Listed by Filip Niculete, Marcus & Millichap,

609 Broadway Street

Venice, CA, 90291

$5,995,000

$977 per ft²
$5,995,000
$977 per ft²
Active
Active
 - For Sale
beds
7 Beds
baths
7 Baths
carpenters-square
6,134 ft²
property_type
Multi-family
calendar
Built 2022
We are pleased to present this brand new construction duplex situated at 609 Broadway Street in Venice, CA. The property is less than one mile from the world famous Venice Beach.Built in 2022, this duplex boasts exquisite architecture designed by award-winning Venice architect Robert Thibodeau. This Venice Beach duplex located blocks from Abbot Kinney consists of a 4 bed / 4 bath front unit and a 3 bed / 3 bath back unit, totaling over 6,000 SqFt. Features include Caesar stone Kitchen countertops, Carrera covered bathrooms, Cedar siding, white oak hardwood flooring, and high-end appliances. Both units have a 1,400 SqFt loft similar to a great room with 15 foot ceilings and private rooftop decks. The main suite comprises the entire third level, while the entry-level of each unit consists of the remaining bedrooms and bathrooms, an entertainment room, and a 4-car garage. The property received certificate of occupancy in August 2022 as a duplex, and the sellers received a letter of determination from LA City approving these two units to be converted to condos. LA County approval for a tract map with individual APNs is still more than a year away, but in the meantime the buyer can enjoy great cash flow from this recently leased and stabilized property. After those leases expire next year, the buyer would have the option to sell these two units individually, or they could sell one unit and keep/move-in the other unit. The 4 bedroom in front is a 2,916 square foot unit which was recently leased at $16,000 per month ($5.49 per SqFt).The 3 bedroom back house is a very large 3,218 square foot unit which was just leased at $14,000 per month ($4.35 per SqFt).Combined, this property collects an impressive $30,000 per month in rent. The units are separately metered for all utilities including water so the tenants pay for everything inside the unit. The only expenses for the owner are property taxes, insurance, and common area maintenance including landscaping. In total, the expenses are estimated to be about 23% of the gross income giving the buyer an impressive 4.50% CAP rate from day 1 of ownership.
MLS® ID:
22198931
Listed:
9/11/22
Updated:
12/1/22

Interior Features

Kitchen Appliances
Dishwasher, Disposal, Microwave, Refrigerator, Dryer, Washer
Total Bedrooms
7
Total Bathrooms
7
Cooling
Central Air
Heating
Central

Exterior/Building Features

Lot Size
5,199 ft² lot

Other Property Details

Area Name
C11 - Venice
Garage
Yes
Garage Spaces
8
Parking
Y
Parking Total
8.0
View
N
County
Los Angeles
Pool
No
Total Stories
3
Zoning
LARD1.5

Courtesy of Marcus & Millichap, Filip Niculete,
Listing Contact:  

Based on information from California Regional Multiple Listing Service, Inc. as of 12/1/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.  Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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Data last updated 6:11 AM UTC, 12/1/22

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