This multifamily property located at 22 Park Ave in Venice, CA has recently been sold in a closed transaction. The sale took place on October 27, 2021, and the property was marketed in the Venice market. The asset consists of 6 units with a total square footage of 4,526. The sale price for this property was $5,000,000, resulting in a price per unit of $833,333 and a price per square foot of $1,104. The Gross Rent Multiplier (GRM) for this transaction was 16.74x, and the Capitalization Rate (CAP) was 4.00%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,000,000
• Units: 6
• Price Per Unit: $833,333
• Square Footage: 4,526
• Price Per Square Foot: $1,104

John Vojtech was the buyer of this property, while Gary Goren acted as the seller. The deal was brokered by Filip Niculete and Glen Scher from the LAAA Team at Marcus & Millichap.

This sale marks a record-breaking transaction in Venice, CA. It achieved the highest price per unit and the highest price per square foot ever seen in the area. Notably, this is the only sale in Venice to ever surpass $1,000 per square foot and $800,000 per unit.