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
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
SALE PRICE UNITS BLDG S.F. PRICE S.F. PRICE / UNIT GRM CAP
$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
SALE PRICE UNITS BLDG S.F. PRICE S.F. PRICE / UNIT GRM CAP
$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
SALE PRICE UNITS BLDG S.F. PRICE S.F. PRICE / UNIT GRM CAP
$1,850,000 4 3,374 $548.31 $462,500 15.61 4.77%
Year Built: 1953 Unit Mix: (2) 2+1, (2) 1+1 Closed on 12/5/2013
Sale Comp D: 246 Hampton Avenue, Venice, 90291
SALE PRICE UNITS BLDG S.F. PRICE S.F. PRICE / UNIT GRM CAP
$1,440,000 4 3,370 $427.30 $360,000 22.49 2.67%
Year Built: 1971 Unit Mix: (2) 2+1, (2) 0+1 Closed on 5/2/2014
Pending Comp E: 2003 Canal Street, Venice, 90291
SALES COMPARABLES - Multifamily
Pending Comp F: 812 Venice Boulevard, Venice, 90291
SALE PRICE UNITS BLDG S.F. PRICE S.F. PRICE / UNIT GRM CAP
$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
Subject Property: 114 Paloma Ave
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
Subject Property: 114 Paloma Ave
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
SALE PRICE Frontage LAND S.F. PRICE S.F. PROP. TYPE GRM CAP
$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
SALE PRICE Frontage LAND S.F. PRICE S.F. PROP. TYPE GRM CAP
$4,500,000 200+ ft 7,200 $625.00 Residential n/a n/a
*3 Contiguous Lots Sold Together Closed on 4/29/13
SALE PRICE Frontage LAND S.F. PRICE S.F. PROP. TYPE GRM CAP
$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
SALE PRICE Frontage LAND S.F. PRICE S.F. PROP. TYPE GRM CAP
$1,908,820 40 ft apx. 5,401 $353.42 Res./Multifamily n/a n/a
Closed on 5/20/2013
Subject Property: 114 Paloma Ave
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
www.ProsserStevens.com