2045 Penmar Avenue, Venice, California 90291, Venice, 90291 - bed, bath

2045 Penmar Avenue, Venice, California 90291 home-pic-0
ACTIVE$1,699,000
2045 Penmar Avenue, Venice, California 90291
0Bed
0Bath
1,870Sqft
4,364Lot
Year Built
1949
Close
-
List price
$1.7M
Original List price
$1.7M
Price/Sqft
$909
HOA
-
Days on market
-
Sold On
-
MLS number
SB25239794
Home ConditionFair
Features
Good View:
View

About this home

We found 3 Cons,5 Pros. Rank: price - $1.70M(50th), sqft - 1870(40th), beds - undefined(50th), baths - undefined(50th).

3 out of 4 Units will be delivered VACANT! Charming 4-Unit Investment Opportunity in Prime Venice Location Built in 1949, this well-maintained 4-unit apartment building sits on a 4,364 sq ft lot and offers a total of 1,870 sq ft of living space. Each unit is a 1-bedroom, 1-bath, ideally situated on a quiet, tree-lined street in one of Venice’s most sought-after residential neighborhoods. Presenting immediate upside for investors or owner-users will operate at 5.22% CAP & 13.31 GRM. Recent upgrades include a new roof, approximately 90% updated plumbing, and a shared laundry room. The property also boasts two private backyards, two single-car garages with ADU potential, and three additional off-street parking spaces—a rare convenience in Venice. Located just down the street from Penmar Golf Course and moments from popular cafes, restaurants, fitness studios, and top-rated schools. This high-demand location supports strong, consistent rental income and long-term appreciation potential.

Price History

Date
Event
Price
10/14/25
Listing
$1,699,000
Condition Rating
Fair

The property, built in 1949, is described as well-maintained with recent upgrades including a new roof and 90% updated plumbing, which are significant system improvements. However, the kitchens and bathrooms, as seen in the images, are notably outdated with tiled countertops, older appliances, and basic fixtures, requiring substantial cosmetic renovation to meet current standards. While major systems are functional, the aesthetic components show clear signs of being aged and outdated, aligning with the 'Fair' condition criteria.
Pros & Cons

Pros

Prime Venice Location: Ideally situated on a quiet, tree-lined street in a highly sought-after Venice neighborhood, offering strong rental demand and long-term appreciation potential, with excellent proximity to local amenities.
Immediate Upside Potential: Three out of four units will be delivered vacant, providing an immediate opportunity for a new owner to implement market-rate rents or occupy units, significantly boosting income.
Recent Capital Improvements: The property benefits from recent upgrades including a new roof and approximately 90% updated plumbing, reducing immediate maintenance concerns for a new investor.
ADU Potential & Ample Parking: Features two single-car garages with ADU (Accessory Dwelling Unit) potential and three additional off-street parking spaces, a rare and valuable convenience in Venice.
Solid Investment Metrics: Advertised with a 5.22% CAP rate and 13.31 GRM, indicating a strong income-generating asset with attractive financial performance for investors.

Cons

Age of Property: Built in 1949, the property is over 70 years old, which despite recent upgrades, may still present potential for age-related maintenance issues or require more extensive renovations in the future.
Small Unit Sizes: Each of the four units is a 1-bedroom, 1-bath, with a total living space of 1,870 sq ft, suggesting relatively small individual unit sizes which could limit the tenant pool or rental income ceiling.
Limited Unit Mix: The property consists solely of 1-bedroom, 1-bath units, which may not cater to a diverse range of tenants seeking different living arrangements or larger spaces.

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