1526 Penmar Avenue, Venice, California 90291, Venice, 90291 - 1 bed, 1 bath
ACTIVE$1,395,000
1526 Penmar Avenue, Venice, California 90291
1Bed
1Bath
640Sqft
5,501Lot
Year Built
1945
Close
-
List price
$1.4M
Original List price
$1.59M
Price/Sqft
$2,180
HOA
-
Days on market
-
Sold On
-
MLS number
25598465
Home ConditionTear down
Features
Patio
View-
About this home
Possibly Over-Priced:The estimated price is 4% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.40M(3th), sqft - 640(3th), beds - 1(2th), baths - 1(15th).
Land value only.
Price History
Date
Event
Price
11/22/25
Price Change
$1,395,000-6.7%
10/19/25
Price Change
$1,495,000-6.3%
09/29/25
Listing
$1,595,000
Condition Rating
Tear down
The property was built in 1945, making it over 50 years old. The listing explicitly states 'Land value only' and the property analysis confirms 'Mandatory Demolition & Costs,' indicating the existing structure is unsalvageable and requires demolition. While interior photos show a functional, albeit dated, bathroom and living area, the property's value is clearly based solely on the land and its redevelopment potential, aligning perfectly with the 'tear-down' criteria.
Pros & Cons
Pros
Premium Venice Location: Situated in the highly desirable and appreciating market of Venice, California, offering strong demand and excellent future value.
Exceptional Redevelopment Potential: Explicitly marketed as 'land value only,' this property presents a rare opportunity for a custom new build or significant redevelopment project.
Substantial Lot Size: The 5501 sqft lot provides ample space for a substantial new construction, allowing for a larger footprint or outdoor amenities in a dense urban environment.
Attractive Price Adjustments: Multiple price reductions from the original list price indicate a motivated seller and potential for a competitive acquisition for a savvy investor or developer.
Strong Investment Upside: The combination of a prime location and significant redevelopment opportunity positions this property for substantial long-term capital appreciation.
Cons
Mandatory Demolition & Costs: The 'land value only' designation implies the existing 1945-built structure is unsalvageable, requiring costly demolition and site preparation before any new construction can begin.
Extensive Development Project: This is not a move-in ready property but a full-scale development project, demanding significant capital investment, time, and expertise for new construction, permits, and design.
Lack of Views: The property explicitly states 'view: None,' which may be a drawback for buyers seeking premium vistas often associated with high-value coastal properties in the area.