2404 GRANDVIEW AVE VENICE CA 90291

Transcription

1 VENICE CA INCREDIBLE INVESTMENT OPPORTUNITY TO OWN OVER 40,000 SQUARE FEET OF LAND IN THE HEART OF SILICON BEACH Kenny Stevens Eric von Bluecher BRE# BRE# cell cell OFFERING MEMORANDUM

2 MARKETING PACKAGE OVERVIEW PRESENTED BY Kenny Stevens Senior Vice President BRE# cell Eric von Bluecher Investment Associate BRE# cell LOCATION OVERVIEW Market overview HISTORICAL SIGNIFICANCE PROPERTY SUMMARY Property Highlights Property Details Property Location Aerial Photo Parcel Orientation Photography FINANCIALS Financial Overview Rent Roll COMPARABLES Sales Comps - DEVELOPMENT - MULTIFAMILY - NEW CONSTRUCTION Rent Comps

3 LOCATION VENICE CA 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.

4 LOCATION LOCATION OVERVIEW VENICE, CALIFORNIA Over the course of just a couple of years, Venice has become one of the most expensive neighborhoods in Los Angeles. According to the real estate website Zillow, it is the seventh most expensive neighborhood in which to buy a house, its median home value $1,578,200 coming in just behind the Hollywood Hills and just ahead of Beverlywood. According to ApartmentList.com, the average rental price of a two-bedroom apartment in Venice is $4,900 a month well ahead of Westwood, Santa Monica, Brentwood, even Bel-Air and the Hollywood Hills. When you rank neighborhoods in the city of L.A. by price per square foot of real estate, Venice becomes even loftier: According to data provided to L.A. Weekly by Zillow, Venice is tied with Bel-Air for No. 2. Only the 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 areathat is home to over 500 tech startup companies. Major technology companies have opened Offices in the region including Google, Yahoo!, YouTube, BuzzFeed, Facebook, AOL, Electronic Arts, EdgeCast Networks, and MySpace. The region is considered the second- or third-largest tech hub in the world, according to various reports. This has had major impacts on the type and availability of office space and on home prices in Playa Vista, Playa Del Rey, Westchester, Santa Monica, and Venice, as these areas have become more desirable due to this influx.

5 LOCATION LOCATION OVERVIEW Rose Avenue Whole Foods Cerveteca Café Gratitude Rose Café The Yoga Collective Moon Juice Groundwork Coffee Penmar Golf Course and Recreation Center Gold s Gym Abbot Kinney Blvd Salt Air Gjelina Salt & Straw Intelligentsia Coffee Satine Aust The Butcher s Daughter Aviator Nation Venice Canals Superba Food + Bread AMC Dine-In Marina 6 Yard House Ulta Beauty Barnes and Noble Marina Del Rey

6 HISTORICAL SIGNIFICANCE VENICE CA 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.

7 HISTORICAL SIGNIFICANCE SURVEYLA This incredibly unique investment opportunity in the heart of Venice has been identified by the City of Los Angeles in SurveyLA as a potential historic district. SurveyLA identified the subject property as a potential historic district significant as an excellent example of a 1940s, one-story courtyard apartment in Venice, with a description of Courtyard apartment at Grandview Avenue / Venice Boulevard constructed in 1940 in the Minimal Traditional / Streamline Moderne Style. The property contains two onestory buildings in L-shaped configuration oriented around a central landscaped courtyard. The subject property was recommended eligible under the following SurveyLA theme, Multi-Family Residential, , and subtheme of Mid-century, One-Story Court. The following California Historical Resource (CHR) status codes of 3S, 3CS, and 5S3 to the subject property meaning the subject property was recommended eligible at the national, state and local levels. The surrounding neighborhood was not identified in Survey LA as a potential historic district. A preliminary historic assessment report has been prepared that examined the property as an example of a courtyard apartment, Streamline Moderne architecture, and as a work of architects Glenn Charles McAlister and William F. Wyatt. A full assessment will need to be prepared to determine whether or not the property is a historical resource pursuant to CEQA We recommend the buyer conduct their own due diligence to fully satisfy themselves of all potential historical issues and any opportunities and/or ramifications that may come along with pursuing a property that is in Venice, Coastal Zones and of any potential historical significance.

