700 Washington Blvd, Marina Del Rey, CA 90292

Property Description

There are a total of 6 units within 2 buildings (5 LEGAL APARTMENTS + 1 RETAIL). 3 of the tenants are commercial and 3 are multi-residential. The commercial tenants are on a month to month tenancy, the multi-residential units are subject to the LA City Rent Control Ordinance which permits limited increases in rent for existing tenants each year. Upon the tenant vacating the units, they may be rented at whatever the market will bear. The rents are below market and the present Gross Scheduled Income from rents is $91,800. The projected market rent is $113,460 which translates to a GRM of 13.22 and a CAP rate of 5.21% when accounting for new property taxes, insurance and operating expenses. Offerings of this kind are very rare due to the limited turnover of properties in this prime location. 
 Located in Los Angeles on the Marina Del Rey/Venice border on the South-East Corner of Washington Blvd and Oxford Avenue. The property sits at the gateway to the Harbor Crossing development area which has many high end luxury homes in this enclave. It is also adjacent to the Marina Point Luxury Hi-Rise Development, several hotels and the commercial shopping area of Marina Del Rey Harbor.