633 rose avenue
venice, ca 90291
SALE PRICE: $1,670,000
Elijah Suval and Daniel Hirth of the Hirth Group are pleased to announce the successful closing of 633 Rose Avenue, Venice CA 90291 – a mixed use retail/residential building comprised of ±1,368 SF of building on an estimated ±3,481 SF lot. The subject property contained a retail storefront and three studios with three private garages. Other than one studio, the building was delivered completely vacant.
Elijah and Daniel were called in to assist with the sale of the asset after another broker had the property on the market for several months with no luck in consummating a transaction. Within a month after the Hirth Group took over the listing, they successfully found a buyer to transact while negotiating favorable terms for the seller. They were able to accomplish a longer escrow period for their client (seller needed to sell business equipment and find a new residence out of state) and shorter due diligence period for the buyer.
The seller’s motivation to liquidate the asset was due to retirement while the buyer’s motivation to purchase the asset was due to a value-add opportunity in one of Los Angeles hottest submarkets. Venice is one of the most hip and trendy areas on the West Side and prices have increased dramatically over the last few years.