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 in 1960, 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.
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Ground Floor Retail Opportunity
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.
Residential Upside + ADU Potential
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.
Future Development Potential
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.
Property Features:
- 6,194 SF two-story mixed-use building on an 8,248 SF LAC2 lot (TOC Tier 2) in the heart of Mar Vista—includes ground floor retail, six residential units, and garage space with ADU potential.
- Ground floor retail alone supports the $2.695M asking price, with a pro forma NOI of $131,520 at $5/SF NNN—valuing the retail portion at approximately $2.63M at a 5% cap rate.
- Current ground floor tenants (tailor, fortune teller, office rooms) are month-to-month and significantly under market, providing immediate repositioning potential.
- Retail reconfiguration opportunity: combine spaces into two long-barrel storefronts—common on this corridor—to increase rental value and tenant quality.
- Prime Venice Blvd frontage, steps from the Mar Vista Farmers Market and Library, offering walkability, visibility, and strong tenant demand.
- Six one-bedroom residential units on the second floor with 53% rent upside, allowing for additional income growth and long-term value.
- Two one-car garages at rear present easy ADU conversion potential, adding further income or resale value.
- LAC2 zoning with TOC Tier 2 designation allows for significant redevelopment potential, making it ideal for investors or developers.
- Strong land bank play: operate for cash flow now, develop later—flexibility to adapt based on market timing.
- Retail income alone justifies the acquisition, while residential upside, ADU options, and future development rights provide additional layers of value.
- List Price: $2,695,000
- Building Size: 6,194 Sq.Ft.
- Lot Size: 8,248 Sq.Ft.
- Price Per Sq.Ft. on Land: $326.75
- Price Per Sq.Ft. on Building: $435.10
- Current Cap Rate: 4.43%
- Cap Rate: 7.9% (After Retail Value-Add)
- Zoning: LAC2
- Year Built: 1960
- APN: 4235-024-005
