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11/27/19
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A five-unit apartment property situated just one block from Venice Beach and the Boardwalk in Venice, sold for $2 mil, or $400k/unit. The deal closed at a cap rrate of 2.34% and a price per square foot of $694.
Built in 1902, the property is located at 49 Thornton Ave. The two-story property includes one two-bedroom unit and four one-bedroom units, with hardwood floors and laundry hookups. The property also offers eight unassigned parking spaces.
Kimberly Stepp of Stepp Commercial represented the seller, a Los Angeles-based private investor, and the buyer, a local private investor.
“Apartment property inventory in the heart of Venice Beach is extremely low, therefore this asset had a considerable amount of investor interest,” said Stepp. “Additionally, it presents the new ownership with an incredible repositioning opportunity to renovate with a 134% upside in potential rents.”
Over the past several years, Venice has transformed into the heart of Silicon Beach – Los Angeles’ thriving technology, entertainment, and media hub. Covering approximately a four-mile stretch along the L.A. Coast including Santa Monica, Venice, Marina del Rey and Playa Vista, Silicon Beach is home to many of the most well-recognized companies in the world, such as Google, Facebook, Snapchat, Hulu, Electronic Arts and Oracle, among many others.
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