Prepared Exclusively for Rainbow Capital Group
February 2026
NYSE: MMI
The LAAA Team (LA Apartment Advisors) was co-founded by Glen Scher and Filip Niculete in 2018 and has been ranked the #1 most active multifamily sales team in LA County from 2019 through 2021 by CoStar, and #4 in all of California during the same period. Operating exclusively in multifamily and multifamily land, the team maintains access to a proprietary database of 40,000+ apartment investors and 10,000+ brokers, leveraging the Marcus & Millichap platform — the firm that closed 7,836 transactions totaling $49.6 billion in 2024 alone.
Over 60% of all Marcus & Millichap transactions involve a 1031 exchange, creating a perpetual buyer pipeline that benefits every LAAA listing. This exchange network, combined with M&M's proprietary MNet buyer-matching system and the LAAA Team's 14-person infrastructure, delivers a level of market exposure and deal execution that competitors cannot replicate.
• CoStar #1 — Most active multifamily agents in LA County (2019–2021)
• Chairman's Club — Marcus & Millichap's highest annual honor (Glen: 2021; Filip: 2018, 2021)
• National Achievement Award — Glen: 5 years; Filip: 8 consecutive years
• Sales Recognition Award — Glen: 10 consecutive years; Filip: 12 years total
• Traded.co National Rankings — Glen Scher: #8 Deal Junkies, #8 Hot List, #8 Rising Talent
• Connect CRE Next Generation Award — Filip Niculete (2019)
• SFVBJ Rookie of the Year — Glen Scher (~2016)
Property Photos
The LAAA Team is proud to present 2341 Beach Ave, a fully renovated 3-unit coastal triplex in Venice's Silver Triangle, one of the most desirable micro-neighborhoods on Los Angeles's Westside. The property consists of a 1921 single-family bungalow in front and a 1977 rear duplex, both comprehensively renovated in 2016-2017 with all permits finaled and a Certificate of Occupancy issued.
All three units are currently leased at market rents totaling $11,600/month ($139,200 annually), with a blended rent of $6.83/SF. The unit mix comprises one 2BR/1BA (700 SF) and two 1BR/1BA (499 SF each), all featuring in-unit washer/dryers, stainless steel appliances, mini-split HVAC, laminated waterproof flooring, skylights, soundproof walls, and French doors opening to a shared patio. The property operates as a documented legal nonconforming triplex in the R1-1-O zone, supported by a complete chain of City permits, a Certificate of Occupancy, Coastal Exemption approval, and RSO registration.
Venice's Silver Triangle sits blocks from Abbot Kinney Boulevard, Venice Beach, and the Venice Canals. The neighborhood commands a Walk Score of 83 and is served by Metro bus lines along Lincoln and Venice Boulevards. Silicon Beach employers including Google, Snap, and Amazon maintain offices within 2-3 miles, driving consistent demand from high-income renters. Median household income in Venice exceeds $125,000, placing it in the 97th percentile nationally.
The Silver Triangle is bounded by Lincoln Boulevard, Venice Boulevard, and Abbot Kinney Boulevard — a compact residential enclave that has experienced significant appreciation over the past decade as tech-sector employment has driven demographic shifts toward higher-income, younger professionals. This demand profile creates a resilient rental market even during broader economic downturns, as evidenced by Venice's sub-3% multifamily vacancy rate throughout 2024-2025.
Proximity to the coast provides a natural quality-of-life premium that consistently supports above-market rents. Venice Beach, the Venice Boardwalk, and the Venice Canals are all within walking distance. The Playa Vista tech corridor (Google's 600,000 SF campus, Snap's headquarters, Amazon Studios) is a 5-minute drive south, while Santa Monica's employment center is 10 minutes north on Lincoln Boulevard.
- 1031 Exchange Investors — Turnkey asset with zero deferred maintenance, immediate cash flow, and no lease-up risk. Ideal for a tax-deferred repositioning from a management-intensive property.
- Owner-Occupants — Live in the front 2BR house and offset housing costs with approximately $6,400/month in rental income from the rear duplex, effectively living in Venice for a fraction of the true carrying cost.
- High-Net-Worth & Family Office — Irreplaceable legal nonconforming coastal triplex. This zoning configuration cannot be replicated under current R1-1-O rules, making it a scarcity play with long-term appreciation potential.
