120 Westminster Avenue

120 Westminster Avenue, Venice, CA 90291

Sale Price

$5,200,000

Investment Overview

Units

21

Year Built

1920

Price Per SF

$678

Price Per Unit

$247,619

Current Cap Rate

3.92%

Market Cap Rate

6.24%

Current GRM

14.10

Market GRM

10.44

The Offering

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 1 BD/ 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.

Investment Highlights

  • Highly Desirable Venice Location, One Block from the Beach
  • Steps to Abbot Kinney Boulevard, Main Street & Rose Avenue
  • Strong Mix of 1 BD/1 BA and Studio Units
  • Adjacent Lot Provides 9 Parking Spaces with Income Potential
  • Laundry Facilities Delivering Current Income
  • Storage Units and Bike Storage Provide Income Potential
  • ±34% Rental Upside Potential