19 Wavecrest Ave Los Angeles, CA 90291
- Apartment buildings
- 7,281 SF
- 0.06 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 19 Wavecrest Ave
- Year built
- 1912
- Construction
- WOOD
- Lot size
- 0.06 lot acres
- Property size
- 7,281 SF
- Zone code
- LARD1.5
- Property type
- Apartment buildings
- APN
- 4226-003-010
- APU
- 4226003010
Description
Exceptional investment opportunity: a 10-unit Class A apartment building in Los Angeles, CA, located just steps from the Venice Beach Boardwalk. This 7,280 square foot property, built in 1912, boasts a compelling 5.97% cap rate and a pro-forma cap rate of 6.23%. The building comprises one four-story structure featuring seven one-bedroom units (approximately 650 sq ft each), two two-bedroom/one-bathroom units (approximately 815 sq ft each), and a luxurious two-bedroom/two-bathroom penthouse (approximately 1,100 sq ft) with a jacuzzi, rooftop deck, and stunning ocean and city views. The current NOI is $310,392, with a pro-forma NOI of $323,989. Up to five units could be delivered vacant at closing, with potential for a market-rate lease-back on the penthouse. Residents enjoy prime Venice Beach living, with close proximity to Abbot Kinney Boulevard and the Santa Monica Pier. Units feature desirable amenities including ocean views, Spanish tile, private patios, and on-site laundry. The asking price is $5,200,000, representing $520,000 per unit. This property presents a rare chance to acquire a well-located, value-add multifamily asset in a highly desirable coastal market.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,060,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,115,000
- 6.5%
- $1,085,000
- 7%
- $1,255,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,150,000
- Geo Method
- $1,340,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,100,000
- Retail
- $1,255,000
- Mixed-Use
- $1,170,000
- Hospitality
- $1,165,000
- Educational
- $1,095,000
- Residential Income
- $1,400,000
- Energy
- $1,065,000
- Income-Based Land
- $1,405,000
- Food Service
- $1,385,000
Location Insight
- Map
- Local Demand
- City
- Venice
- County
- Los Angeles
- State
- California
- Longitude
- -118.476
- Latitude
- 33.99
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
