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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
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.
235 HORIZON AVEVENICE, CA 90291
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
235 HORIZON AVEVENICE, CA 90291
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
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.
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
235 HORIZON AVEVENICE, CA 90291
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
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY AERIAL
235 HORIZON AVEVENICE, CA 90291
235 HORIZON AVE
PROPERTY SUMMARYPROPERTY AERIAL
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPARCEL ORIENTATION
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
FINANCIALS235 HORIZON AVE VENICECA 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.
FINANCIALSFINANCIAL OVERVIEW - $3,300,000
235 HORIZON AVEVENICE, CA 90291
FINANCIALSRENT ROLL
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.
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
Sale Price $4,250,000COE 6/1/2017# of Units 6LOT SF 3,049Building SF 4,693Price/SF $905.60Price/Unit $708,333Year Built 1973
Sale Price $4,700,000COE 7/11/2017# of Units 11LOT SF 10,402Building SF 5,784Price/SF $812.59Price/Unit $427,273Year Built 1926
Sale Price $2,000,000COE 6/16/2017# of Units 5LOT SF 3,524Building SF 4,454Price/SF $449.03Price/Unit $400,000Year Built 1922
Sale Price $3,639,500COE 11/4/2016# of Units 9LOT SF 9,531Building SF 4,228Price/SF $860.81Price/Unit $404,389Year Built 1923
UNITS UNIT TYPE5 1 + 11 Studio
UNITS UNIT TYPE6 2 + 1
UNITS UNIT TYPE9 1 + 1
UNITS UNIT TYPE11 1 + 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
235 HORIZON AVEVENICE, CA 90291
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COMPARABLESSALES COMPS
Sales Comps523 Main St314 N Venice Blvd22 Paloma Ave40 Clubhouse Ave 640 Santa Clara Ave 14 Ozone Ave
235 Horizon Ave
235 HORIZON AVEVENICE, CA 90291
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
235 HORIZON AVEVENICE, CA 90291
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 AVEVENICE, CA 90291
235 Horizon Ave
Kenny Stevens BRE# 01090251310.968.7005 [email protected]
OFFERING MEMORANDUM
235 HORIZON AVE VENICECA 90291