Residential Income In Venice

PLEASE READ THESE REMARKS BEFORE CALLING THE LISTING AGENTS. We are receiving a high volume of inquiries, and many common questions are answered below. Thank you for reviewing this information before calling. Back on market: 544-546 Grand Blvd. is a 1947 attached Venice duplex bungalow with two 1-bedroom, 1-bath units totaling approximately 1,473 sq. ft. on a 4,500 sq. ft. lot. Please note that Unit 544 is one bedroom, not two, despite any prior floor-plan reference. The property includes a detached two-car garage, with one space used by the 546 tenant and the other retained by the owner, plus in-unit laundry. Rents and amounts are current. Unit 544 was renovated in 2019; Unit 546 was not, and its occupants own and maintain their appliances. The property is livable and functional, with classic Venice character, improvement potential, and possible future upside. The owner previously explored plans for an ADU above the garage, but no plans or documents are available; buyers must complete their own investigations regarding feasibility, permits, zoning, and development potential. The location offers a quiet, walkable Venice setting near Abbot Kinney, Windward Circle, the beach, bike paths, parks, restaurants, coffee shops, the Venice Farmers Market, Erewhon, and other neighborhood amenities. This property previously fell out of escrow because the buyers elected not to proceed with their proposed Ellis Act strategy; it was not due to the property’s physical condition. Both tenant households have expressed a desire to remain, and no mutually acceptable cash-for-keys amount has been proposed or agreed upon. Based on information currently available, the tenant at 546 Grand Blvd. may have significant protections based on age and length of tenancy, including protections that may apply in certain owner-occupancy situations, while the tenant at 544 Grand Blvd. is not believed to have those same protections. Buyers and agents must independently verify all tenant, occupancy, relocation, Ellis Act, owner-occupancy, short-sale, local, state, and federal legal matters with qualified counsel. Seller and listing brokers make no representation regarding possession, intended use, legal rights, tenant removal, relocation obligations, or the buyer’s ability to pursue any particular strategy. No interior showings will be provided before acceptance of an offer; drive-by only at this stage, with interior access and inspections to occur pursuant to the accepted purchase agreement and applicable contingency periods. Photos are intended to fairly represent the property. The seller plans to allow several days for interest and offers to accumulate before determining next steps. Prior marketing generated multiple offers, including activity well above the current asking price, and the seller’s goal is to create similar competition through this strategic list price. There is a purchase price at which the transaction would no longer require short-sale approval, which is the seller’s preferred outcome. If an offer is accepted at or near the current price, buyers should be prepared for a potentially extended escrow due to the U. S. Bank short-sale approval process. Interested buyers are encouraged to submit their strongest offer as early as possible. This is a rare Venice opportunity offering location, income potential, character, and upside for a buyer prepared to complete thorough due diligence and approach the property with patience, vision, and strong terms.