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Vacant-User

1303 Main St

1303 Main St, Los Angeles, CA 90291

Listing Price: $3,400,000

Cap Rate
2.33%
Gross SF
1,675
Rentable SF
1,675
Price/Gross SF
$2,029.85
Lot Size
0.08 acres
Year Built
1941

Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale 1303-1305 Main Street, a 1,675 square foot retail/office property ideally situated on 3,674 square feet of land on the Southwest corner of Mani Street and Westminster Avenue just two blocks from the Pacific Ocean in Venice, California. 1303 Main Street can be purchased individually or as an assemblage with neighboring 1305 Main Street, two separate parcels totaling 8,447 square feet of land (see OM for details). This creates flexibility for an owner-user to purchase one or both properties to utilize for their own business use or for future redevelopment. The subject property is located on the southwest corner of Main Street and Westminster Avenue, and stretches from Main Street to Innes Place on the west, featuring over 109 feet of frontage on Main Street, 102 feet of frontage on Innes Place, and 80 feet of frontage on Westminster Avenue. The subject property offers excellent parking in a sub-market notorious for its lack of parking. 1303 Main Street features ten stacked parking spaces while 1305 Main Street features eight parking spaces, offering a total of eighteen parking spaces, a parking ratio of 4.97 per 1,000. From a development perspective, the property is occupied by tenants on short term or month-to-month leases, which creates an income stream to offset carrying costs during the planning and entitlement process. The perimeter of the property reaches three streets, allowing for efficient and flexible construction, with the potential to build mixed-use apartments, condos with commercial space, or retail and/or office. The location is phenomenal, as Venice has been known to attract north of 10 million visitors per year and is considered the 2nd largest tourist attraction in Southern California.

Investment Highlights

  • WORLD RENOWNED VENICE, CA LOCATION JUST TWO BLOCKS FROM THE BEACH
  • UNIQUE OFFERING WITH SHORT TERM LEASES PRESENTS A MULTITUDE OF POTENTIAL OPTIONS
  • EXCELLENT UNDERLYING DEMOGRAPHICS AND DENSE IMMEDIATE POPULATION IN THE TRANSCENDENT VENICE, CA SUBMARKET

Exclusively Listed By

Financing By

Listing Price: $3,400,000

Cap Rate
2.33%
Gross SF
1,675
Rentable SF
1,675
Price/Gross SF
$2,029.85
Lot Size
0.08 acres
Year Built
1941

Investment Highlights

  • WORLD RENOWNED VENICE, CA LOCATION JUST TWO BLOCKS FROM THE BEACH
  • UNIQUE OFFERING WITH SHORT TERM LEASES PRESENTS A MULTITUDE OF POTENTIAL OPTIONS
  • EXCELLENT UNDERLYING DEMOGRAPHICS AND DENSE IMMEDIATE POPULATION IN THE TRANSCENDENT VENICE, CA SUBMARKET

Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale 1303-1305 Main Street, a 1,675 square foot retail/office property ideally situated on 3,674 square feet of land on the Southwest corner of Mani Street and Westminster Avenue just two blocks from the Pacific Ocean in Venice, California. 1303 Main Street can be purchased individually or as an assemblage with neighboring 1305 Main Street, two separate parcels totaling 8,447 square feet of land (see OM for details). This creates flexibility for an owner-user to purchase one or both properties to utilize for their own business use or for future redevelopment. The subject property is located on the southwest corner of Main Street and Westminster Avenue, and stretches from Main Street to Innes Place on the west, featuring over 109 feet of frontage on Main Street, 102 feet of frontage on Innes Place, and 80 feet of frontage on Westminster Avenue. The subject property offers excellent parking in a sub-market notorious for its lack of parking. 1303 Main Street features ten stacked parking spaces while 1305 Main Street features eight parking spaces, offering a total of eighteen parking spaces, a parking ratio of 4.97 per 1,000. From a development perspective, the property is occupied by tenants on short term or month-to-month leases, which creates an income stream to offset carrying costs during the planning and entitlement process. The perimeter of the property reaches three streets, allowing for efficient and flexible construction, with the potential to build mixed-use apartments, condos with commercial space, or retail and/or office. The location is phenomenal, as Venice has been known to attract north of 10 million visitors per year and is considered the 2nd largest tourist attraction in Southern California.

Exclusively Listed By

Financing By

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