10401-10419 Venice Blvd, Los Angeles, CA 90034

The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale The Venice Center, a 26,246 square foot value-add two-story shopping center situated on 23,916 SF of land ideally located on the NW signalized corner of Venice Boulevard and Motor Avenue in West Los Angeles.
This trophy West Los Angeles location is home to a stable and secure tenant mix, with 70% of the existing tenant base operating at the center for more than 3 years; 37% more than 5 years. The Venice Center has nine units on the ground floor and five units on the second floor. Current ground floor occupancy is 92%, and second floor occupancy is 84%, with an overall center occupancy of 88%. Ground floor units average 1,112 square feet, ideal unit sizes that are easily leasable and will attract top market rent with minimal tenant improvement costs required between tenants. Current ground floor rents average $4.07 per SF, gross, which is significantly below current market rents. Second floor units average 2,540 square feet, with an average rent of $1.63 per SF, gross, which is significantly below current market rents. All the second story space expires within the next year. 67% of the center is either on month to month leases or leases which expire by 2024. The flexibility in lease term creates a unique West Los Angeles value-add, owner-user, or covered land opportunity.
The Venice Center is situated on 23,916 square feet of land zoned MU(EC), located within the boundaries of the Exposition Corridor Transit Neighborhood Specific Plan, with the general plan designation of community commercial. Under the specific plan, you can achieve up to a 3.60 Floor Area Ratio (FAR) with unlimited density and a height limit of 68 feet. Under the existing zoning, you can build up to 86,098 square feet. The center already has one level of subterranean parking, which can potentially service future development. Under the guidelines of the specific plan, there is a 10% - 20% requirement of non-residential floor area, dependent on FAR.
The Venice Center benefits from excellent visibility and frontage along highly trafficked Venice Boulevard, a major east/west retail thoroughfare that runs through Los Angeles. The center benefits from more than 140’ of linear frontage along Venice Boulevard, with daily traffic counts exceeding 60,000 vehicles per day. The site offers 71 parking spaces, a parking ratio of 2.71 per 1,000 square feet. This trophy location boasts a walk score of 94, truly a walker’s paradise.