October 20, 2021
The Multifamily Firm is proud to announce the multifamily sale in Venice, FL of Menendez Manor, located “On the Island”. Formerly operated as a limited service assisted living facility, the property was presented to the market and sold as a value-add multifamily offering, with the sellers delivering the property vacant at closing.
Originally marketed and not sold a year prior as an ALF, The Multifamily Firm took on the listing with the idea of marketing it as a future multifamily property, knowing the immense demand and current short supply for multifamily assets in the area. Since the property was still operating as an ALF at the time, The Multifamily Firm used its expertise in the segment to project market rents and present investors with realistic financial projections for an apartment and vacation rental operation.
As a result, the offering generated multiple offers within a week of launch and sold for $865,000, equating to a record setting $432,500 per unit. Through a rigorous National marketing campaign, the offering generated 178 registered buyers from 34 States and ultimately resulted in the sourcing of an out of state new buyer that closed at the contract price. The sale is a true testament to the continued high demand and short supply for multifamily properties in the area. Evidenced by the sale, investors have been forced to think outside the box and loosen their acquisition criteria due to the continued short supply on the market.
Menendez Manor consists of 2 solid masonry buildings built in 1992 on 1 parcel of approximately a quarter acre of land. The property consists of 2 units but has the potential be transformed into 3-4 units due to the large, combined living area of 4,280 square feet. Menendez Manor is perfectly positioned within a short walk of the Historic Venice Main Street and less than a mile from the beautiful Venice Beach.
The marketing & sale of the property was brokered by Phil Ginexi & Kyle Keelan of The Multifamily Firm. For additional information regarding the sale and/or upcoming offerings, please contact us directly to join our distribution list for new exclusive listings!
Multifamily Sale in Venice, FL Highlights:
- Sale Price: $865,000
- Record Setting $432,500 Per Unit
- Formerly Operated as an ALF, Presented & Sold as a Vacant Multifamily Offering
- Sold Based on Proforma Rents & Financial Projections for an Apartment & Vacation Rental Operation
- Sourced an Out of State New to Market Buyer that Closed at the Contract Price
- Originally Marketed & Not Sold a Year Prior as an ALF
- Produced Multiple Offers & 178 Registered Buyers from 34 States