12028 Venice Boulevard Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90066
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,194 sqft
Price per Sqft $435
MLS Listing ID CL24354063
Year Built 1960
Lot Size 8,248 Sqft
Property Sub-Type Other
Property Description
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.
Location
State CA
County Los Angeles
Zoning LAC2
Building
New Construction No