Multi-Tenant Retail
For Sale
$7,185,895
2068 Tapo St, Simi Valley, CA 93063
Multi-tenant retail center with freeway access and storefront visibility along a major Simi Valley corridor.
Property Size35,955 SF
Price / SF$199.86
Days on Market50
Property Features for 2068 Tapo St
General Information
Standard status
Active
Size
35,955 SF
Property subtype
Shopping Strip
Additional Details
Highway Access
Yes
Amenities
Supply Constrained Retail Market - Simi Valley is a mature and established retail market with limited new development opportunities, supporting long term occupancy and rental rate growth.
Excellent Visibility and Accessibility - The property offers strong street frontage, convenient ingress and egress, and ample parking, creating an accessible environment for tenants and customers.
Established Residential Consumer Base - Surrounded by established residential neighborhoods, the center serves a large population of nearby residents and benefits from recurring neighborhood demand.
Prime Simi Valley Retail Corridor - Located along Tapo Street, one of Simi Valley's primary commercial thoroughfares, the property benefits from strong visibility, consistent traffic flow, and convenient access to the 118 Freeway, placing it within a highly sought after retail trade area.
Diversified Multi Tenant Income Stream - The center is occupied by a balanced mix of retail and service oriented tenants, providing multiple sources of income and reducing exposure to any single tenant or business category.
Affluent and Established Demographics - Simi Valley is supported by strong household incomes, a stable population base, and favorable demographic fundamentals that continue to attract retailers and service providers.
Internet Resistant Tenant Base - Anchored by U.S. Bank and complemented by necessity based and service oriented tenants, the property benefits from businesses that are generally less susceptible to e commerce competition and continue to rely on in person consumer engagement.
Value Add Potential Through Leasing Initiatives - Investors have the opportunity to enhance cash flow through lease renewals at market rates, contractual rent growth, and the strategic leasing of space over time.
Building Details
Building Size
35,955 SF
Year Built
1964
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Los Angeles
(213) 943-1822
Listed By:
Orbell Ovaness · License #License(s): CA: 01402142
(213) 943-1822
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 14
Last Checked: Aug 16 at 3:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Los Angeles
Investment Insights
Based on property information with market context.
2068 Tapo Street is a multi-tenant retail property configured for neighborhood-serving retail and service uses, with multiple storefront spaces occupied by a diverse tenant mix. The center is positioned along Tapo Street and designed to capture day-to-day customer traffic, supported by its on-site retail tenant occupancy.
The asset sits on Tapo Street with convenient access to the 118 Freeway, supporting strong visibility and easy approach from the surrounding area. It is located within a well established retail trade area and is presented as part of an established commercial corridor in Simi Valley.
For buyers seeking a retail investment, this property offers the benefit of existing in-place tenants serving the daily needs of the surrounding community. Its multi-tenant structure can appeal to investors looking for a diversified retail and service tenant base, with opportunities that may arise through future lease activity and tenant retention. The offering is presented as a mature, supply-constrained neighborhood retail asset within Ventura County’s established retail environment.
The asset sits on Tapo Street with convenient access to the 118 Freeway, supporting strong visibility and easy approach from the surrounding area. It is located within a well established retail trade area and is presented as part of an established commercial corridor in Simi Valley.
For buyers seeking a retail investment, this property offers the benefit of existing in-place tenants serving the daily needs of the surrounding community. Its multi-tenant structure can appeal to investors looking for a diversified retail and service tenant base, with opportunities that may arise through future lease activity and tenant retention. The offering is presented as a mature, supply-constrained neighborhood retail asset within Ventura County’s established retail environment.
Key Highlights
- Multi‑tenant retail investment at 2068 Tapo Street, built in 1964.
- Situated along Tapo Street with convenient access to the 118 Freeway.
- Occupied by a diverse mix of retail and service‑oriented tenants.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$344,982
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,899,640
$6.9M
Cap Rate 7%
$4,928,314
$4.9M
Cap Rate 9%
$3,833,133
$3.8M
Market Conditions
NOI Build-Up for 35,955 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$522.1K $14.52/SF
− Vacancy
−$29.2K −$0.81/SF
EGI
$492.8K $13.71/SF
− OpEx
−$147.8K −$4.11/SF
NOI
$345.0K $9.59/SF
Area
Simi Valley, CA
Vacancy
5.60%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,899,640
Cap Rate 7%
$4,928,314
Cap Rate 9%
$3,833,133
Alternative Uses
Best Use
Retail
$4.93M
$4.31M – $5.75M
NOI $344,982 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.69M
$10.23M – $13.64M
NOI $818,462 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
338
Businesses Nearby
1k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Wingstreet
Dining
1,145 visits/mo
0.5 miles
Demographics for 93063, CA
55,076
Population
20,220
Households
2.7
Avg Household Size
43
Median Age
36%
College-Educated
90%
High-School Grad
36.2 sq mi
ZIP Area
1,521
Density / Sq Mi
$124,030
Median Household Income
$56,868
Median Earnings
$2,385
Median Rent
$746,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Multi-tenant retail center with freeway access and storefront visibility along a major Simi Valley corridor.
Where is this strip mall located?
The property is located at 2068 Tapo St Simi Valley, CA.
What is the asking price?
The asking price for this property is $7,185,895.
What are key features of this property?
This property features: Multi‑tenant retail investment at 2068 Tapo Street, built in 1964.; Situated along Tapo Street with convenient access to the 118 Freeway.; