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$2,600,000

Est. payment - /mo

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4 Beds

8 Baths

3,288 SqFt

New

240 3rd Ave Venice, CA 90291

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Norma Mardelli

norma@mardellirealestate.com +1(818) 400-3794

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 3,288 sqft

Price per Sqft $790

MLS Listing ID 26635601

Bedrooms 4

Year Built 1956

Lot Size 6,190 Sqft

Acres 0.1421

Property Sub-Type Multi-Family

Property Description

240 3rd Ave is a high cash flowing 8-unit apartment building located in one of Venice's most desirable pockets. The property is fully parked with eight uncovered parking spaces and is aggressively priced at an 11.47 GIM with a 5.75% Cap Rate, representing the best combination of Cap Rate, GIM, and Price per Unit to trade in the neighborhood in recent years. The property also offers the ability to add multiple ADUs, providing meaningful long-term upside for a future owner, with buyers to verify feasibility. Priced at $325,000 per unit, 240 3rd Ave stabilizes north of a7.00% Cap Rate and under a 10 GRM. With the addition of four ADUs, inclusive of construction costs, the property is projected to operate at an 8.76% Cap Rate, an exceptional return profile for a core Venice asset. The property is ideally located just minutes from Abbot Kinney, Rose Avenue, and the Venice Beach Boardwalk, offering tenants immediate access to some of the area's most sought-after restaurants, cafes, and retail. Nearby favorites include Gjelina, Felix Trattoria, Great White, and The Butcher's Daughter, making this an exceptionally desirable rental location in one of Los Angeles' most iconic coastal neighborhoods.

Location

State CA

County Los Angeles

Area Venice

Zoning LARD1.5

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Air Conditioning

Equipment Range/Oven, Freezer, Garbage Disposal

Laundry Community

Exterior

Parking Features Driveway

Garage Spaces 8.0

Building

Story 2

Level or Stories Multi/Split

Others

Special Listing Condition Notice Of Default

The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2026 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Lyon Stahl Investment Real Estate, Inc.