Description
7 of 8 units VACANT - 240 3rd Ave is a Value-Add 8-unit asset, conveniently located steps to the Ocean in prime Venice, right in the heart of Silicon Beach. Built in 1956, the two-story complex features a unit mix consisting of (4) One-Bed/One-Bath units and (4) Bachelor/One-Bath units. Per the Los Angeles Housing and Community Investment Department (HCIDLA), the four Bachelor units may be rented as flexible units. This allows a new owner the ability to have 4 to 8 rental units as either long term tenancy, 30-day rentals, co-living, etc. The building features (9) electrical meters, (5) gas meters, (8) parking spaces, and on-site laundry facilities. The complex attracts tenants looking to live within blocks of the beach (94 walk score & 100/100 bike score!), moments to two of the hippest corridors in the country, and a short drive to big tech and entertainment headquarters. The property presents a rare opportunity for investors to achieve a 6.30% cap rate upon full building stabilization.
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