For Sale
$2,995,000

12028-12032 Venice BlvdLos Angeles, CA 90019

12-unit building, 7.3% cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
113
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).
  • Offered at $2,995,000.
  • 6,194 SF building on an 8,248 SF lot.

Property Details for 12028-12032 Venice Blvd

Property type
Retail residential properties, Mixed-use properties
Square Feet
6,194 SF
Year Built
1960
Buildings
2
Stories
2
Units
12

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.0452148
Longitude
-118.3507883
12028-12032 Venice Blvd, Los Angeles, California

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12028-12032 Venice Blvd
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