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- Located on the World-Famous Abbot Kinney Boulevard
- Gated Front Courtyard | All Units Include Washer/DryerHookups
- (2) One-Car Garages & Additional Parking in Driveway
- 2,808 SF Building Situated on a 4,298 SF Lot | Zoned R3
- Unit Mix: (1) 3-Bed/2.5-Bath Owner’s Unit, (1) 2-Bed/1-Bath Unit & (1) 1-Bath/1-Bath Unit
2621 Abbot Kinney Boulevard is a Venice triplex locatedwest of Lincoln Blvd on one of the most famous streets inLos Angeles. The property was built in 1960 and consistsof 2,808 SF of living space situated on a 4,298 SF lot. Thebuilding offers a great unit mix consisting of (1) 3-bed/2.5-bath owner’s unit, (1) 2-bed/ 1-bath unit & (1)1-bed/1-bath unit. 2621 Abbot Kinney Blvd also includeswasher and dryer hookups in each unit, (2) one-cargarages, and additional driveway parking.
Located on Abbot Kinney Boulevard in one of the mostdesirable rental markets in California, this is an incredibleinvestment opportunity to acquire a well-maintainedasset with significant growth potential.
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2621 ABBOT KINNEY BLVD.VENICE, CA 90291
FinancialOverview
2621 ABBOT KINNEY BLVD.VENICE, CA, 90291
Property Summary
ADDRESS 2621 Abbot Kinney Blvd, Venice YEAR BUILT 1960
UNIT TYPE NO. OF UNITS AVERAGE RENT MONTHLY INCOME PRO FORMA RENT PRO FORMA INCOME
3-Bed/2.5-Bath 1 $4,628 $4,628 $5,000 $5,000
2-Bed/1-Bath 1 $2,038 $2,038 $3,500 $3,500
1-Bed/1-Bath 1 $1,911 $1,911 $2,500 $2,500
Annualized Operating Data
CURRENT ACTUALS PRO FORMA RENT
GROSS SCHEDULED INCOME $102,924 $132,000
VACANY RATE RESERVE $3,088 3% $3,960 3%
GROSS OPERATING INCOME $99,836 $128,040
EXPENSES $34,866 34% $34,866 26%
NET OPERATING INCOME $64,970 $93,174
LOAN PAYMENTS $72,745 $72,745
PRE TAX CASH FLOWS $(7,775) -0.86% $20,429 2.27%
PRINCIPAL REDUCTION $25,908 $25,908
TOTAL RETURN BEFORE TAXES $18,133 2.01% $46,337 5.15%
Expense Summary
NEW TAXES (REAL) $27,362
MAINTENANCE (3%) $3,088
INSURANCE $2,017
UTILITIES $2,400
TOTAL EXPENSES $34,866
EXPENSES AS %/SGI 33.88%
EXPENSE PER SF $8.11
EXPENSE PER UNIT $11,622
Scheduled Income
CURRENT MARKET
TOTAL SCHEDULED RENT $8,577 $11,000
LAUNDRY $0 $0
GARAGES $0 $0
MONTHLY SCHEDULED GROSS INCOME $8,577 $11,000
ANNUALIZED SCHEDULED GROSS INCOME $102,924 $132,000
UTILITIES PAID BY TENANT GAS & ELECTRIC -
* This information has been secured from sources we believe to be reliable but representations, or warranties, expressed or implied, as to the accuracy of the references to square footage, land lines/boundaries and age are approximate. Buyer takes responsibility for all information and bears all risk for any inaccuracies.
FinancialOverview
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2621 ABBOT KINNEY BLVD.VENICE, CA, 90291
Unit # Unit Type Actual Rent Market Rent Notes
1 3+2.5 $4,628 $5,000
1 2+1 $2,038 $3,500
1 1+1 $1,911 $2,500
MONTHLY TOTALS $8,577 $11,000
ANNUALIZED TOTALS $102,924 $132,000
RentRoll
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2621 ABBOT KINNEY BLVD.VENICE, CA 90291
PropertyPhotography
2621 ABBOT KINNEY BLVD.VENICE, CA, 90291
PropertyPhotography
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2621 ABBOT KINNEY BLVD.VENICE, CA, 90291
PropertyPhotography
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2621 ABBOT KINNEY BLVD.VENICE, CA, 90291
FloorPlan
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2621 ABBOT KINNEY BLVD.VENICE, CA, 90291
FloorPlan
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2621 ABBOT KINNEY BLVD.VENICE, CA 90291
Comparables
2621 ABBOT KINNEY BLVD.VENICE, CA, 90291
SoldComparables
Address Price Units Year Built Building Size Price/Unit Price/SF Cap Rate GRM Sold Date
11770 Washington WayVenice, CA, 90291
$1,845,000 2 1923 1,662 SF $922,500 $1,110.10 2.14% 26.48 09/24/2020
22339 Abbot KinneyVenice, CA, 90291
$1,750,000 3 1949 1,792 SF $583,333 $976.56 3.69% 20.83 12/16/2019
3524 Westminster AveVenice, CA, 90291
$2,040,000 4 1954 2,040 SF $1,020,000 $1,000 2.01% 28.31 02/03/2020
424 Breeze AveVenice, CA, 90291
$2,000,000 4 1963 2,274 SF $500,000 $879.50 4.91% 13.12 07/31/2020
5706 6th AveVenice, CA, 90291
$2,495,000 3 1927 2,104 SF $831,667 $1,185.83 3.16% 16.63 03/13/2020
611 19th AveVenice, CA, 90291
$2,550,000 3 1971 2,724 SF $850,000 $936.12 4.68% 13.70 07/10/2020
Venice is a residential, commercial, and beachfront neighborhood on the Westside of Los Angeles bordered by Santa Monica, Mar Vista, Marina del Rey and the Pacific Ocean with a population of 40,885. Known for its man-made canals, flat beach, and two-and-a-half-mile pedestrian-only boardwalk lined with artists, performers, shops and restaurants, Venice attracts thousands of visitors a day. Abbot Kinney Boulevard, named after the city’s founder, features foodie hot spots, stylish boutiques and coffee bars. Venice real estate values have stayed the same over the past year and the median price of homes currently listed is $1,950,000. Venice residents are served by the Los Angeles Unified School District. The city’s main high school is Venice Senior High, which has been featured in Grease, A Nightmare on Elm Street, and Glee. Other schools include Animo Venice Charter High School, Westside Leadership Magnet School, and three elementary schools. Hundreds of movies, television shows, and video games have used locations in Venice including Speed, The Big Lebowski, White Men Can’t Jump, Lords of Dogtown, Californication, and Grand Theft Auto.
