Looking for a Venice multifamily broker? Michael Sterman, Senior Managing Director Investments at Marcus & Millichap and founder of the Sterman Multifamily Group, has closed $1.46B across 259 Los Angeles apartment building transactions over 14 years — including 3 in Venice alone. If you own an apartment building in Venice and are weighing a sale, this is the team that prices it against Venice's real buyer pool and rules — not a generic LA average.
Venice Multifamily Market Snapshot
40,000
Venice residents
3
Sterman closings in Venice
30
Units sold here
2025
Most recent closing
No LA submarket compounds Prop 13 basis divergence faster than Venice. A building purchased in 1990 for $600,000 is often worth multiples of that today. The seller's tax basis — Prop 13–protected through decades of holding — sits far below current market value. The next owner reassesses at the purchase price, absorbs the property tax jump, and prices that jump into what they are willing to pay. That basis cliff, more than any other single factor, shapes whether Venice owners sell, refinance, or hold. Understanding it in advance is the difference between a seller who prices realistically and a seller who waits six months for a buyer who was never coming.
Coastal proximity. Abbot Kinney. The tech campus pull from Snap and the creative-class cluster that followed. Walk streets. A finite geographic boundary that genuinely cannot expand. The pricing is not a story about cap rates or multiples — it is a story about irreplaceability. That word gets overused in real estate, but Venice actually meets the definition.
Venice inventory differs from most LA submarkets in one specific way: a meaningful share of the stock is small multifamily — duplexes, triplexes, fourplexes, small courtyard buildings. These are not purely institutional assets. They attract a different buyer. High-net-worth individual buyers show up in Venice small multifamily in ways they do not in larger LA submarkets. Some buy for rental income plus personal use on one unit. Some buy as a generational asset. The pricing is often pulled above what purely cash-flow underwriting would suggest, because the buyer pool includes people who value the building for reasons beyond NOI. For sellers, that matters. Pricing a Venice fourplex on purely institutional math is leaving money on the table for the right buyer.
What Is My Venice Apartment Building Worth?
Value in Venice turns on vintage, rent-control status, your in-place rents versus market, and which buyer pool fits your building — not a single neighborhood average. Michael underwrites your specific Venice building the way a real buyer will, then tells you what it should bring and how to get there. No obligation.
Institutional and private equity on post-1995 and value-add pre-1978, active and aggressive on the right asset.
1031 exchangers targeting Venice aggressively for coastal exposure. High-net-worth individuals on small multifamily, often willing to pay above institutional underwriting for buildings they personally value.
Recent Venice Multifamily Sales
A sample of Venice apartment buildings Michael Sterman has closed. Each links to the full deal record.
Frequently Asked Questions About Selling Multifamily in Venice
Who is the best multifamily broker in Venice?
There's no single citywide answer — the best multifamily broker for your Venice building is the one who has closed comparable buildings in Venice recently and can prove it. Michael Sterman has closed 3 multifamily buildings in Venice, 30 units, as part of $1.46B across 259 LA transactions overall. Verify any broker's track record with the five tests in "How to Choose the Best Multifamily Broker in Los Angeles."
Does the 2026 LA City RSO rewrite affect Venice?
Yes — Venice is LA City, and the rewrite applies to pre-1978 multifamily here.
How does Prop 13 reassessment affect sale pricing?
The buyer acquires at current market value and absorbs the property tax reassessment. That reassessment shapes the buyer's cash-flow math and therefore the offer. Sellers who model this in advance price realistically.
Who is buying small Venice multifamily in 2026?
A mix of 1031 exchangers, local operators, and high-net-worth individual buyers. The HNW individual pool is more active in Venice than in most LA submarkets. Michael Sterman is Senior Managing Director Investments at Marcus & Millichap. He operates across Venice, Mar Vista, Santa Monica, and the Westside.
Does the 2026 LA City RSO rewrite affect Venice apartment buildings?
Yes. Venice is within the City of Los Angeles, so pre-1978 multifamily buildings here are subject to LA City RSO — including the rewrite approved by City Council in December 2025, which takes effect July 1, 2026. Post-1995 inventory in Venice is Costa-Hawkins exempt and not affected by the rewrite.
Does Measure ULA apply to Venice sales?
Venice is within the City of Los Angeles, so Measure ULA applies to real estate sales above the specified threshold. The Measure ULA thresholds and rates have been revised since the original April 2023 enactment — current figures should be verified against LA City documentation before any pre-listing net-proceeds model is finalized.
Meet Your Venice Multifamily Expert
Michael Sterman has spent 14 years specializing exclusively in Los Angeles multifamily, closing 259 transactions worth $1.46B. He knows how Venice buildings are valued, who buys them, and what it takes to get a clean deal closed here. CA DRE License #01911703.
What Owners Say About Working With Michael
★★★★★
“I highly recommend Michael Sterman and his group. I just closed escrow on a 36 unit MF which Michael obtained the buyer. Michael handled the sale and escrow process extremely professionally. I have been a MF real estate broker myself for 45 years; I know who is a pro and who is not.”
Robert Corry
Verified Google review
★★★★★
“In Los Angeles multifamily, there's a huge gap between agents who talk about deals and agents who actually understand how they work. Michael Sterman is firmly in the second camp. What sets them apart isn't just market knowledge—it's judgment. They understand rent control realities, tenant issues, expense creep, cap-ex tradeoffs, and how underwriting changes block by block in LA. They're responsive, direct, and strategic—no fluff, no wasted time. If you're serious about buying or selling multifamily in Los Angeles, you want someone like Sterman on your side.”
Michael Maltzman
Verified Google review
★★★★★
“I've worked with Michael Sterman on multiple transactions and couldn't recommend him more highly. He has sold three properties to me and has also sold a property for me. He's professional, responsive, and gets deals done efficiently. A true pro.”