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Venice Beach Villas Multifamily Property Sale Closed

Venice Beach Villas Multifamily Property Sale Closed

November 13, 2019


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The Multifamily Firm is proud to announce the sale of the Venice Beach Villas, located “On the Island” in Venice, Florida. Through an extensive national marketing campaign, The Multifamily Firm generated 186 registered buyers and multiple offers within a month of marketing. As result, we identified a buyer in the midst of a 1031 Exchange, and procured a cash deal with no financing contingency and a short due diligence period.

The final sales price of the asset was $2,795,000, which equates to $215,000 per unit, and is one of the highest price per unit sales in Venice & Sarasota County for a multifamily property built in the 1950-1960’s. The Venice Beach Villas property consists of 13 total units, in 3 buildings, on 1 parcel of land.

The property is situated just a short walk from the main strip on West Venice Avenue, and less than a mile from Venice Beach, which was probably the biggest factor that drove the value of the asset.

Multifamily Sale Highlights:

  • One the highest price per unit sales in Venice & Sarasota County for a 1959 construction multifamily property
  • Record breaking number of registered buyers within the first 48 hours on the market
  • Multiple offers generated with a total of 186 registered buyers through our exhaustive marketing campaign
  • 13 total units, in 3 buildings, on 1 parcel of land
  • High Barriers to Entry Market with Very Limited Competition & Very Low Development of Competition
  • Located “On the Island”, on West Venice Avenue, just a short walk from the heart of Venice Avenue

See All Closed Multifamily Transactions

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