Venice Beach Multifamily for Sale: 51 Thornton Ave Offers Rare Coastal Income Opportunity

Venice Beach Multifamily for Sale:
51 Thornton Ave Offers Rare Coastal Income Opportunity

Listed at $2,495,000 | 8 Units | 2 Blocks from the Sand | Venice, CA 90291

Finding a fully occupied multifamily investment property for sale in Venice Beach is difficult in any market. Finding one two blocks from the sand, on a corner lot, with garages that carry real ADU conversion potential — that's a different category of opportunity altogether.

51 Thornton Avenue, Venice, CA 90291 is an 8-unit apartment building listed at $2,495,000 by the Stephanie Younger Group at Compass. The property is nearly fully occupied, generating immediate cash flow, and carries meaningful upside through below-market rents and ADU conversion potential — a combination that's increasingly rare in this zip code.

Property Overview: 51 Thornton Ave, Venice CA 90291

The 3,360 SF building is positioned on a 5,749 SF corner lot zoned LARD1.5, just two short blocks from Venice Beach and within easy walking distance of Abbot Kinney Boulevard, Rose Avenue, Main Street, and the Venice Boardwalk.

For the full investment breakdown, including the complete rent roll and rental comparables, download the official marketing package here.

Why Venice, CA, Is One of LA's Strongest Multifamily Markets

Venice consistently ranks among the most supply-constrained rental submarkets in all of Los Angeles. Demand is driven by a combination of lifestyle, walkability, and proximity to major tech and creative employers along the Westside — Google, Snap, and dozens of agencies and studios within a short commute.

The property's Walk Score of 96 (Walker's Paradise) reflects a day-to-day reality that tenants actively seek out and pay for. Vacancy rates near the beach hover well below the broader LA average, and long-term tenant retention in Venice tends to be strong — residents don't leave easily when they're two blocks from the ocean.

Forbes Magazine once called nearby Abbot Kinney "the coolest block in America," and the rental demand that reputation generates is durable. Gjusta, Great White, Erewhon, Menotti's, The General Store, and the full stretch of Abbot Kinney boutiques are all minutes away on foot — the kind of lifestyle infrastructure that commands a rent premium and keeps occupancy high.

If you're researching Venice as a multifamily market, our Venice neighborhood guide goes deeper on what makes this submarket unique.

The Investment Case: Financials and Rent Upside

Current vs. Market Income

A 3.60% current CAP rate is consistent with where stabilized, well-located coastal multifamily trades in Los Angeles — this is not a market where you find 6-cap deals two blocks from Venice Beach. The more meaningful number is the market CAP of 4.56%, which reveals the gap between where rents are today and where they're headed as tenancies naturally turn over.

At full market rents, NOI grows to $113,739 — a 26% increase in annual income without adding a single unit or undertaking a major renovation.

Unit-by-Unit Rent Upside

The rent roll tells a clear story about where the value is being left on the table:

The long-tenured units (Unit A since 2007, Unit F since 1997) represent the clearest path to income growth. As these naturally turn over, each re-lease brings the property materially closer to market NOI — without any capital investment required.

Unit G is currently vacant and asking $2,150/month. The new owner captures that rent from day one.

ADU Conversion Potential: A Significant Value-Add Opportunity

One of the most compelling aspects of this Venice Beach multifamily investment is the parking. The property includes two two-car garages plus additional on-site surface parking — an exceptionally rare amenity this close to the beach, where land is at a premium and dedicated parking is hard to come by.

Under California's current ADU laws, garages represent a credible and frequently-approved path to conversion. Adding one or two ADUs to this property (buyer to verify feasibility) would increase both unit count and gross revenue while benefiting from the state's streamlined approval process for garage conversions.

Investors should engage a licensed contractor or architect for a feasibility study prior to close, but the structural opportunity is clear.

Recent Capital Improvements

The seller has completed a newly redone balcony in compliance with SB 721, California's balcony inspection and repair law — a significant deferred maintenance item that many buyers encounter post-close. Electrical sub-panel upgrades are also in progress.

For investors underwriting this as a value-add multifamily property in Los Angeles, this is meaningful. Known capital items that have been addressed pre-sale reduce post-close surprise exposure and support a cleaner hold-period financial model.

Location Highlights: What Makes This Address Work for Tenants

The tenant profile in Venice skews toward professionals, creatives, and remote workers who prioritize lifestyle and walkability. This property's location delivers on all of it:

• 2 blocks to Venice Beach and the Boardwalk
• Walking distance to Abbot Kinney Boulevard — restaurants, boutiques, and Erewhon
• Minutes to Rose Avenue and Main Street
• Close to tech campuses along the Westside corridor
• Walk Score: 96 (Walker's Paradise)
• Nearby schools: Westminster Avenue Elementary (0.3 mi), Venice Senior High School (1.8 mi, 8/10 GreatSchools rating)
• Tenants who land in Venice, this close to the beach, rarely leave voluntarily. That kind of retention is an underwritten asset in any multifamily pro forma.

Investment Summary

This is one of the more straightforward value-add stories available in Venice right now. The property is stable, occupied, and cash-flowing — but it's priced with current below-market rents, which means a disciplined investor is effectively buying tomorrow's income at today's basis.

What you're acquiring:

• Fully occupied, day-one cash flow in one of LA's most coveted coastal submarkets
• Below-market rent roll with organic upside as long-tenured units turn over
• Corner lot with two two-car garages and ADU conversion potential (buyer to verify)
• Recent SB 721 compliance work completed
• $311,875 per unit in the Venice Beach 90291 zip code

View the full listing | Download the Marketing Package | Browse other properties we represent

The Stephanie Younger Group | Compass | Los Angeles