% Cap Rate, representing the best combination of Cap Rate, GIM,… Read More and Price per Unit to trade in the neighborhood in recent years. The property also offers the ability to add multiple ADUs, providing meaningful long-term upside for a future owner, with buyers to verify feasibility. Priced at $325,000 per unit, 240 3rd Ave stabilizes north of a7.00% Cap Rate and under a 10 GRM. With the addition of four ADUs, inclusive of construction costs, the property is projected to operate at an 8.76% Cap Rate, an exceptional return profile for a core Venice asset. The property is ideally located just minutes from Abbot Kinney, Rose Avenue, and the Venice Beach Boardwalk, offering tenants immediate access to some of the area's most sought-after restaurants, cafes, and retail. Nearby favorites include Gjelina, Felix Trattoria, Great White, and The Butcher's Daughter, making this an exceptionally desirable rental location in one of Los Angeles' most iconic coastal neighborhoods. Read Less
Courtesy of Lyon Stahl Investment Real Estate, Inc. 310-425-9838
Listing Snapshot
Days Online
1
Last Updated
Property Type
Other
Beds
4
Square Ft.
3,288
Lot Size
0.14 Acres
Year Built
1956
MLS Number
26635601
30 Days Snapshot Of 90291
$2.18M
+13%
(avg) sold price
16
-5%
homes sold
80
-21%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Range/Oven, Freezer, Garbage Disposal
Building
3,288 sq ft, Built in 1956, Levels: Multi/Split
Cooling
Air Conditioning
Disclosures
None
Garage
Driveway
Heating
Wall
Laundry
Community
Lot
LotAcreage: 0.1421, LotSizeArea: 6,190
Parking
TotalParking: 8
Property
NumberOfUnits: 8, Zoning: LARD1.5
Find The Perfect Home
'VIP' Listing Search
Whenever a listing hits the market that matches your criteria you will be immediately notified.
The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.
Confirm your time
Fill in your details and we will contact you to confirm a time.
