Language and Region
Currency

This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.

Email*

Please enter a valid email address.

Note: To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

Send me a copy

962 characters remaining

LoopNet has taken a strong stance against the practice of sending unsolicited commercial emails, also known as "spam." Please send these emails only to people you know who would be interested in this property. If someone asks you not to send these emails to them, please comply.

thank you

Your email has been sent!

19 Wavecrest Ave

10 Unit Block of Flats £4,102,800 (£410,280/Unit) 8.58% Net Initial Yield Venice, CA 90291

.mosaic-column{display:inline-block!important;height:100%!important;width:auto!important}.mosaic-tile i{display:none!important}.mosaic-tile img{height:100%!important;width:auto!important}

Investment Highlights

Amazing Venice Location-Steps to the Boardwalk
Vacancy-Potential to Deliver as Many as 5 Vacancies at the Close
Priced to Sell at a 5.97% Cap Rate & 11.26 GRM on Current Income

Impressive Unit Mix-7 One Bedrooms and 3 Two's
Impressive Upgrades-Several Units with Impressive Renovations

Executive Summary

19 Wavecrest Ave Apartments is a 10-unit apartment community located 130+ feet from the Venice Boardwalk and beach. Residents enjoy the benefits of living in the heart of venice as he property is in close proximity to Abbot Kinney, Santa Monica Pier, and much more. 19 Wavecrest Ave offers (7) one-bedroom apartments each measuring approximately 650 square feet, (2) two bedroom/one bath apartments each measuring approximately 815 square feet, and (1) two bedroom-two bath Penthouse unit measuring approximately 1,100 square feet. The penthouse unit features a jacuzzi, rooftop deck, and has views of the Pacific Ocean and entire city of Los Angeles. Potential to have (5) units delivered vacant at the close of escrow, with the penthouse unit having potential to be leased back at market rate. Units feature ocean views, Spanish tiling, and private patios. There is laundry on site.

19 Wavecrest Ave, Venice_OM

Financial Summary (Actual - 2023)	Annual	Annual Per SF
Gross Rental Income	£362,984	£49.85
Other Income	-	-
Vacancy Loss	£10,890	£1.50
Effective Gross Income	£352,094	£48.36
Taxes	-	-
Operating Expenses	-	-
Total Expenses	£108,569	£14.91
Net Operating Income	£243,526	£33.45

Financial Summary (Actual - 2023)

Gross Rental Income
Annual	£362,984
Annual Per SF	£49.85

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	£10,890
Annual Per SF	£1.50

Effective Gross Income
Annual	£352,094
Annual Per SF	£48.36

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	£108,569
Annual Per SF	£14.91

Net Operating Income
Annual	£243,526
Annual Per SF	£33.45

Property Facts

Price	£4,102,800	Apartment Style	Mid Rise
Price Per Unit	£410,280	Building Class	C
Sale Type	Investment	Lot Size	0.06 AC
Net Initial Yield	8.58%	Building Size	7,281 SF
Gross Rent Multiplier	11.26	Average Occupancy	30%
No. Units	10	Number of Floors	4
Property Type	Residential	Year Built	1912
Property Subtype	Apartment

Price	£4,102,800
Price Per Unit	£410,280
Sale Type	Investment
Net Initial Yield	8.58%
Gross Rent Multiplier	11.26
No. Units	10
Property Type	Residential
Property Subtype	Apartment
Apartment Style	Mid Rise
Building Class	C
Lot Size	0.06 AC
Building Size	7,281 SF
Average Occupancy	30%
Number of Floors	4
Year Built	1912