6-unit multifamily + 2 vacant land parcels in prime venice...

6-Unit Multifamily + 2 Vacant Land Parcels in Prime Venice Beach

OFFERING HIGHLIGHTS

Unique opportunity to purchase an investment property and land in Venice Beach

Located one & a half blocks from the beach on a classic walk street

Walking distance to Main Street, Rose Avenue & Abbot Kinney

Contiguous vacant parcels are 4,700 square feet

Three parcels total approx. 7,500

Rare development opportunity

Approx. 50% potential upside in rents

MARKETING PRESENTATION

Prosser Stevens Real Estate Investments [email protected] (310) 482-2209

www.ProsserStevens.com

CONTENTS

1. PROPERTY ANALYSIS

Multifamily Summary

Land Parcels Summary

Financial Overview

Rent Roll Overview

2. PROPERTY INFORMATION

Property Location Map

Property Plat Map

Property Photos

Neighborhood Information

3. COMPARABLES

Multifamily Sales Comparables

Multifamily Sales Comparables Map

Land Sales Comparables

Land Sales Comparables Map

Recent Sold Developments

Rent Comparables

Rent Comparables Map

Please contact:

Eric M von Bluecher, BRE#01926201

310-774-3726 office

310-861-1175 fax

[email protected]

mailto:[email protected]

6-Unit Building and Two Land Parcels Exclusively listed for $3,600,000

MULTIFAMILY SUMMARY

Description

Units 6 Building SF 2,408

Cross Street Pacific Ave & Sunset Ave Land SF 2,820

Market Venice Beach Parcel Number 4286-016-029

Year Built 1910 Building (1) 2 Story Building

Parking Street Parking Zoning Type LAR3

Property Prosser Stevens Real Estate Investments proudly presents 114 Paloma Ave in Venice. The 6-unit property consists of (4) one bedroom, one bath and (2) single, one bath apartments. The vintage units have hardwood floors and tile. Two units have rear yards. This opportunity includes (2) additional contiguous lots, all three totaling approximately 7,500 square feet.

Area The subject property is located in Venice Beach, south of Rose Ave and west of Main Street. Located just one and a half blocks from the beach and walking distance to shops and restaurants on Venice Boardwalk, Rose Ave and Abbott Kinney Blvd.

Highlights

LAND PARCELS SUMMARY

Description

Parcels (2) contiguous lots Land SF 4,723 (1,992 + 2,731)

Cross Street Pacific Ave & Sunset Ave Parcel Numbers 4286-016-030 4286-016-038

Market Venice Beach Lot 4 & 12

Frontage Approx. 30’ Zoning Type LAR3

Property Prosser Stevens Real Estate Investments proudly presents an incredible development opportunity in Venice Beach, just 1.5 blocks from the beach. Frontage measurements of parcels are: 110 Paloma (Land) – frontage is 30’ approximately 111 Sunset (Land) – frontage is 30’ approximately Frontage measurements of multifamily property are: 114 Paloma (6 units) – frontage is 30’5” approximately Dimensions are 30’ x 91.69’ x 94.62’ as per permits Three lots total approximately 7,500 square feet

Highlights

FINANCIAL OVERVIEW

Building & Land not sold separately

Financials below to analyze building valued at $2,000,000

RENT ROLL

PROPERTY LOCATION

PARCEL MAP Lots #3, #4, #12

NEIGHBORHOOD INFORMATION

Venice is known for its ocean breezes and eclectic mix of artists, young professionals and longtime residents. Locals and tourists enjoy hotspots on Main Street, Rose Avenue and Abbot Kinney, and also walking along the Italian-inspired canals. The area from Venice to Marina del Rey and Playa Vista is known as Silicon Beach for more than 500 tech startup & creative companies with offices located there. Major employers include Google, Facebook, YouTube, Activision, 72andSunny and Deutsch, to name a few. Real estate has seen double-digit growth and as supply shrinks, demand continues to grow.

