Kinney envisioned the building as part of an institutional foundation to rival Renaissance Italy, focusing on education and culture
A piece of Venice’s early history, tied to its founder Abbot Kinney’s vision of a cultural hub, is now for sale. The original University of the Arts Building, constructed in 1904 at 1300 Riviera Avenue, is listed for $2.295 million, according to real estate listings updated this week.
Built a year before the famed Venice Canals opened in 1905, the property predates much of the area’s well-known landmarks. Kinney envisioned the building as part of an institutional foundation to rival Renaissance Italy, focusing on education and culture, though many of his original structures have since been demolished.
The five-unit apartment building, which spans 2,856 square feet on a 4,929-square-foot corner lot, includes three one-bedroom, one-bath units, one studio, and one one-bedroom with an office. Recent upgrades to cosmetics and systems have been made, but current rents remain below market value, suggesting potential for increased revenue, according to the Redfin listing. The property, located three blocks from Abbot Kinney Boulevard and near the Boardwalk, offers street parking and caters to a walkable, bike-friendly tenant base.
Priced at approximately $804 per square foot, the property is valued at $459,000 per unit.
Real estate agent Taylor Avakian of Lyon Stahl Investment Real Estate, Inc. is handling the sale.
