924 Marco Place

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Address: 924 Marco Place, Los Angeles, California, US
Created date: January 26, 2024
Date last updated: March 26, 2024
  • One of a kind Venice walk street apartment property
  • Idyllic low density living with beautiful, serene grounds
  • Walk to Restaurants, Retail and Transportation
  • Surrounded by new multi million dollar custom single family residences
  • Seismic retrofit work completed

Property Description

Lee & Associates Apartment Advisors is pleased to present Marco Circle apartments located at 924 Marco Place in Venice, CA. The property is situated on the world-famous Walk Streets of Venice. What is especially unique about this property is that it is the only apartment building located on the Millwood Walk Streets. The ±3,564 SF property is comprised of three duplex buildings of four x one bedroom/one bath bungalows, and two x two bedroom/one bath apartments located above the six garages. The property is situated on a ±7,201 SF R2 Parcel. There are on-site leased laundry machines, and each unit is separately metered. The property is subject to the city of Los Angeles Rent Stabilization Ordinance. The property has always been very well maintained by the Seller over the course of its forty-year ownership. Capital improvements in the last few years include seismic retrofit of the rear building, interior unit renovations on vacant units, and new water heaters. Venice, California, is a unique coastal enclave with a myriad of distinctive features including the iconic Venice Beach Boardwalk, where street performers, artists, and eclectic vendors create a vibrant and lively atmosphere. However, one of the neighborhood’s most charming features is its network of Walk Streets, a series of pedestrian-friendly, tree-lined pathways that meander through the heart of Venice. These Walk Streets offer a tranquil escape from the hustle and bustle of city life, providing a sense of community and a safe environment for children to play and residents to walk, jog, or simply enjoy the lush surroundings. Living in a Walk Street home grants the benefit of a quieter, more intimate neighborhood experience while still being close to the beach, shops, and restaurants. Venice’s unique blend of culture, proximity to the Pacific Ocean, and the serene charm of its Walk Streets make it an enticing destination for those seeking a distinctive and laid-back coastal lifestyle. There is high demand to live in Venice given its lifestyle. With one unit vacant at close of escrow and over 80% rental upside on the occupied units, long term value will be created when the apartments turnover. Additionally, the possibility to convert the large storage unit to an ADU exists. Buyer to verify with the city of Los Angeles. The offering is an opportunity for an investor to acquire a one-of-a-kind apartment building and hold for the long term.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $3,100,000
No. of Units: 6
Year Built: 1925
Lot Size: 0.17 Sq ft
Opportunity Zone: No
Price per unit: $516,667
Property Website Click Here
Address: 924 Marco Place, Los Angeles, CA 90291, USA
Provided by:

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