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923-933 Venice Blvd

15 Unit Apartment Building $5,600,000 USD ($373,333 USD/Unit) 3.81% Cap Rate Venice, CA 90291

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Investment Highlights

Classic 1920's Architectural Venice Apartment Building
Great location a few blocks from Abbot Kinney and Venice Beach
Zoning C2/R4 TOC TIER 3 (Max 33 units)

Adjacent to an 8-unit building for sale from the same owner
Additional passive income from billboard lease of $4,400/month

Executive Summary

923-933 Venice Boulevard in Venice, CA, is a classic 1920s architectural apartment building. This property, located just a few blocks from Abbot Kinney and Venice Beach, offers an excellent location. It is adjacent to an 8-unit building also for sale by the same owner. The property provides additional passive income from a billboard lease, generating $4,400 per month. The zoning is C2/R4 TOC Tier 3, allowing for a maximum of 33 units.

Financial Summary (Actual - 2024)	Annual (USD)	Annual Per SF (USD)
Gross Rental Income	$315,928	$28.01
Other Income	$52,917	$4.69
Vacancy Loss	$6,319	$0.56
Effective Gross Income	$362,526	$32.14
Taxes	$67,144	$5.95
Operating Expenses	$82,210	$7.29
Total Expenses	$149,354	$13.24
Net Operating Income	$213,172	$18.90

Financial Summary (Actual - 2024)

Gross Rental Income (USD)
Annual	$315,928
Annual Per SF	$28.01

Other Income (USD)
Annual	$52,917
Annual Per SF	$4.69

Vacancy Loss (USD)
Annual	$6,319
Annual Per SF	$0.56

Effective Gross Income (USD)
Annual	$362,526
Annual Per SF	$32.14

Taxes (USD)
Annual	$67,144
Annual Per SF	$5.95

Operating Expenses (USD)
Annual	$82,210
Annual Per SF	$7.29

Total Expenses (USD)
Annual	$149,354
Annual Per SF	$13.24

Net Operating Income (USD)
Annual	$213,172
Annual Per SF	$18.90

Property Facts

Price	$5,600,000 USD	Apartment Style	Low Rise
Price Per Unit	$373,333 USD	Building Class	C
Sale Type	Investment	Lot Size	0.18 AC
Cap Rate	3.81%	Building Size	11,278 SF
Gross Rent Multiplier	15.18	Average Occupancy	100%
No. Units	15	No. Stories	2
Property Type	Multifamily	Year Built	1925
Property Subtype	Apartment	Parking Ratio	0.27/1,000 SF

Price	$5,600,000 USD
Price Per Unit	$373,333 USD
Sale Type	Investment
Cap Rate	3.81%
Gross Rent Multiplier	15.18
No. Units	15
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	C
Lot Size	0.18 AC
Building Size	11,278 SF
Average Occupancy	100%
No. Stories	2
Year Built	1925
Parking Ratio	0.27/1,000 SF

Unit Amenities

Heating

Kitchen

Range

Unit Mix Information

Description	No. Units	Avg. Rent/Mo	SF
Studios	3	$1,686 USD	-
1+1	10	$1,717 USD	-
2+1	2	$1,905 USD	-

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aerial
map

923-933 Venice Blvd, Venice, CA - aerial map view

Walk Score ®

Walker's Paradise (92)

Bike Score ®

Very Bikeable (87)

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PROPERTY TAXES

Parcel Number	4241-035-008	Total Assessment	$1,448,318 USD
Land Assessment	$1,022,347 USD	Annual Taxes	$67,144 USD ($5.95 USD/SF)
Improvements Assessment	$425,971 USD	Tax Year	2024