2045 Penmar Avenue, Venice, California 90291, Venice, 90291 - 4 bed, 4 bath

2045 Penmar Avenue, Venice, California 90291 home-pic-0
ACTIVE$1,699,000
2045 Penmar Avenue, Venice, California 90291
4Beds
4Baths
1,870Sqft
4,364Lot
Year Built
1949
Close
-
List price
$1.7M
Original List price
$1.7M
Price/Sqft
$909
HOA
-
Days on market
-
Sold On
-
MLS number
SB25239782
Home ConditionFair
Features
Good View:
View

About this home

We found 3 Cons,5 Pros. Rank: price - $1.70M(50th), sqft - 1870(40th), beds - 4(60th), baths - 4(60th).

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 5.22% CAP & 13.31 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.

Price History

Date
Event
Price
10/14/25
Listing
$1,699,000
Condition Rating
Fair

Built in 1949, this property has received important structural updates including a new roof and 90% updated plumbing, indicating good maintenance of major systems. However, the kitchens and bathrooms are significantly outdated in terms of style, fixtures, and appliances, requiring substantial cosmetic renovation. While functional, their condition and aesthetic are far from modern, aligning with a 'Fair' rating where the home is aged but maintained, and major components are functional but show signs of being outdated.
Pros & Cons

Pros

Immediate Investor Upside: Three out of four units will be delivered vacant, offering immediate opportunity for an investor to set market rents or for an owner-user to occupy multiple units.
Prime Venice Location: Situated on a quiet, tree-lined street in a highly sought-after Venice neighborhood, moments from Penmar Golf Course, popular cafes, restaurants, and top-rated schools, ensuring strong rental demand and appreciation.
Recent Capital Improvements: The property benefits from a new roof and approximately 90% updated plumbing, significantly reducing immediate capital expenditure for the new owner.
Strong Financial Performance: Projected to operate at a 5.22% CAP rate and 13.31 GRM, indicating solid immediate returns and long-term appreciation potential in a high-demand market.
Valuable Amenities & ADU Potential: Includes two private backyards, a shared laundry room, three off-street parking spaces, and two single-car garages with significant ADU (Accessory Dwelling Unit) conversion potential, adding future value.

Cons

Building Age: Built in 1949, despite recent upgrades, the older construction may lead to higher long-term maintenance costs or require further modernization beyond current improvements.
Compact Unit Sizes: With 1,870 sq ft of living space divided among four 1-bedroom units, each unit is relatively small, which might limit appeal to tenants seeking more spacious accommodations.
Limited Unit Diversity: All four units are 1-bedroom, 1-bath, which could restrict the potential tenant demographic compared to properties offering a mix of unit sizes.

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