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.
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).
How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
Contacts
Oron Maher
Visit Broker Website
Learn more
Useful Information
Request information
12028-12032 Venice Blvd, Los Angeles, California, 90019
Message sent successfully
Error
Email this Information
Message sent successfully
Error
Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
12028-12032 Venice Blvd
Sign Up
Already a member?
Just one more step, let’s verify your email
We have sent a verification link to
Please check your inbox to complete the process.
Just click on the link in that email to complete your Sign up.
If you don’t see it, you may need to check your spam folder.
Email verification link expired
It seems that the verification link has expired.
No worries! We can send you a new link to email
Log In
Don't have an account?
Reset your password
New to Paperhouses?
Paperhouses
Reset your password
Enter the email address associated with your account and we'll send you a link to reset your password.
Check your email
We've resent password reset instructions to if it is an email on file.
Thanks! If matches an email we have on file, then we've sent you an email containing further instructions for resetting your password.
If you haven't received an email in 5 minutes, check your spam, resend, or try a different email.