538 Rialto Avenue, Venice, CA 90291 (MLS # 23286813)
538 Rialto Avenue in Venice, California is comprised of three (3) contiguous lots, totaling 7,652 square feet. The property consists of eight (8) bungalow-style units around a shaded outdoor courtyard with five (5) surface parking spaces.The asset offers a unit mix of one (1) 2 BD/1.5 BA; two (2) 1 BD/ 1BA; and five (5) studios, most with enclosed outdoor private spaces and one with a private sauna.The property's location in prime Venice is just one block from high-end shopping and dining amenities along Abbot Kinney Boulevard and within walking distance to the Venice Canals, Venice Beach and Boardwalk as well as vibrant boutiques and restaurants along Main Street and Rose Avenue.Offered at only $325,000 per unit, the asset provides a new investor with 50% rental upside - 10.9x gross and 6.2% cap rate at market rents. 538 Rialto represents a value-add opportunity for investors in an A+ Venice location.Investment Highlights Highly Desirable Venice Location One Block to Abbot Kinney Blvd. Walking Distance to Venice Beach & Canals 3 Contiguous Lots Form the Parcel, Totaling 7,652 SF Renovated Units Include Recessed Lighting, Bamboo Flooring, Ceiling Fans & Fully Upgraded Kitchens & Bathrooms Most Units Include Enclosed Private Patios, One with Large Outside Enclosed Sauna 50% Upside Potential in Rents.
Property Type(s):
Residential Income
|
Last Updated
|
1/16/2024
|
Year Built
|
1922
|
|
Community
|
Venice
|
County
|
Los Angeles
|
Price History
|
Prior to Aug 2, '23
|
$3,100,000 |
|
Aug 2, '23 - Jan 16, '24 |
$2,795,000 |
| Jan 16, '24 - Today |
$2,600,000 |
Additional Details
| AIR |
None |
| APPLIANCES |
Dishwasher |
| AREA |
Venice |
| BUYER'S BROKERAGE COMPENSATION |
2.000 % |
| GARAGE |
One Space |
| HEAT |
Wall Furnace |
| INTERIOR |
Ceiling Fan(s) |
| LOT |
7652 sq ft |
| PARKING |
One Space |
| STORIES |
1 |
| ZONING |
LARD1.5 |
Location
Listed with KW Advisors
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 4/26/24 11:01 PM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
This IDX solution is (c) Diverse Solutions 2024.
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