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538 Rialto Ave
For Sale $2,195,000 ($707.84 per Sq Ft)
$2,195,000 ($707.84 per Sq Ft)
- 8 Units
- 3,101 Sq Ft
- 7,654 Sq Ft
- Unknown Cap Rate
Description
Discover a truly unique investment property in the heart of Venice! Situated on a rare triple lot just blocks from the world-renowned Abbot Kinney Boulevard, the Rose Corridor, and iconic Venice Beach, this 8-bungalow compound offers unparalleled charm, location, and potential. Property Highlights: Unit Mix:(1) 2-bedroom, 2-bathroom unit, (2) 1-bedroom, 1-bathroom units, and (5) studios. The bungalows are centered around a picturesque courtyard adorned with a majestic tree, creating a serene, community-centric environment. Most units include their own private outdoor areas, perfect for soaking up the Southern California sun. Nestled on a quiet street, this property offers unbeatable walkability. Stroll to Abbot Kinney Boulevard for its trendy shops, cafes, and dining, or enjoy the vibrant energy of the Rose Corridor. With its premier location and versatile unit mix, this property, zoned RD1.5-1-0, presents massive 52% rental upside potential and over 9% cap rate at market rents. Whether you're an investor seeking a strong-performing asset or someone looking to curate a one-of-a-kind living community, this is a rare chance to own a piece of Venice's unique lifestyle. Don't miss this exceptional opportunity in one of Los Angeles' most coveted neighborhoods!
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $2,195,000 |
| Property Type | Multi-Family |
| Usable Sqft | 3,101 |
| Number of Stories | 0 stories |
| Parking Spots | 0 spots |
| Year Built | 1922 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 4238016014 |
| MLS # | 24468487 |
| Property ID | 293149072 |
| Lot Sqft | 7,654 |
| Zoning | LARD1.5 |
| Total Units | 8 |
| Days on Market | 32 |
| Original List Price | $2,195,000 |
| Date Updated | January 09, 2025 |
| Date Created | December 10, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 2 | 1.50 | $2,682 | $4,000 |
| Unit #2 | 1 | 1.00 | $2,028 | $6,000 |
| Unit #3 | 0 | 1.00 | $1,513 | $12,000 |
| Gross Income (Yr) | $ 171,630 |
| Operating Expenses | $ 65,900 |
| Net Income (Yr) | $ 105,730 |
| Cap Rate | 4.82% |
Listing Provided By
Tyler Kunkle an agent of . Lic #01965642
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