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19231 Victory Boulevard
Reseda, CA 91335

Price: $10,900,000 Price/SF: $172
Bldg SF: 63,464 SF Price/SF(Land): $131
Land SF: 83,339 SF CAP Rate: 4.20%
Current Occupancy:  70% Property Type: Medical Office
Click for Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685


Lior Regenstreif
(818) 212-2730
lregenstreif@marcusmillichap.com
License # 01267761

Price: 19231 Victory Boulevard, Reseda, CA 91335
Bldg SF: 63,464 SF
Land SF: 83,339 SF
Year Built: 1962
Current CAP Rate: 4.20%
ProForma CAP Rate: 8.56%
Price/SF: $172
Current Occupancy:  70%
Property Type: Medical Office
Click for Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685


Lior Regenstrif
(818) 212-2730
lregenstreif@marcusmillichap.com
License # 01267761

Investment Highlights

True Value-Add Opportunity

  • 70% current occupancy
  • Significant upside through stabilization and increasing current rents to market (Current rents are 11% below market)
  • Low price per square foot of $172 per SF
  • Priced below replacement costs
  • Suite Sizes range from 500 SF – 8,000 SF – Ideal sutie sizes to attract and serve local tenants
  • Ideal average suite sizes of 1,600 square feet- Limited tenant improvement costs between tenants
  • Tiered lease rollover averaging 17% per year
  • Potential Owner-User Opportunity – 8,564 square foot unit in the South Plaza has been repositioned to attract an owner-user Buyer
  • 73% of the current tenant base has operated at the plaza over 5 years; 60% over 10 years

 

Centralized San Fernando Valley Location

  • Northeast signalized corner of Tampa Avenue and Victory Boulevard in Reseda, CA
  • Within close proximity to the Ventura 101 Freeway, San Diego 405 Freeway and California State Route 118 Freeway, major airports, Downtown Los Angeles, the Tri-Cities, the Westside of Los Angeles, and the Warner Center
  • Within close proximity to Providence Tarzana Medical Center (2.3 miles), Kaiser Permanent Woodland Hills (3.5 miles), Dignity Health Northridge Hospital (3.6 miles), Encino Medical Center (5.5 miles) and West Hills Hospital (5.5 miles).
  • High daily traffic counts
  • Excellent visibility and frontage along two major thoroughfares
  • Excellent ingress and egress with multiple access points

 

Significant Building Upgrades – Over $2,000,000 invested in Capital

  • Full renovations of both lobbies
  • Landscaping and hardscape
  • Façade Work and Upgrades
  • Brand new ADA bathrooms,
  • Brand New Lobby Entrance Doors
  • Brand New Elevators
  • New Parking Lot
  • Brand New roof on the South Plaza,
  • Upgraded Lighting (LED Lighting)
  • New compressors, fans, and furnaces
  • Complete renovations of interior corridors
  • High-end tenant improvements and open unit floorplans to attract new tenants

 

Dense Immediate Submarket

  • Population of over 635,000 people within a 5 mile radius
  • Median household income over $87,000
  • The San Fernando Valley boasts a population of over 2 million people
  • Strong local economy with significant growth and population projections