2404 grandview ave venice ca 90291...of venice has been identified by the city of los angeles in...

INCREDIBLE INVESTMENT OPPORTUNITY TO OWN OVER 40,000

SQUARE FEET OF LAND IN THE HEART OF SILICON BEACH

2404 GRANDVIEW AVE VENICECA 90291

OFFERING MEMORANDUMKenny Stevens Eric von BluecherBRE# 01090251 BRE# 01926201

310.968.7005 cell 310.900.9505 cell

[email protected] [email protected]

PRESENTEDBY

Eric von Bluecher

Investment Associate

BRE#01926201

310.900.9505 cell

[email protected]

LOCATION OVERVIEWMarket overview

HISTORICAL SIGNIFICANCE

PROPERTY SUMMARYProperty Highlights

Property Details Property

Location Aerial Photo

Parcel Orientation

Photography

FINANCIALSFinancial Overview Rent

Roll

COMPARABLESSales Comps

- DEVELOPMENT

- MULTIFAMILY

- NEW CONSTRUCTION

Rent Comps

MARKETING PACKAGEOVERVIEW

Kenny Stevens

Senior Vice President

BRE#01090251

310.968.7005 cell

[email protected]

2404 GRANDVIEW AVE VENICE, 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


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 areathat 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.



2404 GRANDVIEW AVE


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 NobleVenice Canals

HISTORICAL SIGNIFICANCE



HISTORICAL SIGNIFICANCESURVEYLA

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 2400-2426 Grandview Avenue / 902-910 Venice Boulevard constructed in 1940 in the Minimal Traditional / Streamline Moderne Style. The property contains two one-story 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, 1910-1980, 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 15064.5.

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.


PROPERTY SUMMARY



PROPERTY SUMMARYPROPERTY 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


PROPERTY SUMMARYPROPERTY DETAILS

PROPERTY DESCRIPTION2404 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

Units 17Major Intersection Corner of S Venice Blvd

and Grandview AveMarket VeniceAPN 4237-016-001Zoning Type LAR3Building SF 11,526 SFLot SF 41,396 SF

PROPERTY DETAILS


GRANDVIEW AVE

PROPERTY SUMMARYPROPERTY AERIAL


Mar Vista

PROPERTY SUMMARYPARCEL ORIENTATION


PROPERTY SUMMARYPROPERTY PHOTOS


FINANCIALS



FINANCIALSPRICE NOT DISCLOSED


PRICE NOT DISCLOSED CONTACT LISTING AGENTSKENNY STEVENS 310.968.7005

ERIC VON BLUECHER 310.900.9505

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 land3. 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.

FINANCIALSRENT ROLL



COMPARABLES


COMPARABLESDEVELOPMENT SALES COMPS

Sales Comps

227-233 Beach St

4065 Glencoe Ave

3214-3218 Highland Ave

4363 Lincoln Blvd

2404 Grandview Ave


COMPARABLESDEVELOPMENT SALES COMPS

1

3214-3218 Highland Ave Santa Monica, CA 90405

227-233 Beach St Santa Monica, CA 90405

SALE PRICE $5,200,000

COE 10/14/2016

LOT SIZE SF 11,291

PRICE/ LAND SF $460.54

BUILDING SF 6,292

PRICE/SF $826.45

ZONING OP2

YEAR BUILT 1924

LOT SF 41,396

BUILDING SF 11,526

ZONING LAR3

YEAR BUILT 1940

4065 Glencoe Ave Marina del Rey, CA 90292

Comments:

Comments:

Comments:

Comments: Subject Property



COE 4/7/2016

LOT SIZE SF 51,401


BUILDING SF 11,344

PRICE/SF $1,498.59

ZONING LACM(GM)

YEAR BUILT 1950


COE 10/19/2016

LOT SIZE SF 10,494


BUILDING SF 3,588

PRICE/SF $1,198.44

ZONING R2

YEAR BUILT 1951

4363 Lincoln Blvd Marina Del Rey, CA 90292

Comments:


COE 2/16/2017

LOT SIZE SF 48,765


BUILDING SF 5,000

PRICE/SF $4,800

ZONING LAC4(OX)

YEAR BUILT 1951

2404 Grandview Ave Venice, CA 90291

COMPARABLESMULTIFAMILY SALES COMPS

Sales Comps

2700 Abbot Kinney Blvd

27 Anchorage St

14 Ozone Ave

640 Santa Clara Ave

561 Washington Blvd

2404 Grandview Ave


COMPARABLESMULTIFAMILY SALES COMPS

1

2404 Grandview Ave Venice, CA 90291 14 Ozone Ave Venice, CA 90291

2700 Abbot Kinney Blvd Venice, CA 90291

LOT SF 41,396

BUILDING SF 11,526

ZONING LAR3

YEAR BUILT 1940

27 Anchorage St Marina Del Rey, CA 90292

640 Santa Clara Ave Venice, CA 90291

Comments: Sold for $1,790,000 ($381.42/SF; $298,333/Unit) on 12/16/2008

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.

