12028 Venice Boulevard
Los Angeles, CA, 90066 $ 3,295,000
Baths0.0 Sq 6,194 Monthly Estimate*
$ 23,017
Studio
for $3,295,000. This 6,194 square foot home was built in 1960 on a lot size of 0.19.
Located one block from the Mar Vista Farmer's Market is this rare Venice Blvd retail and residential building with an easy cap rate of 6.7% without relocating any residential tenants. The property currently has two six residential 1-bedroom apartments, two retail stores, four office suites, and two single car garages. Two One-Car Garages can be Converted into One Studio ADU, Making Seven Total Residential Units. All of the retail and commercial tenants are on month-to-month leases allowing the opportunity to raise commercial rents to a reasonable pro forma income of $187,560 net and bringing your total building NOI to $221,773 or a 6.7% cap rate. Relocating residential tenants adds an ADDITIONAL 20% upside in rents. The front building is two stories and features approximately 2,442 square feet of ground floor retail and commercial space and four 1 bedroom/1-bathroom apartments on the second floor. The second building is a two-story duplex, each unit of which is a 1 bedroom/1 bath that occupies one floor. In between the two buildings are two free-standing parking garages and one assigned parking spaces for each tenant. Pro Forma Cap Rate After Commercial Value-add + Garage ADU Conversion: 7.4%. Pro Forma Cap Rate After Commercial Value-Add + Garage ADU Conversion + Residential Value Add: 13%. The property has a generous 8,248 square foot lot zoned C2 that can be combined with additional square footage of approximately 374 square feet given the abutting alley for a total buildable lot size of 8,619 square feet. By right, a developer can build a mixed-use 21-unit development site with retail on the ground floor. Alternatively, using the A25 section 12.22 Density Bonus Rules, a developer can build 29 units by providing between 11%-20% affordable units, with ground floor retail. Finally, using AB2334, as a 100% affordable project, a developer can build potentially up to 32 units. The subject site sits just one block from the Mar Vista Farmers Market, and two doors down from the Mar Vista Branch Library. The neighborhood is surrounded by high-end restaurants, bars, retail, a bowling alley, and many newly constructed residential units. This stretch of Venice Blvd falls within the newer Venice Blvd Safety and Mobility Project which includes protected bike lanes, and new metro lines. In August 2023, Eater named Mar Vista the "Westside's Hottest Dining Destination.
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FeaturesGeneralZoning LAC2
Year Built 1960
Levels Two
County Los Angeles
Net Operating Income 221773.0
New Construction No
Property Type C
HOA / Comm Assn No
Status Active
City Los Angeles
Buyer Agent Compensation 2.00
Senior Community Y/N No
MLS Area C13 - Palms - Mar Vista
Lot Size Square Feet 8248.0
Street Name Venice
Standard Status Active
Buyer Agent Compensation Type %
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ExteriorParking Features Uncovered Side by Side Parking Space
Lot Size Area 8248.0
Building Area Total 6194.0
Lot Dimensions 50x164
Lot Size Acres 0.19
Lot Size Units Square Feet
Land Lease Type Fee
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InteriorTotal Stories 2
Street Suffix Boulevard
Total Baths 0
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* Excluded FeaturesList ByMaher Commercial RealtyBroker
Affordability Calculator
- Monthly Principal & Interest
- $23,017
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Los Angeles, CA
Average List Price $1,990,464
Percent of Sale Price 40%
About Los Angeles, CA 3,920,026 Population
6% Since 2002
$ 55,057 Median Income
36.82 Median Age
27% Households with Children
Trends Information provided by ATTOM Data Solutions.
793437 Elementary School
793428 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
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2/6/2024 | $3,295,000 | | Listed Price |