832, 840, 848
New los angeles Avenue
PRICE
$10,500,000
BUILDING SIZE
11,132 SF
LOT SIZE
2.20 ACRES
MOORPARK, CA 93021
CAP RATE
PRICE/SF (BLDG)
PRICE/SF
(LAND)
4.00%
$943
$110
The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is pleased to present 832, 840, 848 New Los Angeles Avenue, outparceled pads ground leased to Denny’s, Panda Express, and Del Taco in Moorpark Marketplace, a trophy, newly remodeled grocery and Target anchored center.
The pads are occupied by national tenants on ground leases with below market rents. Denny’s, occupying 4,022 SF, pays $11,271.97 per month ($2.80/SF) with a rent bump per CPI up to $12,680.97 per month ($3.15/SF) starting 1/1/2025. They have three (3) remaining five (5)-year options to extend their lease with rent increases every five (5) years per CPI up to 12.5%. Denny’s has successfully operated at the property since December 2003, in excess of 20 years, and the current term of their lease expires 12/31/2029.
The properties are outparceled to Moorpark Marketplace, Moorpark’s premier commercial destination with a seasoned and dynamic mix of regional and national tenants that cater to the needs of the surrounding neighborhoods while also attracting regional and commuter traffic from the nearby communities of Thousand Oaks, Simi Valley, and Camarillo via the 23 & 118 Freeways.
The Center benefits from exceptional visibility and frontage along both the 23 Freeway and New Los Angeles Ave. Moorpark Marketplace has almost 900 linear feet of frontage along the 23 Freeway, with traffic counts of 72,000 vehicles per day, dedicated Freeway signage, and approximately 1,700 linear feet of frontage along New Los Angeles Ave, with traffic counts of 36,500 vehicles per day.