Value-Add 8-Unit Apartment
For Sale
Contact for pricing
240 3rd Ave, Los Angeles, CA 90291
Value-add 8-unit, two-story apartment building with 7 units currently vacant, built in 1956 and supported by on-site laundry.
Property SizeContact for details
Days on Market122
Property Features for 240 3rd Ave
General Information
Standard status
Active
Total Parking Spaces
8
Property subtype
Multifamily
Occupancy
13%
Additional Details
Cap Rate
6.73%
Multifamily Units
8
Building Details
Year Built
1956
Stories
2
Listing Agency:
Central Realty Advisors
Listed By:
Elijah Korobkin · License #CA 02046001
Source:
Crexi
Added: Apr 11
Changed: Aug 8
Last Checked: Jul 21 at 1:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Central Realty Advisors
Investment Insights
Based on property information with market context.
240 3rd Ave is a value-add, two-story 8-unit apartment building built in 1956, with 7 of the 8 units currently vacant. The unit mix includes four one-bedroom, one-bath units and four bachelor, one-bath units. Per HCIDLA, the four bachelor units may be rented as flexible units, allowing a new owner to operate them as either long-term rentals or 30-day rentals, among other flexible arrangements.
The property includes 9 electrical meters, 5 gas meters, 8 parking spaces, and on-site laundry facilities. The building is located in Venice within Los Angeles, with convenient access to the area’s beach-oriented lifestyle.
Onsite infrastructure supports individualized metering and resident convenience through provided parking and laundry. The current vacancy presents an immediate opportunity to stabilize and reposition the asset’s rental mix within the flexible unit parameters noted by HCIDLA.
The property includes 9 electrical meters, 5 gas meters, 8 parking spaces, and on-site laundry facilities. The building is located in Venice within Los Angeles, with convenient access to the area’s beach-oriented lifestyle.
Onsite infrastructure supports individualized metering and resident convenience through provided parking and laundry. The current vacancy presents an immediate opportunity to stabilize and reposition the asset’s rental mix within the flexible unit parameters noted by HCIDLA.
Key Highlights
- 8‑unit, two‑story apartment building built in 1956
- Unit mix: 4 one‑bed/one‑bath units and 4 bachelor/one‑bath units
- 7 of 8 units currently vacant, supporting a value‑add stabilization plan
Property Analytics
Current Use
Lease Details
8
Residential units
12.5%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,709
Businesses Nearby
Explore this area
Business Placement
Demographics for 90291, CA
28,442
Population
16,709
Households
1.7
Avg Household Size
39
Median Age
72%
College-Educated
96%
High-School Grad
2.5 sq mi
ZIP Area
11,377
Density / Sq Mi
$119,043
Median Household Income
$83,008
Median Earnings
$2,630
Median Rent
$2,000,001
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Value-add 8-unit, two-story apartment building with 7 units currently vacant, built in 1956 and supported by on-site laundry.
Where is this apartment building located?
The property is located at 240 3rd Ave Los Angeles, CA.
What are key features of this property?
This property features: 8‑unit, two‑story apartment building built in 1956; Unit mix: 4 one‑bed/one‑bath units and 4 bachelor/one‑bath units; 7 of 8 units currently vacant, supporting a value‑add stabilization plan
