235 Horizon Ave VENICE CA 90291€¦ · PROPERTY SUMMARY. 235 HORIZON AVE VENICE. CA 90291. This...

7 UNITS IN PRIME VENICE BEACH

235 HORIZON AVEVENICECA 90291

Kenny Stevens BRE# 01090251310.968.7005 [email protected]

OFFERING MEMORANDUM

PRESENTED BY

LOCATION OVERVIEWMarket overviewProperty Location

PROPERTY SUMMARYProperty Highlights Property Details Aerial Photo Parcel Orientation Photography

FINANCIALSFinancial Overview Rent Roll

COMPARABLESSales Comps Rent Comps

MARKETING PACKAGEOVERVIEW

Kenny Stevens

BRE# 01090251

310.968.7005 cell

[email protected]

235 HORIZON AVEVENICE, CA 90291

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

LOCATION235 HORIZON AVE VENICECA 90291

LOCATIONLOCATION OVERVIEW

VENICE, CALIFORNIAOver the course of just a couple of years, Venice has become one of the most expensiveneighborhoods in Los Angeles. According to the real estate website Zillow, it is the seventh mostexpensive neighborhood in which to buy a house, its median home value — $1,578,200 — coming injust behind the Hollywood Hills and just ahead of Beverlywood. According to ApartmentList.com, theaverage rental price of a two-bedroom apartment in Venice is $4,900 a month — well ahead ofWestwood, Santa Monica, Brentwood, even Bel-Air and the Hollywood Hills. When you rankneighborhoods in the city of L.A. by price per square foot of real estate, Venice becomes evenloftier: According to data provided to L.A. Weekly by Zillow, Venice is tied with Bel-Air for No. 2. Onlythe Pacific Palisades is more expensive per square foot. As for median rental price per square foot,Venice is the most expensive place in L.A.

Silicon Beach is the Westside region of the Los Angeles metropolitan area that is home to over 500tech startup companies. Major technology companies have opened Offices in the region includingGoogle, Yahoo!, YouTube, BuzzFeed, Facebook, AOL, Electronic Arts, EdgeCast Networks, andMySpace. The region is considered the second- or third-largest tech hub in the world, according tovarious reports. This has had major impacts on the type and availability of office space and onhome prices in Playa Vista, Playa Del Rey, Westchester, Santa Monica, and Venice, as these areashave become more desirable due to this influx.


Abbot Kinney BlvdSalt Air Gjelina

Salt & StrawIntelligentsia Coffee

SatineAust

The Butcher’s DaughterAviator Nation

Rose AvenueWhole FoodsCerveteca

Café GratitudeRose Café

The Yoga CollectiveMoon Juice

Groundwork Coffee

Gold’s Gym

Penmar Golf Course and Recreation Center

Superba Food + Bread

Marina Del Rey

AMC Dine-In Marina 6Yard HouseUlta Beauty

Barnes and NobleVenice Canals

235 HORIZON AVE

LOCATIONLOCATION OVERVIEWLOCATIONLOCATION OVERVIEW


Erewhon

Venice Skate Park

Venice Sign

Westminster Off-Leash Park

Main StreetSolé BicyclesTrading Post

BarriqueVegan SceneThe Firehouse

Kippy’sKomodo

CHAYA Venice

PROPERTY SUMMARY235 HORIZON AVE VENICECA 90291


PROPERTY SUMMARYPROPERTY HIGHLIGHTS

7 UNITS IN PRIME VENICE BEACH LOCATION• Located in the Windward Circle neighborhood of Venice, between Abbot Kinney and Main Street• 3 blocks to Venice Beach• Two units have been beautifully renovated • Easy bike ride to Santa Monica and Marina Del Rey• Approximately 35% upside in rents• Perfect for Air BnB rentals• Walking distance to popular restaurants, entertainment, and beach• Great mix of (4) 2 + 1, (2) 1+1+loft and (1) 1+1


PROPERTY SUMMARYPROPERTY DETAILS

PROPERTY DESCRIPTION235 Horizon Ave, This rare investment property is located 3 blocks from the beach in the rapidlygrowing Venice market. Constructed in 1906, this vintage property is situated on a lot that extendsfrom Horizon Ave to San Juan Ave, and offers some outdoor living space to the tenants. The unit mixis comprised of (4) 2+1’s, (2) 1+1’s with lofts, and (1) 1+1. Two of the two bedroom/one bathroomunits have been beautifully renovated with stainless steel appliances, new fixtures, quartz countertop, new cabinets, and vinyl plank flooring throughout.

