2200 Penmar Ave, Venice — 3-Unit Multifamily, $1.4M (Sep 2025)
Updated April 28, 2026
Units: 3 · Sale price: $1,400,000 · Price per unit: $466,666 · Closed: September 2025
A 3-unit small multifamily property at 2200 Penmar Ave in Venice, sold September 2025 for $1,400,000 — approximately $466,666 per unit.
2025 LA multifamily transaction volume hit $6.5 to $7.9 billion across 557 deals. Institutional buyers returned in force; pricing stabilized in most submarkets.
Venice is Westside LA City multifamily — premium pricing, tight inventory, institutional and high-net-worth buyer pool.
Small multifamily properties in this range trade primarily among private investors, family offices, and 1031 exchangers.
Set against the rest of the Venice record, this is the smallest of the 3 Venice apartment buildings Michael Sterman has closed.
At $466,667 a unit it sits above the Venice median of $425,000, which is the ordinary pattern for a building of this size: at 3 units it is smaller than the median Venice closing at 10, and smaller buildings carry higher per-door pricing.
This transaction is part of the Sterman Multifamily Group closed archive — over fourteen years at Marcus & Millichap.
Related
- Selling Multifamily Property in Venice
- How to Sell a Multifamily Property in Los Angeles
- Request a free evaluation of your building
- Verify this sale independently — search public records and coverage for this transaction yourself
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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