120 Westminster Ave

06-17-2022
06-24-2022

120 Westminster Ave, Venice, CA 90291

  • Highly Desirable Venice Location, One Block from the Beach
  • Adjacent Lot Provides 9 Parking Spaces with Income Potential
  • ±34% Rental Upside Potential
  • Steps to Abbot Kinney Boulevard, Main Street & Rose Avenue
  • Laundry Facilities Delivering Current Income; Storage Units and Bike Storage Provide Income Potential

Property Description

120 Westminster Avenue is comprised of a 21-unit apartment building and an adjacent parking lot with nine parking spaces.
The four-story, vintage 1920's building features the charm and appeal of an Art Deco period building from its stone entryway and marble-floored foyer to the exposed brick
in select units. The asset offers a strong mix of 1BD/ 1BA and studio units, along with onsite laundry facilities, storage units and bike storage.
The property's location in prime Venice is just one block from the ocean and the world-renowned Venice Beach Boardwalk, and within walking distance to the high-end shopping and dining amenities along Abbot Kinney Boulevard (dubbed "the Coolest Street in America" by GQ Magazine), as well as vibrant Main Street and Rose Avenue.
With over 34% upside on actuals, 120 Westminster Avenue represents a unique, value-add opportunity for investors, given the property's architectural bones, strong upside in rental income and prime Venice location.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 6,200,000
No. of Units
21
Cap Rate
3.1%
GRM / GIM
16.81
Year Built
1920
Building Size
7,674 Sq ft
No. of Stories
3
Opportunity Zone
Off
Price per unit
$ 295,238
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33.989617, -118.473095

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