This Stunning Brand-new Construction Duplex with Exquisite Architecture Designed by Award-winning Venice Architect Robert Thibodeau hits The Market for $5,995,000

609 Broadway St, Venice, CA 90291

Listed by Filip Niculete at Marcus & Millichap & Glen Scher at Marcus & Millichap.

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Property Photos Gallery

Photos provided by Filip Niculete at Marcus & Millichap & Glen Scher at Marcus & Millichap.

Property Description

We are pleased to present this brand new construction duplex situated at 609 Broadway Street in Venice, CA. The property is less than one mile from the world famous Venice Beach.Built in 2022, this duplex boasts exquisite architecture designed by award-winning Venice architect Robert Thibodeau. This Venice Beach duplex located blocks from Abbot Kinney consists of a 4 bed / 4 bath front unit and a 3 bed / 3 bath back unit, totaling over 6,000 SqFt. Features include Caesar stone Kitchen countertops, Carrera covered bathrooms, Cedar siding, white oak hardwood flooring, and high-end appliances. Both units have a 1,400 SqFt loft similar to a great room with 15 foot ceilings and private rooftop decks. The main suite comprises the entire third level, while the entry-level of each unit consists of the remaining bedrooms and bathrooms, an entertainment room, and a 4-car garage. The property received certificate of occupancy in August 2022 as a duplex, and the sellers received a letter of determination from LA City approving these two units to be converted to condos. LA County approval for a tract map with individual APNs is still more than a year away, but in the meantime the buyer can enjoy great cash flow from this recently leased and stabilized property. After those leases expire next year, the buyer would have the option to sell these two units individually, or they could sell one unit and keep/move-in the other unit. The 4 bedroom in front is a 2,916 square foot unit which was recently leased at $16,000 per month ($5.49 per SqFt).The 3 bedroom back house is a very large 3,218 square foot unit which was just leased at $14,000 per month ($4.35 per SqFt).Combined, this property collects an impressive $30,000 per month in rent. The units are separately metered for all utilities including water so the tenants pay for everything inside the unit. The only expenses for the owner are property taxes, insurance, and common area maintenance including landscaping. In total, the expenses are estimated to be about 23% of the gross income giving the buyer an impressive 4.50% CAP rate from day 1 of ownership.

Property Features

Property Price History

Date	Event	Price	Price/Sq Ft	Source
11/17/2022	Listing removed	$16,000	$5	CLAW
09/12/2022	Listed	$5,995,000	$977	CLAW
07/18/2022	Listing removed	–	–	CLAW
05/16/2022	Price Changed	$2,995,000	$1,027	CLAW
05/06/2022	Listing removed	–	–	CLAW
05/06/2022	Listed	$3,195,000	$1,096	CLAW
04/12/2022	Listed	$5,995,000	$1,004	CLAW
03/11/2022	Listing removed	–	–	CLAW
10/05/2021	Listed	$6,250,000	$1,020	CLAW
06/19/2016	Listing removed	$1,595,000	$900	CLAW
06/16/2016	Sold	$1,500,000	$846	Public Record
04/01/2015	Listing removed	$1,000,000	$564	CLAW
02/25/2015	Listed	$1,595,000	$900	CLAW
12/04/2014	Listing removed	$1,000,000	$564	CRMLS
09/25/2014	Relisted	$1,000,000	$564	CLAW
08/03/2014	Listing removed	$1,000,000	$564	CLAW
07/03/2014	Relisted	$1,000,000	$564	CLAW
06/30/2014	Listing removed	$1,000,000	$564	CLAW
06/26/2014	Listed	$1,000,000	$564	CRMLS
06/26/2014	Listed	$1,000,000	$564	CLAW

Property Reference

Contact Filip Niculete at Marcus & Millichap, Phone: 818-212-2817 & Glen Scher at Marcus & Millichap, Phone: 818-212-2808 for more information. See the LISTING here.

Reminder: Above information of the property might be changed, updated, revised and it may not be on sale at the time you are reading this article. Please check current status of the property at links on Real Estate Platforms that are listed above.