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712 -714-716 Vernon Avenue, Venice, California 90291, Venice, 90291 - bed, bath

712 -714-716 Vernon Avenue, Venice, California 90291 home-pic-0
ACTIVE$1,790,000
712 -714-716 Vernon Avenue, Venice, California 90291
0Bed
0Bath
1,512Sqft
5,402Lot
Year Built
1927
Close
-
List price
$1.79M
Original List price
$1.79M
Price/Sqft
$1,184
HOA
-
Days on market
-
Sold On
-
MLS number
TR24207225
Home ConditionFair
Features
Deck
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.79M(50th), sqft - 1512(40th), beds - undefined(50th), baths - undefined(50th).

The triplex at 712-716 Vernon Ave welcomes investors and developers alike. Two breezy bungalows are partitioned on this long 5402 sf (45X120) lot, zoned RD1.5. The Vernon Ave-facing bungalow consists of two leased units of 1 bd / 1ba at approximately 442 living sf each: ($2500/mo each). The back bungalow of 2 bd / 1ba ($3400/mo) with its private gated entry from Vernon Ct (back alley) features a rustic lumber deck, off-street parking, and outdoor living space. New roofs were recently installed on both structures. Complementing the property's income production, walking vicinity of Venice's coastal scenery, Rose Ave, Abbot Kinney, trendy coffee shops, small boutiques, restaurants, and grocery marts (Whole Foods & Ralphs). The robust rental market and enticing features at this prime locale make 712-716 Vernon a worthwhile investment.

Price History

Date
Event
Price
09/14/07
Sold
$945,000
08/25/00
Sold
$279,000
Condition Rating
Fair
Built in 1927, this property is significantly aged. While new roofs have been installed and the exterior appears freshly painted, the interior condition is mixed. The kitchen features modern white cabinetry, stainless steel appliances, and subway tile backsplash, suggesting a recent renovation (likely within the last 5-10 years). However, the bathroom, while functional, has a more basic, budget-friendly update with painted wood walls/floor and visible exposed electrical conduit, indicating it's not a high-end renovation. Given the property's age, it's highly probable that major systems (plumbing, electrical, HVAC) are original or outdated, requiring future capital investment, despite the cosmetic updates. This combination of an aged structure with some recent, but not comprehensive, renovations places it in the 'Fair' category, as it's maintained but major components likely show signs of being outdated.
Pros & Cons

Pros

Prime Venice Location: The property boasts an exceptional location within walking distance to Venice's coastal scenery, Rose Ave, Abbot Kinney, trendy coffee shops, boutiques, restaurants, and grocery stores (Whole Foods & Ralphs), ensuring high demand for rentals and strong appreciation potential.
Income-Generating Triplex: As a triplex with existing leased units, the property offers immediate income production, making it an attractive asset for investors seeking cash flow in a robust rental market.
Development Potential: Zoned RD1.5 on a 5402 sqft lot, the property presents significant opportunities for future development, expansion, or redevelopment, appealing to both investors and developers.
Recent Roof Upgrades: New roofs were recently installed on both structures, mitigating a major capital expenditure for the new owner and reducing immediate maintenance concerns.
Off-Street Parking & Private Entry: The back bungalow benefits from off-street parking and a private gated entry from Vernon Ct (back alley), adding convenience and appeal for tenants in a dense urban area.

Cons

Age and Potential for System Upgrades: Built in 1927, the property is over 95 years old, suggesting that while roofs are new, other major systems (plumbing, electrical, HVAC) may be original or outdated, potentially requiring significant future capital investment for modernization.
Small Unit Footprint: The two front units are approximately 442 sqft each, which are relatively small for 1-bedroom units, potentially limiting the tenant pool or future rental upside compared to larger residences.
High Acquisition Cost Relative to Living Area: The list price of $1.79 million for a total of 1512 sqft of living space in a 1927-built triplex represents a substantial investment, which may impact immediate cash flow or require significant renovation to maximize returns and justify the price point.

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