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Property Details


Price / SqFt: $628
Land SIze SF: 13,061

Executive Summary


DOWNLOAD OFFERING MEMORANDUM

  • The Neema Group of Marcus & Millichap is pleased to present a trophy location in Venice, a vacant lot totaling 13,061 SF of land zoned {Q}R4-1XL located on the corner of Superior Ave and Venice Blvd, just off Lincoln Blvd
  • The property will be delivered RTI, with plans in place to construct five-story building totaling 56 units and two levels of parking with 40 spaces
  • The plans in-place propose a unit mix made up of the following:
    • 15 Singles: 389-422 SF
    • 1 Single ELI: 417 SF
    • 33 1+1’s: 514-664 SF
    • 5 1+1’s LI: 526-549 SF
    • 1 1+1+Den: 549 SF
    • 1 1+1+Den LI: 549 SF
  • Rare opportunity for a significantly sized residential development with no tenant relocation required; six units set aside for affordable tenants with 50 market rate units
  • Irreplaceable location offered at $628 PPSF just one mile down the street from Abbott Kinney Blvd, 1.5 miles from Marina del Rey, and an easy commute to Santa Monica and Playa Vista
  • A mile and a half from the Venice boardwalk and beach; easynaccess to Abbott Kinney Blvd with premiere retail amenitiesnsuch as Erewhon, Alfred Coffee, Gjelina, Piccolo Ristorante, Salt & Straw, Ray-Ban, Warby Parker, Allbirds, Faherty, Felix Trattoria, Neighbor, Away, and many others
  • Half a mile from the Costco Wholesale center on Washington Blvd; just over a mile to the Villa Marina Marketplace with major retailers such as Yard House, Pavilions, AMC, Corepower, Equinox, DSW, Gelson’s, Ruth’s Chris, Ulta Beauty, among others
  • High walk score of 90, located steps from numerous Metronbus lines on Venice Blvd and Lincoln Blvd including the 3, R3, CC 2, CC 5, and 33 Metro Local Line
  • Located in the heart of Silicon Beach with major employment in the area including Google, Facebook/Meta, Bird, YouTube, Microsoft, EA, Snap Inc, Stackcommerce, ChowNow, among many others

Area Overview

Venice

Founded by Abbot Kinney in the early 20th century in the renaissance model of the namesake Italian city, Venice has grown to become a global destination for tourism for its unmatched blend of California beach lifestyle, bohemian arts and culture, and world class shopping and dining. Known for its Ocean Front Walk performers, canals, beaches, and shopping, Venice embodies the modern walkable 24-hour city. The appeal has led to significant gentrification of the area, as creatives, entertainers, and tech employers have migrated to the area. Over 16 Million Visitors Per Year and an average of 27,400 per day. The largest group of visitors are between 25 and 34 years old. 43.8% of visitors are from outside of Los Angeles County. Venice Beach is the 2nd largest tourist attraction in Southern California, behind Disneyland.

Venice Boardwalk stretches over two miles and hosts hundreds of street vendors and performers along with numerous privately owned restaurants and food venues. The Venice Beach Recreation Center offers various activities including but not limited to basketball, paddle tennis and handball tournaments, body building at the world-famous Muscle Beach Venice gym, and other special events. The Venice Beach boardwalk area is known for its many famous murals by local artists.

DOWNLOAD OFFERING MEMORANDUM

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