Marina Del Rey, CA 90292 • Marina Peninsula
Exclusively Offered by Marcus & Millichap
In Cooperation with The Erster Group
Jonathan Erster | Glen Scher | Filip Niculete
June 2026
NYSE: MMI
Marcus & Millichap, in cooperation with The Erster Group, is proud to present 3607 Pacific Avenue — a rare architectural six-unit apartment building on the Marina Peninsula in Marina Del Rey. Designed by a prominent Los Angeles architect, this Mid-Century Modern property combines coastal walk-street privacy with steps-to-the-beach proximity, gated entry, one covered parking space per unit, and an expansive private roof terrace. Five of six units have been fully renovated, the soft-story seismic retrofit was completed in March 2024, and the property is offered at $5,395,000 with a 4.75% in-place cap rate and a 5.60% pro forma cap rate.
| Address | 3607 Pacific Avenue, Marina Del Rey, CA 90292 |
| Submarket | Marina Peninsula / Venice Coastal Zone |
| Units | 6 — All 2BR/1BA |
| Building SF | 5,634 SF (avg 900 SF/unit) |
| Lot Size | 0.15 Acres (6,401 SF) |
| Year Built / Renovated | 1964 / 2025 |
| Price / SF | $957.58 |
| Cap Rate (Yr 1 / Pro Forma) | 4.75% / 5.60% |
| GRM (Yr 1 / Pro Forma) | 14.28 / 13.34 |
| NOI (Yr 1 / Pro Forma) | $256,355 / $301,898 |
| Zoning | R3-1 — LARSO + AB 1482 |
| Offering Type | Standard / Stabilized |
3607 Pacific Avenue is a rare architectural apartment offering located in the heart of Marina Del Rey, California. Designed by a prominent Los Angeles architect, this Mid-Century Modern six-unit property showcases timeless design elements and a unique aesthetic that sets it apart from typical coastal multifamily inventory. Combining style, functionality, and a premier location, 3607 Pacific Avenue represents a generational opportunity to own a one-of-a-kind property in one of Southern California’s most dynamic rental markets.
Positioned on a quiet walk street on the highly coveted Marina Peninsula, 3607 Pacific Avenue is just steps from the beach while maintaining an intimate sense of privacy and community. The property features expansive open floor plans with vaulted ceilings and floor-to-ceiling glass, creating light-filled interiors and a seamless indoor-outdoor flow. Units are appointed with European-style kitchens boasting quartz countertops, stainless steel appliances, and wood flooring, blending modern convenience with architectural charm.
A signature highlight of the property is its large private roof terrace, offering panoramic views and a premium lifestyle amenity rarely available in Marina Del Rey rental housing. Residents also benefit from gated entry, on-site laundry facilities, and one covered parking space per unit, enhancing both comfort and security. The property has been carefully renovated — five of six units have been fully updated, and the soft-story seismic retrofit was completed in March 2024 with a Certificate of Compliance issued by LADBS.
Situated on a quiet walk street just steps from the beach on the exclusive Marina Peninsula — one of the most supply-constrained and sought-after rental submarkets in Los Angeles. Walking distance to Venice Ocean Front Walk, the Venice Canals, the Venice Fishing Pier, Mothers Beach, Marina del Rey Harbor, and Abbot Kinney Boulevard.
Five of six units have been fully renovated with modern interiors: European-style kitchens with quartz countertops, stainless steel appliances, and wood flooring throughout. The property has been carefully maintained and modernized to meet contemporary tenant expectations while preserving its architectural character.
Certificate of Compliance issued March 26, 2024. The largest single seismic compliance item required for a 1964-era multifamily property in Los Angeles is fully complete — eliminating a major capital risk and ongoing compliance obligation for the new owner.
Designed by a prominent Los Angeles architect — vaulted ceilings, floor-to-ceiling glass, and expansive open floor plans create light-filled, indoor-outdoor living. A large private roof terrace provides panoramic views, a premium amenity rarely available in Marina Peninsula rental housing.
The property’s existing interior configuration presents an opportunity for a future ADU conversion. California’s ADU regulations (AB 68 / AB 881) allow conversion ADUs within existing space without requiring additional parking or expanding the building footprint. The pro forma reflects $21,600 of annual ADU income upside — buyer to investigate after close.
