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The Agency Represents Buyer & Pardee Properties Seller In $2.14M Venice Multifamily Sale

Property Image
SOLD
$2,135,000
Victoria Velazquez
Tamra (Tami) Pardee
Samantha Kinnon
+ 1

California

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MultiFamily1,926 SF
Sold 05/13/2024
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Property Image
SOLD

The Agency Represents Buyer & Pardee Properties Seller In $2.14M Venice Multifamily Sale

440 Howland Avenue

See Similar Deals
MultiFamily1,926 SF
Sold 05/13/2024
Victoria Velazquez
Tamra (Tami) Pardee
Samantha Kinnon
+ 1
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$1,108
Total Square Footage:1,926 SF
Transaction Type:Sale

A 5-unit property at 440 Howland Avenue in Venice was sold for $2.14 million. Situated along the Venice Canals, the property features a refurbished front house and four additional units, with two of the units currently vacant. This presents a significant rental potential for the buyer, with the property offering a current cap rate of 4.2%.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,135,000
  • Units: 5
  • Price per Unit: $427,000
  • Square Footage: 1,926
  • Price per Square Foot: $1,109
  • Address: 440 Howland Avenue
  • Market: Venice

The buyer's representation in this deal was Sarah Knauer and Victoria Velazquez from The Agency, while the seller was represented by Samantha Kinnon and Tamra Pardee from Pardee Properties.

Players

Tamra (Tami) Pardee
Pardee Properties
Tamra Pardee
5 deals$25.6M volume
BROKER
Victoria Velazquez
The Agency
Victoria Velazquez
2 deals$22.4M volume(310) 614-4240
BROKER
Samantha Kinnon
Pardee Properties
Samantha Kinnon
1 deal$2.1M volume(310) 650-6781
BROKER
Sarah Knauer
The Agency
Sarah Knauer
1 deal$2.1M volume(310) 663-4606
BROKER

Details

SOLD
IMAGE: Sarah Knauer, Victoria Velazquez, Samantha Kinnon & Tamra Pardee DATE: 05/13/2024 ADDRESS: 440 Howland Avenue MARKET: Venice ASSET TYPE: Multifamily BUYER'S REP: Sarah Knauer (@SarahKnauer) & Victoria Velazquez (@VictoriaVelazquez) - The Agency (@TheAgencyRE) SELLER'S REP: Samantha Kinnon & Tamra Pardee (@TamiPardee) - Pardee Properties (@PardeeProperties) SALE PRICE: $2,135,000 UNITS: 5 ~ PPU: $427,000 SF: 1,926 ~ PPSF: $1,109 NOTE: A 5-unit property at 440 Howland Avenue in Venice sold for $2.14 million. Located along the Venice Canals, it features a refurbished front house and four additional units, with two vacant, offering significant rental potential and a current cap rate of 4.2%.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$113,866.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$7,585.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,120.99
Annual Debt Service$121,451.87