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19 Wavecrest Ave

10 Unit Apartment Building $5,200,000 ($520,000/Unit) 8.58% Cap Rate Venice, CA 90291

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Investment Highlights

Amazing Venice Location-Steps to the Boardwalk
Vacancy-Potential to Deliver as Many as 5 Vacancies at the Close
Priced to Sell at a 5.97% Cap Rate & 11.26 GRM on Current Income

Impressive Unit Mix-7 One Bedrooms and 3 Two's
Impressive Upgrades-Several Units with Impressive Renovations

Executive Summary

19 Wavecrest Ave Apartments is a 10-unit apartment community located 130+ feet from the Venice Boardwalk and beach. Residents enjoy the benefits of living in the heart of venice as he property is in close proximity to Abbot Kinney, Santa Monica Pier, and much more. 19 Wavecrest Ave offers (7) one-bedroom apartments each measuring approximately 650 square feet, (2) two bedroom/one bath apartments each measuring approximately 815 square feet, and (1) two bedroom-two bath Penthouse unit measuring approximately 1,100 square feet. The penthouse unit features a jacuzzi, rooftop deck, and has views of the Pacific Ocean and entire city of Los Angeles. Potential to have (5) units delivered vacant at the close of escrow, with the penthouse unit having potential to be leased back at market rate. Units feature ocean views, Spanish tiling, and private patios. There is laundry on site.

19 Wavecrest Ave, Venice_OM

Financial Summary (Actual - 2023)	Annual	Annual Per SF
Gross Rental Income	$460,056	$63.19
Other Income	-	-
Vacancy Loss	$13,802	$1.90
Effective Gross Income	$446,254	$61.29
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$137,603	$18.90
Net Operating Income	$308,651	$42.39

Financial Summary (Actual - 2023)

Gross Rental Income
Annual	$460,056
Annual Per SF	$63.19

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	$13,802
Annual Per SF	$1.90

Effective Gross Income
Annual	$446,254
Annual Per SF	$61.29

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	$137,603
Annual Per SF	$18.90

Net Operating Income
Annual	$308,651
Annual Per SF	$42.39

Property Facts

Price	$5,200,000	Apartment Style	Mid Rise
Price Per Unit	$520,000	Building Class	C
Sale Type	Investment	Lot Size	0.06 AC
Cap Rate	8.58%	Building Size	7,281 SF
Gross Rent Multiplier	11.26	Average Occupancy	30%
No. Units	10	No. Stories	4
Property Type	Multifamily	Year Built	1912
Property Subtype	Apartment

Price	$5,200,000
Price Per Unit	$520,000
Sale Type	Investment
Cap Rate	8.58%
Gross Rent Multiplier	11.26
No. Units	10
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Mid Rise
Building Class	C
Lot Size	0.06 AC
Building Size	7,281 SF
Average Occupancy	30%
No. Stories	4
Year Built	1912