SUCCESS STORY
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.
Price
$
5,050,000
City
Venice
Current Cap Rate
4.95
%
Price P/ Unit
$
841,667
Lot Size
12,008
SF
315 vernon
About the Property
315 Vernon is 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.
Price
$
5,050,000
City
Venice
Current Cap Rate
4.95
%
Price P/ Unit
$
841,667
Lot Size
12,008
SF
Background
Just steps from the sand and Abbot Kinney, 315 Vernon is a beautifully reimagined six-unit Craftsman bungalow compound in the heart of Venice. 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.
Challenge
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. With an initial offering at a 4.15% CAP and 15.90 GRM, the property was never going to be justified by traditional investment math. 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.
Result
We didn’t just rely on traditional platforms; our team ran targeted digital ads, built a unique brand identity, and kept the property top-of-mind through strategic email campaigns. 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.