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2621 ABBOT KINNEY BLVD.VENICE, CA, 90291
CityProjects
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Los Angeles
Los Angeles County is the most heavily populated county with approximately 9.9 millionpeople, including about 1 million that live in unincorporated areas of the county. Themetropolis – formed by the six neighboring counties of Los Angeles, Ventura, Kern, SanBernardino, Riverside, and Orange – is home to approximately 19 million residents. LosAngeles County is home to one of the most educated labor pools in the country andoffers a labor force of more than 4.7 million, of which more than 1.5 million are collegegraduates. Los Angeles County has the largest population of any county in the nation,exceeded only by eight states According to the United States Conference of Mayors, LosAngeles County boasts a GDP among the twenty largest in the world. Los AngelesCounty’s continued economic growth, in contrast to other areas of the state and nation,is due to its diversified economy and abundant, well-trained workforce.
Los Angeles County is well located on the Southern Coast of California, and covers 4,061square miles, including the San Clemente and Santa Catalina islands. The county iscomprised of approximately 88 vibrant and diverse cities hosting more than 244,000business establishments – the greatest concentration in the state. Los Angeles Countyhas a Gross Domestic Product (GDP) of approximately $446 billion – placing it amongthe top 20 economies in the world. The combined GDP of Los Angeles and its fivesurrounding neighboring counties places it in the top 10. California is generallyconsidered to be in the top five.
If Los Angeles County were its own nation, its economy would be the 18th largest in theworld. It is home to more than 244,000 businesses, with more minority and womenowned businesses than any other state in the nation and is the nation’s top internationaltrade center and manufacturing center. Los Angeles is recognized worldwide as a leaderin entertainment, health sciences, business services, aerospace and international trade.Because the Los Angeles area is so large and diverse, it has something to offer everyone.While Hollywood and the Los Angeles beach culture are part of our collective image ofLos Angeles, the city also has more museums than any other city and some of the besthotels in the world.
2621 ABBOT KINNEY BLVD.VENICE, CA, 90291
LocalMap
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2621 ABBOT KINNEY BLVD.VENICE, CA, 90291
AerialMap
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The information contained in this Offering Memorandum (“Memorandum”) is proprietary and strictlyconfidential; it is intended to be reviewed only by the party receiving it from Broker and should not bemade available to anyone else without the written consent of Broker. By retention or use of thisMemorandum, you agree that its contents are confidential, that you will hold it in the strictestconfidence, and that you will not disclose any of its contents contrary to these terms.
This Memorandum has been prepared to provide summary, unverified information to establish apreliminary level of interest in the subject property (“Property”) . The information in this Memorandum hasbeen obtained from sources Broker believes to be reliable; however, Broker has not conducted sufficientinvestigation to make any warranty or representation whatsoever including but not limited to theaccuracy or completeness of the information, veracity or accuracy of the information, condition of theProperty or its compliance or lack of compliance with applicable governmental requirements,developability, suitability or financial performance of the Property, income or expenses for the Property,the size and square footage of the Property and improvements, the presence or absence ofcontaminating substances, PCB’s or asbestos, the compliance with State or Federal regulations, thephysical condition of the improvements thereon, or the financial condition or business Property and doesnot purport to be an all – inclusive representation regarding the Property or to contain all or part of theinformation which prospective investors may require to evaluate the purchase of the Property. Additionalinformation and an opportunity to investigate the Property will be made available to interested andqualified prospective purchasers. All information is based on assumptions relating to the generaleconomy, market conditions, competition and other factors beyond the control of Broker, therefore, allinformation is subject to material variation. The information contained herein is not a substitute for athorough due diligence investigation. Interested parties are expected to review all information ofwhatever nature independently and not rely on the contents of this Memorandum in any manner.
The Property owner (“Owner”) expressly reserves the right, at its sole discretion, to reject any or all offersto purchase the Property, and/or to terminate discussions at any time with or without notice. The Ownershall have no legal commitment or obligation unless and until written agreement(s) have been fullyexecuted, delivered and approved by the Owner and any conditions to the Owner’s obligations thereinhave been satisfied or waived.