614 6Th Ave Los Angeles, CA 90291

Property Details for 614 6Th Ave

Year built

1964

Property size

5,608 SF

Property type

Apartment buildings

Description

This exceptional 5-unit apartment building, situated on a 5,667 square foot lot in desirable Venice, CA (90291), presents a compelling investment opportunity. The property, built in 1964, comprises one two-bedroom and four three-bedroom units, totaling 5,608 square feet of net rentable space. The asking price is $2,995,000, representing a price per unit of $599,000 and a price per square foot of $534.06. Currently operating at a 5.38% cap rate with a pro-forma cap rate of 6.34%, the property boasts a strong net operating income (NOI) of $161,103, projected to increase to $189,835. Four of the five units include gated on-site parking, and all but one unit feature in-unit washer/dryers. Recent capital improvements include stainless steel kitchen appliances, new paint, and upgraded kitchens in select units. The property benefits from its proximity to Rose Avenue, Abbott Kinney Boulevard, and Venice Boulevard, offering residents convenient access to a vibrant array of restaurants, bars, gyms, grocery stores, and entertainment venues. A soft-story parking retrofit has already been completed, eliminating the need for further seismic upgrades, saving a new investor significant capital and time. This meticulously maintained property, previously family-owned and operated, has not been on the market for over 20 years, representing a truly generational investment opportunity in a highly sought-after location. The property is zoned LARD1 5.