740 Washington Boulevard

    Marina Del Rey, CA 90292
    • $1,499,000
    • STATUS: Active
    • ON SITE: 121 days
    • ID#: SB19117865
    UPDATED: 57 min ago
    $1,499,000
    • 0
      BEDS
    • 0.06
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 1,140
      SQFT
    • $1,315
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1953
    County:

    School Ratings & Info

    Description

    PRICE REDUCED $50k best priced duplex listing in the Marina presently with very unique flex commercial C2/R4 zoning... Presenting an interesting value-add duplex listing at 740 Washington Blvd, Marina del Rey 90292. Featuring a front 1 Bedroom 1 Bath unit with a private front yard currently renting for $1,194/mth & a rear 2 Bedroom 2 Bath unit rented for $2,995/mth for a current gross income of $4,189/month; $50,268/year. At our recently reduced $1.499 asking price, the property is priced at: $749,500/unit; a 29.82 current GRM; a 19.22 market GRM; a 1.72% current CAP; a 3.41% market CAP, and $1,315/SF. The property is legally a triplex so an astute buyer could add significant income/value by converting the rear 2+2 unit to two 1+1 units or adding additional square footage. With proforma market rents on 1 Bedroom units locally averaging approx. $3,000/mth, there is significant upside potential here once the existing tenants vacate. The property also has a large two-car garage in the rear alley. Unique 2,500sf lot with commercial C2/R4 zoning allowing for a wide variety of mixed-uses & live/work opportunities.Located an A+ location at the heart of Silicon Beach & only a short walk or bike ride from all of the Marina & Venice's hippest restaurants; shops; bars; entertainment; outdoor activities & the beach. Walking distance to Coeur d' Alene Avenue School & St. Mark School, as well as Triangle Park & the Marvin Braude Bike Path.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-09-19T22:43:21.24. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Powerhouse Real Estate. Licensed in the State of California, USA.
    www.thepowerhouserealestate.com/homes/95011870

    740 Washington Boulevard Marina Del Rey, CA 90292

    • Price: $1,499,000
    • Status: Active
    • Updated: 57 min ago
    • ID#: SB19117865
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.06
    Acres
    1,140
    SQFT
    $1,315
    $/SQFT
    1953
    Built
    Neighborhood:
    C12 - Marina Del Rey
    County:
    Los Angeles
    Area:
    C12 - Marina Del Rey
    Property Description
    PRICE REDUCED $50k best priced duplex listing in the Marina presently with very unique flex commercial C2/R4 zoning... Presenting an interesting value-add duplex listing at 740 Washington Blvd, Marina del Rey 90292. Featuring a front 1 Bedroom 1 Bath unit with a private front yard currently renting for $1,194/mth & a rear 2 Bedroom 2 Bath unit rented for $2,995/mth for a current gross income of $4,189/month; $50,268/year. At our recently reduced $1.499 asking price, the property is priced at: $749,500/unit; a 29.82 current GRM; a 19.22 market GRM; a 1.72% current CAP; a 3.41% market CAP, and $1,315/SF. The property is legally a triplex so an astute buyer could add significant income/value by converting the rear 2+2 unit to two 1+1 units or adding additional square footage. With proforma market rents on 1 Bedroom units locally averaging approx. $3,000/mth, there is significant upside potential here once the existing tenants vacate. The property also has a large two-car garage in the rear alley. Unique 2,500sf lot with commercial C2/R4 zoning allowing for a wide variety of mixed-uses & live/work opportunities.Located an A+ location at the heart of Silicon Beach & only a short walk or bike ride from all of the Marina & Venice's hippest restaurants; shops; bars; entertainment; outdoor activities & the beach. Walking distance to Coeur d' Alene Avenue School & St. Mark School, as well as Triangle Park & the Marvin Braude Bike Path.
    Exterior Features

    Garage Spaces 2.00 Lot Features 0-1 Unit/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Features Garage Parking Total 2.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 1 Common Wall Laundry Features None Levels One

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Community Features Urban Country Us Electric Expense 0.00 Elevation Units Feet Fuel Expense 0.00 Gross Income 50268.00 Gross Operating Income 50268.00 Gross Scheduled Income 50268.00 Insurance Expense 1500.00 Land Lease YN No Laundry YN No Net Operating Income 25183.00 New Construction YN No New Taxes Expense 19375.00 Number Of Separate Electric Meters 2 Number Of Separate Gas Meters 2 Number Of Separate Water Meters 1 Number Of Units Leased 1 Operating Expense 25183.00 Property Sub Type Duplex Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 50268.00 Total Expenses 25183.00 Trash Expense 0.00 Water Sewer Expense 1600.00 Water Source Public Year Built Source Assessor Zoning Lac2

    Listing provided courtesy of Matthew Dunfrund of Lyon Stahl Investment Real Estate, Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-09-19T22:43:21.24. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Powerhouse Real Estate. Licensed in the State of California, USA.
     
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