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$2,695,000
Est. payment /mo
6,194 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,194 sqft
Price per Sqft $435
MLS Listing ID CL24354063
HOA Y/N No
Year Built 1960
Lot Size 8,248 Sqft
Acres 0.19
Property Sub-Type Other
Property 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 in1960, 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. 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. 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 pr
Location
State CA
County Los Angeles
Zoning LAC2
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 4235024005
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Listed by Oron Maher • Maher Commercial Realty