West, Both Buyer and Seller in Venice, FL

What rent multiplier currently applies to Venice lofts around Abbott Kinney and Main Street?

Asked by West, Venice, FL Thu Nov 29, 2007

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Aaron Mirsky, Agent, Los Angeles, CA
Fri Sep 11, 2009
Hi West,

I'm seeing GRM all over the place right now. Just going off the "Solds" from the last couple of months on the MLS, a GRM from 13 to 16 seems like the typical range. I think the numbers get skewed a bit when you look at a say a duplex or triplex that is purchase as an owner occupied property. The additional units may simply serve to subsidize a large mortgage for the main house.

That said, you have to drill down pretty deeply on GRMs and cap rates in unique areas like Venice. I realize the answer is a bit vague but there is are differences between pure income properties and owner occupied 2-4 units.

Hope this helps.
1 vote
Sri Kesava, Agent, Venice, CA
Sat Jul 27, 2013
I'm seeing GRMs as high as 25. Though 16-18 is more the norm. West of Lincoln is a different ball game than elsewhere. In SIlverlake for example one can get half of that, with just as strong a rental market. However, my clients like most people love the intrinsic value of the beaches. These areas are more immune to extreme downside market fluctuations, as was seen by the past recession.
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