Case Study: 538 Rialto — Multi-Unit Venice Bungalow Compound Turnaround
We were engaged to market and sell an 8-unit bungalow compound in Venice, California. Offered “as-is” at the seller’s request, each cottage surrounded a tree-shaded courtyard just steps from Abbot Kinney Boulevard, the Rose Corridor, and Venice Beach. Location and stable income were everything.
Quick Stats
| What | Details |
|---|---|
| Triple Lot | Rare contiguous parcel with future upside potential. |
| Unit Mix | 1 × 2 bed, 2 bath | 2 × 1 bed, 1 bath | 5 × studios |
| Courtyard Living | Most units include private outdoor space. |
| Vacancy & Steady Cash Flow | Immediate income stability from day one |
Challenge
Tenant & Condition Variance: Eight tenants left units in differing states of maintenance, from cosmetic wear to deferred landscaping.
Coordinating a Compound: The mix of a 2-bed/2-bath, two 1-bed/1-bath, and five studios meant scheduling inspections and showings across multiple households.
Investor Scrutiny: Buyer-investors wanted clear financials on rehab costs, zoning upside, and rental projections before committing.
Solution: Relentless Execution & Investor-Focused Strategy
Owner-Directed “As-Is” Listing: We honored the seller’s wish to avoid pre-listing renovations, framing the compound as a turnkey financial play rather than a renovation project.
Comprehensive Offering Memorandum: Pardee produced a detailed OM featuring:
- Actual income & expense statements
- Zoning analysis (RD1.5-1-0) and 52% upside at market rents
- Drone photography highlighting location and neighborhood comp data
Investor-Grade Marketing & Site Walk: We distributed the OM to a curated list of multi-family investors and stacked walk-throughs to answer questions in real time, create less friction for the tenants and streamline due diligence.
Persistent Escrow Management: Across five escrows (each representing a fresh offer), our team tracked lender timelines, coordinated pay-offs, and re-engaged prospects, guiding every interested buyer through inspections, negotiations, and, ultimately, final performance.
Results
Five Escrows → Five Offers: Demonstrating sustained investor demand and the effectiveness of our proactive sales and marketing efforts.
Optimized Pricing: Early adjustment to $2,095,000 maintained urgency and translated into competitive bids.
Successful Close: Delivered the buyer immediate income flow.
139 Days DOM: Reflects active negotiation and inspection cycles across multiple offers—not idle marketing—showcasing Pardee’s ability to shepherd complex deals through to close.
Tyler Kunkle
Lead Listing Agent For The Sale
By coupling an owner-approved “as-is” strategy with a data-rich offering memorandum and relentless follow-through, Pardee transformed a challenging, multi-unit compound into a clear, compelling investment. Our boutique-style marketing and rigorous deal management delivered a standout result in one of Los Angeles’s most coveted neighborhoods.
