12314 Washington Pl Culver City, CA 90066 Price Dropped by $100K
UPDATED: 09/02/2026 05:21 PM ON MARKET: 39 days on market
$3,096,000
16 Beds8 Baths7,038 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,038 sqft
Price per Sqft $439
MLS Listing ID 26868503
Bedrooms 16
Year Built 1950
Lot Size 0.286 Acres
Acres 0.29
Property Sub-Type Multi-Family
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.
The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
Based on information from the Association of REALTORS®/Multiple Listing as of 09/05/2026 18:00. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Based on information from California Regional Multiply Listing Service, Inc. as of 2026 and/or other resource. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker of MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.