New Construction, Luxury 20-Suite Coliving Community 2432 Penmar Avenue Venice, CA 90291
New Construction, Luxury 20-Suite Coliving Community
2432 Penmar AvenueVenice, CA 90291
The Offering 4
Starcity 5
Underwriting 7
Property Photos 8
Location Maps 12
Area Overview 13
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
Morgan McMullinSenior Vice President
O 310. 500. 3905M 310. 968. [email protected] 01716570
Dario SvidlerExecutive Vice President
O 424. 324. 6304M 818. 653. [email protected] 01884474
Shaya BravermanSenior Vice President
O 310. 500. 3313M 310. 614. [email protected] 01861842
Exclusively Listed By
Property Overview
The Offering
Starcity
Coliving
Underwriting
Location Map
Photos
Area Overview
2432 Penmar AvenueVenice, CA 90291
42432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
2432 Penmar Ave.The Offering
Highlights
• New Construction, Luxury 20-Suite Coliving Community
• Fully Occupied and Stabilized with a Healthy 13.8 GRM & 4.36% CAP
• Prime Venice Location on a Quiet, Tree-lined Residential Street
Price
Price / Sq Ft
Building Size
Zoning
Price / Bedroom
Lot Size
No. of Bedrooms
$7,170,000
$715
10,024 Sq Ft
LARD1.5
$358,500
5,540 Sq Ft
20
At a GlanceVenice, CA
2432 Penmar is a 10,024 square foot luxury apartment building totaling 20 bedrooms in the heart of Venice. Situated just off Venice and Lincoln Blvd, and blocks away from Marina Del Rey, the tenants are provided with unlimited dining, shopping and entertainment options. Hop on your bike for a quick ride down to the beach, the iconic Abbot Kinney Boulevard, or the Venice Pier.
Consisting of four separate townhomes, two units have four bedrooms and two units have six bedrooms, all separately rented out to quality tenants. There are four separate kitchens throughout the property with two large interior living areas designated as the main dining area, entertainment, and inside common living areas. Each unit has their own washer/dryer. The roof deck stretches across the whole property, providing 360 degree views.
This luxurious, new construction building underwent heavy remodel of each unit in 2019 with high-end finishes and quality appliances fit for any home.
Coliving is a new type of intentional community providing shared housing for people with the same intention. In place of pre-determined roommates, cotenants lease individual rooms in a shared building with all common areas to be used by all tenants.
Communal Space
Large kitchens and cozy living rooms set the perfect vibe to entertain or relax with friends. The rooftop space, complete with four BBQs, lounge furniture, and dining areas, spans the entire length of the building and is the perfect spot to catch some Venice sunsets.
Your Private SuiteEach Suite comes furnished and features plenty of natural light, thanks to the large windows and Venice Beach sunshine! When you’re ready to settle in, the essentials are waiting for you. A queen size bed and mattress, nightstand, lamp, and beautiful area rug are all included.
An interactive experience inclusive of 360° tour of the property can be found here:
52432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
2432 Penmar Ave.| The Company
Our mission is to make cities more accessible to everyone
We accomplish this by creating comfortable, community homes that inspire people to live a more intentional life.
There’s a place for you in the city. We’re here to help you find it.
We’ll make the living arrangements delightful and sustainable so that people can stay in cities long-term. We will do this by redefining the meaning of home. Innovative interior-design that increases livable space and smart technology that reduces waste will be at our core. We are building our communities in a way that will reflect the diverse, eclectic nature of each city.
Home is welcoming, relaxing and safe. Home is a group of respectful, warm, and empathetic people. Home is an inclusive, uplifting community. Welcome to Starcity.
62432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
2432 Penmar Ave.| Coliving
What is Coliving?
Living a more intentional lifeColiving is a way of living where people choose to share space with their housemates, build relationships, and look after each other.
It’s a “put your phone down, have a conversation” kind of placeColiving is a way of living where people choose to share space with their housemates, build relationships, and look after each other.
Bringing community back to the city
If you’ve lived in the city, you’ve felt lonely. We definitely have. That’s why we wanted to solve this problem by bringing people together to create real connections. Our homes are filled with unique personalities, lively conversations, fun events, and shared meals.
We make living together easy
Starcity takes care of the community so the community members can take care of each other. You’ll never worry about buying furniture, weekly cleaning, or basic amenities. You’ll never have to set up the utilities or wait for someone to fix the cable. We handle all of that so you can focus on what’s more important.