Residents benefit from gated entry, on-site laundry facilities, and one covered parking space per unit — a complete amenity package that enhances both lifestyle and rental durability in a coastal walk-street setting.
The property lies within the Venice Coastal Zone (Marina Peninsula subarea) and is designated within the Calvo Exclusion Area — a Coastal Commission designation that simplifies future improvement permitting relative to standard coastal zone parcels.
Walking and biking distance to Venice Beach, the Venice Canals, the Venice Fishing Pier, Marina del Rey Harbor, Burton Chace Park, Fisherman’s Village, and the dining, shopping, and nightlife of Abbot Kinney Boulevard and Washington Boulevard. Sustained tenant demand, strong rent growth potential, and long-term appreciation.
3607 Pacific Avenue occupies a rare position on the Marina Peninsula — a narrow strip of beachfront land between the Pacific Ocean to the west and the basins of Marina del Rey Harbor to the east. This is one of the most supply-constrained residential submarkets in coastal Los Angeles, defined by walk streets, low-density beach housing, and immediate access to both ocean and harbor amenities.
Residents at 3607 Pacific Avenue are within walking and biking distance of:
This combination of beach access, harbor amenities, and immediate proximity to Venice’s cultural and commercial corridors creates a tenant demand profile that is consistently among the strongest in the Los Angeles rental market. Marina Peninsula has limited new development potential due to its coastal designation, supporting long-term rent growth and value appreciation.
3607 Pacific Avenue has been comprehensively renovated and brought into full compliance with Los Angeles seismic, building, and rent stabilization requirements. The largest single capital item for a 1964-era multifamily property — soft-story retrofit — was completed in March 2024 with a Certificate of Compliance issued by LADBS. Five of six units have been fully renovated.
| System / Improvement | Status | Detail |
|---|---|---|
| Soft-Story Seismic Retrofit | Completed | Certificate of Compliance issued 3/26/2024 (LADBS Permit 23016-10000-30898) — LABC Ch. 93 wood shear wall |
| Unit Renovations | 5 of 6 Complete | European-style kitchens, quartz countertops, stainless steel appliances, wood flooring |
| Roof / Reroof | Completed | Reroof + hot-mop work; permit finalized 1/22/2004 |
| Windows & Doors | Completed | Window and door replacement; permit finalized 1/22/2004 |
| Perimeter Block Wall | Completed | 6-foot concrete block wall, 69 linear feet (8/13/2002) |
| Electrical — Intercom | Completed | Low-voltage intercom conduits (4/3/2002) |
| Gated Entry | In Place | Secured access controls common areas |
| On-Site Laundry | In Place | Shared facility for residents |
| Covered Parking | In Place | 1 covered space per unit |
| Private Roof Terrace | In Place | Large outdoor amenity with panoramic views |
| ADU Conversion | Future Opportunity | Interior conversion potential under California AB 68 / AB 881 — buyer to investigate post-close |
| Item | Status / Detail |
|---|---|
| Zoning | R3-1 (Multifamily Residential) |
| General Plan Land Use | Medium Residential |
| Community Plan | Venice |
| Council District | CD 11 |
