505 Venice Way, Venice, California 90029, Venice, 90029 - 2 bed, 1 bath
505 Venice Way
Venice, California 90029
Property Price
SUMMARY
Analysis of 505 Venice Way, Venice, California 90029 is currently available with a list price of $1,175,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Venice Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Condition Analysis
OVERALL CONDITION SCORE
Property is moderate renovation needed.
Built in 1954, this cottage is described as well-maintained by a long-term owner but lacks evidence of a recent comprehensive renovation. The presence of an unpermitted garage conversion and the 'charming' characterization suggest the property is functional but likely features outdated styles, fixtures, and systems consistent with its age.
PROSSTRENGTHS & OPPORTUNITIES
- Elite Walkability and Transit
Boasting a Walk Score of 94 and a Bike Score of 98, this property is a true 'walker's paradise' located just steps from the beach, requiring no car for daily errands.
- Prime Coastal Location
Situated near Abbot Kinney Blvd, famously voted the 'coolest block in America,' the home offers immediate access to high-end boutiques, top-tier dining, and the local Friday farmers' market.
- Well-Maintained Charm
The property has been meticulously cared for by a long-term owner, ensuring the cozy 1954 cottage retains its character and structural integrity over the years.
CONSRISKS & DEFICIENCIES
- Unpermitted Improvements
The garage has been converted into a studio with a kitchenette and bathroom without permits, which may pose significant challenges for financing, appraisals, or future legal compliance.
- Compact Living Space
With only 855 square feet of living area on a small 2,247 square foot lot, the property offers limited interior room and minimal outdoor space for the premium price point.
About 505 Venice Way
Charming and cozy cottage just steps from the beach. The long term owner has maintained the house, over the years. This walker's paradise boasts a Walk Score of 94 and an exceptional Bike Score of 98, no car needed. Conveniently located near the public library, the Friday farmers' market, and the Abbot Kinney business district. Abbot Kinney Blvd was voted "the coolest block in America" by GQ Magazine. The area offers a vibrant mix of local and international boutiques and top-tier restaurants. Parking is available off the alley behind the garage, plus great street parking. The property is currently tenant-occupied; the garage has been converted into a studio with a kitchenette and a bathroom (conversion not permitted). DO NOT DISTURB THE TENANT OR ENTER THE PROPERTY,
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1954
- Lot Size
- 2,247 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 1 (1 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 27% |
| Baths | 1.0 | 2.0 | 20% |
| Square foot | 855 | 1,545 | 7% |
| Lot Size | 2,247 | 5,588 | 20% |
| Price | $1.18M | $1.16M | 60% |
| Price per sq ft | $1.4K | $714 | 87% |
| Built year | 1954 | 1918 | 80% |
| HOA | $0 | $0 | 50% |
| Days on market | 33 | 171 | 7% |
Pricing History
Listed for Sale
Feb 1, 2026
$1,175,000
Initial Listing