16 thornton avenue - loopnet · 2019-10-01 · 16 thornton avenue for more information please...

16Thornton AvenueVenice, CA

$5,000,000

Michael SpringerBroker Associate

[email protected] 01265333

CO

MM

ERC

IAL

16Thornton Avenue

16 Thornton Avenue

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Building Size

CAP (market)

Zoning

Asking Price

Current GRM

Lot Size

9,546 SQ FT

4.5%

LAR4

14.6

3,597 SQ FT

$5,000,000

Area Highlights

• Venice Beach boardwalk location

• Huge upside in rents

• 7 Units delivered vacant

• Ocean views

• Built in 1913

• Renovated exterior in 2019

Operating Statement Summary

For more information please contact our exclusive sales agent:



Price: $5,000,000

Number of Units: 18

Cost per unit: $277,777.78

Current GRM: 14.6

Current CAP: 4.5%

Market GRM: 10.4

Market CAP: 7.4%

Approximate Age: 1913

Approximate Lot Size: 9,546

Approximate Net RSF: 3,597

Annualized Operating DataRent Market

Scheduled Gross Income:

$340,944 $480,600

Expenses $113,626 $113,626

NOI $227,318 $480,600

Annualized Expenses

Insurance $13,310.00

Management Fees $18,000.00

Repair & Maintenance $6,000.00

RSO/SCEP Fees $1,221.00

Supplies $65.00

LA Boiler Inspection Fee $120.00

Business License Tax $234.00

Property Taxes $52,500.00

Utilities $22,176.00

Total Expenses: $113,626.00

16 Thornton Avenue

Com

pass

is a

lice

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rea

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bro

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and

abid

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Unit Type Current Rent Market

100A 1+1* $0.00 $2,000.00 $2,000.00

101 1+1+den with ocean view $0.00 $2,500.00 $2,500.00

101B 1+1* $795.00 $795.00 $2,000.00

102 single $0.00 $1,800.00 $1,800.00

103 single with ocean view $860.00 $860.00 $1,800.00

104 single $775.00 $775.00 $1,800.00

105 single $0.00 $1,800.00 $1,800.00

201 1+1.5 ocean view $1,863.00 $1,863.00 $3,000.00

202 single $1,155.00 $1,155.00 $1,800.00

203 single $981.00 $981.00 $1,800.00

204 single with ocean view $0.00 $2,250.00 $2,250.00


301 1+1.5 ocean view $2,040.00 $2,040.00 $3,000.00


303 single + den ocean view $0.00 $2,500.00 $2,500.00

304 single ocean view $0.00 $2,250.00 $2,250.00

305 single ocean view $1,378.00 $1,378.00 $2,250.00

Penthouse ocean view $1,674.00 $1,674.00 $3,000.00

Total: $13,312.00 $ 28,412.00 $40,050.00

Gross Annual Rent: $159,744.00 $340,944.00 $480,600.00

NOI: $43,118.00 $227,318.00 $366,374.00

GRM: 31.3 14.6 10.4

*Basement Unit

Rent Roll


Location overview

Com

pass

is a

lice

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rea

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ate

bro

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and

abid

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All

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urpos

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No

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men

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of

any

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All

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men

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are

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to

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it pro

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all

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A once in a lifetime opportunity to own a part of Venice history. Built 1913 and renovated in 2019, This 18-unit

apartment building is right off the ocean. On the corner of Speedway and Thornton, many of the units have

beautiful ocean views. This building comes with the charm you will only find in few building left in Venice of

this age. 7 units will be delivered vacant. Huge upside in rents!

Venice Beach Highlights:

Venice Beach Recreation Center: Recreation center is a world-renowned skate park, bike paths, which offers basketball, paddle tennis, handball and volleyball.

Venice Beach Boardwalk:Two-mile boardwalk is adjacent the world-famous Muscle Beach Venice gym. The boardwalk hosts hundreds of cultural street vendors and street performers along with numerous privately-owned restaurants and fashion shops.

Abbot Kinney Boulevard:Named the “Coolest Block in America” by GQ Magazine, the one mile long stretch boutique shops, restaurants, and galleries.

