After a brief stint in corporate real estate as an analyst for Panda Restaurant Group and a year long stretch as an acquisitions analyst for a multifamily apartment fund, I landed at my current role as the analyst for a high volume retail team at Colliers.

While exploring rooms for my wife to rent as a spa and salon worker, we found an opportunity to rent a large 2500 square foot retail space that already houses a spa/salon business that is moving.

I am trying to invest where I live in So Cal but seems like people are confident that even their fixers can go for close to retail. 

But when you are starting out and when you are purchasing a home for you to live in then it's ok (IMHO) to go a bit more toward a retail sale.

Generally, a SFR or small multi 2-4 unit purchased at retail (MLS) will cash flow negative, or at best minimal cash flow WITHOUT a value add.Your best value adds are the rehab and the ADU addition.

According to the City, the project will eventually feature a mix of housing types, a transit center, retail and office space and an innovation district.

According to the City, the project will eventually feature a mix of housing types, a transit center, retail and office space and an innovation district.

That means usually you are paying close to if not full retail price.I find 2% rule property (usually better) by picking up dumps that no one else wants (cheap purchase price) and fixing them up (force appreciate, drive up rents).So it will probably be very difficult if you expect someone else to do all the value-add stuff for you, but nothing is impossible. 

Certain commercial properties have lost a lot of value in the short term (especially retail). 

This will cut down the competition from retail buyers but still allow you to bid higher than cash investors.