| Specific Plan | Venice Coastal Zone — Marina Peninsula subarea + LA Coastal Transportation Corridor |
| Coastal Zone Designation | Calvo Exclusion Area (simplified coastal development permitting) |
| Rent Stabilization (LARSO) | Yes — subject property is subject to the LA Rent Stabilization Ordinance |
| State Rent Cap (AB 1482) | Applicable as backstop to LARSO |
| Soft-Story Retrofit | Completed — CofC issued 3/26/2024 |
| Flood Zone | Outside Flood Zone |
| Very High Fire Hazard Severity Zone | No |
| Hillside | No |
| Methane Zone | Yes (standard for Marina Peninsula) |
| Liquefaction Zone | Yes (standard for low-lying coastal Marina Peninsula parcels) |
| Tsunami Hazard Area | Yes (standard for Marina Peninsula coastal parcels) |
| Nearest Active Fault | Santa Monica Fault — approximately 4.1 miles (6.6 km) |
| Oil Well Adjacency | Plugged well within 100 ft (per LA City records) |
| TCAC Opportunity Area | Highest |
| Police / Fire | LAPD Pacific Division / LAFD Battalion 4, Station 63 |
| Unit | Unit Type | Size SF | Current Rent | Current $/SF | Pro Forma Rent | PF $/SF |
|---|---|---|---|---|---|---|
| 1 | 2 Bed / 1 Bath | 900 | $5,850 | $6.50 | $6,000 | $6.67 |
| 2 | 2 Bed / 1 Bath | 900 | $5,450 | $6.06 | $5,800 | $6.44 |
| 3 | 2 Bed / 1 Bath | 900 | $5,245 | $5.83 | $5,600 | $6.22 |
| 4 | 2 Bed / 1 Bath | 900 | $5,145 | $5.72 | $5,500 | $6.11 |
| 5 | 2 Bed / 1 Bath | 900 | $4,945 | $5.49 | $5,400 | $6.00 |
| 6 | 2 Bed / 1 Bath | 900 | $4,845 | $5.38 | $5,400 | $6.00 |
| Total / Wtd Avg | 5,634 | $31,480 | $5.59 | $33,700 | $5.98 | |
| Gross Annualized Rents | $377,760 | $404,400 | ||||
| Income | Current | Pro Forma | Per Unit | Per SF |
|---|---|---|---|---|
| Gross Scheduled Rent | $377,760 | $404,400 | $67,400 | $71.78 |
| Physical Vacancy (3.0%) | ($11,333) | ($12,132) | ($2,022) | ($2.15) |
| Effective Rental Income | $366,427 | $392,268 | $65,378 | $69.63 |
| ADU Income (Pro Forma) | $0 | $21,600 | $3,600 | $3.83 |
| Effective Gross Income | $366,427 | $413,868 | $68,978 | $73.46 |
| Expenses | Current | Pro Forma | Per Unit | Per SF |
|---|---|---|---|---|
| Real Estate Taxes | $65,819 | $65,819 | $10,970 | $11.68 |
| Insurance | $5,000 | $5,000 | $833 | $0.89 |
| Utilities — LADWP | $6,783 | $6,783 | $1,131 | $1.20 |
| Trash Removal | $4,393 | $4,393 | $732 | $0.78 |
| Repairs & Maintenance | $5,200 | $5,200 | $867 | $0.92 |
| Weekly Landscape & Maintenance | $4,800 | $4,800 | $800 | $0.85 |
| Pest Control | $330 | $330 | $55 | $0.06 |
| LA City Fees | $1,590 | $1,590 | $265 | $0.28 |
| Misc. Expenses | $1,500 | $1,500 | $250 | $0.27 |
| Management Fee (4% of GSR) | $14,657 | $16,555 | $2,759 | $2.94 |
| Total Expenses | $110,072 | $111,970 | $18,662 | $19.87 |
| Expenses as % of EGI | 30.0% | 27.1% | — | — |
| Net Operating Income | $256,355 | $301,898 | $50,316 | $53.59 |
| Metric | Year 1 | Pro Forma |
|---|---|---|
| Cap Rate | 4.75% | 5.60% |
| GRM | 14.28x | 13.34x |
| Cash-on-Cash | 3.50% | 5.19% |
| Debt Coverage Ratio | 1.58 | 1.87 |
| Net Cash Flow After DS | $94,505 | $140,048 |
| Total Return | 3.50% | 5.19% |
| Loan Amount | $2,697,500 (50% LTV) |
| Loan Type | Interest Only |
| Interest Rate | 6.00% |
| Year Due | 2029 (5-Year Term) |
| Annual Debt Service | $161,850 |
| Principal Reduction | $0 |
Interactive map available at the live URL.