PROPERTY DETAILSUnits 7Major Intersection Between Main Street & Riviera AveMarket VeniceAPN 4238-010-030Zoning Type LARD1.5Building SF 4,416 SFLot Size SF 3,060 SF


PROPERTY SUMMARYPROPERTY AERIAL


235 HORIZON AVE

PROPERTY SUMMARYPROPERTY AERIAL


PROPERTY SUMMARYPARCEL ORIENTATION


PROPERTY SUMMARYPROPERTY PHOTOS


FINANCIALS235 HORIZON AVE VENICECA 90291


FINANCIALSFINANCIAL OVERVIEW - $3,300,000


FINANCIALSRENT ROLL



COMPARABLES235 HORIZON AVE VENICECA 90291

1

235 Horizon Ave Venice, CA 90291 22 Paloma Ave Venice, CA 90291

40 Clubhouse Ave Venice, CA 90291

14 Ozone Ave Venice, CA 90291

640 Santa Clara Ave Venice, CA 90291

Comments: No parking. Inferior unit mix. Closer to beach.

Comments: Inferior unit mix. Inferior location. At the time of sale the property needed many repairs.

Comments: Closer to beach. 11 Garage parking spaces. Inferior unit mix.

Comments: No parking. Closer to beach.

Comments: Subject Property

Comments: Inferior location. Inferior unit mix. The units sit on 2 lots with a 3rd lot for parking.

Sale Price $3,000,000COE 4/13/2017# of Units 6LOT SF 6,399Building SF 5,928Price/SF $506.07Price/Unit $500,000Year Built 1918





UNITS UNIT TYPE5 1 + 11 Studio

UNITS UNIT TYPE6 2 + 1



UNITS UNIT TYPE1 3 + 12 2 + 12 1 + 1

Listed For $3,300,000# of Units 7

LOT SF 3,060

Building SF 4,416Price/SF $747Price/Unit $471,429Year Built 1906UNITS UNIT TYPE

4 2 Bed/1 Bath2 1 Bed/1 Bath/Loft1 1Bed/ 1 Bath

314 N Venice Blvd Venice, CA 90291

1

523 Main St Venice, CA 90291

Comments: No parking. Inferior unit mix. Smaller building and lot size.

Sale Price $1,575,000COE 10/27/2017# of Units 5LOT SF 2,638Building SF 1,536Price/SF $1,025.39Price/Unit $315,000Year Built 1925UNITS UNIT TYPE

5 Studio

COMPARABLESSALES COMPS


6

COMPARABLESSALES COMPS

Sales Comps523 Main St314 N Venice Blvd22 Paloma Ave40 Clubhouse Ave 640 Santa Clara Ave 14 Ozone Ave

235 Horizon Ave


6

6

COMPARABLESRENT COMPS

UNIT TYPE 2 + 1RENT $2,184-$3,296UNIT TYPE 1 + 1 + LoftRENT $1,853-$1,901UNIT TYPE 1 + 1RENT $918

4

235 Horizon Ave Venice, CA 90291

1814 Pacific Ave APT 108, Venice, CA 90291

426 Rialto Ave APT D Venice, CA 90291

RENT $2,295UNIT SIZE N/AUNIT TYPE 1 + 1

1908 Pacific Ave Venice, CA 90291RENT $3,400UNIT SIZE 950 SQ.FT.UNIT TYPE 2 + 1

RENT $2,995UNIT SIZE N/AUNIT TYPE 1 + 1

Comments: Restored 1920's Bright upper owner's unit. Large 1 bedroom + den, 1 bath. Hardwood floors throughout. Street parking.

Comments: There is on-site laundry and no parking. Located on the lower level at the rear of the property. Hardwood floors throughout, updated kitchen and bathroom.

Comments: 2 parking spaces. No Laundry

Comments: Subject Property; two of the 2+1’s have been renovated with SS appliances, new fixtures, quartz counter top, new cabinets, and vinyl plank flooring throughout


14 Westminster Ave APT 26 Venice, CA 90291 108 Breeze Ave APT C, Venice, CA 90291RENT $2,600UNIT SIZE 650 SQ.FT.UNIT TYPE 1 + 1

RENT $3,550UNIT SIZE 600 SQ.FT.UNIT TYPE 2 + 1

Comments: Located just one block from the beach. Remodeled w/ open layout, new laminated hardwood floor, ceiling fans, walk-in closet, new bathroom, modern new kitchen with quartz counter top and stainless steel appliances.

Comments: Stand alone 2 bedroom 1 bath beach bungalow guest house that is located 1 block to the beach

COMPARABLESRENT COMPS

Rent Comps1814 Pacific Ave14 Westminster Ave426 Rialto Ave1908 Pacific Ave 108 Breeze Ave


235 Horizon Ave

Kenny Stevens BRE# 01090251310.968.7005 [email protected]

OFFERING MEMORANDUM

235 HORIZON AVE VENICECA 90291

235 Horizon Ave VENICE CA 90291€¦ · PROPERTY SUMMARY. 235 HORIZON AVE VENICE. CA 90291. This...

Documents

Transcript of 235 Horizon Ave VENICE CA 90291€¦ · PROPERTY SUMMARY. 235 HORIZON AVE VENICE. CA 90291. This...