40 24th Place, Venice, California 90291, Venice, 90291 - bed, bath
ACTIVE$2,500,000
40 24th Place, Venice, California 90291
0Bed
0Bath
3,000Sqft
2,651Lot
Year Built
1969
Close
-
List price
$2.5M
Original List price
$2.5M
Price/Sqft
$833
HOA
-
Days on market
-
Sold On
-
MLS number
SB25053644
Home ConditionFair
Features
Good View:
Deck
Patio
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $2.50M(60th), sqft - 3000(50th), beds - undefined(50th), baths - undefined(50th).
Triplex on a Street-to-Alley Lot in Venice. Pride of Ownership Property Kept in Great Condition. Great Unit Mix - (1) 3-Bed/2-Bath Units, (1) 2-Bed/2-Bath, (1) studio | (3) Tandem Carport Spaces (6 Total) | In-Unit Laundry. Private Patio Facing Walk Street | Second Story Balcony. 3.66% CAP in an A+ Location | 17.88 GRM. Owner-User Opportunity. Coveted Location on a Walkstreet in Venice – One Block From the Beach & Venice Canals & Less Than 1 Mile From Shops on Abbot Kinney Blvd
Price History
Date
Event
Price
02/25/22
Sold
$2,400,000
07/01/03
Sold
$895,000
Condition Rating
Fair
Built in 1969, this property is well-maintained for its age, as noted in the description. The interior images reveal kitchens and bathrooms that have been updated, featuring white flat-panel cabinets, basic white appliances, subway tile backsplashes, and simple white vanities. While clean and functional, these updates appear to be 10-20 years old or a very cost-effective renovation, rather than a recent, extensive overhaul. The tile flooring throughout is practical but not luxurious. The overall style, while neat, shows signs of being outdated compared to current trends and higher-end finishes. Given the property's age and the functional but not cutting-edge nature of the renovations, it fits the 'Fair' category, indicating it's aged but maintained, with major components functional but showing signs of being outdated.
Pros & Cons
Pros
Prime Location: Situated in an 'A+ Location' on a coveted walkstreet in Venice, just one block from the beach and Venice Canals, and less than a mile from Abbot Kinney Blvd shops, offering exceptional lifestyle and rental demand.
Income-Generating Triplex: A well-maintained triplex with a desirable unit mix (3-bed/2-bath, 2-bed/2-bath, studio), providing diversified rental income streams and strong investment potential.
Owner-User Opportunity: Offers the flexibility for a buyer to occupy one unit while generating income from the others, a highly sought-after arrangement in a high-demand market.
Excellent Condition & Amenities: Described as a 'Pride of Ownership Property Kept in Great Condition,' featuring in-unit laundry, private patio, second-story balcony, and ample parking (6 spaces total), enhancing tenant appeal and property value.
Ample Parking: The property includes three tandem carport spaces, totaling six parking spots, which is a significant advantage in a dense coastal area like Venice where parking is often scarce.
Cons
Age of Property: Built in 1969, the property, despite being well-maintained, may have older systems (plumbing, electrical, HVAC) that could require future capital expenditures or upgrades compared to newer constructions.
Financial Metrics: The 3.66% CAP rate and 17.88 GRM, while potentially reflective of a prime Venice location, might be considered low/high respectively by some investors seeking higher immediate cash flow or lower acquisition multiples.
Tandem Parking Configuration: While ample, the parking is configured as 'tandem carport spaces,' which can be less convenient for tenants than independent parking spots, potentially leading to logistical challenges or tenant preference issues.