Marcus & Millichap is proud to present this 10 unit apartment building located at 12766 Venice Boulevard in Prime Mar Vista, California. Built in 1966, the offering sits on 7,376 square feet of land with 6,978 square feet of rentable area and consists of 1- studio / one bath, 7- one bed / one bath and 2- two bed / two bath units.
The sellers have already completed the required seismic retrofit work and 1 unit vacant is currently vacant. With a Walk Score of 83, the offering sits in one of Los Angeles' premier walk-able neighborhoods with premier dining, shopping and entertainment all just a short drive away.
The property is well located with an affluent local population of over 291,000 with average household incomes exceeding $108,000 in a 3-Mile Radius. A mile to the East, downtown Culver City has emerged over the last 10 years as one of Los Angeles most coveted markets. It is bordered by entertainment powerhouses of Sony and Culver Studios with a flourishing art scene. With its attractive tree-lined boulevards and charming outdoor cafes, galleries and nightlife, Culver City is a great place to live and work. Venice and the rising Silicon Beach is located just 3 miles to the west. Major tech companies in the area include Google, Yahoo!, YouTube, SnapChat, Facebook, Twitter, Buzzfeed, AOL, Electronic Arts, and Tesla.
This investment allows a savvy investor the chance to acquire a very well located 10-unit property in the extremely dense rental market of Mar Vista. Furthermore, the buyer avoids a great expense with seismic retrofit complete and has a great opportunity to add immediate value with one of the units being vacant.