Description

The Bungalows on Rialto is located at 538 Rialto Avenue in Venice, California. Three contiguous lots make up the parcel, totaling 7,652 square feet.

The property is comprised of eight (8) bungalow-style units around a shaded outdoor courtyard with five (5) surface parking spaces.

The asset offers a unit mix of one (1) 2 BD/1.5 BA; two (2) 1 BD/ 1BA; and five (5) studios, most with enclosed outdoor private spaces and one with a private sauna.

The property’s location in prime Venice is just one block from high-end shopping and dining amenities along Abbot Kinney Boulevard (dubbed “the Coolest Street in America” by GQ Magazine), and within walking distance to the Venice Canals, Venice Beach and Boardwalk as well as vibrant boutiques and restaurants along Main Street and Rose Avenue.

538 Rialto is a Mills Act property with a financial incentive for historic preservation, providing a 40% – 60% reduction in taxes that can be passed on to future owners.

Offered at only $349,375 per unit, the asset provides a new investor with ±50% rental upside and 11.7 x gross and 5.7 cap rate at market rents. The Bungalows on Rialto represents a value-add opportunity for investors in an A+ Venice location.