NOT LISTED FOR SALE

217 Venice Way Venice, CA 90291

Venice Neighborhood

Estimated Value: $3,227,000 - $5,254,551

8 Beds
4 Baths
3,362 Sq Ft
$1,165/Sq Ft Est. Value

Last Sold March 18, 2013

Last sale price $2,301,000 $684 Per Sq Ft

Est. 70% increase in value since last sale

Current estimated payment $23,159/month

12 Days on Market

Highlights

  • Guest Parking
  • 4 Car Garage
  • 5-minute walk to Windward Plaza
  • Venice High School Rated A

About This Home

As of March 2013

Prime location in Venice. Only 2 blocks from the beach. Well maintained income property. Hard-to-find 4 unit building. Each unit is 2BR/1BA. All units tenant occupied on month/month or short term leases. Current rent is SUBSTANTIALLY under market, but current GSI $119K, GMR 19.32, NOI $94K, Cap Rate 4.10%. Future FMV rent would give GSI $174K, GMR 13.19, NOI $139K, Cap Rate 6.06%. Great opportunity for property development as building sits on 3 separate lots (25x79), which have sold for $600k recently. Hot location, hard-to-find property, increasing rental income, future development potential. Your investor clients will love it!

Last Agent to Sell the Property

Andrew Watkins

Watkins Real Estate Group License #01478668 Listed on: 02/03/2013

Last Buyer's Agent

Barry Cassilly

Power Brokers License #01316204

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1947

Lot Details

  • 5,923 Sq Ft Lot

Interior Spaces

  • 3,362 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 4 Bathrooms

Parking

  • 4 Car Garage
  • Guest Parking

Community Details

  • 4 Units

Listing and Financial Details

  • Assessor Parcel Number 4238-021-022

Property Details

Home Type

Multi-Family

Year Built

Built in 1947

Lot Details

5,923 Sq Ft Lot

Listing Details

  • Property Type: Residential Income
  • Street Number Display: Yes
  • Living Area: 3362
  • Stories: 2
  • Year Built: 1947
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 8
  • Total Bathrooms: 4.00
  • Price Per S Q F T: 682.63

Exterior Features

  • Tennis Court Y/N: No
  • Pool: No
  • View: No

Garage/Parking

  • Parking Garage: Garage, Parking for Guests - Onsite
  • Total Parking: 4

Utilities

  • Electric Expense: 600.00
  • Water Expense: 1200.00

Fee Information

  • Gas Expense: 600.00
  • Insurance Expense: 1250.00
  • Maintenance Expense: 2462.00
  • Trash Expense: 900.00

Lot Info

  • Assessed Improvement Value: 247400
  • Assessed Land Value: 1002600
  • Assessor Parcel Number: 4238-021-022
  • Geocode Override: No
  • Lot Size Area: 5923

Multi Family

  • Unit Type: 2106, 2107, 2108, 2109
  • Gross Rent Multiplier: 19.32
  • Number Of Units: 4
  • Type Of Units: 0

Tax Info

  • Tax Expense: 15888.00

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Nov 1, 2014
Sold by
Bever John Fabian
Bought by
California Eco Homes Llc
Current Estimated Value
$3,917,517

Purchase Details

Closed on
May 2, 2014
Sold by
California Eco Homes Llc
Bought by
Bever John Fabian and Wiseman Nicola

Purchase Details

Listed on
Feb 3, 2013
Closed on
Mar 7, 2013
Sold by
Chaing Hoonae
Bought by
California Echo Homes Llc
Seller's Agent
Andrew Watkins
Watkins Real Estate Group
Buyer's Agent
Barry Cassilly
Power Brokers
List Price
$2,295,000
Sold Price
$2,301,000
Premium/Discount to List
$6,000
0.26%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
4.18%
Original Mortgage
$1,530,000
Interest Rate
3.53%
Mortgage Type
Commercial

Purchase Details

Closed on
May 23, 2012
Sold by
Cameron Tammy
Bought by
Chaing Hoonae and Chaing Jung Yong

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,200,000
Interest Rate
5.5%
Mortgage Type
Adjustable Rate Mortgage/ARM

