12028 Venice BLVD Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90066
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,194 sqft
Price per Sqft $435
MLS Listing ID 24354063
Bedrooms 6
HOA Y/N No
Year Built 1960
Lot Size 8,245 Sqft
Property Description
A rare investment opportunity in the heart of Mar Vista, this two-story mixed-use building offers immediate income, long-term upside, and strong intrinsic land value. Built in1960, the property spans approximately 6,194 square feet on an 8,248 SF LAC2 lot with TOC Tier 2 designation positioning it as both a high-performing asset and a compelling land bank play for future development. The 2,192 SF ground floor retail component sits on a highly visible stretch of Venice Blvd, steps from the Mar Vista Farmers Market and Mar Vista Library. It currently features a tailor, a fortune teller, and several small office rooms all month-to-month tenants paying below-market rents. A savvy operator can reconfigure and consolidate the retail into two long-barrel storefronts (a common and desirable layout along Venice Blvd), targeting market rents of $5/SF NNN. This repositioning supports a pro forma NOI of approximately $131,520 annually, which at a 5% cap rate, values just the ground floor at roughly $2.63 million effectively justifying the asking price based on the retail alone. Above the commercial component are six one-bedroom residential units, all significantly under market rents and offering an estimated 53% upside through tenant turnover and value-add improvements. At the rear of the property, two one-car garages provide an easy opportunity for ADU conversion, further enhancing cash flow and increasing overall property value. With its LAC2 zoning and TOC Tier 2 status, the 8,248 SF lot is well-positioned for future redevelopment. Investors can hold and operate the property as a cash-flowing income asset, while also benefiting from the long-term flexibility to pursue a larger mixed-use project down the line. The combination of stabilized income, rental upside, and entitlement-friendly zoning makes this an ideal land bank investment in one of West LA's most dynamic and supply-constrained submarkets.
Location
State CA
County Los Angeles
Area C13 - Palms - Mar Vista
Zoning LAC2
Interior
Fireplace No
Exterior
Parking Features One Space,Side By Side,Uncovered
Attached Garage No
Total Parking Spaces 17
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 4235024005
Special Listing Condition Standard