09 Jul Sold: 653 Flower Avenue – 6 Units in Venice
Asking 1,900,000-1,800,000 & Sold for $1,500,000
This classic Venice, 1920’s construction, 6 unit apartment building was on the market for approximately 3 months, listed with a local residential firm and during one of the toughest markets the real estate industry has seen, ever, amongst the COVID-19 pandemic. Through Eric’s experience in Venice, he recognized a great opportunity to bring an experienced and local investor to the table.
Through negotiations and the due diligence period, Eric and his client uncovered several items that added layers of hair to the deal that the buyer and seller didn’t foresee. Through teamwork on both sides of the table, all parties were able to come to an agreement and make an otherwise extremely challenging deal mostly streamlined for both buyer and seller.
The seller was able to cash out of this building with the confidence of an all cash transaction and short due diligence period while the buyer will be able to capitalize on multiple vacant units and through some sweat equity, experience and elbow grease, add significant value to a quintessential, Venice apartment building that hit the market for the first time since it was built in 1924. For deal information and details contact Eric von Bluecher at 310-900-9505 or firstname.lastname@example.org