1305 MAIN STREET
PRICE
BUILDING SIZE
VENICE, CA 90291
$1,675,000
1,525 SF
LOT SIZE
4,774 SF
PRO FORMA CAP
PARKING
ZONING
6.88%
8 SPACES
C4-1
The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is pleased to present 1305 Main Street, Venice, California: a two-unit, single-story building with a gated lot, running through the block from Main Street to Innes Place, two blocks from the Pacific. The 1,525 SF building, built in 1941, sits on 4,774 SF of land with 8 parking spaces behind a gate on Main Street, zoned C4-1 in the Venice Coastal Zone, and is offered separately from 1303 Main Street.
Unit A’s 675 SF are leased month to month to a music production company at $5,150 a month, gross. Unit B’s 850 SF, 56% of the building, are vacant. An owner-user can occupy Unit B with 10% down under SBA 504, subject to lender approval, and keep Unit A’s rent, which covers half the payment.
The sand at Ocean Front Walk is 1,105 feet from the Main Street gate. Windward Circle is 0.1 mile away and Abbot Kinney Boulevard 0.2 mile up Main Street, which carries 11,397 vehicles a day. Big Blue Bus Line 1 stops at Main and Westminster, and the average household income within one mile is $142,217 (2021 estimate).
Offered at $1,675,000: $1,098 per SF of building and $351 per SF of land. With Unit B leased triple net at a proposed $5,750 a month, the pro forma NOI is $115,205, a 6.88% cap rate; at today’s rent, with Unit B vacant, it is $26,566 (1.59%). C4-1 allows up to 1.5:1 FAR with residential, against 0.32:1 built today, subject to the Venice Coastal Zone Specific Plan.