November 30, 2023 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

14-Unit Housing Development in Mar Vista on Market for $4.3M

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.

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