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$ 19,999,000
Est. payment | /mo
1.82 Acres Lot
$ 19,999,000
Est. payment | /mo
1.82 Acres Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26871111
HOA Y/N No
Year Built 1964
Lot Size 1.817 Acres
Property Description
15720 Ventura Blvd is a six story multi-tenant office & retail building located in Encino, California. The building was originally built in 1964 and has a two-story parking structure behind the building and a large open parking lot behind that.There is excess parking for the building and provides an opportunity to develop an additional structure at the rear of the property, most likely multi-unit housing. There are 122 tenant spaces that are primarily made-up medical office services with some retail on the ground floor. There are 20 vacant suites totaling 17,937 sq. ft. of space / 22.5% of the rentable sq. ft..The average current rent is only $2.62 in a market where comparable properties are asking $2.75 to $3.00 PSF per month for comparable small suites. There is also additional income provided by a billboard lease, cell tower and parking revenue. The current zoning of C4 and R3 provides both current and future development potential for this site.The area is subject to the Ventura / Cahuenga Boulevard Corridor Specific Plan in the City of Los Angeles. Encino is an upscale submarket in the San Fernando Valley and has access to the 101 and 405 freeway. It is a short distance to Tarzana Medical Center and is a well-established location for medical offices, retail, and other service providers. This is a tremendous opportunity to purchase a generational piece of real estate with upside in current rents and operations, as well as with future development potential
Location
State CA
County Los Angeles
Area Enc - Encino
Zoning LAC4 & R3
Interior
Fireplace No
Exterior
Total Parking Spaces 231
Building
Lot Description Value In Land
Story 6
Others
Tax ID 2283025017
Special Listing Condition Standard
Listed by David Kaufman David Ballin Kaufman #01217537
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STEVE & KRISTA: The WIDNER Team
Agent | License ID: 00680027
29811 Santa Margarita Parkway, Suite 100, Margarita, CA, 92688