Active

12028 Venice Blvd

Los Angeles CA, 90066

$2,995,000


$483.53 per sqft

Active

6 Beds

6 Baths

6,194 sqft

Multi-family

Built in 1960

Located one block from the Mar Vista Farmer's Market is this rare Venice Blvd retail and residential building with an easy cap rate of 7.3% without relocating any residential tenants. The property currently has two six residential 1-bedroom apartments, two retail stores, four office suites, and two single car garages. Two One-Car Garages can be Converted into One Studio ADU, Making Seven Total Residential Units. All of the retail and commercial tenants are on month-to-month leases allowing the opportunity to raise commercial rents to a reasonable pro forma income of $187,560 net and bringing your total building NOI to $221,773 or a 7.3% cap rate. Relocating residential tenants adds an ADDITIONAL 20% upside in rents. The front building is two stories and features approximately 2,442 square feet of ground floor retail and commercial space and four 1 bedroom/1-bathroom apartments on the second floor. The second building is a two-story duplex, each unit of which is a 1 bedroom/1 bath that occupies one floor. In between the two buildings are two free-standing parking garages and one assigned parking spaces for each tenant. The property has a generous 8,248 square foot lot zoned C2 that can be combined with additional square footage of approximately 374 square feet given the abutting alley for a total buildable lot size of 8,619 square feet. By right, a developer can build a mixed-use 21-unit development site with retail on the ground floor. Alternatively, using the A25 section 12.22 Density Bonus Rules, a developer can build 29 units by providing between 11%-20% affordable units, with ground floor retail. Finally, using AB2334, as a 100% affordable project, a developer can build potentially up to 32 units. The subject site sits just one block from the Mar Vista Farmers Market, and two doors down from the Mar Vista Branch Library. The neighborhood is surrounded by high-end restaurants, bars, retail, a bowling alley, and many newly constructed residential units. This stretch of Venice Blvd falls within the newer Venice Blvd Safety and Mobility Project which includes protected bike lanes, and new metro lines. In August 2023, Eater named Mar Vista the "Westside's Hottest Dining Destination.

24-354063

MLS ID

February 2, 2024

Listed

October 2, 2024

Updated

Map

12028 Venice Blvd
Los Angeles CA, 90066

Interior Features

Total Stories

2


Bedrooms

6


Total Bathrooms

6


Appliances

Other


Fireplace

No


Cooling

Yes


Cooling Description

Other


Heating

Yes


Heating Description

Other

Exterior/Building Features

Lot Size

0.19 Acres


Lot Features

Alley Paved

Other Property Details

Area Name

Palms - Mar Vista


Days on Market

190


Garage

Yes


Parking

Detached, Garage Is Detached, Parking Space, Side By Side, Uncovered


Parking Total

17


View

No


County

Los Angeles


Pool

No


Zoning

LAC2

Listing History

Date

Event

Price

7/29/2024

Price change

$2,995,000

-10%

Listed by Oron Maher with Maher Commercial Realty
Listing Contact: 310-464-1453 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Robert Edie shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 10/2/2024

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