609 Broadway St

Venice, CA, 90291

$5,995,000

$977 per ft²
$5,995,000
$977 per ft²
Active
Active
 - For Sale
beds
7 Beds
baths
7 Baths
carpenters-square
6,134 ft²
property_type
Multi-family
calendar
Built 2022
We are pleased to present this brand new construction duplex situated at 609 Broadway Street in Venice, CA. The property is less than one mile from the world famous Venice Beach.Built in 2022, this duplex boasts exquisite architecture designed by award-winning Venice architect Robert Thibodeau. This Venice Beach duplex located blocks from Abbot Kinney consists of a 4 bed / 4 bath front unit and a 3 bed / 3 bath back unit, totaling over 6,000 SqFt. Features include Caesar stone Kitchen countertops, Carrera covered bathrooms, Cedar siding, white oak hardwood flooring, and high-end appliances. Both units have a 1,400 SqFt loft similar to a great room with 15 foot ceilings and private rooftop decks. The main suite comprises the entire third level, while the entry-level of each unit consists of the remaining bedrooms and bathrooms, an entertainment room, and a 4-car garage. The property received certificate of occupancy in August 2022 as a duplex, and the sellers received a letter of determination from LA City approving these two units to be converted to condos. LA County approval for a tract map with individual APNs is still more than a year away, but in the meantime the buyer can enjoy great cash flow from this recently leased and stabilized property. After those leases expire next year, the buyer would have the option to sell these two units individually, or they could sell one unit and keep/move-in the other unit. The 4 bedroom in front is a 2,916 square foot unit which was recently leased at $16,000 per month ($5.49 per SqFt).The 3 bedroom back house is a very large 3,218 square foot unit which was just leased at $14,000 per month ($4.35 per SqFt).Combined, this property collects an impressive $30,000 per month in rent. The units are separately metered for all utilities including water so the tenants pay for everything inside the unit. The only expenses for the owner are property taxes, insurance, and common area maintenance including landscaping. In total, the expenses are estimated to be about 23% of the gross income giving the buyer an impressive 4.50% CAP rate from day 1 of ownership.
MLS® ID:
22-198931
Listed:
9/11/22
Updated:
2/8/23

Interior Features

Total Bedrooms
7
Total Bathrooms
7
Cooling
Central
Heating
Central

Exterior/Building Features

Lot Size
5,199 ft² lot
Exterior Features
None

Other Property Details

Garage
Yes
Garage Spaces
8
Parking
Garage - 4 Car
Parking Total
8.0
View
N
County
Los Angeles
Pool
No
Total Stories
3
Zoning
LARD1.5

Courtesy of Marcus & Millichap, Filip Niculete,
Listing Contact:  

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Valnes and Company shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2023 Combined L.A./Westside MLS. All rights reserved.

Data last updated 2/8/23

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