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John Vojtech Acquires Multifamily Property In Venice For $5M

22 Park Avenue
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This MultiFamily property located in CA was sold for $5,000,000 over 2 years ago. The brokers of the deal were Glen Scher and Filip (Fil) Niculete

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.

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Deals
  • Location
    22 Park Avenue, Venice, CA 9029122 Park Avenue, Venice, CA 90291
  • Sale Price
    $5,000,000$5,000,000
    $1,104 PPSF$1,104 PPSF
  • Area
    4,526 SF4,526 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

Glen Scher

Glen Scher

Deals161
Sold$624.5M

Agency

Marcus & Millichap

Marcus & Millichap

Agency
Deals6999
Volume$66B

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Deal Summary

SALE IMAGE: Glen Scher & Filip Niculete DATE: 10/27/2021 ADDRESS: 22 Park Ave. MARKET: Venice ASSET TYPE: Multifamily BUYER: John Vojtech SELLER: Gary Goren BROKERS: Filip Niculete (@FNiculete) & Glen Scher (@ScherGlen) (LAAA Team) (@LAAATeam) - Marcus & Millichap SALE PRICE: $5,000,000 UNITS: 6 ~ PPU: $833,333 SF: 4,526 ~ PPSF: $1,104 GRM: 16.74x CAP: 4.00% NOTE: Closed for $5,000,000 $1,105 per SqFt. $833k per Unit 16.74 GRM. 4.00% CAP Record Sale in Venice, CA Highest Price/Unit Ever Highest Price/SqFt Ever This is the ONLY Sale in Venice to Ever Sell for More than $1,000 per SqFt & $800,000 per Unit

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22 Park Avenue

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