12028-12032 Venice Blvd Los Angeles, CA 90019

Property Details for 12028-12032 Venice Blvd

Year built

1960

Property size

6,194 SF

Property type

Retail residential properties

Property subtype

Mixed-use properties

Description

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.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Longitude

-118.351

Latitude

34.0452