venice multi-family development opportunity...venice blvd. venice, ca property overview steven d....

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PRESENTED BY: STEVEN D. ITO BROKER ASSOCIATE Cell: (310) 890-2586 Email: [email protected] CalBRE: 01064125 1015 VENICE BLVD. VENICE, CA 90290 ©2016 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of the property provided by the seller or obtained from Public Records or other sources. Information deemed reliable but not guaranteed VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY

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Page 1: VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY...VENICE BLVD. VENICE, CA PROPERTY OVERVIEW Steven D. Ito and Coldwell Banker Commercial Affiliates present an exclusive offering on one

PRESENTED BY:

STEVEN D. ITOBROKER ASSOCIATECell: (310) 890-2586Email: [email protected]: 01064125

1015 VENICE BLVD. VENICE, CA 90290©2016 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of the property provided by the seller or obtained from Public Records or other sources. Information deemed reliable but not guaranteed

VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY

Page 2: VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY...VENICE BLVD. VENICE, CA PROPERTY OVERVIEW Steven D. Ito and Coldwell Banker Commercial Affiliates present an exclusive offering on one

PRESENTED BY:

STEVEN D. ITOBROKER ASSOCIATECell: (310) 890-2586Email: [email protected]: 01064125

1015 VENICE BLVD. VENICE, CA

PROPERTY OVERVIEW

Steven D. Ito and Coldwell Banker Commercial Affiliates present an exclusive offering on one of the largest multi-family development sites available in Venice.

The property consists of an approx. 13,061 square foot parcel of unimproved LAR4 land with a triplex rented out on a month-to-month basis. The property is favorably situated on the corner of Venice Blvd. and Superior Ave. one block east of Lincoln Blvd., with the majority of the property stretching along Superior Ave.

• Located near the highly visible corner of Lincoln and Venice Blvd. • Minutes to trendy Abbot Kinney Blvd, Venice Beach and Marina Del Rey• Short distance to noted restaurants, theaters, cafes, coffee shops, and major retail centers -

including Costco, Gelson’s Market, Whole Foods and Rite Aid • Rare LAR4 multi-family development infill site

Offered at $5,300,000

Page 3: VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY...VENICE BLVD. VENICE, CA PROPERTY OVERVIEW Steven D. Ito and Coldwell Banker Commercial Affiliates present an exclusive offering on one

PRESENTED BY:

STEVEN D. ITOBROKER ASSOCIATECell: (310) 890-2586Email: [email protected]: 01064125

1015 VENICE BLVD. VENICE, CA

PROPERTY DETAILS

Prime Venice Multi-Family Development OpportunityPrice: $5,300,000Address: 1015 Venice Blvd. Venice, CA 90291Lot Area: Approx. 13,061 square feet per assessorAPN: 4242-001-028Land Use: Triplex/current non-historicalCurrent income: $8100.00 gross monthly rentsZone: LAR4 (Q) = height to 35 feet.Build: 32-apartments by right/ two levels of sub-parking.Bonus Density: SB1818 add 35% density, possible 43-apartments/with a low income componentNote: Please note that neither Coldwell Banker nor agent represent any the findings in this offering. Coldwell Banker and Steven D. Ito strongly encourage all potential buyers to perform their thorough investigation of the subject property and its development potential. Please consult with City of LA (LADBS) and your professional planner or architect.Plans By Right: 32- apartments without low income

Page 4: VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY...VENICE BLVD. VENICE, CA PROPERTY OVERVIEW Steven D. Ito and Coldwell Banker Commercial Affiliates present an exclusive offering on one

PRESENTED BY:

STEVEN D. ITOBROKER ASSOCIATECell: (310) 890-2586Email: [email protected]: 01064125

1015 VENICE BLVD. VENICE, CA

PROPERTY PLANS

Page 5: VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY...VENICE BLVD. VENICE, CA PROPERTY OVERVIEW Steven D. Ito and Coldwell Banker Commercial Affiliates present an exclusive offering on one

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PRESENTED BY:

STEVEN D. ITOBROKER ASSOCIATECell: (310) 890-2586Email: [email protected]: 01064125

PROPERTY PLANS - FL. 1

Page 6: VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY...VENICE BLVD. VENICE, CA PROPERTY OVERVIEW Steven D. Ito and Coldwell Banker Commercial Affiliates present an exclusive offering on one

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PRESENTED BY:

STEVEN D. ITOBROKER ASSOCIATECell: (310) 890-2586Email: [email protected]: 01064125

PROPERTY PLANS - FL. 2

Page 7: VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY...VENICE BLVD. VENICE, CA PROPERTY OVERVIEW Steven D. Ito and Coldwell Banker Commercial Affiliates present an exclusive offering on one

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PRESENTED BY:

STEVEN D. ITOBROKER ASSOCIATECell: (310) 890-2586Email: [email protected]: 01064125

PROPERTY PLANS - FL. 3

Page 8: VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY...VENICE BLVD. VENICE, CA PROPERTY OVERVIEW Steven D. Ito and Coldwell Banker Commercial Affiliates present an exclusive offering on one

PRESENTED BY:

STEVEN D. ITOBROKER ASSOCIATECell: (310) 890-2586Email: [email protected]: 01064125

1015 VENICE BLVD. VENICE, CA

LOCATION DETAILS

Venice, east of Lincoln Blvd., is trending upwards as a hot destination for developers. One of the reasons is due to the lack of undeveloped and build-able land in Venice, which makes this prime infill site extremely valuable to a developer. Recent new single-family homes sales east of Lincoln are seeing the average price per square foot trending in the $1000-$1200 range.

A short list of other noted multi-family and commercial Venice developments include the Lincoln Place Apartments (located one block east of Lincoln Blvd. off California Ave., just north of the subject property), Deus Ex Machina Cafe (adjacent to subject property), Superba Food & Bread, Buck Mason and many others.

Rents at the Lincoln Place apartments are trending upwards of $4.00 per square foot. Lincoln Place apartment rentals, unit size and price points are listed on the property’s website (for comparables). The Marina Del Rey Stella Apartments, located just 1/2 mile south of the subject property, has rents trending around $4.00 per square foot and above.

ABOUT VENICE

Page 9: VENICE MULTI-FAMILY DEVELOPMENT OPPORTUNITY...VENICE BLVD. VENICE, CA PROPERTY OVERVIEW Steven D. Ito and Coldwell Banker Commercial Affiliates present an exclusive offering on one

PRESENTED BY:

STEVEN D. ITOBROKER ASSOCIATECell: (310) 890-2586Email: [email protected]: 01064125

1015 VENICE BLVD. VENICE, CA

LOCATION DETAILS

The vacancy in the Venice area is extremely low. One of the reasons is due to the influx of some of the largest technology and media companies in the world that have now made Venice, California their home. Some of these companies include Google, Snapchat, Digital Domain and Whisper, along with dozens of other popular tech and media companies.

Homeowners in the area are also purchasing homes at some of the highest prices per square foot in Southern California. Residents claim that the Venice area has the best a city could offer - beach access, restaurants, shops and some of the trendiest gyms on the West Coast.

ABOUT VENICE