245 5th Ave,Venice, CA 90291

Apr 2

Written By Jake Glaser

Duplex in Prime Venice | New Roof, LARD2 Lot Blocks from the Beach

Download Offering Memorandum

$1,250,000

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$625,000/Unit

$731.85/SF

1.34% Cap Rate

32.33 GRM

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

The Opportunity

The Glaser Group is pleased to present 245 5th Avenue, a duplex in the heart of Venice blocks from the sand. Built in 1947 and owned by the same family for over forty years, this building presents a rare opportunity to own in one of the trendiest pockets in the city of Los Angeles. The offering is priced at $625,000 per unit and $731.85 per square foot. This is being sold concurrently with the fourplex at 315 Rose Avenue a few blocks West (they do not need to be purchased together).

The property totals approximately 1,708 square feet of living space on a 4,185 SF LARD2 lot and features a unit mix of (2) 2BR/1BA units. The units average 854 square feet each, and are both currently tenant-occupied. There is a rear garage with space for (2) cars that is being used as shared storage by tenants.

The roof of the duplex was replaced in the last five years, and the plumbing partially upgraded to copper in the last fifteen years. Most of the windows were replaced and upgraded to vinyl throughout as well, and each unit has its own washer and dryer.

245 5th Ave benefits from the proximity to popular dining and retail along Abbot Kinney and Main St, creating strong rental demand for this neighborhood.