Jonathan Frank Acquires 14-Unit Multifamily Property In Venice For $5.82M

Located at 559 Sunset Avenue, Venice, CA 90291, this multifamily property in Venice was recently sold in a closed transaction for a sales price of $5,825,000. The property consists of 14 units, with an average price per unit of $416,071. The total square footage of the property is 10,651, resulting in a price per square foot of $547. The transaction took place on February 24, 2023.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,825,000
• Units: 14
• Price Per Unit: $416,071
• Square Footage: 10,651
• Price Per Square Foot: $547

The buyer in this transaction was Jonathan Frank, and the seller was The Goldfinger Group. Representing the buyer, Del Rey Urban's Scott Chaplan and Consuela Kielbowicz were involved in the deal. On the seller's side, Andres Diaz and Julian Bloch from Keller Williams acted as the seller's representatives.

In a note from the seller, it was mentioned that they were in a 1031 exchange and interested in receiving submissions for value-add deals with attractive going-in price per square foot and gross rent multiplier.