Comments: According to press release, property was in need of renovations

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.



561 Washington Blvd Venice, CA 90292

Comments: 49 days on market

Sale Price $5,650,000

COE 7/13/2016

# of Units 15

LOT SF 14,070

Building SF 11,180

Price/SF $505.37

Price/Unit $376,667

Year Built 1959

Zoning LAR1


COE 3/22/2016

# of Units 9

LOT SF 7,253

Building SF 6,466

Price/SF $549.03

Price/Unit $394,444

Year Built 1962

Zoning LAR3


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

Zoning RD1.5


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

Zoning RD1.5


COE 3/8/2017

# of Units 10

LOT SF 11,996

Building SF 6,280

Price/SF $676.75

Price/Unit $425,000

Year Built 1954

Zoning LARD1.5

UNITS UNIT TYPE

1 2 + 2

8 1 + 1

UNITS UNIT TYPE

1 2 + 1.5

8 2 + 1

6 1 + 1

UNITS UNIT TYPE

2 2 + 1

8 1 + 1

UNITS UNIT TYPE

8 2 + 2

13 1 + 1

1 Studio

UNITS UNIT TYPE

5 1 + 1

1 Studio

COMPARABLESNEW CONSTRUCTION SALES COMPS

Sales Comps

2028 S Bentley Ave

3992 Inglewood Blvd

4270 Lindblade Dr

4044 Redwood Ave

619-621 San Juan Ave

2404 Grandview Ave


COMPARABLESNEW CONSTRUCTION SALES COMPS

1

2404 Grandview Ave Venice, CA 90291 4270 Lindblade Dr Los Angeles, CA 90066

2028 S Bentley Ave Los Angeles, CA 90025

LOT SF 41,396

BUILDING SF 11,526

ZONING LAR3

YEAR BUILT 1940

3992 Inglewood Blvd Los Angeles, CA 90066

4044 Redwood Ave Los Angeles, CA 90066

Comments: 95% leased at the time of sale. The property contains no

deferred maintenance

Comments: The property was fully leased at the time of sale. The property

contains no deferred maintenance

Comments: Off Market Sale. 41 free Covered Spaces. The property was 90.48%

leased at the time of sale.

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.



619-621 San Juan Ave Venice, CA 90291

Comments: 133 days on market


COE 9/30/2016

# of Units 7

LOT SF 6,172

Building SF 12,087

Price/SF $511.71

Price/Unit $883,571

Year Built 2016

Zoning LAR3


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


COE 8/4/2016

# of Units 22

LOT SF 13,377

Building SF 21,377

Price/SF $637.37

Price/Unit $619,318

Year Built 2015

Zoning LAR3


COE 8/9/2016

# of Units 20

LOT SF 13,155

Building SF 21,997

Price/SF $518.25

Price/Unit $570,000

Year Built 2015

Zoning LAR3


COE 8/10/2017

# of Units 4

LOT SF 9,901

Building SF 10,600

Price/SF $635.33

Price/Unit 1,683,625

Year Built 2008

Zoning RD1.5

UNITS UNIT TYPE

1 2 + 2

14 2 + 1

6 Studio

UNITS UNIT TYPE

7 2 + 2

UNITS UNIT TYPE

4 3 + 3

UNITS UNIT TYPE

8 2 + 2

13 1 + 1

1 Studio

UNITS UNIT TYPE

5 1 + 1

1 Studio

COMPARABLESRENT COMPS

Rent Comps

2207 Brenta Pl

1002 Nowita Pl

3106 Washington Blvd

426 Rialto Ave APT D

1908 Pacific Ave

2404 Grandview Ave


COMPARABLESRENT COMPS

UNIT TYPE 2 + 1

RENT $791 - $3250

UNIT TYPE 1 + 1

RENT $631 - $2,750

4

2404 Grandview Ave Venice, CA 90291

2207 Brenta Pl APT 3, Venice, CA 90291

3106 Washington Blvd Venice, CA 90292

426 Rialto Ave APT D Venice, CA 90291

RENT $3,100

UNIT SIZE 821 SQ.FT.

UNIT TYPE 1 + 1

1002 Nowita Pl Venice, CA 90291 1908 Pacific Ave Venice, CA 90291

RENT $3,500


UNIT TYPE 2 + 1

RENT $3,400


UNIT TYPE 2 + 1

RENT $2,995

UNIT SIZE N/A

UNIT TYPE 1 + 1

RENT $3,000


UNIT TYPE 1 + 1

Comments: Newly renovated apartment in 6 unit building is connected to

an artist's studio & gallery. No laundry. No parking.

Comments: Restored 1920's Bright upper owner's unit. Large 1 bedroom +

den, 1 bath. Hardwood floors throughout. Street parking.

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: 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



OFFERING MEMORANDUMKenny Stevens Eric von BluecherBRE# 01090251 BRE# 01926201

310.968.7005 cell 310.900.9505 cell

[email protected] [email protected]


2404 grandview ave venice ca 90291...of venice has been identified by the city of los angeles in...

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