2045 Penmar Avenue, Venice, California 90291, Venice, 90291 - 4 bed, 4 bath
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Venice, California 90291
This Quadruplex Investment Asset is listed at $1,990,000, offering a strategic entry at its $1,990,000 Fair Market Value. Delivering 3 out of 4 units vacant, the property presents an immediate value-add opportunity to capture a 6.51% CAP rate. While currently holding a Fair Condition Rating, the asset features a new roof, updated plumbing, a private patio, and significant ADU potential via two garages. Located in the Santa Monica-Malibu Unified district with Distant Ocean and Mountain views, it is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2045 Penmar Avenue Subject | $1,666,000* List Price | 4 | 4 | 1,870 | $891 | - |
A 611 Sunset Avenue Pending | $1,495,000 List Price | 0 | 0 | 1,496 | $999 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1949, the property has received important system updates like a new roof and 90% updated plumbing, which are positive. However, the interior images reveal kitchens and bathrooms that are largely dated in style and features. Kitchens feature older white cabinets, tile countertops, and a mix of older and basic appliances. Bathrooms have basic vanities and dated tile work. While functional and maintained, these areas show clear signs of being outdated and would require minor to moderate renovations to meet current aesthetic and quality standards, aligning with the 'Fair' category.
Situated in a highly desirable, quiet, tree-lined street in Venice, offering strong rental demand and long-term appreciation potential in a sought-after residential neighborhood.
Three out of four units delivered vacant provides immediate opportunity for market-rate adjustments or owner-occupancy, enhancing investment returns with a projected 6.51% CAP & 11.27 GRM.
Major upgrades including a new roof and approximately 90% updated plumbing reduce immediate capital expenditure and enhance the property's overall condition.
Built in 1949, the property may require ongoing maintenance typical of older buildings, despite recent upgrades, and could present challenges with modern aesthetic expectations.
All units are 1-bedroom, 1-bath, which restricts the potential tenant demographic and may not appeal to those seeking larger living spaces or families.
With 1,870 sq ft across four units, individual unit sizes are relatively small (approx. 467 sq ft per unit), which could be a consideration for tenant retention or attracting certain renters.
3 out of 4 Units will be delivered VACANT! Charming 4-Unit Investment Opportunity in Prime Venice Location Built in 1949, this well-maintained 4-unit apartment building sits on a 4,364 sq ft lot and offers a total of 1,870 sq ft of living space. Each unit is a 1-bedroom, 1-bath, ideally situated on a quiet, tree-lined street in one of Venice’s most sought-after residential neighborhoods. Presenting immediate upside for investors or owner-users will operate at 7.73% CAP & 11.15 GRM. Recent upgrades include a new roof, approximately 90% updated plumbing, and a shared laundry room. The property also boasts two private backyards, two single-car garages with ADU potential, and three additional off-street parking spaces—a rare convenience in Venice. Located just down the street from Penmar Golf Course and moments from popular cafes, restaurants, fitness studios, and top-rated schools. This high-demand location supports strong, consistent rental income and long-term appreciation potential.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 0.0 | 67% |
| Baths | 4.0 | 3.0 | 67% |
| Square foot | 1,870 | 796 | 67% |
| Lot Size | 4,364 | 2,550 | 67% |
| Price | $1.67M | $1.26M | 67% |
| Price per sq ft | $891 | $1.6K | 33% |
| Built year | 1949 | 1926 | 67% |
| HOA | $0 | $0 | 50% |
| Days on market | 190 | 156 | 0% |
Apr 17, 2026
$1,666,000
$1,990,000
-16% Price Drop
Initial Listing
Mar 19, 2026
$1,990,000
$1,684,000
+18% Price Increase
Initial Listing
Jan 30, 2026
$1,684,000
$1,699,000
-1% Price Drop
Initial Listing
Oct 14, 2025
$1,699,000
Initial Listing