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VENICE, CA-One of the most popular places for tourists and locals alike to stroll is the Venice Boardwalk, which was one factor in the sale of a 10,080-sf apartment and retail complex that sold for $600,000 more than the $6-million asking price, according to Sperry Van Ness. Bill Cluverius and Fariba Kavian of Sperry Van Ness in Los Angeles report that a private investor based in Santa Monica acquired the property at 431 Ocean Front Walk from sellers based in Northern California.

Cluverius and Kavian, who represented the sellers, cite the property’s “irreplaceable boardwalk location. ” The sale closed at a cap rate of 3.44% and $655 per sf, with the buyer represented by Brad Neal of Gold Coast Realty in Venice.

The property, which was built in 1911, was once known as the Knickerbocker Hotel and was reputed to be a favorite hot spot for Charlie Chaplin and other early Hollywood celebrities.

The three-story building is 100% occupied, with two retail tenants on the first floor including Figtree’s Café and Venice Gift & Sunglass Hut. The second and third stories comprise 12 apartment units that are not under rent control, most of which have recently been renovated.

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