1712 Washington Way, Venice, CA 90291

Property Description

Just a short stroll to the beach, Abbot Kinney and the Venice Canals, 1712 Washington Way is a three-unit bungalow, plus a +/- 770 SF recreation space and two garage units. The triplex is fully leased as is the back "room" offering the buyer a strong 3.5% existing cap rate, with upside in those rents. This property also offers an opportunity to convert this triplex into a five-unit building, adding an additional +/- 1,400 square feet. The front building has 1 studio and 2 one-bed/one-bath units, one of which has its own private patio. The back building has a converted +/- 770 SF room and two garages, totaling over 1,400 SF. Tenants share a spacious and private outdoor courtyard, as well as convenient entrances from both Washington Way and Mildred Avenue. The bonus recreation space gives the new owner the flexibility of potentially converting it into an ADU to generate additional income or use as an art studio/creative space, workout/yoga area or a work-from-home office. For the right offer, the seller might potentially be able to deliver some of all units vacant. This 6,204 SF lot boasts the coveted RD1.5 zoning on a classic tree-lined street next door to multimillion dollar single family homes and condos. At the current rental income, the property offers a 3.5 cap rate. There is a 51% upside potential with the ADU conversions. There are no long-term leases. As a triplex, it qualifies for residential financing. Venice has enjoyed historically strong appreciation, attracting tech professionals and remote workers across industries to a thriving hub in an irreplaceable beach location. Buyer is to verify all square footage, building and property information, and feasibility of potential ADUs, etc.