| # | Property | City | Date | Price | Units | $/Unit | $/SF | Cap | GRM | Yr Built |
|---|---|---|---|---|---|---|---|---|---|---|
| ☆ | 3607 Pacific Avenue | Marina Del Rey | On Market | $5,395,000 | 6 | $899,167 | $957.58 | 4.75% | 14.28 | 1964/2025 |
| A | 440 Howland Canal | Venice | 05/13/2024 | $2,135,000 | 5 | $427,000 | $1,108.52 | 4.38% | 15.52 | 1924 |
| B | 124 Catamaran St | Marina Del Rey | 05/16/2023 | $2,775,000 | 7 | $396,428 | $436.73 | 5.05% | 13.36 | 1970 |
| C | 101 Catamaran St | Marina Del Rey | 04/29/2025 | $3,000,000 | 6 | $500,000 | $529.94 | 5.71% | 12.25 | 1964 |
| D | 16 Fleet St | Marina Del Rey | 08/30/2023 | $4,825,000 | 10 | $482,500 | $600.12 | 3.90% | 17.31 | 1971 |
| E | 1426 Main St | Venice | 06/26/2025 | $4,565,000 | 7 | $652,142 | $693.03 | 6.72% | 10.12 | 1962 |
| F | 2201 Ocean Ave | Venice | 07/29/2025 | $4,750,000 | 10 | $475,000 | $338.68 | 5.68% | 11.44 | 1975 |
| G | 315 Vernon Ave | Venice | 05/02/2025 | $5,050,000 | 6 | $841,666 | $1,046.42 | 5.04% | 13.89 | 1922 |
The closest pricing anchor is 315 Vernon Avenue in Venice, a 6-unit property that closed for $5,050,000 on May 2, 2025 at a 5.04% cap rate and 13.89 GRM — identical unit count, comparable submarket, and a nearly identical $/SF profile ($1,046 vs. subject $958). Both 315 Vernon and 3607 Pacific occupy the premium tier of small-balance coastal multifamily inventory.
101 Catamaran Street sold for $3,000,000 in April 2025 at a 5.71% cap rate — a same-vintage (1964), same-unit-count Marina Del Rey property providing a direct comparability anchor on building characteristics. The subject’s superior renovation status, soft-story retrofit completion, and architectural pedigree support the pricing premium reflected in the offering.
The surrounding Venice and Marina Peninsula transactions confirm a market range of $338 to $1,108 per square foot, with cap rates predominantly in the 4.4% to 5.7% range. At $957.58/SF and a 4.75% cap rate (5.60% pro forma), the subject is positioned within the premium-tier coastal anchor range supported by the most directly comparable transactions.
Interactive map available at the live URL.
| # | Property | City / ZIP | Unit Type | Size SF | Rent | Rent/SF |
|---|---|---|---|---|---|---|
| ☆ | 3607 Pacific Avenue (Subject) | Marina Del Rey 90292 | 2BR/1BA | 900 | $5,617 PF Avg | $6.24 |
| 1 | 3900 Pacific Avenue | Marina Del Rey 90292 | 2BR/1BA | 1,000 | $5,500 | $5.50 |
| 2 | 3512 Pacific Avenue | Marina Del Rey 90292 | 2BR/2BA | 917 | $5,500 | $6.00 |
| 3 | 3003 Ocean Front Walk | Venice 90291 | 2BR/1BA | 700 | $5,500 | $7.86 |
The three closest comparable 2BR rentals on the Marina Peninsula and adjacent Venice corridors all achieve $5,500/month. The subject’s pro forma rents (averaging $5,617/month, $6.24/SF) reflect modest upside above the immediate market — supported by the property’s renovated interiors, architectural pedigree, private roof terrace, gated entry, and one covered parking space per unit. The closest direct comparable, 3003 Ocean Front Walk, achieves $7.86/SF — demonstrating the rent premium achievable for ocean-proximate 2BR product in this submarket.
Current in-place rents at the subject average $5,247/month ($5.83/SF), with the highest in-place unit at $5,850/month ($6.50/SF). Per-unit rents range from $4,845 to $5,850 reflecting unit-level finish variations and tenancy duration.
Jonathan Erster
Co-Listing Broker
The Erster Group
(818) 943-8002
Glen Scher
Senior Managing Director Investments
Marcus & Millichap
(818) 212-2808
Filip Niculete
Senior Managing Director Investments
Marcus & Millichap
(818) 212-2748