120 Westminster Ave

120 Westminster Ave presents an attractive multifamily investment opportunity in Venice, CA, featuring 21 units and full occupancy on a compact 0.12-acre site. Built in 1920, this well-maintained asset spans 7,674 square feet and offers a diverse unit mix with significant upside potential. Current in-place rents average $1,513 per unit, approximately 46.6% below market rents of $2,219, providing substantial value-add opportunities through lease turnover or repositioning.

The property is offered at $4,300,000, equating to $204,762 per unit and $560 per square foot, with a current cap rate of 5.25% and stabilized cap rate of 8.96%. The asset generates a trailing 12-month NOI of $225,892 and stabilized NOI of $385,167, supported by strong fundamentals and a gross rent multiplier of 11.28, with a potential GRM of 7.69. Cash-on-cash returns stand at 2.7%, reflecting a steady income stream with room for improvement through value realization.

Situated in the highly desirable Venice submarket, the property benefits from strong demand drivers, walkability to local amenities, and proximity to major employment hubs. This investment offers a compelling combination of stabilized returns and operational upside, making it an ideal acquisition for investors seeking multifamily assets with below-market rents and robust market growth potential.