72432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
2432 Penmar Ave.
Property Abstract
Bedrooms 20
Year Built 2019
Lot Sq Ft 5,540
Bldg Gross Sq Ft 10,024
Parking Spaces 8
Zoning RD1.5
Financial Indicators
Price: $7,170,000
Down Payment: $7,170,000
Down Payment %: 100%
Market CAP: 4.36%
Market GRM: 13.82
Cost Per Sq. Ft.: $715
Cost Per Bedroom: $358,500
Cash on Cash Return: 4.36%
Expenses Per Unit: $9,278
Expenses Per Sq Ft: $18.51
Estimated Expenses
Taxes 1.25% of Price $89,625
Insurance $600/ bdrm $12,000
Utilities $83/ bdrm/ Month $19,800
Community Exp $630/ bdrm $12,600
Contract Services $75/ bdrm/ Month $18,000
Gardener $200/ Month $2,400
Repairs & Maint. 1% of SGI $5,190
Off-site Mgmt 5% of SGI $25,950
Total Expenses $185,565
Underwriting
Source of Income
Current
No. of Units Unit Type Avg. Rent Income
20 Private Suite $2,125 $42,500
Total Rental Income $42,500
Parking Revenue $500
Storage Revenue $500
Total Monthly Income $43,250
Estimated Annualized Operating Data
Current
Scheduled Gross Income $519,000
Less Vacancy 4.0% ($20,760)
Gross Operating Income $498,240
Less Expenses 37.2% ($185,565)
Net Operating Income $312,675
Pre-Tax Cash Flow $312,675
Percentage Return 4.36%Starcity prefers to continue to operate the property at the Management Fee
quoted above
82432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
92432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
102432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
112432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
122432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
2432 Penmar Ave.Location Maps
132432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
2432 Penmar Ave.
One of Los Angeles’s most vibrant and well-known communities, Venice attracts both local and out-of-town visitors who come for its beachfront locale and funky vibe. Built in the early 1900s around a canal system modeled after Italy’s infamous one, Venice became a seaside escape for Old Hollywood stars and Los Angeles resi-dents. After years of neglect, Venice has recently reemerged as a hot spot for the surrounding area, boasting hotels with unparalleled views, trendy shops and restaurants, and a farmer’s market that draws huge weekend crowds.
Probably the most famous of Venice’s attractions, the Venice Boardwalk runs along the edge of Ven-ice Beach for about a mile and a half and offers
Known for its bohemian spirit, Venice is a buzzing beach town with upscale commercial and resi-dential pockets. Free-spirited Venice Boardwalk is the site of funky shops, street performers and colorful murals. There’s also a skate park and Muscle Beach outdoor gym. Abbot Kinney Blvd features foodie hot spots, stylish boutiques and coffee bars. A picturesque enclave of canals is surrounded by modernist homes.
Venice Points of Interest
Venice Canals
Venice Beach and the Boardwalk
Abbot Kinney
Neighborhood at a GlanceVenice, CA
everything from street vendors and performers to souvenir shops, cafes, rollerblading and biking rentals, tattoos and dispensaries. When you’re done people watching here, you can hop across the Boardwalk to the beach or walk out to the end of the Venice Beach Pier and watch the fishermen or head a few blocks from the beach to discover the Venice Canals. Visitors can follow the sidewalks and walking paths along the canals which lead to foot-traffic-only bridges. Alternatively, you can take a stroll to Abbot Kinney Blvd., with its variety of upscale shops and restaurants as well as low-key coffee bars and antique stores.
14
Partners CRE
2432 Penmar Avenue, Venice, CA 90291 • Offering Memorandum Compass Commercial • Partners CRE • Morgan McMullin | Dario Svidler | Shaya Baverman
Dario SvidlerExecutive Vice President
Morgan McMullinSenior Vice President
Shaya BravermanSenior Vice President
Zachary KrasmanCommercial Associate
James CheungCommercial Assocaite
Alex HalimiCommercial Assocaite
Patrick BarakatCommercial Assocaite
Justin RuderCommercial Assocaite
Brian RiveraCommercial Assocaite
Brendan BrownCommercial Assocaite
Tai KagehiroCommercial Assocaite
The Team
For more information please contact our exclusive sales agents:
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01866771. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate.
MORGAN MCMULLINSenior Vice President
O 310. 500. 3905M 310. 968. [email protected] 01716570
SHAYA BRAVERMANSenior Vice President
O 310. 500. 3313M 310. 614. [email protected] 01861842
DARIO SVIDLERExecutive Vice President
O 424. 324. 6304M 818. 653. [email protected] 01884474