- Small Portfolio Investors — Sub-$2M entry into Venice multifamily is increasingly rare as inventory tightens and older stock trades at premiums.
Broad appeal across buyer segments supports competitive pricing and a short expected marketing period.
Property Information
| Address | 2341 Beach Ave, Venice, CA 90291 |
| APN | 4228-004-034 |
| Year Built | 1921 / 1977, Renovated 2016 |
| Units | 3 |
| Building SF | 1,698 |
| Lot Size | 2,699 SF (0.06 Acres) |
| Construction | Wood Frame, Type V-B |
| Zoning | R1-1-O (Legal Nonconforming) |
| TOC Tier | 1 |
| Rent Control | City of LA RSO (Pre-1978) |
| Stories | 1 |
| Parking | 1 Attached Garage |
| Council District | CD 11 |
| Community Plan | Venice |
| System | Condition / Status | Year |
|---|---|---|
| Roof | Replaced | 2017 |
| Plumbing | Tankless water heaters (3 units) | 2016-17 |
| HVAC | Mini-split AC and heating (all units) | 2016-17 |
| Electrical | Upgraded -- 3-gang meter, 400 amp service | 2016-17 |
| Kitchen | Stainless steel appliances, dishwasher, disposal | 2016-17 |
| Flooring | Laminated waterproof flooring throughout | 2016-17 |
| Windows / Doors | French doors, skylights (rear duplex) | 2016-17 |
| Soundproofing | Soundproof walls in living rooms | 2016-17 |
| Laundry | In-unit washer/dryer (all units) | 2016-17 |
| Parking | 1-car attached garage (Unit 3/4) | Original |
| Item | Status |
|---|---|
| Rent Stabilization (RSO) | Yes -- pre-1978 construction |
| Zoning | R1-1-O (legal nonconforming triplex -- documented) |
| Code Enforcement Violations | None on record (LADBS) |
| Venice Coastal Zone | Yes -- Specific Plan area |
| Coastal Exemption | DIR-2016-4362-CEX (processed, acknowledges all 3 units) |
| Certificate of Occupancy | Issued 10/20/2017 (rear duplex classified as "Duplex") |
| TOC Tier | Tier 1 |
| Seismic Zone | Santa Monica Fault 5.57 km; liquefaction area |
| Flood Zone | Zone AE (100-year flood) |
| Tsunami | Yes |
| Fire Hazard Zone | Not in Very High Fire Hazard Severity Zone |
Source: City of Los Angeles ZIMAS, LADBS Permit Records, and City Planning records.
The R1-1-O zoning permits one dwelling unit, but the triplex configuration is a documented legal nonconforming use supported by: (1) a 1978 building permit authorizing the duplex conversion, (2) a 2017 Certificate of Occupancy explicitly classifying the rear building as a "Duplex," (3) a Coastal Exemption (DIR-2016-4362-CEX) processed by City Planning acknowledging all three units, and (4) RSO registration confirming multi-unit status. All four branches of City government have recognized and documented the triplex use.
| Date | Sale Price | $/Unit | $/SF | Notes |
|---|---|---|---|---|
| 10/2016 | $1,210,000 | $403,333 | $713 | Rainbow Capital Group LLC (current ownership) |
The suggested list price of $1,995,000 reflects the comprehensive 2016-2017 renovation, stabilized income at market rents, Venice Silver Triangle location premium, and current market conditions for coastal multifamily assets.
Interactive map available at the live URL.
