12028 Venice Blvd.

12028 Venice Blvd.

Los Angeles, CA 90066

$3,575,000
Price
8,248 / 0.19
Lot Size / Acres
a view of a cars park in front of a building
a couple of cars parked in front of a house
a view of dinning table and chairs in patio
an aerial view of a house with parking space
a view of a building with a patio
a front view of a building with street

Description

12028-12032 w. Venice Blvd is a rare opportunity to purchase a property that is ideal either as an existing mixed-use building, or a lucrative development site in one of Los Angeles' hippest submarkets, Mar Vista; nicely nestled between Venice Beach, West LA. 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...12028-12032 w. Venice Blvd is a rare opportunity to purchase a property that is ideal either as an existing mixed-use building, or a lucrative development site in one of Los Angeles' hippest submarkets, Mar Vista; nicely nestled between Venice Beach, West LA. 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." The subject property is a rare opportunity to purchase an Existing Unit Mix: Two Retail + 6 Residential Apartment Units on a C2 zoned +/- 8,248 square foot parcel. This building is a great buy for both a value-add building operator and a developer. An investor can benefit from an immediate 65% upside in rent while holding valuable land for a future development project; or, a developer can take advantage of a major housing shortage and demand for residential housing by developing either a mixed-use market-rate or affordable project on this prime corridor that boasts 44,573 traffic count and 87 walk score. The subject building comprises two buildings and two free-standing garages on one lot. 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 multiple assigned parking spaces for each tenant. The commercial spaces are partially occupied by residential tenants, likely in violation of the Los Angeles Rent Stabilization Ordinance (buyer to verify). A value-add investor can benefit by converting ground-floor commercial into high-end Mar Vista retail, with a proforma income of +/-$5.00 per square foot, NNN, or $12,210 per month net. The 6 residential one-bedroom units comprise approximately 3,752 square feet, or 625 square feet per unit on average. The pro forma rent for those units is $2,550 per month, for a pro forma gross income of $15,300 per month in residential rent. The two garage spaces present an opportunity to create a studio or one-bedroom Accessory Dwelling Unit. The 8,248 square foot lot 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.
  1. Listed by Oron Maher • DRE #01299093 • Brokerage DRE #01299093 • Maher Commercial Realty

Property Details for 12028 Venice Blvd.

Zoning
LAC2
Cross Streets
Venice Blvd. and Inglewood Blvd.
Parcel Number
4235024005
Area
Palms - Mar Vista (C13)
Lot Size Area
8248
Source Lot Size Area
Vendor Enhanced
Assessor Parcel Number
4235-024-005
Directions
West on Venice Blvd., just past Inglewood Blvd. Building is on the left side of the street.

Location

Listing Courtesy of Maher Commercial Realty, Oron Maher, DRE #01299093
Add your commute
LISTING UPDATED: 04/23/2024 12:02 PM

Property Details for 12028 Venice Blvd.

StatusActive
MLS #24-343355
Days on Market40
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeLand
MLS TypeLand Lot
Year Built-
Lot Size0.19 AC
CountyLos Angeles County

Location

Listing Courtesy of Maher Commercial Realty, Oron Maher, DRE #01299093
Add your commute

Building Information for 12028 Venice Blvd.

Lot Size0.19 AC

Payment Calculator

$20,187 per month

30 year fixed, 7.25% Interest

Principal and Interest

$19,510

Property Taxes

$677

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 12028 Venice Blvd.

Community / Development
Community / Development
  • Senior Community: No
Structure Info
Structure Info
  • View: No
  • View Description: None
  • View: None
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Land / Lot Info
Land / Lot Info
  • Special Zoning: None
  • Lot Acreage: 0.1893
  • Lot Size Square Feet: 8248
  • Lot Size Dimensions: 50x164
  • Source Lot Size Dimensions: Vendor Enhanced
  • Lot Location: City
  • Telephone: 0.0
  • Cable: 0.0
  • Road Frontage: Venice Blvd.
Parking Details
Parking Details
  • Total Parking: 0
Exterior Features
Exterior Features
  • New Construction: No
Lease Terms
Lease Terms
  • Entry Date: 01-09-2024

Property History for 12028 Venice Blvd.

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 12028 Venice Blvd.

Taxable ValueLand$388,756Additions$183,824Total$572,580
Tax Record2023$8,124 ($677 / month)
Home Facts
Total Finished SqFt6,194 SqFtAbove Grade Finished SqFt6,194 SqFtStories1Lot Size8,246 SqFtStyleOffice BuildingYear Built1960ZoningLAC2CountyLOS ANGELESAPN4235-024-005

Schools near 12028 Venice Blvd.

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Grand View Boulevard Elementary School
Public - K to 5
Marina Del Rey Middle School
Public - 6 to 8
Venice Senior High School
Public - 9 to 12
Icef Vista Middle Academy
Charter - 6 to 8
Rating
School
Distance
Grand View Boulevard Elementary School
PublicK to 5

Marina Del Rey Middle School
Public6 to 8

Venice Senior High School
Public9 to 12

Icef Vista Middle Academy
Charter6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 12028 Venice Blvd., Los Angeles, CA 90066

12028 Venice Blvd. is a 0.19 ac of land for sale in Los Angeles, CA 90066. This property was listed for sale on January 3, 2024 by Maher Commercial Realty, it's currently listed at $3,575,000. This listing's school district is Los Angeles Unified School District. Nearby schools include Grand View Boulevard Elementary School, Marina Del Rey Middle School and Venice Senior High School. 12028 Venice Blvd. is a 0-bed, 0-bath, 0.19 ac of land on a 8,248 sq. ft. / 0.19 acres lot.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Maher Commercial Realty, Oron Maher, DRE #01299093

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.