245 5th Ave,Venice, CA 90291

Jan 23

Written By Jake Glaser

Duplex in Prime Venice | Sold to Existing Long-Term Tenant

Sold: $1,180,000

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$590,000/Unit

$690.87/SF

1.49% Cap Rate

30.52 GRM

The Deal Story

Sale Price: $1,180,000

Units: 2

Property Type: Multifamily

Unit Mix: (2) 2BR/1BA

Buyer Type: Owner-user

Seller Situation: Trust sale; first sale in over 40 years

Result: Despite difficulties given full occupancy at below-market rents, led one of the current tenants through the purchase process to become the new owner in a 30-day escrow.
Special Features: Rents ~60% below market; new roof (2024)

Case Study Summary

245 5th Ave is a duplex in the Venice neighborhood of Los Angeles, comprised of two 2BD/1BA units. At the time of sale both units were occupied by long-term tenants, and rents ran approximately 60% below market. Glaser Group brought the property to market as a trust sale, and represented one of the tenants in their first-time purchase of a multifamily property, after renting there for over 20 years.

The property had been held by the same family for over 40 years before the subsequent generation decided to sell. The buyer made use of his familiarity with the property and wanted to grow equity in the neighborhood he had called home for decades. Glaser Group represented the Seller and the Buyer and coordinated escrow through to closing in just 30 days.

Property Highlights

Duplex in prime Venice, Los Angeles; built in 1947
1,708 SF of living space on a 4,185 SF LARD2 lot
(2) 2BD/1BA units, with each unit averaging 854 SF
Tiled outdoor area next to the rear garage structure offers a peaceful lounge or garden space for tenants
New roof installed across the entire structure in 2024
(2) garage parking spaces in rear for tenant use
Located a ten minute walk from the sand, a block off a stretch of Rose Ave spotted with popular cafes, dining, and boutique retail in either direction from the beach up to Lincoln Blvd
Just North of the commercial thoroughfare of Main St and half a mile from famous Abbot Kinney Blvd
Held & operated by the same family for 40+ years