| # | Address | Units | Sale Date | Price | $/Unit | $/SF | Cap | GRM | Yr Built | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 11 19th Ave | 3 | 08/29/25 | $2,600,000 | $866,667 | $1,300 | 4.64% | 14.7 | 1911 | Stabilized — walk street, ocean views |
| 2 | 2318 Beach Ave | 3 | 02/14/25 | $2,750,000 | $916,667 | $1,076 | 4.97% | 17.2 | 1962 | Stabilized — Silver Triangle, renovated |
| 3 | 2428 Ocean Ave | 3 | 03/04/25 | $1,940,000 | $646,667 | $1,078 | 6.19% | 12.9 | 1923 | Stabilized — by Venice Canals |
| 4 | 346 Brooks Ave | 3 | 09/18/25 | $1,770,000 | $590,000 | $885 | 7.31% | 9.6 | 1947 | Value-Add — scheduled rents |
| 5 | 549 San Juan Ave | 3 | 06/27/25 | $2,000,000 | $666,667 | $1,053 | -- | -- | 1950 | Value-Add — RSO, TLC needed |
| 6 | 712 6th Ave | 3 | 04/24/25 | $1,800,000 | $600,000 | $900 | -- | -- | 1948 | Value-Add — RSO, cosmetic repairs |
| 7 | 236 S 5th Ave | 3 | 07/03/25 | $2,185,000 | $728,333 | $1,093 | -- | 11.7 | 1923 | Stabilized — Spanish villa |
| 8 | 1011 5th Ave | 3 | 02/25/25 | $1,846,000 | $615,333 | $923 | -- | -- | 1951 | Stabilized — off-market |
| 9 | 2474 Penmar Ave | 3 | 06/26/25 | $1,490,000 | $496,667 | $745 | 4.15% | -- | 1950 | Value-Add — RSO, trust sale |
| 10 | 535 Rose Ave | 3 | 04/17/25 | $1,525,000 | $508,333 | $763 | -- | -- | 1947 | Value-Add — mixed-use |
| 11 | 2200 Penmar Ave | 3 | 09/08/25 | $1,400,000 | $466,667 | $700 | 4.41% | 14.5 | 1963 | Value-Add — garage parking |
| Averages (Sold) | $1,937,818 | $645,636 | $956 | 5.28% | 13.4 | |||||
| Medians (Sold) | $1,846,000 | $615,333 | $923 | 5.19% | 13.8 | |||||
GRM calculated on gross scheduled rent only. 3 additional off-market sales and 1 outlier excluded from core analysis. All comps are 3-unit properties in Venice sold within the last 12 months.
At the suggested list price of $1,995,000, the subject trades at $665,000/unit and $1,175/SF, with a 4.73% current cap rate. The per-unit pricing is in line with the 549 San Juan Ave comp ($667K/unit), which sold needing work at 101.5% of asking. The subject's fully renovated condition justifies pricing at or above this benchmark.
The most comparable same-street sale is 2318 Beach Ave ($917K/unit, 4.97% cap), which sets the ceiling for the corridor but reflects a larger, townhouse-style building. The 2428 Ocean Ave comp ($647K/unit, 6.19% cap) provides a realistic floor for quality Venice triplexes. The subject's positioning between these comps is appropriate given its renovated condition, stabilized income, and Silver Triangle location.
Individual Comp Analysis
Subject metrics: $665,000/unit | $1,175/SF | 4.73% cap | 14.33x GRM
1. 11 19th Ave — $866,667/unit | $1,300/SF | 4.64% cap | 14.7x GRM
This stabilized walk-street triplex with ocean views sold at a 30% premium to the subject on a per-unit basis and 11% premium on $/SF, reflecting the rare combination of walk-street access and ocean views that commands top-of-market pricing in Venice. The cap rate (4.64%) and GRM (14.7x) are closely aligned with the subject, confirming comparable income profiles. The subject lacks walk-street and ocean-view premiums but offsets this with its Silver Triangle location and comprehensive 2016-2017 renovation.
2. 2318 Beach Ave — $916,667/unit | $1,076/SF | 4.97% cap | 17.2x GRM
The most direct comparable: same street, same unit count, Silver Triangle location. At $917K/unit, it sets the corridor ceiling, but trades at only $1,076/SF — 8% below the subject — reflecting a larger, townhouse-style building with more square footage per unit. The 4.97% cap rate and 17.2x GRM are slightly softer than the subject, suggesting the buyer paid a premium for the larger format. This comp validates the subject's pricing corridor and confirms Silver Triangle demand.
3. 2428 Ocean Ave — $646,667/unit | $1,078/SF | 6.19% cap | 12.9x GRM
This stabilized Venice Canals triplex sold at nearly identical $/unit ($647K vs $665K) and $/SF ($1,078 vs $1,175) to the subject. The higher cap rate (6.19%) and lower GRM (12.9x) suggest either higher income or lower pricing relative to income. Built in 1923 without the subject's comprehensive renovation, this comp provides a realistic floor for quality Venice triplexes and supports the subject's pricing as market-appropriate.
