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SALE PRICE: $8,900,000

 

Retail/Office Mixed Use Building​

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Alex Reyhan and Daniel Hirth of The Hirth Group are proud to announce the successful closing of 1501 Main St, Venice, CA 90291!

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This premier retail/office mixed-use property spans an impressive 13,582 SF of building space on a 16,379 SF lot and features ample rear parking—a rare and highly coveted asset in Venice, CA.

Representing the Buyer, a valued repeat client, Alex and Daniel expertly navigated the acquisition to fulfill their 1031 Exchange. The property is ideally located just a block from world-renowned Venice Beach, comprising 6 retail storefronts and 7 office suites, all under NNN leases. With a 20% value-add opportunity from upcoming lease renewals, the CAP rate is projected to rise from 6.43% to 8.14%.

 Additionally, the Buyer secured nearly 60% LTV financing at 5.75% for 5 years, setting the stage for a strong long-term investment. Through strategic negotiation, The Hirth Group achieved $1,290,000 off the purchase price, closing the deal at $8,900,000!

This transaction underscores The Hirth Group's commitment to delivering unparalleled results and exceeding client expectations in Southern California's competitive commercial real estate market.
 

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