2422 Venice Blvd is a 14 unit apartment building located in the Mid-City Submarket of Los Angeles. Located west of Western Ave, in between Gramercy and St Andrews. Built in 1913, the property consists of (13) SRO units and (1) Bachelor units. The property includes 4 recently renovated shared bathrooms totaling 7 toilets and 5 showers, on-site gated parking for 5 cars in the rear, on-site laundry, and a recently renovated shared kitchen space. The subject property sits on a 6,006 sf lot zoned LAR3.
The investment is offered at a very attractive cap rate and GRM with significant upside in rents. This along with the significant amenities for an SRO property make this an attractive opportunity for an investor. This is to be delivered with 9 vacancies. The property covers for $1,400,000 Variable rate loan at an 8.50% IO rate for a 24 month period.
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