4. 346 Brooks Ave — $590,000/unit | $885/SF | 7.31% cap | 9.6x GRM
A value-add property with below-market scheduled rents, selling at a significant discount on all four metrics. The 7.31% cap rate and 9.6x GRM reflect the buyer's required value-add return premium. At $885/SF — 25% below the subject — the pricing reflects deferred maintenance and the capital expenditure required. The subject's stabilized, turnkey condition fully justifies its premium over this comp.
5. 549 San Juan Ave — $666,667/unit | $1,053/SF | N/A cap | N/A GRM
This value-add RSO triplex needing TLC sold at virtually identical per-unit pricing ($667K vs $665K) but 10% below on $/SF ($1,053 vs $1,175). Without cap rate or GRM data, the direct income comparison isn't possible, but the key insight is clear: a buyer paying $667K/unit for a property needing work could instead acquire the subject at $665K/unit in fully renovated, cash-flowing condition — a superior risk-adjusted proposition.
6. 712 6th Ave — $600,000/unit | $900/SF | N/A cap | N/A GRM
Another value-add RSO triplex needing cosmetic repairs. The $65K/unit and $275/SF discount to the subject quantifies the renovation premium in the Venice market. This comp confirms that unrenovated Venice triplexes trade at a 10-23% discount to the subject's condition, validating the current ownership's investment in the 2016-2017 renovation.
7. 236 S 5th Ave — $728,333/unit | $1,093/SF | N/A cap | 11.7x GRM
A stabilized Spanish villa character property trading at a 10% premium on $/unit but 7% below on $/SF. The 11.7x GRM is notably lower than the subject's 14.33x, suggesting either higher income or more favorable income-to-price efficiency. This architectural character property supports the subject's pricing as reasonable within the stabilized Venice triplex market.
8. 1011 5th Ave — $615,333/unit | $923/SF | N/A cap | N/A GRM
An off-market stabilized triplex that traded at an 8% discount on $/unit and 21% discount on $/SF to the subject. Off-market sales typically close at a 5-10% discount to marketed properties due to limited buyer competition. Adjusting for the off-market discount, this comp aligns closely with the subject's pricing on a marketed basis.
9. 2474 Penmar Ave — $496,667/unit | $745/SF | 4.15% cap | N/A GRM
A trust sale of a value-add RSO property at the lowest per-unit and $/SF in the comp set. The 4.15% cap rate on below-market rents suggests limited income relative to price. Trust/estate sales often reflect motivated, below-market pricing and should not anchor the subject's valuation. The 37% $/SF discount to the subject reflects the combination of trust sale dynamics and value-add condition.
10. 535 Rose Ave — $508,333/unit | $763/SF | N/A cap | N/A GRM
A value-add mixed-use property. At $763/SF — 35% below the subject — the discount reflects both the renovation need and the commercial component's different buyer profile and valuation methodology. Mixed-use comparability is limited, but the sale confirms Venice's broad pricing floor for 3-unit properties.
11. 2200 Penmar Ave — $466,667/unit | $700/SF | 4.41% cap | 14.5x GRM
The lowest-priced comp on both $/unit and $/SF, reflecting value-add condition, garage parking configuration, and location further from the coast. Despite the 30% $/unit and 40% $/SF discounts to the subject, the GRM (14.5x) is closely aligned, suggesting comparable income-to-price dynamics. The cap rate (4.41%) below the subject's 4.73% likely reflects the lower basis rather than superior income.
Interactive map available at the live URL.
| # | Address | Units | List Price | $/Unit | $/SF | GRM | DOM | Notes |
|---|---|---|---|---|---|---|---|---|
| 1 | 24 20th Ave | 3 | $1,950,000 | $650,000 | $1,083 | 11.1 | 66 | Walk street, furnished |
| 2 | 1916 Pacific Ave | 3 | $2,250,000 | $750,000 | $1,125 | 17.4 | 146 | 1 block to beach |
| 3 | 643 Santa Clara Ave | 3 | $2,275,000 | $758,333 | $1,138 | 18.4 | 88 | Nr Abbot Kinney, price reduced |
| 4 | 558 San Juan Ave | 3 | $2,500,000 | $833,333 | $1,190 | 19.2 | 13 | Duplex + SFR, not RSO |
| 5 | 43 Dudley Ave | 3 | $2,675,000 | $891,667 | $1,338 | 14.4 | 17 | Walk street, ocean view |
| 6 | 528 Westminster Ave | 3 | $2,695,000 | $898,333 | $1,198 | 18.9 | 75 | 2025 rebuild, RTI ADU |
| 7 | 1025 Pleasantview Ave | 3 | $2,900,000 | $966,667 | $1,450 | 15.7 | 28 | Renovated 2021/2025 |
| 8 | 1309 Cabrillo | 3 | $1,285,000 | $428,333 | $643 | -- | 70 | Under contract, studios |
Active listing data as of February 2026. DOM and pricing subject to change.
