Sold
1712 Washington Way
Venice CA, 90291
$2,250,000
$1,397.52 per sqft
Sold
3 Beds
3 Baths
1,610 sqft
Residential
Built in 1947
Listed by Oron Maher with Maher Commercial Realty 310-464-1453
Just a short stroll to the beach, Abbot Kinney and the Venice Canals, 1712 Washington Way is a three-unit bungalow, plus a +/- 770 SF recreation space and two garage units. The triplex is fully leased as is the back "room" offering the buyer a strong 3.5% existing cap rate, with upside in those rents. This property also offers an opportunity to convert this triplex into a five-unit building, adding an additional +/- 1,400 square feet. The front building has 1 studio and 2 one-bed/one-bath units, one of which has its own private patio. The back building has a converted +/- 770 SF room and two garages, totaling over 1,400 SF. Tenants share a spacious and private outdoor courtyard, as well as convenient entrances from both Washington Way and Mildred Avenue. The bonus recreation space gives the new owner the flexibility of potentially converting it into an ADU to generate additional income or use as an art studio/creative space, workout/yoga area or a work-from-home office. For the right offer, the seller might potentially be able to deliver some of all units vacant. This 6,204 SF lot boasts the coveted RD1.5 zoning on a classic tree-lined street next door to multimillion dollar single family homes and condos. At the current rental income, the property offers a 3.5 cap rate. There is a 51% upside potential with the ADU conversions. There are no long-term leases. As a triplex, it qualifies for residential financing. Venice has enjoyed historically strong appreciation, attracting tech professionals and remote workers across industries to a thriving hub in an irreplaceable beach location. Buyer is to verify all square footage, building and property information, and feasibility of potential ADUs, etc.
22181861
MLSⓇ ID
July 22, 2022
Listed
March 23, 2024
Updated
Map
1712 Washington Way
Venice CA, 90291
Interior Features
Total Stories
1
Bedrooms
3 Beds
Bathrooms
3 Baths
Fireplace
Yes
Fireplace Description
None
Cooling
No
Heating
Yes
Heating Description
Central
Exterior/Building Features
Lot Size
0.14 Acres
Other Property Details
Area Name
C11 - Venice
Days on Market
54
Garage
Yes
Garage Spaces
3
Parking
Door-Multi, Garage
Parking Total
3
View
No
County
Los Angeles
Pool
No
Zoning
LARD1.5
Buyer Agency Compensation
2.5%
Listing Contact: 310-464-1453
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 3/23/2024 at 1:41 AM UTC