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 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. 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 Features:
- Two One-Car Garages can be Converted into One Studio ADU, Making Seven Total Residential Units
- 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.
- Existing Building: Ground Floor Retail (2,442 square feet) + six 1-bedroom apartments (3,752 square feet) + two stand alone single
car garages (ADU conversion potential) - Development Potential: 21 units by right; or 29 units using A25 12.22; or 32 units using AB2335 (100% affordable)
- List Price: $3,295,000
- Building Size: 6,194 Sq.Ft.
- Lot Size: 8,248 Sq.Ft.
- Price Per Sq.Ft. on Land: $399.49
- Price Per Sq.Ft. on Building: $532.00
- Cap Rate: 6.7% (After Retail Value-Add)
- Zoning: LAC2
- Year Built: 1960
- APN: 4235-024-005