The active listing landscape confirms strong buyer resistance above $2M for non-premium Venice triplexes. Average DOM for actives is 63 days, with stale inventory at 1916 Pacific (146 DOM) and 643 Santa Clara (88 DOM, price-reduced). At $1,995,000, the subject is positioned as the most competitively priced renovated triplex in the Venice market, capturing buyers filtering under the $2M threshold.
The most relevant active comp is 24 20th Ave at $1,950,000 ($650K/unit) with 66 DOM despite a walk-street location. This establishes that the subject's non-walk-street positioning at $1,995,000 is realistic, with the Silver Triangle location providing comparable appeal.
Interactive map available at the live URL.
2-Bedroom Comparables
| # | Address | Type | SF | Rent | $/SF |
|---|---|---|---|---|---|
| 1 | 2429 McKinley Ave | 2BR/1BA | 1,080 | $7,400 | $6.85 |
| 2 | 2416 Boone Ave | 2BR/1BA | 1,000 | $6,200 | $6.20 |
| 3 | 1537 Cabrillo Ave | 2BR/2BA | 795 | $5,499 | $6.92 |
| 2BR Average | 958 | $6,366 | $6.66 | ||
1-Bedroom Comparables
| # | Address | Type | SF | Rent | $/SF |
|---|---|---|---|---|---|
| 4 | 553 1/2 Washington Blvd | 1BR/1BA | 600 | $2,495 | $4.16 |
| 5 | 402 N Venice Blvd Unit B | 1BR/1BA | 500 | $3,600 | $7.20 |
| 6 | 2500 Strongs Dr Unit 2502 | 1BR/1BA | 750 | $3,795 | $5.06 |
| 1BR Average | 617 | $3,297 | $5.47 | ||
The subject's current rents are at market. The 2BR front house at $5,200/month ($7.43/SF) is size-adjusted below the 2BR comp average of $6,366 (which reflects larger units averaging 958 SF), but above average on a per-SF basis. The 1BR rear units at $3,200/month ($6.41/SF) are at the comp average of $3,297, reflecting the renovation premium and Venice Silver Triangle location.
Total rental upside is only 2.4% ($11,600 to $11,885/month), confirming this is a fully stabilized asset. The investment thesis is current income and coastal location appreciation, not rent growth.
