Units: 3 · Sale price: $1,400,000 · Price per unit: $466,666 · Closed: September 2025
A 3-unit small multifamily property at 2200 Penmar Ave in Venice, sold September 2025 for $1,400,000 — approximately $466,666 per unit.
2025 LA multifamily transaction volume hit $6.5 to $7.9 billion across 557 deals. Institutional buyers returned in force; pricing stabilized in most submarkets.
Venice is Westside LA City multifamily — premium pricing, tight inventory, institutional and high-net-worth buyer pool.
Small multifamily properties in this range trade primarily among private investors, family offices, and 1031 exchangers.
This transaction is part of the Sterman Multifamily Group closed archive — over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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