12314 Washington Pl, Culver City, CA 90066

Property Description

We are pleased to present the Washington Place Fourplexes, a pair of adjacent 1950 fourplexes on side-by-side parcels at 12314 & 12320 Washington Place. The offering totals 8 units, all 2BD/1BA of roughly 880 square feet each, comprising 7,038 square feet of improvements on 12,478 square feet of land with 8 parking spaces. Both parcels sit within the City of Culver City jurisdiction while carrying a Los Angeles 90066mailing address, offering Culver City schools and services with a Westside location. The heavy capital work is already done: both buildings received new roofs in 2025 ($50,740 spent) plus a full exterior repaint, per seller-signed 2025 operating statements. Occupied units average $2,093 per month against the $3,100 market estimate, roughly 48% upside on in-place rents. 12314 is fully occupied; 12320 delivers a vacant unit for an owner-user or immediate lease-up, and the garages add $1,400 per month of parking income. The seller reports approved plans for two additional units, one above the garages at each building, that convey with the sale and would add over $1M of value upon completion (count and status to be verified by buyer with Culver City Building & Safety). Because each fourplex sits on its own legal parcel, the pairing can be financed, insured, and exited independently, widening the buyer pool to both the 1-4 unit residential financing market and the 5+ unit commercial pool. Financing flexibility is further enhanced by an existing Chase loan of approximately $1,200,000 at a 3.91% interest rate that may be assumed by a qualified buyer, well below today's prevailing rates (loan balance, terms, and assumability to be verified with the lender). At $3,096,000, the offering represents a 5.00% going-in cap rate and 13.47 GIM ($387,000 per unit and $440 per square foot), with a 7.55% pro forma cap rate at the seller's market rents, before any ADU contribution. The fourplexes are also priced individually, with 12314 offered at $1,448,000 and 12320 at $1,648,000, and the approved plans convey with each building.