49 WAVECREST AVE

Property Description

About this home

49 Wavecrest Avenue is a well maintained 7-unit property located one block from the sand at Venice Beach, one of Los Angeles’ signature destinations. This street is a designated walk-street. The Walk Score is 97 and the Bike Score is 100. The property has been professionally managed for decades and is on the market for the first time in 40 years. The 3,964 SF property is situated on two parcels totaling 3,185 SF. The main parcel, 49 Wavecrest Avenue, consists of six units: (1) 1Bd/1.5Ba, (4) 1Bd/1Ba and (1) Studio unit. The adjacent smaller parcel, 1007 Pacific Avenue, consists of (1) 1Bd/1Ba cottage. The current land use for 1007 Pacific Avenue is Single Family Residential, per the assessor’s property report. There may be an opportunity here to sell off this parcel as a Single Family Residence (Buyer to verify with the City of Venice). There is a private fenced courtyard area in the front of the property that opens onto the walk-street and there is common area space in the rear of the property for tenants to park and lock their bikes.

Investment Highlights

• Irreplaceable Location on a Walk Street: 97 Walk Score; 100 Bike Score. Tenants walk one block to the beach and the famous Venice Boardwalk.
• Value-Add Opportunity: There is approximately 25% rental upside. 5.43% Pro Forma Cap Rate and 10.55 Pro Forma GRM.

• Rare Offering: First time on the market in 40 years. Apartment building sales are historically low on the west side of Pacific Avenue in Venice.
• Pride of Ownership: The property is well maintained and has been professionally managed for decades. The SB 721 work is completed and some of the plum