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 7.3% 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 7.3% 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. 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.
Property Details
Property Features
Property Information:
Year Built: 1960
Stories: 2
Living Area: 6,194 SqFt
Listing Office:
Office Name: Maher Commercial Realty
Office Phone: (310) 464-1453
Listing Agent: Oron Maher
Interior Features
Bedroom and Bathroom Information:
Total Bedroom Count: 6
Exterior Features
Parking Information:
Attached Garage: No
Parking: One Space, Side By Side, Uncovered
Lot Features
Lot Information:
Lot Size: 0.19 Acres
Other
Directions Information:
Directions: West on Venice Blvd., just past Inglewood Blvd. Building is on the left side of the street.
Price Information
Listing Price Info
Price Summary:
List Price: $2,995,000
Price Per SqFt: $484/SqFt
Tax Information:
Annual Amount: $7,668
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Los Angeles, CA.
This property is $1.9M more than the Median Sold Price and $157/SqFt less than other homes in Los Angeles, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #24354063
Listing Office:
Office Name: Maher Commercial Realty
Office Phone: (310) 464-1453
Listing Agent: Oron Maher
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 11/21/2024, 7:20:57 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Aug 14, 1998
Aug 14, 1998Home Sold
$380,000
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$7,668
$550,348
2020
$7,465
$544,706
2019
$7,294
$534,027
2018
$7,111
$523,557
2017
$7,111
$513,292
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
5
/10
Grand View Boulevard Elementary School
3951 Grand View Blvd
Distance between this listing and this school0.23 miles
Public District Grades KG-5
8
/10
Mar Vista Elementary
3330 Granville Ave
Distance between this listing and this school0.78 miles
Public District Grades KG-5
5
/10
Beethoven Street Elementary School
3711 Beethoven St
Distance between this listing and this school0.82 miles
Public District Grades KG-5
Nearby Schools
7
/10
Icef Vista Middle Academy
4471 Inglewood Blvd
Distance between this listing and this school0.98 miles
Public Charter Grades 6-8
5
/10
Mark Twain Middle School
2224 Walgrove Ave
Distance between this listing and this school1.11 miles
Public District Grades 6-8
2
/10
Marina Del Rey School
12500 Braddock Dr
Distance between this listing and this school1.34 miles
Public District Grades 6-8
Nearby Schools
2
/10
Phoenix Continuation
12971 Zanja St
Distance between this listing and this school0.88 miles
Public District Grades 9-12
7
/10
Venice High School
13000 Venice Blvd
Distance between this listing and this school1.02 miles
Public District Grades 9-12
8
/10
Culver City High School
4401 Elenda St
Distance between this listing and this school1.56 miles
The neighbors living near this home have an average income of $38,943. Most Los Angeles, CA residents have annual incomes between $35k-100k. Most families are single, no kids. The majority of residents in this area have post secondary degree education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 12028 Venice Blvd
What is the listing price of this property?
The listing price of 12028 Venice Blvd property is $2,995,000.
What type of property is this?
The property 12028 Venice Blvd is a house located in Los Angeles, California, 90066.
Is this property for sale now?
Active Listing: 12028 Venice Blvd is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $7,668 (source: MLS/based on county public records data).
When was this property sold last time and for how much?
The last sale was on August 14, 1998 for $380,000. (source: MLS/tax record).
How many bedrooms and bathrooms does this property have?
The property at 12028 Venice Blvd has 6 bedrooms and 6 bathrooms.
What is the square footage of this property?
The property 12028 Venice Blvd is 6,194 SqFt (source: MLS/tax record).
Which year was this property built?
The year of construction for 12028 Venice Blvd is 1960.
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This home is located at 12028 Venice Blvd in Los Angeles, CA and zip code 90066 in the South Mar Vista neighborhood. This 6,194 square foot home, which was built in 1960, sits on a 0.19 acre lot. Features: 6 bedrooms, 6 bathrooms. It has been listed on Rocket Homes since February 02, 2024 and is currently priced at $2,995,000.
Los Angeles, CA housing market in October 2024 saw over 598 listings sold above listed price, more than 191 sold at listed price and over 753 sold below. Between September 2024 and October 2024, Los Angeles, CA real estate market has seen increase in the number of listings by 11.2%. In October 2024, listings were on the market for 38 days. During the same period, the median list price in this real estate market was $1,023,474.
From Rocket Homes Real Estate and based on county public records data.