Units: 10 · Sale price: $4,250,000 · Price per unit: $425,000 · Closed: March 2017
A 10-unit mid-size multifamily property at 561 Washington Blvd in Venice, sold March 2017 for $4,250,000 — approximately $425,000 per unit.
2017 LA multifamily pricing approached cycle peaks. Buyer discipline was tightening on value-add deals even as top-line pricing continued to advance.
Venice is Westside LA City multifamily — premium pricing, tight inventory, institutional and high-net-worth buyer pool.
Mid-size multifamily in this unit range attracts both private investors and smaller institutional buyers, particularly on value-add theses.
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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