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534 Santa Clara Avenue

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

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

534 Santa Clara Avenue

$3,530,000

$735/SF

Building Size

4,800 SF

Asset Type

MultiFamily

Closing

Dec 13, 2022

AI

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.

Players

Mark Kitching

Douglas Elliman

Broker

$7M

vol

2 deals

Broker
Morgan McMullin

Morgan McMullin

McMullin Drake Investments LLC

Buyer

$30.5M

vol

5 deals

Buyer

Venice MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.49%

Cash-on-Cash

-1.28%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93