Common Penmar 2432 Penmar Ave 4 Unit Apartment Building $7,810,173 CAD ($1,952,543 CAD/Unit) Venice, CA 90291

Fourplex Multifamily Investment Opportunity
• Constructed in 2018, this expansive fourplex property spans 10,124 square feet and is located a block from Venice Boulevard in the highly sought-after Venice Beach
• The property features (3) 4-bedroom, 5-bathroom units and (1) 4-bedroom, 4-bathroom units ranging from 2,150 to 2,350 square feet
• Competitively priced at a 6.83% going-in cap rate and $584 per square foot, approximately 59.09% below comparable fourplexes and single-family homes in the Venice market
• Potential for investor to capture $15,000 in annual loss-to-lease
• Opportunity for investor to subdivide and sell the units separately via Tenancy in Common (TIC)
• Meticulously designed units with high-end finishes including stainless steel appliances, in-unit washers and dryers, and sleek, modern cabinetry
• Residents enjoy community amenities, including a spacious rooftop with outdoor seating, a barbecue area, and ocean views, and 8 dedicated parking spaces
• Prime location within walking distance of trendy restaurants, boutique shops, and grocery stores along Lincoln Blvd, Venice Blvd, and Abbot Kinney Blvd, and just a mile from the popular Penmar Golf Course
Strong Multifamily Fundamentals
• Submarket asking rents expected to rise 21% over the next five years and occupancy averaged 95.6% over the past five years
• Average annual mortgage payment in Venice ($116,880) is nearly 3.5 times higher than the average annual rent payment ($33,408), fueling strong demand for rental properties in the submarket
• The average household income within a one-mile radius is $197,341
• Within a five-mile radius of the property, the population is 506,496
• Submarket median home values expected to increase 11.87% over the next five years
Prime Location in Venice
• Ideally located in the heart of Silicon Beach’s thriving tech hub, with immediate access to major employers such as Snap Inc., Google’s Venice campus, and Adweek, while just minutes from Santa Monica’s key employers, including Hulu, Amazon Studios, Activision Blizzard, and Bird
• Situated in a prime location near Venice's top dining destinations, including Zinque, Superba Food + Bread, Scopa Italian Roots, Gjelina, Night + Market Sahm, RVR, Felix, Ospi, Si! Mon, Barrique, and Casablanca
• Located less than a mile from the iconic Abbot Kinney Boulevard, known for its boutique shops, monthly First Friday food truck events, and luxury retailers such as Rag & Bone, Warby Parker, Aviator Nation, and Vince. Abbot Kinney has been named "The Coolest Block in America" by GQ Magazine