NOT LISTED FOR SALE

240 3rd Ave Los Angeles, CA 90291

Venice Neighborhood
4 Beds
8 Baths
3,288 Sq Ft
6,187 Sq Ft Lot

Last Sold June 21, 2021

Last sale price $2,600,000 $791 Per Sq Ft

116 Days on Market

About This Home

As of June 2021

7 of 8 units VACANT - 240 3rd Ave is a Value-Add 8-unit asset, conveniently located steps to the Ocean in prime Venice, right in the heart of Silicon Beach. Built in 1956, the two-story complex features a unit mix consisting of (4) One-Bed/One-Bath units and (4) Bachelor/One-Bath units. Per the Los Angeles Housing and Community Investment Department (HCIDLA), the four Bachelor units may be rented as flexible units. This allows a new owner the ability to have 4 to 8 rental units as either long term tenancy, 30-day rentals, co-living, etc. The building features (9) electrical meters, (5) gas meters, (8) parking spaces, and on-site laundry facilities. The complex attracts tenants looking to live within blocks of the beach (94 walk score & 100/100 bike score!), moments to two of the hippest corridors in the country, and a short drive to big tech and entertainment headquarters. The property presents a rare opportunity for investors to achieve a 6.30% cap rate upon full building stabilization.

Last Agent to Sell the Property

Elijah Korobkin

Central Realty Advisors Inc License #01897085 Listed on: 02/11/2021

Last Buyer's Agent

Shiva Mehrdad

Power Brokers License #01279649

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1956

Lot Details

  • 6,187 Sq Ft Lot

Parking

  • 8 Parking Spaces

Interior Spaces

  • 3,288 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 4 Bedrooms
  • 8 Bathrooms

Community Details

  • 8 Units

Listing and Financial Details

  • Assessor Parcel Number 4286-001-014

Property Details

Home Type

Multi-Family

Year Built

Built in 1956

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Street Number Display: Yes
  • Living Area: 3288
  • Lot Acreage: 0.1421
  • Price Per Unit: 343750.00
  • Stories: 2
  • Year Built: 1956
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 4
  • Total Bathrooms: 8.00
  • Price Per S Q F T: 836.37

Exterior Features

  • Other Structures: Other

Garage/Parking

  • Total Parking: 8

Lot Info

  • Assessed Improvement Percent: 25.00
  • Assessed Improvement Value: 422497
  • Assessed Land Percent: 75
  • Assessed Land Value: 1267493
  • Total Assessed Value: 1689990
  • Assessor Parcel Number: 4286-001-014
  • Lot Size Area: 6187

Multi Family

  • Unit Type: 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113
  • Gross Rent Multiplier: 12.60
  • Number Of Units: 8
  • Type Of Units: Apartments

Range of Values:

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Average Value
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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

Property History

Date Event Price List to Sale Price per Sq Ft
06/21/2021 06/21/21 Sold $2,600,000 -5.5% $791 / Sq Ft
06/07/2021 06/07/21 Pending -- -- --
02/11/2021 02/11/21 For Sale $2,750,000 -- $836 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Elijah Korobkin

    Seller's Agent in 2021

    Elijah Korobkin

    Central Realty Advisors Inc

    (323) 873-9332

    2 in this area

    13 Total Sales

    Elijah Korobkin
    Section Image
  • Shiva Mehrdad

    Buyer's Agent in 2021

    Shiva Mehrdad

    Power Brokers

    (310) 505-9560

    1 in this area

    45 Total Sales

    Shiva Mehrdad
    Section Image
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Map

Source: The MLS

MLS Number: 21-692236

The MLS
California Los Angeles County Los Angeles 90291 Venice

240 3rd Ave, Los Angeles, CA

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