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.
Venice Beach Deal Held Together Through Economic Uncertainty
24 Breeze Avenue, Venice Beach
Price Paid: $2,000,000
About The Property
Year Built 1963
Units 2 + 2 Guest Rooms
Current CAP 4.90%
Price p/ Sq. ft. $880
Price P/ Unit $500,000
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.
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.
Speaking for myself and everyone involved, you were absolutely the best broker we could have selected to market our portfolio. You found an incredible buyer and were able to guide us through so many challenges, including a global pandemic, and secured us a price beyond our expectations.
I wanted to reach out and thank you for donating a share of your Ridgewood commission to A Place Called Home. When Selwyn told me that he had asked, and you agreed I was overwhelmed. A Place Called Home ( APCH) is a cause dear to my heart. I have sat on the board for the last five years and this June I will become the Chairwoman. Thank you for your great service, and I look forward to many more deals down the road.