Unit Mix & Rent Roll
| Unit | Type | SF | Current Rent | Rent/SF | Market Rent | Mkt Rent/SF |
|---|---|---|---|---|---|---|
| 2341 | 2BR/1BA | 700 | $5,200 | $7.43 | $5,295 | $7.56 |
| 2341 1/2 | 1BR/1BA | 499 | $3,200 | $6.41 | $3,295 | $6.60 |
| 2341 3/4 | 1BR/1BA | 499 | $3,200 | $6.41 | $3,295 | $6.60 |
| Total | 1,698 | $11,600/mo | $6.83 | $11,885/mo | $7.00 |
Operating Statement
| Income | Annual | Per Unit | % EGI |
|---|---|---|---|
| Gross Scheduled Rent | $139,200 | $46,400 | — |
| Less: Vacancy (3%) | ($4,176) | ($1,392) | — |
| Other Income (Laundry) | $720 | $240 | — |
| Effective Gross Income | $135,744 | $45,248 | 100.0% |
| Expenses | Annual | Per Unit | % EGI |
|---|---|---|---|
| Real Estate Taxes (1.21%) | $24,200 | $8,067 | 17.8% |
| Insurance | $4,000 | $1,333 | 2.9% |
| Utilities | $600 | $200 | 0.4% |
| Repairs & Maintenance | $3,000 | $1,000 | 2.2% |
| Landscaping | $720 | $240 | 0.5% |
| Pest Control | $1,080 | $360 | 0.8% |
| General & Admin | $450 | $150 | 0.3% |
| Operating Reserves | $600 | $200 | 0.4% |
| Management (5% of EGI) | $6,787 | $2,262 | 5.0% |
| Total Expenses | $41,437 | $13,812 | 30.5% |
| Net Operating Income | $94,307 | $31,436 | 69.5% |
Returns at $1,995,000
| Metric | Current | Market |
|---|---|---|
| Cap Rate | 4.73% | 4.89% |
| GRM | 14.33 | 13.99 |
| $/Unit | $665,000 | |
| $/SF | $1,175 | |
Financing Terms
| Term | Value |
|---|---|
| Purchase Price | $1,995,000 |
| Down Payment (36%) | $718,200 |
| Loan Amount (64% LTV) | $1,276,800 |
| Interest Rate | 6.25% |
| Amortization | 30 Years |
| Annual Debt Service | $94,338 |
Pricing Matrix
| Price | Cap Rate | $/Unit | $/SF | GRM |
|---|---|---|---|---|
| $2,120,000 | 4.45% | $706,667 | $1,249 | 15.23x |
| $2,095,000 | 4.50% | $698,333 | $1,234 | 15.05x |
| $2,070,000 | 4.55% | $690,000 | $1,219 | 14.87x |
| $2,045,000 | 4.61% | $681,667 | $1,204 | 14.70x |
| $2,020,000 | 4.67% | $673,333 | $1,190 | 14.51x |
| $1,995,000 | 4.73% | $665,000 | $1,175 | 14.33x |
| $1,970,000 | 4.79% | $656,667 | $1,160 | 14.15x |
| $1,945,000 | 4.85% | $648,333 | $1,145 | 13.97x |
| $1,920,000 | 4.91% | $640,000 | $1,131 | 13.79x |
| $1,895,000 | 4.97% | $631,667 | $1,116 | 13.61x |
| $1,870,000 | 5.04% | $623,333 | $1,101 | 13.43x |
Highlighted row represents the suggested list price.
At the suggested list price of $1,995,000, the property offers a 4.73% current cap rate and 14.33x GRM with a stabilized income stream from a fully renovated triplex in Venice's Silver Triangle. At $665,000/unit and $1,175/SF, the pricing reflects the property's premium renovated condition and coastal location. The 2.4% rental upside to market rents ($139,200 to $142,620 gross) confirms the property is leased at market, with minimal execution risk for the buyer. Operating expenses at 30.5% of EGI reflect the efficient operating profile of a recently renovated, owner-managed small property.
The investment thesis centers on stable coastal income, Venice appreciation potential, and the documented legal nonconforming triplex status in an R1-1-O zone — a configuration that cannot be replicated under current zoning.
Pricing Rationale
At the suggested list price of $1,995,000, the subject trades at $665,000/unit and $1,175/SF, with a 4.73% current cap rate and 14.33x GRM. This positions the property between the stabilized comp ceiling and the value-add middle of the Venice triplex market.
The most comparable same-street sale is 2318 Beach Ave ($917K/unit, 4.97% cap), which sets the ceiling for the corridor but reflects a larger, townhouse-style building. The 2428 Ocean Ave comp ($647K/unit, 6.19% cap) provides a realistic floor for quality Venice triplexes. The subject's positioning between these comps is appropriate given its fully renovated condition, stabilized income at market rents, and Silver Triangle location premium.
At $1,995,000, the property is positioned as the most competitively priced renovated triplex in the Venice market, capturing buyers filtering under the $2M psychological threshold. The active listing landscape confirms strong buyer resistance above $2M for non-premium Venice triplexes, with stale inventory at 1916 Pacific (146 DOM) and 643 Santa Clara (88 DOM, price-reduced). The sub-$2M positioning should generate competitive interest and a shorter marketing period.
Vacancy at 3% reflects Venice multifamily historical average. Management at 5% of EGI assumes third-party management; owner-operators may achieve higher returns. All three units currently leased at market rents. This analysis is not an appraisal; it is a broker opinion of value for listing purposes.
