Sold Listing Case Study
10150 Venice Blvd.
Culver City, CA 90230
20K SF Development Site in Prime Culver City
Key Deal Points
Listed at $6,500,000
Sold for $6,650,000
20,001 Square foot lot zoned LAC2-1
Sold for $332 per square foot of land, a record for Culver City
Procured over 10 offers and closed all cash with no financing contingency
Our team represented the seller in acquiring 4 exchange properties, increasing his gross rental income by over 250%
We directly approached the owner who expressed interest in an off market transaction. When we procured an offer, it was below his price expectation of $6 million. In order to get the pricing and terms he was expecting, he agreed to list the property with us. Knowing the competition and attention the property would receive on the open market, we decided to list the property at $6.5 million
The property had a lease in place with an additional 5 years left in their term at the time of the sale. This is a hurdle for most developers who cannot afford to sit on a property for that long without developing it. The challenge was finding a buyer who could afford to wait out the tenant and make an offer without a contingency for removing the tenant before the close of escrow.
Thanks to a targeted marketing campaign and outreach to specific clients in our database, we procured multiple offers from family groups that focus on long hold investments and developments.