12028 Venice Blvd Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90066
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,194 sqft
Price per Sqft $435
MLS Listing ID 24-354063
Bedrooms 6
Year Built 1960
Lot Size 8,248 Sqft
Property Sub-Type Multi-Family
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 Palms - Mar Vista
Zoning LAC2
Rooms
Other Rooms Other
Interior
Heating Other
Cooling Other
Equipment Other
Exterior
Parking Features Detached, Garage Is Detached, Parking Space, Side By Side, Uncovered
Garage Spaces 17.0
Building
Lot Description Alley Paved
Story 2
Others
Special Listing Condition Standard