1611 Venice Boulevard represents a rare opportunity to acquire a largely untouched, 7-unit value-add multifamily property with prominent frontage along one of Venice's major thoroughfares. Situated on an approximately 5,959-square-foot parcel, the property offers new ownership a true blank canvas to execute a comprehensive interior and exterior renovation program and… Read More reposition the asset for the modern Westside renter. Built in 1963, the two-story building totals approximately 5,384 gross square feet and features a well-balanced unit mix of one studio, five two-bedroom, one-and-a-half-bathroom units, and one three-bedroom, two-bathroom two-story townhome. Construction consists of a concrete foundation, wood framing, stucco exterior, and a flat roof, with individual A/C units and copper plumbing throughout (buyer to verify). On-site laundry is available via one washer and one dryer, and the property offers four rear parking spaces. With limited prior renovations, the building remains largely original, providing investors with the opportunity to deliver a differentiated, cohesively renovated product into a submarket defined by a limited supply of updated rental housing. In-place rents currently reflect approximately 22% to 23% loss-to-lease, translating to significant embedded upside even before accounting for the additional premiums achievable through a well-executed renovation program. The property is currently 100% occupied, offering a stable income base while a renovation and repositioning plan is put in place. Beyond its value-add fundamentals, the property benefits from an excellent, well-connected Westside location. Its prominent frontage along Venice Boulevard provides strong drive-by visibility and convenient connectivity throughout the surrounding submarket, with easy access to Abbot Kinney Boulevard, Marina del Rey, and the broader retail, dining, and entertainment amenities that define the neighborhood's character. The surrounding submarket has seen limited new housing supply for decades, a dynamic that has historically supported strong rental rate growth and sustained demand from a renter base drawn to the area's lifestyle and scarcity of inventory. The location also places the property within the broader Silicon Beach corridor stretching from Santa Monica through Playa del Rey, home to a dense concentration of major technology, entertainment, and media employers including Google, Snapchat, YouTube, Facebook, and TikTok, among many others. This employment base has fueled an influx of affluent renters seeking housing near the coast, further reinforcing long-term demand fundamentals for well-located, renovated multifamily product in Venice. Altogether, 1611 Venice Boulevard offers investors a compelling combination of a well-connected Westside location, meaningful embedded rental upside, and a genuine value-add opportunity in one of the area's most supply-constrained and enduringly desirable rental markets. Read Less
Courtesy of NorthMarq Realty Services, Inc. 949-717-5200
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