INVESTMENT HIGHLIGHTS:
- Located at the tip of Venice Beach Boardwalk! Steps from the sand and world-famous Venice Beach!
- One of the best located apartments offered for Sale in the iconic Venice Beach!
- First time offered for sale since 1997 (27 years ownership)
- ±8.36% Proforma CAP Rate, immediate upside through 3 vacant units that may be delivered vacant!
- One of the BEST VALUE apartments for sale in Venice Beach for such a high quality location!
- Offered at LOW PRICE/Unit for a superb location!
- Excellent Demographics: AHH Income ±$163,669 within a-mile radius
PROPERTY HIGHLIGHTS:
- Unparalleled and world class area amenities: Venice Beach boarwalk, Venice Beach (Skatepark, Muscle Beach, Fishing Pier), South Beach Park, restaurants, stores, etc.
- Bike Score 100 (PERFECT SCORE), Walk Score 90
- Some units have partial ocean views!
- 3 units can be delivered vacant
- 15 units only, NO On-site manager is required
- Excellent unit mix for this location: smaller units encourage higher turnover to capture higher market rent in the future
- Super prime location, a stone throw away to Venice Beach!
- Fully sprinklered building, individually metered for electricity - electrical panels have been upgraded
EXECUTIVE SUMMARY
±7.61% Proforma CAP Rate with 2 vacant units in the iconic Venice Beach! Growth Investment Group California is thrilled to present an exceptional investment opportunity at the tip of the world renown Venice Beach Boardwalk, in the City of Venice (under Los Angeles RSO). 44 Navy St is a prime 15-unit value-add apartment only steps away from the sand and world-famous Venice Beach! Offering a tremendous location, yet with a quiet residential atmosphere. This is the first time this property has been offered for sale since 1977. This rare investment offering is probably one of the best valued multifamily investments offering in Venice Beach at only $280k/unit and 8.36% Proforma CAP Rate (buyer to verify). The location offers unparalleled and world class area amenities: Venice Beach (Skatepark, Muscle Beach, Fishing-Pier, etc.), Venice Boardwalk, South Beach Park, restaurants (Venice Ale, The Waterfront Venice, etc.), and retail stores. It has a perfect Bike Score of 100 and Walk Score of 90. Surrounded by high-end properties, the area boasts a fantastic demographic of ±$163,669 average household income within a mile radius!
The property is a 3 story apartment that was built in 1910 (not historical – buyer to verify). It has a large building size of 6,300 SF and situated on a ±2,896 SF R3 zoned lot. It has 15 units (NO Onsite Manager is required!) with suitable unit mix for the area: five (5) x 1bed+1bath, and ten (10) x Studio units. Each unit has functional layout that is suitable for beach living. Some units have private balconies, and several units have ocen views. Each unit has laminate wood floor, gas wall heater, full sized kitchen, and combination between bathtub or shower stall. Most of the units have not been upgraded. Because of the unit mix, it encourages higher turnover which is ideal for this location quality. Each unit is individually metered for electricity. The electrical panels for each unit have been updated. The roof was recently tuned by roofing company, and the exterior paint were recently touched up.
The building is fully sprinklered, complete with fire alarm system and fire door. It has additional fire escape staircases in the back. Each unit is separately metered for electricity, gas and water are master metered.
LOCATION, ACCESS AND AMENTITIES
Known for its bohemian spirit, Venice is a buzzing beach town with upscale commercial and residential pockets. Free-spirited Venice Boardwalk is the site of funky shops, street performers and colorful murals. There’s also a skate park and Muscle Beach outdoor gym. Abbot Kinney Boulevard features foodie hot spots, stylish boutiques and coffee bars. A picturesque enclave of canals is surrounded by modernist homes.
Venice Beach is the busiest facility operated by the Department of Recreation and Parks. This iconic site attracts visitors from all over the world and it is estimated that approximately 28,000 to 30,000 people visit the Venice Beach Boardwalk and adjacent Recreation and Parks property on a daily basis. The Boardwalk, also known as Ocean Front Walk, is the second most-visited destination in Southern California, with an average of over ten (10) million visitors per year. It is known as one of the region’s most popular tourist attractions.
The Venice Beach Boardwalk stretches over two (2) miles and hosts hundreds of street vendors and performers along with numerous privately owned restaurants and food venues. The Venice Beach Recreation Center offers various activities including but not limited to basketball, paddle tennis and handball tournaments, body building at the world famous Muscle Beach Venice gym, and other special events.
Venice Beach also offers a fishing pier, a world renowned skate plaza, bike path, two (2) children's play areas and provides a variety of services for the culturally diverse population that visits throughout the year. Film productions are also very popular at Venice Beach and occur year round. All of the sports courts, skate plaza, pier and other amenities are open to the general public on a daily basis.