428 Lincoln Boulevard, Venice, CA 90291

$2,495,000 Approx. USD 0 beds, 0 baths
1,589 sqft
Reduced by $200,000 on 1/13/2017

Agent Remarks

Great opportunity to own a fully remodeled single story commercial/retail property in Venice CA either as an Investment (with a tenant) or as is an owner user (vacant) opportunity. The plumbing & electrical has recently been upgraded. This $300,000 difference in price from the original list price of $2,995,000 is due to the potential (new) billboard contract with Lamar to pay $50,000 a year they proposed to the owner. With that said, if Lamar Billboard Company gets city approval within 1 year of close of escrow to convert current billboard to a digital billboard and renews the billboard contract to pay the proposed $50,000 a year to the seller, the seller shall be entitled to collect that money for 6 years and then the buyer will start to collect the $50,000 income in year 6 for the remainder of the contract. But if Lamar Billboards does not get City approval to convert the billboard over within 1 year from close of escrow the seller will not be entitled to anything.

Listing Details

Property type: (Commercial)
Status: Active
MLS# OC16177616
List price is $2,495,000 Reduced by $200,000 on 1/13/2017
Beds: 0
Baths: 0
Built in 1949
1,589 sqft
0.08 acres
Lot size: 3518.000
County: Los Angeles
MLS area: C11 - Venice

Last Updated: 1/14/2017

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This listing belongs to the C11 - Venice MLS area

Lat/Long: 34.000465, -118.465454.
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Broker: Courtesy of Alliance Investment RE Group
Listing Agent: Ruben Khorsandi

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