12028-12032 Venice Blvd Los Angeles, CA 90019
Call to check price and availability
12-unit building, 7.3% cap rate.
Property size:
6,194 SFProperty 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
Listing Agent: Oron Maher
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
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 Profile
Location Intelligence
Current Use by Public Records
Retail residential properties
Location Insight
- Map
- Local Demand
- City
- Los Angeles
- County
- Los Angeles
- State
- California
- Longitude
- -118.3507883
- Latitude
- 34.0452148
Nearby Similar for Sale
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.