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20833 & 20855 Ventura Boulevard
Woodland Hills, CA 91364

Price: $19,750,000 Zoning: [Q]C4-1
Bldg SF: 63,227 SF Price/SF: $312
Land SF: 106,932 SF Price/SF (Land): $185
Current Occupancy:  59% Avg Rent/SF: $1.66
Click to View Offering MemorandumClick to Print Offering Memorandum

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

Address: 20833 & 20855 Ventura Boulevard, Woodland Hills, CA 91364
Price: $19,5750,000
Bldg SF: 63,227 SF
Land SF: 106,932 SF
Price/SF (Building): $312
Price/SF (Land): $185
Average Rent/SF: $1.66
Current Occupancy: 59%
Zoning: (Q)C4-1
Click to View Offering MemorandumClick to Print Offering Memorandum

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

Investment Highlights

TRUE VALUE-ADD GENERATIONAL PURCHASE OPPORTUNITY WITH DEVELOPMENT POTENTIAL

 

• 63,227 square foot shopping center ideally situated on 106,932 square feet of land zoned C4-1

• 194 parking spaces, a parking ratio of 4.24 per 1,000, creates a multitude of potential uses

• 59% current occupancy creates significant upside through stabilization

• Current rents are significantly below market, averaging $1.65 per SF, which creates significant upside at lease expiration

• 78% of the existing leases expire by 2022, creating an Owner-User opportunity

• Multiple access points along Ventura Boulevard and DeSoto Avenue allow for ease of ingress and egress

• Units are easily divisible, creating further upside in rents

• Priced significantly below all recent sales comparables and replacement costs

 

IDEAL COVERED LAND OPPORTUNITY IN AN IRREPLACEABLE WOODLAND HILLS LOCATION

 

• Ideally located adjacent to the Interstate 101 Ventura Freeway with excellent freeway visibility at the NE signalized corner of Ventura Boulevard and DeSoto Avenue

• Directly adjacent to Warner Center, the central business district of the San Fernando Valley

• High daily traffic counts north of 300,000 with over 250,000 vehicles per day along the 101 Freeway and over 60,000 vehicles per day along Ventura Boulevard and DeSoto Avenue

• 258 linear feet of frontage along Ventura Boulevard, the world’s longest avenue of contiguous business and main thoroughfare through the San Fernando Valley

• 254 feet of frontage along DeSoto Avenue, a main East/West thoroughfare through the San Fernando Valley

 

SIGNIFICANT DEVELOPMENT IN THE IMMEDIATE AREA HIGH-GROWTH SUBMARKET

 

• Over 80,000 new jobs, 37 million square feet of business and residential buildings, 14 million square feet of non-residential building area, 200,000 residential units projected in the immediate area

• A plethora of strong national and local retailers, a wide array of restaurants and local hotspots cater to local tenants

• Strong local economy is the home to a wide range of national companies and corporate headquarters, Class A office and retail properties, large commercial offices

• A vast range of residential options from newly built multi-family units to multi-million-dollar residences

• Over 8,000 quality residences and growing

• Multiple Fortune 500 Companies in the immediate area, including Walt Disney Company, Amgen, Inc., Health Net, Inc., and Avery Dennison Corporation

• $1.5 billion renovation of the Westfield Promenade, including retail, Class A office, two hotels, 14,000 residential units, and an entertainment and sports center

• Uptown at Warner Center is receiving a $3 billion capital infusion to complete a mixed-use development that will encapsulate millions of square feet

• The Warner Center 2035 Specific Plan offers significant by-right development and will create significant growth over the next decade

• Projected development will bring entertainment, culture, and sporting events to the heart of the San Fernando Valley creating an appealing environment for residents to live, work, shop, stay and play in Woodland Hills

 

HIGH-GROWTH SUBMARKET

 

• Over 80,000 new jobs, 37 million square feet of business and residential buildings, 14 million square feet of non-residential building area, 200,000 residential units projected in the immediate area

• A plethora of strong national and local retailers, a wide array of restaurants and local hotspots cater to local tenants

• Strong local economy is the home to a wide range of national companies and corporate headquarters, Class A office and retail properties, large commercial offices

• A vast range of residential options from newly built multi-family units to multi-million-dollar residences

• Over 8,000 quality residences and growing

• Multiple Fortune 500 Companies in the immediate area, including Walt Disney Company, Amgen, Inc., Health Net, Inc., and Avery Dennison Corporation