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    1340 Morningside Way

    Venice, CA 90291
    • $2,595,000
    • STATUS: Active Under Contract
    • ON SITE: 16 days
    • ID#: 21-708616
    Under Contract
    $2,595,000
    • 5
      BEDS
    • 0.25
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 2,184
      SQFT
    • $1,188
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1953
    County:
    Area:

    School Ratings & Info

    School District:

    Description

    Premier double lot compound with two bungalows; a rare opportunity with many build and use options. What's your pleasure? Keep as a two-on-a-lot income property: Rehab the front house; live in one and rent the other. Demo and build your dream home on one of the largest lots in Venice? Or maximize profit via a small lot subdivision? The back house has 3 beds + 2 baths, was remodeled and expanded in 2017 and is operated as an Airbnb with monthly rates around 7k. The front house has 2 beds + 1 bath. Each home is about 1,100 SF. Front house will be delivered vacant and back house can be as well, or use as rental income while you're designing/city planning your new home. Take advantage of current record low interest rates and also access to great construction financing in mid 4s! Seller could be willing to JV. Lots of flexibility and a rare opportunity in a great family-friendly Venice neighborhood. SFR renderings are conceptual only.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-04-10T23:42:37.08. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.cgluxuryhomesla.com/homes/115487481
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    1340 Morningside Way Venice, CA 90291

    • Price: $2,595,000
    • Status: Active Under Contract
    • ID#: 21-708616
    5
    Beds
    0
    Baths
    0
    ½ Baths
    0.25
    Acres
    2,184
    SQFT
    $1,188
    $/SQFT
    1953
    Built
    Neighborhood:
    Venice
    County:
    Los Angeles
    Area:
    Venice
    School District:
    Los Angeles Unified
    Property Description
    Premier double lot compound with two bungalows; a rare opportunity with many build and use options. What's your pleasure? Keep as a two-on-a-lot income property: Rehab the front house; live in one and rent the other. Demo and build your dream home on one of the largest lots in Venice? Or maximize profit via a small lot subdivision? The back house has 3 beds + 2 baths, was remodeled and expanded in 2017 and is operated as an Airbnb with monthly rates around 7k. The front house has 2 beds + 1 bath. Each home is about 1,100 SF. Front house will be delivered vacant and back house can be as well, or use as rental income while you're designing/city planning your new home. Take advantage of current record low interest rates and also access to great construction financing in mid 4s! Seller could be willing to JV. Lots of flexibility and a rare opportunity in a great family-friendly Venice neighborhood. SFR renderings are conceptual only.
    Exterior Features

    Direction Faces North Levels OneGround Level Lot Location Alley Access Lot Size Area 10882 Other Structures GuesthouseOther Parking Garage Driveway - ConcreteGarage Is Detached Pool Description None Pool YN No Spa Above GroundHot Tub Spa YN Yes Style California Bungalow Total Parking 4 View Description None View YN No Water Frontage None

    Interior Features

    Baths Total 3.00 Common Walls Detached/No Common Walls Cooling None Den Yes Dining Room No Equipment WasherRefrigeratorRange/OvenMicrowaveDishwasherDryer Family Room No Fireplace Rooms Living Room Flooring MixedLaminateHardwoodCarpet Heating Wall Laundry GarageIn Unit Rooms DenIn-Law Suite

    Property Features

    Gross Income 12000 Gross Operating Income 139000 Land Lease Type Fee Like Units1 1 Like Units2 2 Net Operating Income 101000.00 Number Of Buildings 2 Number Of Units 2 Owner Pays WaterGardener Property Condition Value Mainly In LandUpdated/RemodeledRepair Cosmetic Sale Type In ForeclosureNotice Of Default Source Living Area Assessor Source Lot Size Area Vendor Enhanced Source Lot Size Dimensions Vendor Enhanced Tenant Pays GasElectricityTrash CollectionWater Total Annual Expense 38000 Type Of Units Two On A Lot Year Built Source Assessor Zoning Lar1-V2

    Listing provided courtesy of Jackie Theis DRE#01919227 of Power Brokers International.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-04-10T23:42:37.08. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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