924-928 Marco Place

Venice, CA 90291

$2,995,000
Price
8
Beds
6
Baths
3,564 Sq. Ft.
$840 / Sq. Ft.
3,564
Sq. Ft.
$840
per Sq. Ft.

Description

A Venice walk street, 6 well-maintained units with alluring artisanal features, tremendous upside, AND development potential. Located in the heart of the world-famous Walk Streets of Venice, adjacent to other bustling neighborhoods such as Santa Monica, Marina Del Rey, and Mar Vista, "Venice Walk Street 6" showcases the best features of old Venice. With trendy eateries, bars, shops, and iconic landmarks and beaches just minutes away, the property benefits from an insatiable rental demand and legendary...A Venice walk street, 6 well-maintained units with alluring artisanal features, tremendous upside, AND development potential. Located in the heart of the world-famous Walk Streets of Venice, adjacent to other bustling neighborhoods such as Santa Monica, Marina Del Rey, and Mar Vista, "Venice Walk Street 6" showcases the best features of old Venice. With trendy eateries, bars, shops, and iconic landmarks and beaches just minutes away, the property benefits from an insatiable rental demand and legendary long-term capital appreciation. The property's proximity to renowned employers such as Sony, Amazon, Snapchat, Hulu, CBS, Adobe and Oracle only reinforce its historic, iconic location and potential as both an income property or a development site." Venice Walk Street 6" showcases unique artisanal construction and features, providing each unit with one dedicated parking space, gated entry, and a communal lounging patio. The front entrance to the property is guided by a secluded walkway, with the garages running along the opposing street. The property is comprised of 3 duplex buildings, and offers an efficient mix of four (1+1) units and two (2+1) units. In its current form, there is significant rental upside through relet, however, with premium upgrades an investor may be able to create a new market rate beyond the published market target. The garages, which are mostly vacant, are excellent potential ADU candidates and if desired, an operator utilizing a furnished hospitality concept, could see cash flow multiply well beyond traditional expectations. Developers take note, as this large, nearly square 80 90 LAR2, 7,201 SF double lot offers the potential to build an amazing compound or small lot project. With uber lux new single family construction on the block, there is a variety of exit and investment tracks a developer can take this property.
  1. Listed by Scott Rosenberg • DRE #01456686 • Brokerage DRE #01001040 • Kidder Mathews of California, Inc.

Property Details for 924-928 Marco Place

Zoning
LAR2
Style
Bungalow
Parcel Number
4241024008
Total Units
6.0
Living Area
3564
Source Living Area
Vendor Enhanced
Area
Venice (C11)
Vacancy Rate
0
LISTING UPDATED: 08/13/2024 07:11 PM

Property Details for 924-928 Marco Place

StatusActive
MLS #24-425941
Days on Market40
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1925
Lot Size0.17 AC / 7,203 SF
CountyLos Angeles County

Building Information for 924-928 Marco Place

Stories2Residences-Year Built1925Building Size-Lot Size0.17 AC / 7,203 SF

Property Information for 924-928 Marco Place

Community / Development
Community / Development
  • Number Of Units: 6
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 3
  • Type Of Units: 6
  • View: Yes
  • View Description: Walk Street, Courtyard
  • View: Courtyard
  • Security Features: Gated
  • Property Condition: Updated/Remodeled, Value Mainly In Land
  • Water Heaters: Yes
  • Water Heater Features: Gas
Contract Info
Contract Info
  • Probate: No
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $155,599
  • Net Operating Income: $92,955.00
  • Gross Income: $163,788
  • Cap Rate: 3.10%
  • Gross Rent Multiplier: $18.29
  • Total Annual Expense: 62643
Land / Lot Info
Land / Lot Info
  • Alley: Yes
  • Lot Acreage: 0.1654
  • Lot Size Square Feet: 7203
  • Lot Size Dimensions: 80x90
  • Source Lot Size Dimensions: Vendor Enhanced
  • Lot Features: Secluded
  • Lot Description: 2-4 Lots, Fenced, Walk Street, Secluded, Redevelopment Area
  • Lot Location: Alley Access
Parking Details
Parking Details
  • Parking Garage: Garage
  • Total Parking: 6
  • Garage Spaces Total: 6
  • Parking Features: Garage
Interior Features
Interior Features
  • Levels: Two
  • Cooling: None
  • Cooling Type: None
  • Heating Type: Floor
  • Flooring: Wood
  • Equipment: Other, Washer, Dryer, Refrigerator
  • Laundry: Washer Included, Dryer Included
Exterior Features
Exterior Features
  • Pool: No
  • Private Pool: No
  • Pool Description: None
  • Pool Features: None
  • Spa: No
  • Spa: None
  • Tennis Court: None
  • Patio Features: Enclosed, Patio Open
  • Entry Location: Ground Level - no steps
  • New Construction: No
  • Foundation Details: Raised
  • Other Structural Features: Balcony
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 08-13-2024
  • Rent Control: Yes
  • Rent Control: 100
  • Tenant Pays: Electricity, Gas
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,972.00
  • Unit Actual Rent: $7,887.00
  • Unit Projected Rent: $13,000.00
  • Like Units: 4
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,881.00
  • Unit Actual Rent: $5,762.00
  • Unit Projected Rent: $8,400.00
  • Like Units: 2
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $153,791.00
  • Assessed Improvement Percent: 40.0
  • Assessed Land Value: $230,699.00
  • Assessed Land Percent: 60
  • Assessed Total Value: $384,490.00

Property History for 924-928 Marco Place

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 924-928 Marco Place

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - K to 5
Public - K to 6
Public - 6 to 8
Rating
School
Distance
Walgrove Avenue Elementary School
PublicK to 5

Westminster Avenue Elementary School
PublicK to 5

Broadway Elementary School
PublicK to 6

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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924-928 Marco Place is a multi-family home for sale in Venice, CA 90291. This property was listed for sale on August 9, 2024 by Kidder Mathews of California, Inc., it's currently listed at $2,995,000. This listing's school district is Los Angeles Unified School District. Nearby schools include Walgrove Avenue Elementary School, Westminster Avenue Elementary School and Broadway Elementary School. 924-928 Marco Place is a 8-bed, 6-bath, 3,564 sqft multi-family home built in 1925.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Kidder Mathews of California, Inc., Scott Rosenberg, DRE #01456686

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.