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$2,995,000
Est. payment /mo
6,194 SqFt
UPDATED:
08/01/2024 11:15 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,194 sqft
Price per Sqft $483
MLS Listing ID CL24354063
HOA Y/N No
Year Built 1960
Lot Size 8,248 Sqft
Acres 0.19
Property 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 7.3% 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 7.3% 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 a
Location
State CA
County Los Angeles
Area Listing
Zoning LAC2
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 4235024005
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Listed by Oron Maher • Maher Commercial Realty
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