235 Horizon Ave VENICE CA 90291 - Constant Contactfiles.constantcontact.com/796e91ba001/aee296fa-c321-4290-a19e-2… · PROPERTY SUMMARY PROPERTYDETAILS PROPERTY DESCRIPTION 235 Horizon

7 UNITS IN PRIME VENICE BEACH

235 HORIZON AVEVENICECA 90291

Kenny Stevens BRE# 01090251

310.968.7005 cell

[email protected]

OFFERING MEMORANDUM

PRESENTEDBY

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.

LOCATION

235 HORIZON AVE VENICECA 90291

LOCATIONLOCATION 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 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 6

Yard House

Ulta Beauty

Barnes and Noble

Venice Canals

235 HORIZON AVE




Erewhon

Venice Skate Park

Venice Sign

Westminster

Off-Leash Park

Main StreetSolé BicyclesTrading Post

BarriqueVegan SceneThe Firehouse

Kippy’sKomodo

CHAYA Venice

PROPERTY SUMMARY



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 2 + 1 units have been beautifully renovated

• Easy bike ride to Santa Monica and Marina Del Rey

• Approximately 30% 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 rapidly

growing Venice market. Constructed in 1906, this vintage property is situated on a lot that extends

from Horizon Ave to San Juan Ave, and offers some outdoor living space to the tenants. The unit mix

is comprised of (4) 2+1’s, (2) 1+1’s with lofts, and (1) 1+1. Two of the two bedroom/one bathroom

units have been beautifully renovated with stainless steel appliances, new fixtures, quartz counter

top, new cabinets, and vinyl plank flooring throughout.

PROPERTY DETAILSUnits 7Major Intersection Between Main Street & Riviera Ave

Market VeniceAPN 4238-010-030Zoning Type LARD1.5Building SF 4,416 SFLot Size SF 3,060 SF


PROPERTY SUMMARYPROPERTY AERIAL


235 HORIZON AVE

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PROPERTY SUMMARYPROPERTY AERIAL


PROPERTY SUMMARYPARCEL ORIENTATION


PROPERTY SUMMARYPROPERTY PHOTOS














FINANCIALS



FINANCIALSFINANCIAL OVERVIEW - $3,325,000


FINANCIALSRENT ROLL



COMPARABLES


COMPARABLESSALES COMPS

Sales Comps

40 Clubhouse Ave

14 Ozone Ave

22 Paloma Ave

314 N Venice Blvd

640 Santa Clara Ave

235 Horizon Ave


COMPARABLESSALES COMPS

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

314 N Venice Blvd Venice, CA 90291

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

Sale Price $3,000,000

COE 4/13/2017

# of Units 6

LOT SF 6,399

Building SF 5,928

Price/SF $506.07

Price/Unit $500,000

Year Built 1918


COE 6/1/2017

# of Units 6

LOT SF 3,049

Building SF 4,693

Price/SF $905.60

Price/Unit $708,333

Year Built 1973


COE 7/11/2017

# of Units 11

LOT SF 10,402

Building SF 5,784

Price/SF $812.59

Price/Unit $427,273

Year Built 1926


COE 6/16/2017

# of Units 5

LOT SF 3,524

Building SF 4,4544

Price/SF $449.03

Price/Unit $400,000

Year Built 1922


COE 11/4/2016

# of Units 9

LOT SF 9,531

Building SF 4,228

Price/SF $860.81

Price/Unit $404,389

Year Built 1923

UNITS UNIT TYPE

5 1 + 1

1 Studio

UNITS UNIT TYPE

6 2 + 1UNITS UNIT TYPE

9 1 + 1

UNITS UNIT TYPE

11 1 + 1

UNITS UNIT TYPE

1 3 + 1

2 2 + 1

2 1 + 1

LISTED FOR $3,325,000

# OF UNITS 7

LOT SF 3,060

BUILDING SF 4,416

PRICE/SF $752.94

PRICE/UNIT $475,000

YEAR BUILT 1906UNITS UNIT TYPE

4 2 Bed/1 Bath

2 1 Bed/1 Bath/Loft

1 1Bed/ 1 Bath


COMPARABLESRENT COMPS

Rent Comps

1814 Pacific Ave

14 Westminster Ave

426 Rialto Ave

1908 Pacific Ave

108 Breeze Ave


235 Horizon Ave

COMPARABLESRENT COMPS

UNIT TYPE 2 + 1

RENT $2,184-$3,200UNIT TYPE 1 + 1 + Loft

RENT $1,853-$1,905UNIT TYPE 1 + 1

RENT $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 $2,295

UNIT SIZE N/A

UNIT TYPE 1 + 1

1908 Pacific Ave Venice, CA 90291

RENT $3,400

UNIT SIZE 950 SQ.FT.

UNIT TYPE 2 + 1

RENT $2,995

UNIT SIZE N/A

UNIT 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 90291

RENT $2,600


UNIT TYPE 1 + 1

RENT $3,550


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

Kenny Stevens BRE# 01090251

310.968.7005 cell

[email protected]

OFFERING MEMORANDUM


Documents

235 Horizon Ave VENICE CA 90291 - Constant Contactfiles.constantcontact.com/796e91ba001/aee296fa-c321-4290-a19e-2… · PROPERTY SUMMARY PROPERTYDETAILS PROPERTY DESCRIPTION 235 Horizon