Description

ASSUMABLE CHASE LOAN $3.05M @ 4.67% UNTIL 10/2029... 2201 Ocean Avenue is a phenomenal 10-unit multifamily investment opportunity located in an ultra prime location of Venice Beach. Built in 1975, the property is comprised of ten expansive two-bedroom townhouse units, averaging over 1,400 square feet each. Each two-bedroom / two-bathroom unit spans three stories, including a ground-floor primary bedroom & bathroom, second-floor living room & kitchen with 20+ foot vaulted ceilings, and third-floor lofted bedroom & bathroom. Each townhouse unit also comes with a balcony and a private rooftop deck with sweeping views of the Pacific Ocean, the Venice Canals and the Los Angeles skyline. The units have seen various upgrades including upgraded kitchens and bathrooms in select units, and a combination of hardwood floors & carpeting throughout. The 14,025 square foot property sits on a 7,969 square foot corner lot zoned LARD1.5. 2201 Ocean Ave is being offered with extremely attractive assumable financing, with a $3.05M loan available with Chase fixed at 4.67% interest until October 2029. Each unit at 2201 Ocean Ave comes with two tandem, gated tuck-under parking spaces (20 total), and the property also features a community laundry room (machines owned by Seller). Additionally, there are 11 large storage rooms which are rented out for additional income. The property has seen significant recent capital improvements including a new hot water heater in 2024, the resealing of all balconies in 2023, new exterior paint in 2022, a full termite tenting in 2021, soft-story retrofitting in 2017, and a full roof replacement in 2016. The building also features full copper water lines per the previous Seller (Buyer to verify), and all gas meters have the required earthquake gas shutoff valves installed already. 2201 Ocean Ave offers a huge amount of upside to potential buyers with current rents averaging just $3,460 per month. For comparison, similarly sized & renovated 2-bedroom units in the area are asking $6,000+ per month, with over 70% upside on the current rents. The large townhouse floor plans with private balconies, ample parking and rooftop decks also lend themselves well to a potential condo or TIC conversion strategy for savvy investors. Steps away from the famous Venice Canals and just a few blocks from both the beach and Abbot Kinney Blvd, 2201 Ocean Ave is situated on an ultra prime corner of Venice Beach. Tenants can easily walk to various high-end shops, restaurants, bars & grocery stores including Erewhon, Gjelina, Great White, Ggiata, Intelligentsia Coffee, Lululemon, Gran Blanco and more. With its prime location, large multi-level floor plans, private outdoor space and incredible assumable financing terms, 2201 Ocean Ave is a truly generational investment opportunity in Venice Beach, CA.