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2220 Brenta Pl
8 Unit Apartment Building $2,800,000 USD ($350,000 USD/Unit) 3.57% Cap Rate Venice, CA 90291
Investment Highlights
- Charming 1950's apartment complex on quiet side street off Venice Boulevard
- Tenants pay for gas & electric
- Zoning R3 TOC TIER 3 (Max up to 12 units)
- All units are 1 bedroom / 1 bath with 4 close to market and 4 with significant upside
- Adjacent to a 15 unit building for sale by the same owner (923-933 Venice Blvd)
Executive Summary
2220 Brenta Place in Venice, CA, is a charming 1950s apartment complex situated on a quiet side street off Venice Boulevard. The property features eight units, all of which are 1-bedroom/1-bath. Four of the units are rented close to market rates, while the other four offer significant upside potential. Tenants are responsible for their own gas and electric utilities. Additionally, the property is adjacent to a 15-unit building also for sale by the same owner, located at 923-933 Venice Blvd. The zoning is R3 TOC Tier 3, allowing for a maximum of up to 12 units.
Financial Summary (Actual - 2024) |
Annual (USD) | Annual Per SF (USD) |
|---|---|---|
| Gross Rental Income |
$172,796
|
$35.24
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,456
|
$0.70
|
| Effective Gross Income |
$169,340
|
$34.53
|
| Taxes |
$33,572
|
$6.85
|
| Operating Expenses |
$35,737
|
$7.29
|
| Total Expenses |
$69,309
|
$14.13
|
| Net Operating Income |
$100,031
|
$20.40
|
Financial Summary (Actual - 2024)
| Gross Rental Income (USD) | |
|---|---|
| Annual | $172,796 |
| Annual Per SF | $35.24 |
| Other Income (USD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (USD) | |
|---|---|
| Annual | $3,456 |
| Annual Per SF | $0.70 |
| Effective Gross Income (USD) | |
|---|---|
| Annual | $169,340 |
| Annual Per SF | $34.53 |
| Taxes (USD) | |
|---|---|
| Annual | $33,572 |
| Annual Per SF | $6.85 |
| Operating Expenses (USD) | |
|---|---|
| Annual | $35,737 |
| Annual Per SF | $7.29 |
| Total Expenses (USD) | |
|---|---|
| Annual | $69,309 |
| Annual Per SF | $14.13 |
| Net Operating Income (USD) | |
|---|---|
| Annual | $100,031 |
| Annual Per SF | $20.40 |
Property Facts
| Price | $2,800,000 USD | Apartment Style | Low Rise |
| Price Per Unit | $350,000 USD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 3.57% | Building Size | 4,904 SF |
| Gross Rent Multiplier | 16.2 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1953 |
| Property Subtype | Apartment | Parking Ratio | 0.5/1,000 SF |
| Price | $2,800,000 USD |
| Price Per Unit | $350,000 USD |
| Sale Type | Investment |
| Cap Rate | 3.57% |
| Gross Rent Multiplier | 16.2 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 4,904 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 0.5/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
Walk Score ®
Walker's Paradise (92)
Bike Score ®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 4241-035-009 | Total Assessment | $861,742 USD |
| Land Assessment | $506,909 USD | Annual Taxes | $33,572 USD ($6.85 USD/SF) |
| Improvements Assessment | $354,833 USD | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
4241-035-009
Land Assessment
$506,909 USD
Improvements Assessment
$354,833 USD
Total Assessment
$861,742 USD
Annual Taxes
$33,572 USD ($6.85 USD/SF)
Tax Year
2024
zoning
| Zoning Code | LAR3 |
| LAR3 |
-
Stephen Lampe -
RE/MAX Commercial & Investment Realty
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