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114 PALOMA VENICE BEACH

LOS ANGELES, CA

114 Paloma Ave is a 6-unit apartment community located 850 feet from the sand.
114 Paloma Ave is a 6-unit apartment community located 850 feet from the Venice broadwalk and beach. Residents will enjoy the benefits of living in the heart of Venice as the property is in close proximity to Venice Broadwalk and Beach, Abbott Kinney, Santa Monica Pier and much more. 114 Paloma Ave offers 6 apartments individually metered for gas and electricity and the property is situated on a desirable walk street.
Estimate IRR

12-18%



Annual Preferred Return

8%

Estimate Holding Period

3-5 Years

FUND CLOSED

2,100,000


Property Overview

  • Address
    114 PALOMA VENICE BEACH
  • Location

    Venice

  • Metering

    Individually Metered

  • Parcel Number

    5549-017-020

Amazing

RENTAL UPSIDE WITH A 6% CAP RATE AT MARKET

85%

RENTER-OCCUPIED HOUSING UNITS WITHIN 3 MILES

850

Feet from the sand

171K

POPULATION WITHIN 3 MILES

6 units

WITH BUNGALOW STYLE ARCHITECTURE

$1.8M

MEDIAN HOUSING UNIT VALUE WITHIN 3 MILES
ABOUT VENICE BEACH
LOS ANGELES, CA

Venice Beach is the busiest facility operated by the Department of Recreation and Parks. This iconic site attracts visitors from all over the world and it is estimated that approximately 28,000 to 30,000 people visit the Venice Beach Broad walk and adjacent Recreation and Parks property on a daily basis. The Broad walk, also known as Ocean Front Walk, is the second most-visited destination in Southern California, with an average of over ten (10) million visitors per year. It is known as one of the region’s most popular tourist attractions.

The Venice Beach Broad walk stretches over two (2) miles and hosts hundreds of street vendors and performers along the numerous privately owned restaurants and food venues.

The Venice Beach Recreation Center offers various activities including but not limited to basketball, paddle tennis and handball tournaments, body building at the world famous Muscle Beach Venice gym, and other special events.

Venice Beach also offers a fishing pier, a world renowned skate plaza, bike path, two (2) children’s play areas and provides a variety of services for the culturally diverse population that visits throughout the year. Film productions are also very popular at Venice Beach and occur year round. All of the sports courts, skate plaza, pier and other amenities are open to the general public on a daily basis.

VENICE & SURROUNDING SUBMARKETS
Location description

114 Paloma Ave is between 2 main thoroughfares allowing residents easy access to Santa Monica and Marina Del Rey which has continued along a path of exponen of exponential growth over the last 5-Years.

Throughout the COVID-19 Pandemic, these two markets experienced a pause in rental rate expansion, but has made a significant push back to pre-COVID levels and that is attributed to retailers and employers strong belief that these markets will continue to be attractive pockets for the renter demographic.

Lincoln Boulevard is the main artery that runs through adjoining Santa Monica, Venice and Marina Del Rey. The property is in close proximity to Abbot Kinney. Lined with a nearly endless numbers of trendy shops, nightlife, and restaurants, Abbot Kinney attracts both local residents and people from across Los Angeles.

The city of Venice thrives in its diversity, vibrancy, and coastal vibes.

  • Map

  • Surroundings

VISIT VENICE BEACH
Location description

Venice Beach has almost 3 miles of coastline with 238 acres of beach and 3 parking lots with over 1200 spaces. Venice Beach is understood to include the promenade that runs parallel to the beach (Ocean Front Walk), Muscle Beach, the tennis courts, Skate Dancing plaza, numerous volleyball courts, the bike trail, and of course the beach itself.

Venice Beach is one of the most interesting and popular sights in Los Angeles. Venice hosts artists, palm readers, bikini-clad roller skaters, belly dancers, vendors, street performers and of course bodybuilders. Legendary Muscle Beach is where former Governor Arnold Schwarzenegger and other bulked up in the workout pit.

The area is great for people watching as well as shopping and eating. there are various eateries along Ocean Front Walk. For those who are more inclined to actual beach activities, swimming, beach volleyball, fishing, and surfing are popular at this beach. The Venice Breakwater is actually an acclaimed local surf spot. Bike and skate rentals are also available along Ocean Front Wallk.

88

Biker Score
Very Bikeable

84

Walk Score
Walker’s Paradise