SUCCESS STORY
Venice Fourplex Sold for 4.56% CAP & $716 per Foot
638 Rose Ave.
A Compass residential agent listed the property. Determined to get a "premium" price for her international client, KST was brought onto the listing.
Price
$
2,175,640
City
Venice
Current Cap Rate
4.56
%
Price P/ Unit
$
543,910
Lot Size
5,277
SF
638 rose
About the Property
638 Rose was a value-add fourplex on vibrant Rose Ave, a Venice hub home to an eclectic stretch of new mixed-use developments, award-winning restaurants, and Silicon Beach tech companies. The property featured (4) 2-bdrm. units, and both VACANT upstairs units offered in-unit laundry and a private balcony. The fourplex resided on a fenced and private 5,277 lot, with large outdoor spaces and a separate 4-car garage that offered ADU potential.
Price
$
2,175,640
City
Venice
Current Cap Rate
4.56
%
Price P/ Unit
$
543,910
Lot Size
5,277
SF
Background
Located west of Lincoln Blvd, 638 Rose was a value-add fourplex several blocks from an eclectic stretch of new mixed-use developments, award-winning restaurants, and Silicon Beach tech companies. A Compass residential agent listed the property. Determined to achieve a "premium" price for her international client, Sabine Pleissner brought Max Berger & KST onto the listing. With an unparalleled network of agents, high-net-worth clientele, and unmatched multifamily experience, this dynamic partnership offered the listing greater exposure in the residential and commercial markets.
Result
Despite offering the property at a 4.3% CAP, the enticing unit mix (all 2-bdrm. units) and desirable location interested several buyers. We were in escrow at 95% of the listed price after four months of marketing. Escrow closed in 45 days at $2,175,640 ($716 per foot and $543,910 per unit). The sale of 638 Rose is the 2ND HIGHEST VENICE FOURPLEX SALE over the last 12 months. Additionally, this marks our fifth successful residential referral in 2024, and our 10th+ successful referral in the last 12 months.
