15 Paloma Ave Immeuble residentiel 58 lots 15 670 515 € (270 181 €/Lot) Venice, CA 90291

58-Units with 41.77% Upside in Prime Venice Beach
• Rare 58-unit center courtyard multifamily investment spanning 35,066 square feet on an 11,700-square-foot corner lot on a coveted walk street one block from prime Ocean Front Walk
• Competitively priced at $307,759 per unit with an in-place cap rate of 5.36%, a stabilized cap rate of 7.54%, and opportunity to achieve a pro forma cap rate of 8.96% with minimal capital outlay
• First time on the market in 32 years under the same ownership, this irreplaceable trophy asset represents a rare Venice Beach investment opportunity
• One of only ten 50+ unit properties in Venice, and one of just five located west of Pacific Avenue
• Premium units offer panoramic Pacific Ocean views and western and corner units offer scenic views of the oceans and mountains
• Thoughtfully designed 570 sq ft junior one-bedrooms include spacious kitchens with charming tile countertops and stainless steel appliances, space-saving Murphy beds, and many units include walk-in closets and living areas with nooks for dens or formal dining rooms
• Recent capital improvements include a new roof, elevator, copper plumbing, solar panels, a complete electrical upgrade, newly remodeled bathrooms, and a large portion of the kitchens remodeled
• A Buyer can work with the city to enact the Mills Act, reducing their tax burden by north of $100,000 and directly increasing net operating income by 10.1%. This draws the in-place cap rate up from 5% to ~5.6%
Strong Multifamily Fundamentals
• Submarket asking rents expected to rise 18.85% over the next five years
• Employment population of 273,315 within a five-mile radius
• Submarket occupancy averaged 95.8% over the past five years
• The average household income within a three-mile radius is $181,024
• Within a five-mile radius of the property, the population is 414,389
Located in the Employment Hub of Silicon Beach
• Ideally positioned in the heart of Silicon Beach's thriving tech hub, with immediate access to major employers including Snap Inc., Google's Venice campus, and Adweek, while being minutes from Santa Monica's employer's featuring Hulu, Amazon Studios, Activision Blizzard, and Bird
• Prime location within walking distance to Venice and Santa Monica's premier dining destinations, including Fig Tree, Dudley Market, Venice Ale House, Waterfront, Great White, Gran Blanco, Market, Belles, La La Land, Gjusta, Café Gratitude, Coucou, Pasjoli, Shoops, and Urth Cafe
• Located a mile from the infamous Abbot Kinney Boulevard, filled with boutique shops, monthly First Friday food truck events, and highend retailers including Rag & Bone, Warby Parker, Aviator Nation, and Vince, establishing the street as "The Coolest Block in America" according to GQ Magazine