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20847 Sherman Way
Canoga Park, CA 91306

Price: $2,700,000 Price/SF: $242
Bldg SF: 11,173 SF Pro Forma CAP Rate: 5.24%
Land SF: 11,778 SF Current Occupancy: 45%
Year Built/Renovated: 1981/2018 Property Type: Office
Click to View Offering MemorandumClick to Print Offering Memorandum

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


Matthew Luchs
(818) 212-2727
matthew.luchs@marcusmillichap.com
License # 01948233


Nicole Cottrell
(818) 212-2686
nicole.cottrell@marcusmillichap.com
License # 02062546

Price: $2,700,000
Bldg SF: 11,173 SF
Land SF: 11,778 SF
Year Built: 1921
ProForma CAP Rate: 5.24%
Price/SF: $242
Current Occupancy:  45%
Property Type: Office
Click to View Offering MemorandumClick to Print Offering Memorandum

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


Matthew Luchs
(818) 212-2727
matthew.luchs@marcusmillichap.com
License # 01948233


Nicole Cottrell
(818) 212-2686
nicole.cottrell@marcusmillichap.com
License # 02062546

Investment Highlights

Excellent Canoga Park Location

 

  • Ideally Located less than a mile from the Warner Center
  • Located one mile from Westfield Topanga & The Village, a 2.1 million square foot shopping center
  • Just east of the high traffic signalized intersection of Sherman Way and De Soto Avenue, an intersection which sees over 38,000 vehicles per day

 

Office Building with Strong Fundamentals

 

  • Street visibility and frontage on a major thoroughfare
  • Private 14-car parking lot with back-alley access
  • Extensive interior and exterior renovations

 

Ideal Owner-User or Value Add Opportunity

 

  • An owner-user could occupy up to 10,590 square feet of the property
  • An owner-user could occupy part of the property and lease out the rest for additional income
  • Property is 94% vacant, which allows for immediate upside upon leasing

 

Strong Surrounding Demographics

 

  • There are over 51,000 people located within one mile of the property, 242,000 within three miles of the property, and 482,000 within five miles of the property
  • There are over 15,000 households located within one mile of the property, 82,000 households located within three miles of the property, and 168,000 households located within five miles of the property
  • Average household income within one mile surpasses $73,000, $93,000 within three miles, and $104,000 within five miles of the property

 

Ideally located less than half a mile from Warner Center

 

  • Located less than one mile from the Warner Center
  • Uptown at Warner Center is receiving a $3 billion capital infusion to complete a mixed-use development
  • Within two miles of the Westfield Promenade, which is set to undergo a $1.5 billion renovation
  • Thousands of new residential units coming online with a strong desire to attract millennials
  • Recent office conversions hope to attract top national companies to enhance growth and opportunity

 

Multi-Billion Dollar Sub-Market Complete with Retail Attractions and Premiere Office Hub

 

  • Close proximity to the newly built, open-air retail center “The Village” at Westfield Topanga and Westfield Topanga, encompassing over 2.7 million square feet of retail space with over 250 top brands, restaurants and entertainment options
  • Close proximity to the Westfield Promenade, a $1.5 billion renovation that includes retail, Class A office, two hotels, 14,000 residential units, and an entertainment and sports center
  • Within close proximity to Uptown at Warner Center is receiving a $3 billion capital infusion to complete a mixed-use development
  • Local retailers include: Apple, Nordstrom, Neiman Marcus, Target, Macy’s, REI, Costco, Best Buy Electronics, Crate & Barrel
  • Local restaurants include: Roy’s Asian Fusion, Fleming’s Steakhouse, California Pizza Kitchen, Cheesecake Factory, Chipotle, Il Fornaio, Pizza Rev, Guacho Grill, Coffee Bean & Tea Leaf, P.F. Changs and many more
  • Approximately 40,000 employees work within Warner Center.
  • Major employers include HealthNet Inc., Zenith Insurance, Kaiser Permanente Hospital, Pratt & Whitney, and Pierce College