Venice Canals:The famous man-made canals built by Abbot Kinney which feature walking paths over artistic bridges


ZIMAS PUBLIC Generalized Zoning 09/25/2019City of Los Angeles

Department of City Planning

Address: 16 E THORNTON AVE Tract: GOLDEN BAY TRACT Zoning: RD1.5-1APN: 4286024001 Block: BLK 7 General Plan: Low Medium II ResidentialPIN #: 109-5A143 475 Lot: 1

Arb: None

ZIMAS PUBLIC Generalized Zoning 09/25/2019City of Los Angeles

Department of City Planning

Address: 16 E THORNTON AVE Tract: GOLDEN BAY TRACT Zoning: RD1.5-1APN: 4286024001 Block: BLK 7 General Plan: Low Medium II ResidentialPIN #: 109-5A143 475 Lot: 1

Arb: None

Location overview

Com

pass

is a

lice

nsed

rea

l est

ate

bro

ker

and

abid

es b

y Eq

ual H

ousi

ng O

ppor

tuni

ty la

ws.

All

mate

rial p

rese

nted

her

ein

is in

tend

ed for

info

rmatio

nal p

urpos

es o

nly.

Info

rmatio

n is

com

pile

d f

rom

sou

rces

dee

med

rel

iable

but

is s

ubje

ct

to e

rror

s, o

mis

sion

s, c

hang

es in

pric

e, c

onditi

on, s

ale

, or

with

dra

wal w

ithou

t no

tice.

No

state

men

t is

made

as

to t

he a

ccur

acy

of

any

des

crip

tion.

All

mea

sure

men

ts a

nd s

qua

re foo

tages

are

appro

xim

ate

. Thi

s is

not

inte

nded

to

solic

it pro

per

ty a

lready

liste

d. N

othi

ng h

erei

n sh

all

be

cons

true

d a

s le

gal,

acc

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r ot

her

pro

fess

iona

l advi

ce o

utsi

de

the

realm

of

real e

state

bro

kera

ge.



Subject Property

Subject Property

SubjectProperty


The City of Venice was founded in 1905 as a resort beach town and has grown to be one of the most

desired and highly sought-after tourist destinations. Not only is it known for its’ artistry and a hot spot for

contemporary eclectics it has now grown to be a stable place for residents, and it has seen major economic

growth with many new businesses moving to Venice. Venice Beach Boardwalk and Venice Beach Recreation

Center combined have an average of 31,000 visitors per day and are the second most-visited destination

in Southern California with over 10 million visitors every year. Ideally situated in the Silicon Beach area.

Venice benefits from proximity to many startup companies primarily in the technology, venture capital, and

entertainment sectors from its neighboring cities, facilitating the growth of prospering businesses.

Silicon Beach is at the heart of the LA tech and startup scene with more than 500 companies calling the

area home. With exorbitantly higher living costs up north, technology tenants have picked Los Angeles’

Silicon beach over SF’s Silicon Valley. Silicon Valley is a term that is being loosely used to describe the coastal

cities in Los Angeles and is expanding rapidly. In 2016, LA startups raised $4.2 billion, in each of the major

tech hubs of Santa Monica, Playa Vista, Venice and El Segundo. Notable high-profile companies include Hulu,

The Honest Company, TaskUs, Headspace, Google, Snap, System1 & Facebook.

Welcome to Venice!

Com

pass

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lice

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rea

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bro

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and

abid

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tuni

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All

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Info

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No

state

men

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made

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ccur

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of

any

des

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tion.

All

mea

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men

ts a

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qua

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are

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. Thi

s is

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to

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realm

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real e

state

bro

kera

ge.




16 Thornton Avenue

Com

pass

is a

lice

nsed

rea

l est

ate

bro

ker

and

abid

es b

y Eq

ual H

ousi

ng O

ppor

tuni

ty la

ws.

All

mate

rial p

rese

nted

her

ein

is in

tend

ed for

info

rmatio

nal p

urpos

es o

nly.

Info

rmatio

n is

com

pile

d f

rom

sou

rces

dee

med

rel

iable

but

is s

ubje

ct

to e

rror

s, o

mis

sion

s, c

hang

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pric

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onditi

on, s

ale

, or

with

dra

wal w

ithou

t no

tice.

No

state

men

t is

made

as

to t

he a

ccur

acy

of

any

des

crip

tion.

All

mea

sure

men

ts a

nd s

qua

re foo

tages

are

appro

xim

ate

. Thi

s is

not

inte

nded

to

solic

it pro

per

ty a

lready

liste

d. N

othi

ng h

erei

n sh

all

be

cons

true

d a

s le

gal,

acc

ount

ing o

r ot

her

pro

fess

iona

l advi

ce o

utsi

de

the

realm

of

real e

state

bro

kera

ge.



16 thornton avenue - loopnet · 2019-10-01 · 16 thornton avenue for more information please...

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