8 PROPERTY SUMMARY VENICE CA 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.

9 PROPERTY SUMMARY PROPERTY HIGHLIGHTS 17 UNITS IN PRIME VENICE BEACH Excellent Venice location west of Lincoln Blvd Building is currently registered on Survey LA, buyer to conduct historical due diligence 41,396 square foot corner lot along S Venice Blvd, with LAR3 zoning Bright and tranquil backyard common area Easy bike ride to the beach, Abbot Kinney, Rose Ave, Santa Monica, Marina Del Rey All units have front and rear entrances Secure garage parking for every unit Two units are currently vacant

10 PROPERTY SUMMARY PROPERTY DETAILS PROPERTY DESCRIPTION 2404 Grandview Ave, an incredible development opportunity West of Lincoln Boulevard in the heart of Venice, California. Situated on a huge 41,396 sq ft coveted corner lot along S. Venice Blvd. The property has 17 units and 17 parking spaces with built-in storage units in each space. The unit mix is comprised of (2) 2+1 s and (15) 1+1 s. All units have front and rear entrances. A ten minute stroll by way of the walk streets to hip Abbot Kinney Boulevard, a short bike ride to the beach, the Venice Canals, Marina Del Rey, and Santa Monica. Easy commute to LAX, Downtown LA and Beverly Hills PROPERTY DETAILS Units 17 Major Intersection Corner of S Venice Blvd and Grandview Ave Market Venice APN Zoning Type LAR3 Building SF 11,526 SF Lot SF 41,396 SF

11 PROPERTY SUMMARY PROPERTY AERIAL Mar Vista GRANDVIEW AVE

12 PROPERTY SUMMARY PARCEL ORIENTATION

13 PROPERTY SUMMARY PROPERTY PHOTOS

14 PROPERTY SUMMARY PROPERTY PHOTOS

15 PROPERTY SUMMARY PROPERTY PHOTOS

16 PROPERTY SUMMARY PROPERTY PHOTOS

17 PROPERTY SUMMARY PROPERTY PHOTOS

18 FINANCIALS VENICE CA 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.

19 FINANCIALS PRICE NOT DISCLOSED PRICE NOT DISCLOSED CONTACT LISTING AGENTS KENNY STEVENS ERIC VON BLUECHER POSSIBLE DEAL STRUCTURES: 1. Full development of entire +/- 41,000 square feet of land 2. Partial development, retaining existing structure or façade and develop remaining portion of land 3. Keep as is, rehab and/or file for Mills Act to reduce property taxes. 4. Seller is flexible and is willing to consider other offer structures including joint venture.

20 FINANCIALS RENT ROLL

21 COMPARABLES VENICE CA 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.

22 COMPARABLES DEVELOPMENT SALES COMPS 2404 Grandview Ave Sales Comps Beach St 4065 Glencoe Ave Highland Ave 4363 Lincoln Blvd

23 1 COMPARABLES DEVELOPMENT SALES COMPS 2404 Grandview Ave Venice, CA Comments: Subject Property LOT SF 41,396 BUILDING SF 11,526 ZONING LAR3 YEAR BUILT Beach St Santa Monica, CA Comments: SALE PRICE $5,200,000 COE 10/14/2016 LOT SIZE SF 11,291 PRICE/ LAND SF $ BUILDING SF 6,292 PRICE/SF $ ZONING OP2 YEAR BUILT Glencoe Ave Marina del Rey, CA Comments: SALE PRICE $17,000,000 COE 4/7/2016 LOT SIZE SF 51,401 PRICE/ LAND SF $ BUILDING SF 11,344 PRICE/SF $1, ZONING LACM(GM) YEAR BUILT Highland Ave Santa Monica, CA Comments: SALE PRICE $4,300,000 COE 10/19/2016 LOT SIZE SF 10,494 PRICE/ LAND SF $ BUILDING SF 3,588 PRICE/SF $1, ZONING R2 YEAR BUILT Lincoln Blvd Marina Del Rey, CA Comments: SALE PRICE $24,000,000 COE 2/16/2017 LOT SIZE SF 48,765 PRICE/ LAND SF $ BUILDING SF 5,000 PRICE/SF $4,800 ZONING LAC4(OX) YEAR BUILT 1951

24 COMPARABLES MULTIFAMILY SALES COMPS 2404 Grandview Ave Sales Comps 2700 Abbot Kinney Blvd 27 Anchorage St 14 Ozone Ave 640 Santa Clara Ave 561 Washington Blvd

25 COMPARABLES MULTIFAMILY SALES COMPS Grandview Ave Venice, CA Ozone Ave Venice, CA Comments: Subject Property LOT SF 41,396 BUILDING SF 11,526 ZONING LAR3 YEAR BUILT 1940 UNITS UNIT TYPE Studio Sale Price $4,250,000 COE 6/1/2017 # of Units 6 LOT SF 3,049 Building SF 4,693 Price/SF $ Price/Unit $708,333 Year Built 1973 Zoning RD1.5 Comments: Sold for $1,790,000 ($381.42/SF; $298,333/Unit) on 12/16/ Abbot Kinney Blvd Venice, CA UNITS UNIT TYPE Sale Price $5,650,000 COE 7/13/2016 # of Units 15 LOT SF 14,070 Building SF 11,180 Price/SF $ Price/Unit $376,667 Year Built 1959 Zoning LAR1 Comments: The property sold with multiple offers. 3 units vacant at time of sale and prop was in fair to good condition. No maintenance issues. 27 Anchorage St Marina Del Rey, CA Santa Clara Ave Venice, CA UNITS UNIT TYPE Studio Comments: At the time of sale the property had a 3% CAP and was 90.91% occupied with one unit vacant. The property needed many items repaired and was reported in above 5% of the properties current value. 561 Washington Blvd Venice, CA Sale Price $4,700,000 COE 7/11/2017 # of Units 11 LOT SF 10,402 Building SF 5,784 Price/SF $ Price/Unit $427,273 Year Built 1926 Zoning RD1.5 UNITS UNIT TYPE Sale Price $3,550,000 COE 3/22/2016 # of Units 9 LOT SF 7,253 Building SF 6,466 Price/SF $ Price/Unit $394,444 Year Built 1962 Zoning LAR3 Comments: According to press release, property was in need of renovations UNITS UNIT TYPE Comments: 49 days on market Sale Price $4,250,000 COE 3/8/2017 # of Units 10 LOT SF 11,996 Building SF 6,280 Price/SF $ Price/Unit $425,000 Year Built 1954 Zoning LARD1.5

