Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

5

Building size

4,015 sqft

Lot size

12,409 sqft

Year built

1919

Stories

0

Heating

None

Cooling

None

Status

Active

Days on market

26

MLS #

247445350

About this property

A full Venice corner, 5 distinct residences, and the timeless appeal of early California architecture come together at Nowita Place and Penmar Avenue. Built between 1919 and 1930, 3 single-story Spanish buildings encompass approximately 4,015 square feet on an approximately 12,406-square-foot, 2-lot site held under a single assessor parcel number. Four charming 1-bedroom, 1-bath cottages face Nowita in complementary pairs, each with its own garden path and a private patio or yard. Inside, graceful arches, warm wood floors, original built-in cabinetry, and pristinely maintained baths reflect the care given to these residences over time. Fronting Penmar, a separate 3-bedroom, 2-bath home enjoys its own entrance, driveway, and rear patio, lending the property the privacy and presence of a standalone residence. Together, the 5 leased residences generate scheduled rent of $13,324 per month, or $159,888 annualized. All units are occupied and will be delivered subject to existing tenancies. The property also offers parking for 6 or more vehicles, approximately 134 feet of frontage along each street, and verified [Q]RD3-1XL zoning. Rose Avenue, Abbot Kinney, and the beach are minutes away, placing the pleasures of Venice close at hand while preserving the intimate neighborhood character that makes this corner feel enduringly special. Buyer to independently verify all property information, zoning, and development potential.

Location

1140 Nowita Place

Venice, Los Angeles, CA, 90291