12028 Venice Blvd.

12028 Venice Blvd.

Los Angeles, CA 90066

$3,295,000
Price
6
Beds
6
Baths
6,194 Sq. Ft.
$532 / Sq. Ft.
6,194
Sq. Ft.
$532
per Sq. Ft.
a view of dinning table and chairs in patio
an aerial view of a house with a mountain view
a view of a cars park in front of a building
a view of a building with a patio
a front view of a building with street

Description

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...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.
  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. & Inglewood Blvd.
Parcel Number
4235024005
Total Units
12.0
Living Area
6194
Source Living Area
Vendor Enhanced
Area
Palms - Mar Vista (C13)
Vacancy Rate
0

Location

Listing Courtesy of Maher Commercial Realty, Oron Maher, DRE #01299093
Add your commute
LISTING UPDATED: 04/23/2024 12:03 PM

Property Details for 12028 Venice Blvd.

StatusActive
MLS #24-354063
Days on Market89
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1960
Lot Size0.19 AC / 8,248 SF
CountyLos Angeles County

Location

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

Building Information for 12028 Venice Blvd.

Stories2Residences-Year Built1960Building Size-Lot Size0.19 AC / 8,248 SF

Payment Calculator

$18,659 per month

30 year fixed, 7.25% Interest

Principal and Interest

$17,982

Property Taxes

$677

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 12028 Venice Blvd.

Community / Development
Community / Development
  • Number Of Units: 12
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: Mixed
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $187,560
  • Net Operating Income: $221,773.00
  • Gross Income: $187,560
  • Cap Rate: 6.70%
  • Gross Rent Multiplier: $17.57
  • Total Annual Expense: 69767
Land / Lot Info
Land / Lot Info
  • Alley: Yes
  • Lot Acreage: 0.1893
  • Lot Size Square Feet: 8248
  • Lot Size Dimensions: 50x164
  • Source Lot Size Dimensions: Vendor Enhanced
  • Lot Description: Alley Paved
Parking Details
Parking Details
  • Parking Garage: Detached, Garage Is Detached, Parking Space, Side By Side, Uncovered
  • Total Parking: 17
  • Parking Features: Parking Space, Side by Side, Uncovered
  • Attached Garage: No
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
  • Common Walls: Attached
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 02-02-2024
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 0
  • Unit Furnished: No
  • Unit Rent: $2,950.00
  • Unit Actual Rent: $2,950.00
  • Unit Projected Rent: $4,931.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 0
  • Unit Baths: 0
  • Unit Furnished: No
  • Unit Rent: $2,950.00
  • Unit Actual Rent: $2,950.00
  • Unit Projected Rent: $4,931.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 0
  • Unit Baths: 0
  • Unit Furnished: No
  • Unit Rent: $1,800.00
  • Unit Actual Rent: $1,800.00
  • Unit Projected Rent: $1,442.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 0
  • Unit Baths: 0
  • Unit Furnished: No
  • Unit Rent: $1,500.00
  • Unit Actual Rent: $1,500.00
  • Unit Projected Rent: $1,442.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 0
  • Unit Baths: 0
  • Unit Furnished: No
  • Unit Rent: $1,200.00
  • Unit Actual Rent: $1,200.00
  • Unit Projected Rent: $1,442.00
  • Like Units: 1
Unit 6 Information
  • Unit Beds: 0
  • Unit Baths: 0
  • Unit Furnished: No
  • Unit Rent: $1,500.00
  • Unit Actual Rent: $1,500.00
  • Unit Projected Rent: $1,442.00
  • Like Units: 1
Unit 7 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,325.00
  • Unit Actual Rent: $1,325.00
  • Unit Projected Rent: $2,550.00
  • Like Units: 1
Unit 8 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,431.00
  • Unit Actual Rent: $1,431.00
  • Unit Projected Rent: $2,550.00
  • Like Units: 1
Unit 9 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,346.00
  • Unit Actual Rent: $1,346.00
  • Unit Projected Rent: $2,550.00
  • Like Units: 1
Unit 10 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,255.00
  • Unit Actual Rent: $1,255.00
  • Unit Projected Rent: $2,550.00
  • Like Units: 1
Unit 11 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,664.00
  • Unit Actual Rent: $1,664.00
  • Unit Projected Rent: $2,550.00
  • Like Units: 1
Unit 12 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,144.00
  • Unit Actual Rent: $1,144.00
  • Unit Projected Rent: $2,550.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $183,824.00
  • Assessed Improvement Percent: 32.1
  • Assessed Land Value: $388,756.00
  • Assessed Land Percent: 67.9
  • Assessed Total Value: $572,580.00

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 multi-family home for sale in Los Angeles, CA 90066. This property was listed for sale on February 1, 2024 by Maher Commercial Realty, it's currently listed at $3,295,000. 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 6-bed, 6-bath, 6,194 sqft multi-family home built in 1960.

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.