2508 Naples Ave, Venice, CA 90291

Property Description

Only $233K per door for prime Venice! We are pleased to present for sale a generational multi-family portfolio on the famed Westside of world-renowned Los Angeles. The 58 apartment units are spread across two properties that have been owned by the same family for six decades. The properties may be purchased individually or collectively. The smaller of the assets comprises 18 units in a single U-shaped structure at 2508 Naples Avenue in Venice, CA. The property was built in 1949 and is located in the commercial heart of Venice within the economic powerhouse of Silicon Beach. Situated southwest of the intersection of Lincoln and Venice Boulevards nestled among multimillion dollar single-family homes, 2508 Naples is at the crossroads connecting the famous beachside community to its Westside neighbors. Naples exudes charm from the inviting courtyard and old-world second-floor catwalk to the well-laid out interior floorplans. There is on-site parking for 11 cars with a newly refurbished laundromat directly next door along Venice Boulevard. The property has a newer roof as well as new electrical subpanels and main breakers. The neighborhood of Venice is a perennial favorite among both locals and out-of-town transplants. From an investment standpoint, the portfolio offers significant opportunity. Current rents at Naples average $2.73 per square foot while prevailing market rents for renovated units are in the range of $4.47 per square foot. This means a comprehensive rehabilitation and renovation plan would yield the savvy investor enormous income gains.