26 COMPARABLES NEW CONSTRUCTION SALES COMPS Sales Comps 2028 S Bentley Ave 3992 Inglewood Blvd 4270 Lindblade Dr 4044 Redwood Ave San Juan Ave 2404 Grandview Ave

27 COMPARABLES NEW CONSTRUCTION SALES COMPS Grandview Ave Venice, CA Lindblade Dr Los Angeles, CA Comments: Subject Property LOT SF 41,396 BUILDING SF 11,526 ZONING LAR3 YEAR BUILT S Bentley Ave Los Angeles, CA UNITS UNIT TYPE Sale Price $6,185,000 COE 9/30/2016 # of Units 7 LOT SF 6,172 Building SF 12,087 Price/SF $ Price/Unit $883,571 Year Built 2016 Zoning LAR3 Comments: This was an all cash transaction with a 32 day escrow period. This was an investment sale, and the property was about 50% vacant at time of sale Inglewood Blvd Los Angeles, CA UNITS UNIT TYPE Studio Sale Price $12,382,000 COE 10/7/2016 # of Units 21 LOT SF 14,370 Building SF 23,225 Price/SF $589,619 Price/Unit $394,444 Year Built 2012 Zoning R3 Comments: Off Market Sale. 41 free Covered Spaces. The property was 90.48% leased at the time of sale. UNITS UNIT TYPE Studio Comments: 95% leased at the time of sale. The property contains no deferred maintenance 4044 Redwood Ave Los Angeles, CA UNITS UNIT TYPE Studio Comments: The property was fully leased at the time of sale. The property contains no deferred maintenance San Juan Ave Venice, CA UNITS UNIT TYPE Comments: 133 days on market Sale Price $11,400,000 COE 8/9/2016 # of Units 20 LOT SF 13,155 Building SF 21,997 Price/SF $ Price/Unit $570,000 Year Built 2015 Zoning LAR3 Sale Price $13,625,000 COE 8/4/2016 # of Units 22 LOT SF 13,377 Building SF 21,377 Price/SF $ Price/Unit $619,318 Year Built 2015 Zoning LAR3 Sale Price $6,734,500 COE 8/10/2017 # of Units 4 LOT SF 9,901 Building SF 10,600 Price/SF $ Price/Unit 1,683,625 Year Built 2008 Zoning RD1.5

28 COMPARABLES RENT COMPS 2404 Grandview Ave Rent Comps 2207 Brenta Pl 1002 Nowita Pl 3106 Washington Blvd 426 Rialto Ave APT D 1908 Pacific Ave

29 COMPARABLES RENT COMPS 2404 Grandview Ave Venice, CA UNIT TYPE RENT $791 - $3250 UNIT TYPE RENT $631 - $2, Washington Blvd Venice, CA RENT $3,000 UNIT SIZE 430 SQ.FT. UNIT TYPE Comments: Subject Property Comments: Newly renovated apartment in 6 unit building is connected to an artist's studio & gallery. No laundry. No parking Brenta Pl APT 3, Venice, CA RENT $3,100 UNIT SIZE 821 SQ.FT. UNIT TYPE Rialto Ave APT D Venice, CA RENT $2,995 UNIT SIZE N/A UNIT TYPE Comments: Bamboo floors, a wood burning fireplace in the living room and an open balcony. Secured and gated, you have two tandem parking spots in the garage. Comments: Restored 1920's Bright upper owner's unit. Large 1 bedroom + den, 1 bath. Hardwood floors throughout. Street parking Nowita Pl Venice, CA Pacific Ave Venice, CA RENT $3,500 UNIT SIZE 800 SQ.FT. UNIT TYPE RENT $3,400 UNIT SIZE 950 SQ.FT. UNIT TYPE Comments: Large outdoor deck, hardwood floors, Kitchen has granite counter tops and Stainless Steel Appliances. Central HVAC- 2 Car Off Street Parking Comments: 2 parking spaces. No Laundry

30 VENICE CA Kenny Stevens Eric von Bluecher BRE# BRE# cell cell OFFERING MEMORANDUM