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SOLD 9/14/2022

1712 Washington Way, Venice, CA 90291$2,250,000

2
beds
3
baths
1610
ft2
· 6204
ft2 lot
$1,444 / ft2

Listing provided courtesy of Listing Broker: Oron Maher, Maher Commercial Realty
Source CRMLS;
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Just a short stroll to the beach, Abbot Kinney and the Venice Canals, 1712 Washington Way is a three-unit bungalow, plus a +/- 770 SF recreation space and two garage units. The triplex is fully leased as is the back "room" offering the buyer a strong 3.5% existing cap rate, with upside in those rents. This property also offers an opportunity to convert this triplex into a five-unit building, adding an additional +/- 1,400 square feet. The front building has 1 studio and 2 one-bed/one-bath units, one of which has its own private patio. The back building has a converted +/- 770 SF room and two garages, totaling over 1,400 SF. Tenants share a spacious and private outdoor courtyard, as well as convenient entrances from both Washington Way and Mildred Avenue. The bonus recreation space gives the new owner the flexibility of potentially converting it into an ADU to generate additional income or use as an art studio/creative space, workout/yoga area or a work-from-home office. For the right offer, the seller might potentially be able to deliver some of all units vacant. This 6,204 SF lot boasts the coveted RD1.5 zoning on a classic tree-lined street next door to multimillion dollar single family homes and condos. At the current rental income, the property offers a 3.5 cap rate. There is a 51% upside potential with the ADU conversions. There are no long-term leases. As a triplex, it qualifies for residential financing. Venice has enjoyed historically strong appreciation, attracting tech professionals and remote workers across industries to a thriving hub in an irreplaceable beach location. Buyer is to verify all square footage, building and property information, and feasibility of potential ADUs, etc.

HOA

No HOA

On market

a month

Year built

1947

Property type

Multi-Family

Parking

3

MLS

22181861

Price / Sq.Ft.

$1,444 / ft2

Status

Closed

Buyer’s Brokerage Commission

2.5%

Home details for 1712 Washington Way

Interior Features & Layout
Rooms Info
•   
Room Information: Recreation
Heating & Cooling
•   
Has Heating
•   
Heating Details: Central
Interior Size
•   
Building Area Total: 1610.00
Property, Lot, Community & Exterior Features
Parking Info
•   
Parking Available: 1
•   
Parking Features: Garage - Three Door
•   
Garage Spaces: 3.00
Building Info
•   
Zoning: LARD1.5
•   
Stories Total: 1
Community Info
•   
Number Of Buildings: 1
•   
Total Units: 3
Lot Info
•   
Lot Size Acres: 0.1424
•   
Lot Size Area: 6204.0000
•   
Lot Size Units: Square Feet
Property Features
•   
Property Condition: Updated/Remodeled
Listing Details, Costs & Financing Information
Financial Info
•   
Gross Operating Income: 113988.00
•   
Vacancy Allowance Rate: 0.00
•   
Cap Rate: 3.50
•   
Total Expenses: 29256.00
•   
Gross Multiplier: 20.40
Tax/Assessment Info
•   
Gross Income: 113988.00
Lease Info
•   
Net Operating Income: 81312.00
Listing Info
•   
Status: Closed
Multi Unit Information
Unit 3 Information
•   
Unit 3 Bedrooms: 1
•   
Unit 3 Actual Rent: 2700.00
•   
Unit 3 Total Units: 1
•   
Unit 3 Furnished Units: Unfurnished
•   
Unit 3 Bathrooms: 1
•   
Unit 3 Total Rent: 2700.00
Unit 2 Information
•   
Unit 2 Actual Rent: 2300.00
•   
Unit 2 Total Units: 1
•   
Unit 2 Furnished Units: Unfurnished
•   
Unit 2 Bathrooms: 1
•   
Unit 2 Total Rent: 2300.00
Unit 1 Information
•   
Unit 1 Bedrooms: 1
•   
Unit 1 Total Units: 1
•   
Unit 1 Furnished Units: Unfurnished
•   
Unit 1 Bathrooms: 1
•   
Unit 1 Actual Rent: 2499.00
•   
Unit 1 Total Rent: 2499.00
Unit 4 Information
•   
Unit 4 Actual Rent: 2000.00
•   
Unit 4 Total Units: 1
•   
Unit 4 Furnished Units: Unfurnished
•   
Unit 4 Total Rent: 2000.00
Multi Unit Information
•   
# Of Units: 4
School Neighborhood & Directions
School Info
•   
Directions: North on Venice Blvd., East on Washington Way
Other
Calculation
•   
Dom: 54

Neighborhood snapshot

89
Properties for sale
32
Median days on market
$1108.71
Median sold price/sqft
98.47%
Sold/List %
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Property History for 1712 Washington Way

09/14/2022
09/14/2022
CRMLS #22181861
pending
CRMLS #22181861
$2,325,000
+3.33%
09/14/2022
09/14/2022
CRMLS #22181861
sold
CRMLS #22181861
$2,250,000
--3.23%
08/02/2022
08/02/2022
CRMLS #22181861
active
CRMLS #22181861
$2,325,000

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2.5 bath
3076
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 · 
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