Purchase Details

Closed on
Jan 26, 2007
Sold by
Hoffman John Y
Bought by
Cameron Tammy and Nichols James Ryan

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$219,750
Interest Rate
6.23%
Mortgage Type
Credit Line Revolving

Purchase Details

Closed on
Feb 24, 2006
Sold by
Hoffman John Y
Bought by
Larson Jean Y

Purchase Details

Closed on
Jan 7, 2004
Sold by
Hoffman John Y
Bought by
Larson Jean Y

Purchase Details

Closed on
Dec 16, 2003
Sold by
Hoffman John Y
Bought by
Larson Jean Y

Purchase Details

Closed on
Jul 26, 2003
Sold by
Hoffman John Y
Bought by
Hoffman John Y and Hoffman Dorothy E

Purchase Details

Closed on
May 8, 2002
Sold by
Hoffman John Y
Bought by
Hoffman John Y and Hoffman Dorothy E

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$317,000
Interest Rate
6.84%

Purchase Details

Closed on
Mar 22, 2002
Sold by
Hoffman John Y
Bought by
Hoffman John Y and Hoffman Dorothy E

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$317,000
Interest Rate
6.84%

Purchase Details

Closed on
Oct 7, 1998
Sold by
Hoffman John Y
Bought by
Hoffman John Y and Hoffman Dorothy E

Purchase Details

Closed on
Feb 2, 1998
Sold by
Hoffman John Y
Bought by
Hoffman John Y and Hoffman Dorothy E

Purchase Details

Closed on
Dec 9, 1997
Sold by
Trust Hoffman, John Y Co Tr Hoffman Famil
Bought by
Hoffman John Y and Hoffman Dorothy E
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
California Eco Homes Llc -- None Available
Bever John Fabian -- Ticor Title Company Of Ca
California Echo Homes Llc $2,301,000 Stewart Title Of Ca Inc
Chaing Hoonae $1,850,000 --
Cameron Tammy $1,465,000 Stewart Title Of California
Larson Jean Y -- Stewart Title Of California
Larson Jean Y -- None Available
Larson Jean Y -- --
Larson Jean Y -- --
Hoffman John Y -- --
Hoffman John Y -- --
Hoffman John Y -- Fidelity National Title Ins
Hoffman John Y -- --
Hoffman John Y -- --
Hoffman John Y -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner California Echo Homes Llc $1,530,000
Previous Owner Chaing Hoonae $1,200,000
Previous Owner Larson Jean Y $219,750
Previous Owner Cameron Tammy $952,250
Previous Owner Hoffman John Y $317,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
03/18/2013 03/18/13 Sold $2,301,000 +0.3% $684 / Sq Ft
02/15/2013 02/15/13 Pending -- -- --
02/03/2013 02/03/13 For Sale $2,295,000 -- $683 / Sq Ft
Source: The MLS

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $33,309 $2,788,283 $1,946,993 $841,290
2024 $33,309 $2,733,612 $1,908,817 $824,795
2023 $32,662 $2,680,013 $1,871,390 $808,623
2022 $31,139 $2,627,465 $1,834,697 $792,768
2021 $30,759 $2,575,947 $1,798,723 $777,224
2019 $29,835 $2,499,545 $1,745,373 $754,172
2018 $29,713 $2,450,535 $1,711,150 $739,385
2016 $28,426 $2,355,380 $1,644,705 $710,675
2015 $28,008 $2,320,000 $1,620,000 $700,000
2014 $28,553 $2,311,446 $2,009,080 $302,366
Source: Public Records

Agents Affiliated with this Home

  • Andrew Watkins

    Seller's Agent in 2013

    Andrew Watkins

    Watkins Real Estate Group

    (310) 383-6239

    53 Total Sales

    Andrew Watkins
    Section Image
  • Barry Cassilly

    Buyer's Agent in 2013

    Barry Cassilly

    Power Brokers

    (310) 930-6222

    9 in this area

    11 Total Sales

    Barry Cassilly
    Section Image
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Map

Source: The MLS

MLS Number: 13-649285

The MLS

APN: 4238-021-022

California Los Angeles County Venice 90291 Venice

217 Venice Way, Venice, CA

Not Listed for Sale

MultiFamily

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