235 horizon ave venice ca 90291...average rental price of a two-bedroom apartment in venice is...
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7 UNITS IN PRIME VENICE BEACH
235 HORIZON AVEVENICECA 90291
Kenny Stevens BRE# 01090251
310.968.7005 cell
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
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.
235 HORIZON AVEVENICE, CA 90291
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
LOCATIONLOCATION OVERVIEW
LOCATIONLOCATION OVERVIEW
235 HORIZON AVEVENICE, CA 90291
Erewhon
Venice Skate Park
Venice Sign
Westminster
Off-Leash Park
Main StreetSolé BicyclesTrading Post
BarriqueVegan SceneThe Firehouse
Kippy’sKomodo
CHAYA Venice
PROPERTY SUMMARY
235 HORIZON AVE VENICECA 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.
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
235 HORIZON AVEVENICE, CA 90291
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
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY AERIAL
235 HORIZON AVEVENICE, CA 90291
235 HORIZON AVE
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PROPERTY SUMMARYPROPERTY AERIAL
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPARCEL ORIENTATION
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
PROPERTY SUMMARYPROPERTY PHOTOS
235 HORIZON AVEVENICE, CA 90291
FINANCIALS
235 HORIZON AVE VENICECA 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.
FINANCIALSFINANCIAL OVERVIEW - $3,325,000
235 HORIZON AVEVENICE, CA 90291
FINANCIALSRENT ROLL
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.
COMPARABLES
235 HORIZON AVE VENICECA 90291
COMPARABLESSALES COMPS
Sales Comps
40 Clubhouse Ave
14 Ozone Ave
22 Paloma Ave
314 N Venice Blvd
640 Santa Clara Ave
235 Horizon Ave
235 HORIZON AVEVENICE, CA 90291
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
Sale Price $4,250,000
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
Sale Price $4,700,000
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
Sale Price $2,000,000
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
Sale Price $3,639,500
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
235 HORIZON AVEVENICE, CA 90291
COMPARABLESRENT COMPS
Rent Comps
1814 Pacific Ave
14 Westminster Ave
426 Rialto Ave
1908 Pacific Ave
108 Breeze Ave
235 HORIZON AVEVENICE, CA 90291
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
235 HORIZON AVEVENICE, CA 90291
14 Westminster Ave APT 26 Venice, CA 90291 108 Breeze Ave APT C, Venice, CA 90291
RENT $2,600
UNIT SIZE 650 SQ.FT.
UNIT TYPE 1 + 1
RENT $3,550
UNIT SIZE 600 SQ.FT.
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
OFFERING MEMORANDUM
235 HORIZON AVE VENICECA 90291