The Property Offers a Rate of $307,000 per Unit and $355 per Square Foot
Situated in Mar Vista, 11465 and 11473 Venice Blvd. presents an opportunity for investors to acquire two adjacent seven-unit buildings, totaling 14 units.
The Venice Properties encompass 12,090 rentable square feet. Both buildings mirror each other and comprise a combined unit mix of ten two-bedroom/one-bath units and four one-bedroom/one-bath units. Also included is a new roof installed across both structures and the completion of the soft story retrofit.
Priced at $4,300,000, this property offers a rate of $307,000 per unit and $355 per square foot. In February 2024, the property becomes eligible for a 7% rent increase, resulting in an operational Gross Rent Multiplier of 13.75 and a CAP Rate of 4.25%. The property holds a 60% rental upside, according to the listing.
The development is in proximity to major tech companies, including Google, Meta, Snapchat, Hulu, Sony, HBO, and Apple, as explained in the listing.
