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We are proud to present for sale a 97 Unit Mixed Use Development opportunity in the downtown Mar Vista Submarket of West LA. 97 Units is the maximum density permitted under the recently adopted Citywide Housing Incentive Program (CHIP). This would be one of the most desirable buildings in Mar Vista, and is the lowest Price per Buildable Door in West LA. This presents a rare institutionally sized opportunity qualified for ministerial approval. Downtown Mar Vista is a highly desirable submarket, with over $6 per square foot rents. Residents can walk to the Mar Vista Farmers Market and numerous restaurants and Cafes.Using the recently enacted CHIP Ordinance, a Buyer can build a 97 unit project with no height limit, a 4:2:1 FAR, and no parking minimum. An 8 Story, 69,124 Square Foot Building could be constructed on the 16,458 Square Foot Lot. The finished building would offer unobstructed views on all sides, starting on the 3rd floor up the roof deck. The site is clear of power line issues and has no encroachment interferences. The project would qualify for a ministerial approval, straight to LADBS Plan Check. No entitlement process is needed. The project would not be subject to public hearings or appeals and is statutorily exempt from CEQA. There are no discretionary approvals that could stand in the way of this project. Financially, the project can allow a developer to generate a generous return based on reasonable assumptions for hard costs, soft costs, and rents. (Project includes 12028-12034 Venice Blvd. APN #4235-024-005 and #4235-024-006).
Property Type(s):
Lot/Land/Acreage
| Last Updated | 5/28/2025 | Community | Palms - Mar Vista |
|---|---|---|---|
| County | Los Angeles |
Price History
| Prior to May 22, '25 | $6,295,000 |
|---|---|
| May 22, '25 - Today | $5,950,000 |
Additional Details
| AREA | Palms - Mar Vista |
|---|---|
| LOT | 0.38 acre(s) |
| VIEW DESCRIPTION | None |
| ZONING | LAC2 |
Location
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Listed with Maher Commercial Realty
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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