Prime Mar Vista mixed-use investment opportunity featuring six residential units, two retail storefronts, seven small one-room commercial offices, and two one-car garages, all situated on an 8,200 sq. ft. C2 TOC Tier 2 zoned parcel. The property currently has one vacant residential unit and two vacant office suites, while the remaining tenants are all month-to-month. The front building includes two retail stores, seven small offices, and four residential units above, while the rear building offers two additional residential units. Two one-car garages between the buildings present excellent ADU conversion potential. With an in-place cap rate of 5.8% (once three vacancies are filled); and a pro forma cap rate of 10% once building is stabilized, this is the best value in Mar Vista. The zoning allows development of 3032 units on-site or up to approximately 74 units when combined with the neighboring 12034 Venice Blvd. Located on the same block as the Mar Vista Farmers Market and surrounded by popular eateries, coffee shops, and boutique retailers, the property offers unmatched neighborhood appeal, with Venice Beach, Abbot Kinney, and Marina del Rey just minutes away.
Property Details
Price:
$2,695,000
MLS #:
24354063
Status:
Active
Baths:
0
Address:
12028 Venice Boulevard
Type:
Residential Income
Neighborhood:
c13palmsmarvista
City:
Los Angeles
Listed Date:
Feb 1, 2024
State:
CA
ZIP:
90066
Lot Size:
8,248 sqft / 0.19 acres (approx)
Year Built:
1960
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Schools
Interior
Exterior
Parking Features
Parking Space, Side by Side, Uncovered
Parking Spots
17.00
Financial
Map
Community
- Address12028 Venice Boulevard Los Angeles CA
- AreaC13 – Palms – Mar Vista
- CityLos Angeles
- CountyLos Angeles
- Zip Code90066
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12028 Venice Boulevard
Los Angeles, CA
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