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12518 Venice
Los Angeles, CA 90066


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Property Remarks

Please contact broker for a full marketing package. Prime Mar Vista location 11-unit multi-family property consisting of 3 buildings on a large double lot of over 14,000 S.F. suitable to develop luxury condominiums. The Property features an excellent mix of 8-two bedroom one bath + dining area, 2-one bedroom one bath units and 1-three bedroom two bath unit suitable for an owner/user. The property is separately metered for gas and electricity minimizing the owner's expenses. The property also features a laundry room for the convenience of the residents and additional monthly income as the machines are owned by the seller. With significant upside of approximately 44% in rents, a savvy investor will be able to increase the cash flow of the property and add value to the asset by increasing the rents as the units turnover.

Property Details

MLS#
17270154
Days on Market
41
Year Built
1948
Stories
2
Building/Living Area (sq ft)
9,652
Source of SqFt
Public Records
Source of Lot Size
Vendor Enhanced

Location

State
CA
County
Los Angeles
Area
Palms - Mar Vista (C13)

Presented By:

Listing provided courtesy of Ramin Gheitanchi , Charles Dunn West La


Exterior

Lot Acreage
0
Paved
No
Waterfront
No


Interior

Flooring
Hardwood

Additional Property Details

Number of Units
11
Parking Spaces
10
Number of Buildings
3
Gross Operating Income
$223,915
Total Expense
$96,887
ADA Compliance
No

Heating
Wall Heater
Parking
Garage

Palms-Mar Vista

Tucked between Venice, Palms, Culver City, and Santa Monica, Mar Vista has attracted attention in recent years as a close-knit community with easy access to everything the Westside has to offer. From the beaches of Santa Monica and Venice to the shops of Beverly Hills, it’s all accessible from here.

Mar Vista is well loved by locals for its quiet charm. Recently the Silicon Beach movement has brought increased attention to the area.

Real Estate: Mar Vista is a mix of Spanish style architecture, colorful, apartment complexes, and low-rise commercial buildings. Homes for sale in Mar Vista reflect a wide variety of eras and styles. The Westdale neighborhood, once citrus orchards and bean fields, was developed in the 1940s with single tract homes built by developer Paul W.Trousdale for returning World War II veterans. Other local neighborhoods include Westside Village, North Westdale, and Hilltop.

 In 2003, the Gregory Ain-designed Mar Vista Tract became the first post-World War II Modern historic district in the city of Los Angeles to be dedicated as a Historic Preservation Overlay Zone. The area consists of 52 parcels designed by architect Gregory Ain in the Modern style. These homes are highly prized by locals and visitors alike.

Community Life: Mar Vista is very much a small town in the big city, reflecting its past while looking toward the future. The Mar Vista Community Council is highly engaged in the city and the planning for its future with an eye toward preserving its unique character. The council is behind several annual events including the Mar Vista Green Garden Showcase that highlights different green gardens on Earth Day each year and the Fall Festival.

The Mar Vista Farmers’ Market is held on Sundays and includes farmers, food vendors, craftspeople and more. The Mar Vista Recreation Center is notable not just for having soccer fields, basketball courts, and a pool, but for also having a roller hockey rink that hosts league play.

Education: Mar Vista is served by the Los Angeles Unified School District and includes Mar Vista Elementary School, Walgrove Avenue Elementary School and Beethoven Street Elementary School. Other local schools include the Mark Twain Middle School and Venice Senior High School. Private options include Wildwood School which offers both elementary and upper level education and Windward School, a college preparatory school for grades 7 through 12.

Transportation: Mar Vista can be reached by the 405 and 10 Freeways as well as Pacific Coast Highway and is served by several local bus routes. Mar Vista’s small size makes it highly walkable and it is bike friendly. Venice Boulevard in Mar Vista has been selected as part of the Great Streets program in order to help make this street, lined with coffee shops, boutiques, and other businesses, even more friendly for pedestrians and bicyclists. Local Attractions: Mar Vista’s primary pleasures are quiet ones. Stop by the local bowling alley, check out a local shop, and enjoy Westside living with a laidback vibe.

Community Explorer

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