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Prime Venice location! West of Lincoln on booming Rose Avenue
Unit mix: (2) 2+1, (2) bachelor, (2) non-conforming studio
Three parking spots, LAC4 zoning, 15.51 GRM, 4.42% CAP
Three units delivered vacant, approximately 25% upside in rents!
Private and serene community yard in the rear, vegetable garden in front
Front bachelor unit enjoys a private yard
Each unit has private entrance, hardwood floors in most units
Two units with updated kitchens, baths and new fixtures
Walk to the beach, Venice Boardwalk, Abbot Kinney, Whole Foods,
Cerveteca, Superba, Café Gratitude, Groundwork Coffee
Walk Score = 84, Bike Score = 88
645 Rose Avenue ~ Venice, CA 90291 All offers due Friday, September 11, 2015
MARKETING PRESENTATION
PRESENTED BY: Prosser Stevens Real Estate Investments
310.482.2209 [email protected]
PROPERTY ANALYSIS
Location
Summary
Neighborhood Information
Photography
Financial Summary
Rent Roll
Sold Comparables
Rent Comparables
CONTACT
Eric M. von Bluecher
BRE# 01926201
310-774-3726 office
Prosser Stevens Real Estate Investments
310-861-1175 fax
ProsserStevens.com
CONTENTS
DESCRIPTION
Units 4 + 2 non-conforming Square Footage 2,624’
Intersection Bernard Ave Total Lot Size 3,480’
Market Venice Zoning Type LAC4
Parcels 4240-002-005 Year Built 1964
Property Prosser Stevens Real Estate Investments proudly presents the exclusive listing of 645 Rose Avenue, on one of the most trendy streets in all of Los Angeles. The apartment building features four units, plus two non-conforming units. The unit mix includes (2) two-bedroom, one-bath apartments, (2) non-conforming studios and (2) bachelors. Three units will be delivered vacant. Walk score is 84 and bike score is 88. Master metered for gas; separately metered for electricity.
Area Located west of Lincoln Blvd on Rose Avenue. Walking distance to Venice Whole Foods, the ocean and numerous restaurants & bars. Main Street and Abbot Kinney are a short bike ride away.
HIGHLIGHTS
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.
Groundworks Coffee Whole Foods
Superba Cerveteca
Café Gratitude Gold’s Gym
FINANCIAL ANALYSIS
Unit Descriptions
Unit 1: 2+1, long-term tenant. Not renovated. Flooring includes wood, carpet, tile, older
fixtures. Bottom floor, rear of building, about 900 sq. ft.
Unit 2: Bachelor, private yard, full kitchen, marble countertops, microwave, wood floors, full
size fridge, bottom floor, front of building
Unit 1A: Studio (non-conforming), original, not updated, long-term tenant, bottom floor,
rear of unit
Unit 3: 2+1, hardwood floors, skylight, top-floor unit, full kitchen, white newer appliances,
new cabinets, chopping block wood counters, carpeted bed rooms, about 900 sq. ft., older
shower, new bath sink, new toilet
Unit 4: Bachelor – top front unit – small stove top (NY Style), honey comb tile in bath,
updated kitchen, updated everything, lots of storage, private entry
Unit 3A: Studio – top rear unit – private staircase entrance, full 4 burner stove, mini fridge,
large bath, new cabinets, new lights and electric fixtures
RENT ROLL
SOLD COMPARABLES
618 Pacific St
SUBJECT PROPERTY: 645 Rose Avenue On Market: 8/24/2015 Year Built: 1964 Unit Mix: (2) 2+1, (2) non-conforming studio, (2) bachelor
LISTED UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$1,800,000 4 +2NC 2,624 $686 $450,000 4.18% 14.96
2210 Pacific Avenue Sold: 7/27/2015 Year Built: 1937 Unit Mix: (3) 1+1, (1) 1+1
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$1,620,000 4 1,789 $906 $405,000 3.33% 18.00
618 Pacific Street Sold: 1/27/2015 Year Built: 1965 Unit Mix: (1) 2+2, (1) 2+1, (2) 1+1
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$2,115,000 4 3,430 $617 $528,750 2.50% 20.53
SOLD COMPARABLES
1405 Ocean Park Blvd. Sold: 6/26/2015 Year Built: 1952 Unit Mix: (1) 2+2, (1) 2+1, (2) 1+1
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$2,115,000 4 3,430 $617 $528,750 2.50% 20.53
729 Cedar Street Sold: 7/7/2015 Year Built: 1954 Unit Mix: (2) 2+1, (2) 1+1
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$1,775,000 4 2,880 $616 $443,750 2.70% 22.19
205 Horizon Avenue Sold: 1/2/2015 Year Built: 1922 Unit Mix: (4) 1+1
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$2,180,000 4 2,402 $908 $545,000 3.12% 19.22
RENT COMPARABLES
RENT COMPARABLES
617 6th Avenue RENT TYPE DESCRIPTION
$2,900 2+1 1-car gated parking. cute unit with large out door patio, stainless steel stove, fridge, dishwasher, washer/dryer hookups, gated parking, no pets and nonsmoking. close to the beach.
775 Indiana Avenue RENT TYPE DESCRIPTION
$1,445 Bach. West of Lincoln and all of the great restaurants. Quaint 4 unit building, Very cute unit with hardwood floors.
1720 Pacific Avenue RENT TYPE DESCRIPTION
$1,450 Studio Large studio unit, full-size bath and kitchen. Secure parking, on-site staff, paid gas and water. BBQ, jacuzzi, pool. Laundry on site.
232 Horizon Avenue RENT TYPE DESCRIPTION
$1,650 Studio Upper unit, 1-car parking, hardwood floors, stove fridge, blinds
2741 Abbot Kinney Blvd. RENT TYPE DESCRIPTION
$1,800 Studio New kitchen: fridge, stove, dishwasher. Tile floors, laundry on site.
57 Dudley Court RENT TYPE DESCRIPTION
$2,700 2+1 2-car tandem parking, private entrance, sunny private patio, new paint, tile floors and hardwood, all appliances included..
CONTACT
Eric M. von Bluecher, BRE# 01926201
310-774-3726 office
Prosser Stevens Real Estate Investments
www.ProsserStevens.com
310-861-1175 fax
