Mcmullin Drake Investments Acquires Multifamily Property In Venice For $3.53M

Mcmullin Drake Investments, owned by Morgan Mcmullin and Bo Drake, has acquired an 8-unit multifamily property located at 534 Santa Clara Avenue in Venice. The property, consisting of an apartment building and a parking lot, was sold by Suzanne Roberts for a price of $3,530,000. The sale price equates to a per unit price of $441,250, and the total square footage of the property is 4,800, resulting in a per square foot price of $735.

Summary of transaction details

• Property Type: Multifamily (Apt Building & Parking Lot)
• Transaction Amount: $3,530,000
• Address: 534 Santa Clara Avenue
• Market: Venice
• Buyer: Mcmullin Drake Investments - Morgan Mcmullin & Bo Drake
• Seller: Suzanne Roberts
• Brokers: Mark Kitching - Douglas Elliman
• Units: 8
• Price per Unit (PPU): $441,250
• Total Square Footage (SF): 4,800
• Price per Square Foot (PPSF): $735

Mark Kitching from Douglas Elliman represented the buyer Mcmullin Drake Investments in this transaction.