A LA Multifamily success story in Venice
New Venice Sales Record @ $842,000 per Unit
315 Vernon Ave.
Premium representation leads to premium results. 315 Vernon proves that exceptional properties, marketed the right way, still break barriers.
Offering Price
$5,050,000
City
Venice
Current CAP
4.95%
Price per unit
$841,667
Lot Size
12,008 SF
315 Vernon
Offering Price
$5,050,000
Number of Units
6 Units
Bldg. Size
4,826 SF
Price per Foot
$1,046
Year Built
1906
Market CAP
4.95%
Zoning
LARD1.5
Background
315 Vernon Ave was an eclectic collection of 6 masterfully Craftsman bungalows built in 1906 & 1922 and completely restored to their original charm. Set on an idyllic resort-like lot, creating a private hideaway yet located steps from Venice Beach and Abbot Kinney Blvd. Each bungalow was masterfully restored to showcase classic Craftsman bungalow architecture while adding a fun eclectic design twist. Classic Hollywood Golden era accents including deep green colored cabinets, brass hardware, and a Hollywood Regency style chandelier add a true retro glamour factor to one of the restored kitchens. The extensive use of subway tiles in kitchens and baths creates a retro vibe for today. Breakfast nooks and window seats make these the perfect casual beach bungalows.
The seller, an experienced designer, purchased the property to elevate these classic bungalows into luxurious, design-forward retreats that captured the essence of modern Venice living. She did just that. Each home was carefully restored and updated with stainless steel appliances, central HVAC, in-unit laundry, and bespoke finishes, creating a private coastal hideaway. After the renovations, the property stood as a trophy asset that embodied character, charm, and the evolving spirit of Venice.
Result
We were introduced to the seller in late 2021 through the Gambino Group at Compass. We earned the listing for 315 Vernon and three other architecturally significant properties in what we branded as the Golden Era Collection. As the market cooled, interest rates doubled, and investor confidence plummeted, the field of potential buyers only narrowed. We needed a specific audience; an exchange buyer or owner-user who valued design, location, and legacy over spreadsheet math.
In Feb. 2025, we found the needle-in-a-haystack buyer: an owner-user who envisioned 315 Vernon as a family compound. Escrow closed at $842,000 per unit, setting a NEW PER-UNIT SALES RECORD IN VENICE for properties built before 2010. What’s more, it beat the previous record set in 2021; when financing was easier, and optimism ran unchecked. In a slowed market, 315 Vernon proves that exceptional properties, marketed the right way, still break barriers.
