(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.