SUCCESS STORY
Deal Held Together Through Economic Uncertainty
24 Breeze Ave.
Despite marketing the property as a fourplex, the original certificate of occupancy showed that it was legally a duplex with two guest rooms.
Price
$
2,000,000
City
Venice Beach
Current Cap Rate
4.90
%
Price P/ Unit
$
500,000
Lot Size
2,698
SF
24 breeze
About the Property
24 Breeze Ave was a rare fourplex in a prime Venice delivered FULLY VACANT. Unbeatable location less than half a block from the beach. Situated just off of Pacific Avenue, the subject property featured (2) two-bdrm. and two-bath units, (1) one-bdrm. unit and (1) single. Well maintained by the current owner, all units have had luxurious amenity upgrades over time. The enhancements include marble or tile countertops, wood laminate floors or original hardwood floors, refinished deck, new roof and copper plumbing.
Price
$
2,000,000
City
Venice Beach
Current Cap Rate
4.90
%
Price P/ Unit
$
500,000
Lot Size
2,698
SF
Background
Located in the lively eclectic beach town of Venice Beach, and just half-a-block from the Pacific Ocean coastline, this well-maintained fourplex had been with the sellers for more than 30 years. The out-of-state owner was tired of dealing with state regulations and management headaches, resulting in the decision to trade into a property that would be easier to manage.
Challenge
Despite marketing the property as a fourplex, the original certificate of occupancy showed that it was legally a duplex with two guest rooms. Mike knew he had to locate an all-cash buyer because financing was going to be difficult to secure. Additionally, taking on the listing in the middle of the pandemic turmoil made it difficult to drive up investor demand and arrange inspections.
Result
Through a robust multi-pronged marketing campaign and a strong client base, Mike generated multiple offers. Given the circumstances surrounding the non-conforming unit, the seller was relieved to close the deal. The seller is going to exchange into a NNN property out-of-state. Meanwhile, the buyer intends to completely renovate the building; and bring it back to its original configuration.
