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538 Rialto Avenue

538 Rialto Avenue,Venice, CA 90291

8

Unit

$2,600,000

Price

Property Details

Price Per Unit

$325,000

Price per SF

$939

Current Cap Rate

3.6%

Market Cap Rate

6.2%

Current GRM

15.8

Market GRM

10.9

538 Rialto Avenue

538 Rialto Avenue,Venice, CA 90291

$2,600,000

Price

Property Details

Price per SF

$939

Price Per Unit

$325,000

Price per SF

$939

Current Cap Rate

3.6%

Market Cap Rate

6.2%

Unit

8

Current GRM

15.8

Market GRM

10.9

Description

538 Rialto Avenue in Venice, California is comprised of three (3) contiguous lots, totaling 7,652 square feet. The property consists 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 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.

 

Offered at only $325,000 per unit, the asset provides a new investor with ±50% rental upside – 10.9x gross and 6.2% cap rate at market rents. 538 Rialto represents a value-add opportunity for investors in an A+ Venice location.

Highlights

  • Highly Desirable Venice Location
  • One Block to Abbot Kinney Blvd.
  • Walking Distance to Venice Beach & Canals
  • 3 Contiguous Lots Form the Parcel, Totaling 7,652 SF
  • Renovated Units Include Recessed Lighting, Bamboo Flooring, Ceiling Fans & Fully Upgraded Kitchens & Bathrooms
  • Most Units Include Enclosed Private Patios, One with Large Outside Enclosed Sauna
  • Priced at Only $325,000 per Unit, 6.2% Cap Rate & 10.9 x Gross at Market Rents
  • +/-50% Upside Potential in Rents

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