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837 Venice Boulevard, Venice, California 90291, Venice, 90291 - 4 bed, 3 bath

837 Venice Boulevard, Venice, California 90291 home-pic-0
ACTIVE$1,849,000
837 Venice Boulevard, Venice, California 90291
4Beds
3Baths
Sqft
5,661Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
High Development Potential: The property offers exceptional development potential, allowing for up to seven residential units by right, and potentially eight to ten units with a 35% density bonus for affordable housing, along with additional incentives.
Top Cons:
Substantial Price Reduction: The property has seen a significant price reduction from its original list price of $2.75 million to $1.849 million, which may indicate previous overpricing or market challenges.

Compared to the nearby listings

Price:$1.85M vs avg $2.28M ($-433,500)22%
Size: sqft vs avg 1,818 sqft3%
Price/sqft:$0 vs avg $1.3K3%

More Insights

Built in 1920 (105 years old).
Condition: The property, built in 1920, is over a century old. While some units show signs of renovation (e.g., Kitchen 1 with stainless steel appliances, wood-look flooring, and recessed lighting; Bathroom 1 with blue mosaic tiles and concrete elements), these updates appear to be 10-20 years old and are not high-end or current in style. Other areas, such as Bathroom 2 and the visible window AC unit, indicate older, more basic conditions and a lack of central cooling. The property is aged but appears maintained and functional, fitting the 'Fair' category where major components are functional but show signs of being outdated, and minor updates or repairs are required. The MLS description itself highlights the 'Age of Existing Structures' as a weakness, suggesting significant capital expenditure for renovation or demolition, reinforcing that the current structures are not considered modern or extensively renovated recently.
Year Built
1920
Close
-
List price
$1.85M
Original List price
$2.75M
Price/Sqft
$0
HOA
-
Days on market
-
Sold On
-
MLS number
25522997
Home ConditionFair
Features
Good View: City Lights
Deck
Patio
ViewCity Lights

About this home

Introducing an exceptional investment and development opportunity at 837 Venice Boulevard. This prime property offers remarkable potential in one of Los Angeles' most dynamic and desirable neighborhoods. By right, developers may propose up to seven residential units. Build approximately 8,755 sqft. With the inclusion of affordable housing, the project could be eligible for a 35% density bonus, potentially allowing for a total of eight to ten units, along with additional development incentives. Currently, the property is comprised of three distinct residences: a charming 2-bedroom, 1-bathroom home featuring a full kitchen, dining room, living room, and an expansive deck ideal for entertaining; a well-appointed 1-bedroom, 1-bathroom studio; and a unique two-level 1-bedroom, 1-bathroom unit with a full kitchen. Each residence enjoys its own dedicated outdoor space, enhancing privacy and livability. Ideally situated in close proximity to Abbot Kinney Boulevard, the ocean, Lincoln Blvd and an eclectic array of renowned restaurants and boutiques. Whether you're an investor, developer, or visionary homeowner, this property represents a compelling opportunity to create something truly special in the heart of Venice.

Price History

Date
Event
Price
10/14/99
Sold
$499,000
Condition Rating
Fair
The property, built in 1920, is over a century old. While some units show signs of renovation (e.g., Kitchen 1 with stainless steel appliances, wood-look flooring, and recessed lighting; Bathroom 1 with blue mosaic tiles and concrete elements), these updates appear to be 10-20 years old and are not high-end or current in style. Other areas, such as Bathroom 2 and the visible window AC unit, indicate older, more basic conditions and a lack of central cooling. The property is aged but appears maintained and functional, fitting the 'Fair' category where major components are functional but show signs of being outdated, and minor updates or repairs are required. The MLS description itself highlights the 'Age of Existing Structures' as a weakness, suggesting significant capital expenditure for renovation or demolition, reinforcing that the current structures are not considered modern or extensively renovated recently.
Pros & Cons

Pros

High Development Potential: The property offers exceptional development potential, allowing for up to seven residential units by right, and potentially eight to ten units with a 35% density bonus for affordable housing, along with additional incentives.
Premier Venice Location: Ideally situated in one of Los Angeles' most dynamic and desirable neighborhoods, in close proximity to Abbot Kinney Boulevard, the ocean, Lincoln Blvd, and an eclectic array of renowned restaurants and boutiques.
Existing Income-Generating Units: Currently comprised of three distinct residences, providing immediate rental income or flexible living arrangements while development plans are pursued.
Significant Buildable Area: Developers may build approximately 8,755 sqft, offering substantial scope for a new multi-unit project.
Versatile Investment Opportunity: Represents a compelling opportunity for investors, developers, or visionary homeowners to create significant value in a high-demand market.

Cons

Substantial Price Reduction: The property has seen a significant price reduction from its original list price of $2.75 million to $1.849 million, which may indicate previous overpricing or market challenges.
Age of Existing Structures: Built in 1920, the existing residences are over a century old, likely requiring significant capital expenditure for renovation or demolition to facilitate new development.
Development Process Complexity: Realizing the full development potential involves navigating complex zoning, permitting, and construction processes, which can be time-consuming and costly.

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