Maher Commercial Realty is please to announce the sale of a commercial building on the corner of Venice Blvd and Beethoven St in Mar Vista.
MCR recognized a rare corner lot landbank opportunity with internet resilient tenants and immediate upside.
Maher Commercial Realty found this property as mis marketed and immediately recognized the upside and the value- of having two second generation restaurant spaces as well as a beer and wine license on premises. During escrow, Maher Commercial Realty was able to pull from their tenant relationships and bring forth multiple LOI’s from interested food and beverage operators, adding immense value.
Sale Price: $3,443,500
Building Size: 5,100 Sq.Ft.
Lot Size: 10,000
Price Per Sq.Ft. (Building): $675
Price Per Sq.Ft. (Land): $344
Buildable Units: +/-40
Cap Rate At Sale: 5.34%
Proforma Cap Rate: 7.42%