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    12028-12032 Venice Blvd Los Angeles, CA 90019

    Sponsored
    For Sale
    $2,995,000

    12-unit building, 7.3% cap rate.

    Property size:
    6,194 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use property in Los Angeles' desirable Mar Vista neighborhood presents a compelling investment opportunity. The 6,194 square foot building, situated on an 8,248 square foot lot (APN 4235-024-005), currently boasts 12 units: six one-bedroom apartments (3,752 sq ft) and 2,442 sq ft of ground-floor retail space. Two detached single-car garages offer significant potential for conversion into an additional residential unit (ADU), increasing the property's value. The property enjoys 100% occupancy and a current NOI of $28,313. However, a value-add strategy, including increased commercial rents and potential ADU conversion, projects a pro-forma NOI of $221,773, resulting in an attractive 7.3% cap rate. The property is zoned LAC2, allowing for substantial development potential. By-right development could yield 21 units; alternatively, utilizing density bonus rules (A25 12.22 or AB2335), the site could accommodate up to 32 units (with potential for 100% affordability under AB2335). Located just one block from the Mar Vista Farmers Market, this property benefits from a vibrant and rapidly developing neighborhood with high-end restaurants, bars, and retail, further enhancing its investment appeal. The asking price is $2,995,000, representing a price per square foot of $483.53 and a price per unit of $249,583.33. The property includes 17 parking spaces. Built in 1960, this two-story building offers a unique blend of existing income and significant upside potential.

    Property Features for 12028-12032 Venice Blvd

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,194 SF

    Building Details

    Year Built
    1960
    Buildings
    2
    Stories
    2
    Units
    12

    HighLights

    • Two detached garages offer potential ADU conversion, adding a seventh residential unit.
    • Mixed‑use building on Venice Blvd., one block from the Mar Vista Farmers Market, offering a 7.3% pro forma cap rate without displacing residents.
    • Existing building features 2,442 SF of ground‑floor retail, six 1‑bedroom apartments totaling 3,752 SF, and two single‑car garages.
    • Development potential: 21 units (by‑right); 29 units (using A25 12.22); or 32 units (using AB2335, 100% affordable).
    • Offered at $2,995,000.
    • 6,194 SF building on an 8,248 SF lot.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail residential properties

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.3507883
    Latitude
    34.0452148

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    FAQs

    What type of property is this?
    Multifamily property - 12-unit building, 7.3% cap rate.
    Where is this multifamily property located?
    The property is located at 12028-12032 Venice Blvd Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $2,995,000.
    What are key features of this property?
    This property features: Two detached garages offer potential ADU conversion, adding a seventh residential unit.; Mixed-use building on Venice Blvd., one block from the Mar Vista Farmers Market, offering a 7.3% pro forma cap rate without displacing residents.; Existing building features 2,442 SF of ground-floor retail, six 1-bedroom apartments totaling 3,752 SF, and two single-car garages.
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    12028-12032 Venice Blvd Los Angeles, CA 90019
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