SALE PRICE UNITS BLDG S.F. PRICE S.F. PRICE / UNIT GRM CAP

$3,280,000 8 5,381 $609.55 $410,000 18.36 3.62%

Year Built: 1963 Unit Mix: (4) 2+1, (4) 1+1 Closed on 6/19/2014

MULTIFAMILY SALES COMPARABLES

Sale Comp A: 510 Pacifc Avenue, Venice, 90291


$1,490,000 6 3,200 $465.63 $248,333 16.13 4.27%

Year Built: 1962 Unit Mix: (2) 2+1, (2) 1+1, (2) 0+1 Closed on 5/16/14

Sale Comp B: 910 Pacific Avenue, Venice, 90291


$3,650,000 9 4,228 $863.29 $405,555 21.17 4.32%

Year Built: 1923 Unit Mix: (9) 1+1 Closed on 12/31/2013

Sale Comp C: 314 N Venice Boulevard, Venice, 90291


$1,850,000 4 3,374 $548.31 $462,500 15.61 4.77%


Sale Comp D: 246 Hampton Avenue, Venice, 90291


$1,440,000 4 3,370 $427.30 $360,000 22.49 2.67%


Pending Comp E: 2003 Canal Street, Venice, 90291

SALES COMPARABLES - Multifamily

Pending Comp F: 812 Venice Boulevard, Venice, 90291


$2,244,000 6 3,471 $646.50 $374,000 16.53 3.63%

Year Built: 1941 Unit Mix: (6) 1+1 Closed on 8/5/2014

Subject Property: 114 Paloma Ave

SOLD Comp A: SOLD Comp B: SOLD Comp C: SOLD Comp D: SOLD Comp E: SOLD Comp F:

510 Pacific Avenue 910 Pacific Avenue 314 N Venice Boulevard 246 Hampton Avenue 2003 Canal Street 812 Venice Boulevard

SALES COMPARABLES MAP


A: 844 Palms – Duplex sold for $2,850,000 B: 546 Vernon Ave – Sold for $1,425,000 C: 1308 Pacific Ave – For sale $2,595,000 D: 351 Sunset Ave – Condo development E: 42 & 44 Park Court – Sold $2,200,000 F: 43 & 45 Brooks – Sold for $2,200,000

RECENT DEVELOPMENT SALES

A 109 Paloma Ave #C: $2,500 1 bedroom + 1 bathroom 700 SqFt, Upgraded w/ new appliances, patio, WiFi & Cable incl.

B 20 Horizon Ave #A: $2,600 1 bedroom + 1 bathroom Hardwood floors, concrete counters, stainless, parking.

C 26 Breeze Ave: $1,695 0 bedroom + 1 bathroom Hardwood floors, full kitchen, high ceilings, walkstreet. Parking available for $150/month. Gas & Water included.

D 45 Ozone Ave #E: $2,099 0 bedroom + 1 bathroom Loft style studio, concrete floors. Utilities included, A+ location. Parking for $275/mo.

RENT SURVEY COMPARABLES


109 Paloma Ave 20 Horizon Ave 26 Breeze Ave 45 Ozone Ave

Rent Comp A: Rent Comp B: Rent Comp C: Rent Comp D:

RENT SURVEY COMPARABLES MAP

SALE PRICE Frontage LAND S.F. PRICE S.F. PROP. TYPE GRM CAP

$1,900,000 60 ft 5,984 $317.51 Res. Vacant Land n/a n/a

Closed on 12/14/2012

LAND SALES COMPARABLES

Sale Comp A: 1410-1414 Main Street, Venice, 90291


$2,500,000 124 ft 5,099 $490.29 Res. Vacant Land n/a n/a

*2 Contiguous Lots Sold Together Closed on 8/9/2013

Sale Comp B: 1217-1219 Cabrillo Avenue, Venice, 90291

Sale Comp C: 433 Rialto Avenue, Venice, 90291


$4,500,000 200+ ft 7,200 $625.00 Residential n/a n/a

*3 Contiguous Lots Sold Together Closed on 4/29/13


$1,950,000 61 ft 7,010 $278.17 Res./Multifamily n/a n/a

Closed on 9/17/2012

Pending Comp D: 613 Rose Avenue, Venice, 90291

SALES COMPARABLES - Land

Pending Comp E: 634 Milwood Avenue, Venice, 90291


$1,908,820 40 ft apx. 5,401 $353.42 Res./Multifamily n/a n/a

Closed on 5/20/2013


SOLD Comp A: SOLD Comp B: SOLD Comp C: SOLD Comp D: SOLD Comp E:

1410-1414 Main Street 1217-1219 Cabrillo Avenue 433 Rialto Avenue 613 Rose Avenue 634 Milwood Avenue

SALES COMPARABLES MAP - Land

Prosser Stevens Real Estate Investments

Please contact:

Eric M von Bluecher, BRE#01926201

310-774-3726 office

310-861-1175 fax

[email protected]

www.ProsserStevens.com

mailto:[email protected]

6-unit multifamily + 2 vacant land parcels in prime venice...

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