923-933 Venice Blvd
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923-933 Venice Blvd
15 Unit Apartment Building $5,600,000 ($373,333/Unit) 3.81% Cap Rate Venice, CA 90291
Investment Highlights
- Classic 1920's Architectural Venice Apartment Building
- Great location a few blocks from Abbot Kinney and Venice Beach
- Zoning C2/R4 TOC TIER 3 (Max 33 units)
- Adjacent to an 8-unit building for sale from the same owner
- Additional passive income from billboard lease of $4,400/month
Executive Summary
923-933 Venice Boulevard in Venice, CA, is a classic 1920s architectural apartment building. This property, located just a few blocks from Abbot Kinney and Venice Beach, offers an excellent location. It is adjacent to an 8-unit building also for sale by the same owner. The property provides additional passive income from a billboard lease, generating $4,400 per month. The zoning is C2/R4 TOC Tier 3, allowing for a maximum of 33 units.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$315,928
|
$28.01
|
| Other Income |
$52,917
|
$4.69
|
| Vacancy Loss |
$6,319
|
$0.56
|
| Effective Gross Income |
$362,526
|
$32.14
|
| Taxes |
$67,144
|
$5.95
|
| Operating Expenses |
$82,210
|
$7.29
|
| Total Expenses |
$149,354
|
$13.24
|
| Net Operating Income |
$213,172
|
$18.90
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $315,928 |
| Annual Per SF | $28.01 |
| Other Income | |
|---|---|
| Annual | $52,917 |
| Annual Per SF | $4.69 |
| Vacancy Loss | |
|---|---|
| Annual | $6,319 |
| Annual Per SF | $0.56 |
| Effective Gross Income | |
|---|---|
| Annual | $362,526 |
| Annual Per SF | $32.14 |
| Taxes | |
|---|---|
| Annual | $67,144 |
| Annual Per SF | $5.95 |
| Operating Expenses | |
|---|---|
| Annual | $82,210 |
| Annual Per SF | $7.29 |
| Total Expenses | |
|---|---|
| Annual | $149,354 |
| Annual Per SF | $13.24 |
| Net Operating Income | |
|---|---|
| Annual | $213,172 |
| Annual Per SF | $18.90 |
Property Facts
| Price | $5,600,000 | Apartment Style | Low Rise |
| Price Per Unit | $373,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 3.81% | Building Size | 11,278 SF |
| Gross Rent Multiplier | 15.18 | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1925 |
| Property Subtype | Apartment | Parking Ratio | 0.27/1,000 SF |
| Price | $5,600,000 |
| Price Per Unit | $373,333 |
| Sale Type | Investment |
| Cap Rate | 3.81% |
| Gross Rent Multiplier | 15.18 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 11,278 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1925 |
| Parking Ratio | 0.27/1,000 SF |
Unit Amenities
- Heating
- Kitchen
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $1,686 | - |
| 1+1 | 10 | $1,717 | - |
| 2+1 | 2 | $1,905 | - |
Walk Score ®
Walker's Paradise (92)
Bike Score ®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 4241-035-008 | Total Assessment | $1,448,318 |
| Land Assessment | $1,022,347 | Annual Taxes | $67,144 ($5.95/SF) |
| Improvements Assessment | $425,971 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
4241-035-008
Land Assessment
$1,022,347
Improvements Assessment
$425,971
Total Assessment
$1,448,318
Annual Taxes
$67,144 ($5.95/SF)
Tax Year
2024
zoning
| Zoning Code | C2, Los Angeles |
| C2, Los Angeles |
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923-933 Venice Blvd
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