Two-story duplex featuring two 3-bedroom, 2-bath units (one upper, one lower). Gated front patio and security gates. There is one 2 car garage and 3 covered parking spots. Interiors reflect deferred maintenance and present a clear value-add renovation opportunity. Property is currently in the City of Los Angeles REAP program… Read More (approximately 5 years). One tenant's rent is paid to LAHD and one tenant is paying 50% rent directly to the owner. Seller is willing to relinquish any REAP funds currently held by the City. Upon successful removal from REAP, buyer may retain accumulated funds per LAHD guidelines. Seller states there is approximately $90k in the REAP escrow account. Seller currently pays all tenant utilities. There are no written lease agreements in place. One unit is occupied by a subtenant (tenant of record not residing at the property). Seller will not complete repairs or pursue removal from the REAP program prior to closing. Property is priced accordingly for an experienced value-add investor. Asset will require a buyer experienced in LAHD compliance, construction management, and tenant repositioning strategies. Listing broker can provide current REAP documentation and construction bids from a local, experienced licensed general contractor. Cash sale only. Property will not qualify for conventional financing in its current condition. Sold strictly as-is. Seller will make no repairs, credits, or termite remediation. Property will NOT be delivered vacant. Buyer will have to negotiate tenant relocation buyouts. Premier Venice location within walking distance to the beach, boardwalk, restaurants, and retail. Strong long-term upside for an investor who understands Westside coastal assets and regulatory navigation. Please contact listing broker for additional details. Read Less
Courtesy of eXp Realty of Greater Los Angeles 888-652-1314
Listing Snapshot
Days Online
10
Last Updated
Property Type
Other
Beds
6
Square Ft.
1,960
Lot Size
0.06 Acres
Year Built
1966
MLS Number
26656857
30 Days Snapshot Of 90291
$2.55M
0%
(avg) sold price
11
-26%
homes sold
118
+34%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Range/Oven
Building
1,960 sq ft, Built in 1966, Levels: Two, Attached, Mid-Century
Cooling
None
Disclosures
As Is, Building Plans Available, Coastal Commission Restrictions, Rent Control
Exterior Features
Stucco
Floors
Mixed
Garage
2 total garage spaces, Garage - 2 Car, Garage Is Attached
Water Features
Water: District
Heating
Wall
Lot
LotAcreage: 0.0606, LotSizeArea: 2,640, Corner Lot
The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.
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