Investment Narrative

12780 Venice Blvd is the portfolio anchor — a 12-unit value-add play in Mar Vista at $304K/unit, 7% above the 3-comp average of $284K. With 21% loss-to-lease, this property offers immediate cash flow with significant rent upside. FY3 stabilized cap: 6.52%.

Key Highlights

✓$304K/unit — 7% above 3-comp avg ($284K)

✓21% loss-to-lease — $71,628/yr gap to market rents

✓FY1 cap 4.01% → FY3 stabilized 6.52%

✓1BR vintage comps $2,100–$2,245 vs U/W $2,300

✓3 CoStar comps, cap range 4.35%–5.81%

Year Built

1953

Unit Mix

9×1BR + 3×2BR

RSF

9,128 SF

Occupancy

Low Vacancy

Submarket Profile

Mar Vista (90066)

Mar Vista has quietly become one of the Westside’s strongest rental corridors. Positioned between Culver City’s tech boom and Venice’s coastal premium, the submarket benefits from spillover demand without the price ceiling. Vintage multifamily trades at a discount to neighboring zip codes while commanding competitive rents — a spread that attracts value-add capital. The Venice Blvd corridor offers walkable retail, direct bus transit to the beach cities, and proximity to Silicon Beach employers. Construction pipeline is minimal — most new supply is concentrated Downtown and in the Valley, leaving Mar Vista insulated from competitive lease-up pressure.

4.8%

Submarket Vacancy (CoStar Q4 2025)

$2,661/mo

Median 1BR Rent

$2,623/mo

Median 2BR Rent

3.2%

YoY Rent Growth

81

Walk Score

Minimal

New Supply Pipeline

Rent Comp Analysis

Underwriting vs. Market Rents

1BR

5 comps · $2,100–$2,245

U/W $2,300

Avg $2,167

At market

2BR

4 comps · $2,550–$2,700

U/W $2,600

Avg $2,623

$23/mo upside per unit

Sales Comps

Recent Comparable Sales

Property	Units	Price	$/Unit	$/SF	Cap Rate	Date	Note
12780 Venice Blvd	12	$3.6M	$304K	$400	—	—	Subject Property
11417 Washington Pl	10	$2.2M	$222K	$254	4.35%	Jan 2026	Age 78 · 8,750 SF · Mar Vista
2700 Abbot Kinney Blvd	16	$4.8M	$303K	$434	4.75%	Dec 2025	Age 67 · 11,180 SF · Venice
3651 McLaughlin Ave	10	$3.3M	$326K	$440	5.81%	Sep 2025	Age 65 · 7,414 SF · Mar Vista

Comp Analysis

Pricing Context

$/Unit

$284K avg · 3 CoStar sales · 7% above avg

Verdict: Washington Pl ($222K, 10u), Abbot Kinney ($303K, 16u), McLaughlin ($326K, 10u). Subject at $304K justified by 12u scale + 21% LTL.

$/SF

$376 avg · Range: $254–$440 · 3 comps · Within range

Verdict: Washington Pl at $254/SF, Abbot Kinney at $434/SF, McLaughlin at $440/SF.

Analyst Note

3-comp avg: $284K/unit. Subject at $304K = 7% above avg. Cap range: 4.35%–5.81%. All C-class pre-1979.

Active Rent Comps

Current Listings in the Area

Address	Type	Rent	$/SF	Dist.	Features
12541 Pacific Ave	2BR/1BA	$2,550	$3.19	0.3 mi	ParkingA/C
4055 Wade St	2BR/1BA	$2,595	—	0.4 mi	Parking
12627 Washington Pl	2BR/2BA	$2,600	$2.74	0.4 mi	Parking
4100 Wade St	2BR/1BA	$2,695	$2.70	0.5 mi	Garage
12710 Matteson Ave	2BR/1BA	$2,700	—	0.2 mi	No parking
12624 Pacific Ave	2BR/1BA	$2,595	—	0.2 mi	No parking
3970 Sawtelle Blvd	1BR/1BA	$2,100	—	0.4 mi	VintageC-class
12732 Venice Blvd	1BR/1BA	$2,145	—	0.1 mi	Same streetVintage
12740 Venice Blvd	1BR/1BA	$2,150	—	0.1 mi	Same streetVintage
3175 S Barrington Ave	1BR/1BA	$2,195	—	0.5 mi	Vintage
3916 Sawtelle Blvd	1BR/1BA	$2,245	—	0.4 mi	Vintage

Summary

Key Metrics

$2,623

2BR Vintage Avg

U/W: $2,600

$2,167

1BR Vintage Avg

U/W: $2,300 · Range: $2,100–$2,245

21%

Loss-to-Lease

$71,628/yr gap to market

$304K

$/Unit

CoStar avg: $284K (3 sales)

Location

12780 Venice Blvd, Los Angeles, CA 90066

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