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.
