December 3, 2021
The Multifamily Firm is proud to announce the sale of the Valencia Apartments, located “On the Island” in Venice, Florida. Sold prior to hitting the market with multiple offers, the Valencia consists of 8 units, in 1 building built in 1925 and was owned by the sellers for over 24 years prior to the sale. Renovated in 2000, positioned in a Class A location, the offering was a classic value-add multifamily opportunity that continues to be highly demanded by investors trying to enter the market!
As such, the property sold for a record-setting $178,125 per unit or $1,425,000, representing the highest price per unit apartment building sale in Sarasota County for properties built prior to 1926, containing 8 or more units. Utilizing The Multifamily Firm’s proprietary investor database, the property received multiple offers prior to market and ultimately sold within 30 days of contract execution.
Now considered a “trophy asset”, the Valencia originally served as an aide station during World War II for the Venice Army Air Base and helped the war effort by supporting the 6,000 airmen the base housed at its peak. In 1999-2000, the property went through a complete renovation, transforming the interior structure by eliminating the central corridor to allocate that space to the units, creating additional living area and private entrances. Additionally, the renovation included all New Electrical, Plumbing, HVAC, Insulation, Windows, Cabinets, Appliances, Fixtures, Vanities and Flooring. The extensive renovations in combination with the highly desirable location nearby Historic Main Street and Venice beach, made the Valencia one of our most sought-after offerings.
The sale of the asset was brokered by Phil Ginexi & Kyle Keelan of The Multifamily Firm. For additional information regarding the sale and/or upcoming offerings contact us directly and / or join our distribution list for new exclusive listings!
Apartment Building Sale in Venice, Florida Sale Highlights:
- Sale Price: $1,425,000 ($178,125/Unit)
- Sold Prior to Market with Multiple Offers Generated
- Trophy Asset Built in 1925 with a 24-Year Ownership Tenure Prior to Sale
- Highest Price/Unit Apartment Building Sale in Sarasota County for Properties Built Prior to 1926, with 8 or More Units
- Sold at Going-In CAP Rate of 3.64% w/ Abundant Value-Add Potential to Reach a 6.69% – 7.07% CAP in Year 1 & 2
- Massive Upside Potential of $639/Month/Unit w/ Interior Updates & Immediate Upside of $439/Month/Unit Without Updates
- Completely Renovated in 2000; All New Electrical, Plumbing, HVAC, Insulation, Windows, Cabinets, Appliances, Fixtures, Vanities & Flooring
- Within Walking Distance of the Historic Venice Main Street & Less Than a Mile from Venice Beach