120 Westminster Ave
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120 Westminster Ave
20 Unit Apartment Building $4,395,000 ($219,750/Unit) 5% Cap Rate Venice, CA 90291
INVESTMENT HIGHLIGHTS
- Prime Venice Beach Location - 20 + 1 Units
- 9 Parking Spaces (Rare to Find for this Vintage in Venice Beach)
- On-Site Laundry and Storage Unit
- Just Steps Away from the Beach and Minutes Away from Abbott Kinney, Santa Monica, Marina Del Rey
- Significant Upside in Rents
- Ocean Views in the 1 + Loft Unit
EXECUTIVE SUMMARY
The Sterman Multi-Family Group of Marcus & Millichap is pleased to present 120 Westminster Ave, a 20 + 1 unit apartment building located in Venice, a very desirable submarket of Los Angeles. Built in 1920, the property consists of four (4) bachelor units, eight (8) studio units,
seven (7) one-bedroom + one-bathroom units and one (1) one-bedroom + one-bathroom + loft unit. The building is 7,674 gross square feet and sits on a 5,312 square foot lot.
120 Westminster Ave, is situated in the heart of Venice, offering both a residential charm and access to lively surroundings. The location is just steps away from the beach and the trendy Abbot Kinney Boulevard, which is lined with upscale boutiques and cafés. It’s also a short drive to Santa Monica, Marina del Rey, and other popular Westside locations.
120 Westminster Ave represents a unique value-add opportunity for investors due to the property’s location and rental upside. The property offers a initial CAP rate of 5.00% with the ability to improve to a 7.92% CAP rate once units turnover.
seven (7) one-bedroom + one-bathroom units and one (1) one-bedroom + one-bathroom + loft unit. The building is 7,674 gross square feet and sits on a 5,312 square foot lot.
120 Westminster Ave, is situated in the heart of Venice, offering both a residential charm and access to lively surroundings. The location is just steps away from the beach and the trendy Abbot Kinney Boulevard, which is lined with upscale boutiques and cafés. It’s also a short drive to Santa Monica, Marina del Rey, and other popular Westside locations.
120 Westminster Ave represents a unique value-add opportunity for investors due to the property’s location and rental upside. The property offers a initial CAP rate of 5.00% with the ability to improve to a 7.92% CAP rate once units turnover.
PROPERTY FACTS
| Price | $4,395,000 | Apartment Style | Low Rise |
| Price Per Unit | $219,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5% | Building Size | 7,674 SF |
| Gross Rent Multiplier | 11.16 | Average Occupancy | 95% |
| No. Units | 20 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Parking Ratio | 1.17/1,000 SF |
| Price | $4,395,000 |
| Price Per Unit | $219,750 |
| Sale Type | Investment |
| Cap Rate | 5% |
| Gross Rent Multiplier | 11.16 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 7,674 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1920 |
| Parking Ratio | 1.17/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 12 | - | - |
| 1+1 | 8 | - | - |
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Walk Score®
Walker's Paradise (98)
Bike Score®
Biker's Paradise (100)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $960,240 | |
| Land Assessment | $1,196,593 | Total Assessment | $2,156,833 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,196,593
Improvements Assessment
$960,240
Total Assessment
$2,156,833
ZONING
| Zoning Code | C2-1, Los Angeles |
| C2-1, Los Angeles |
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120 Westminster Ave
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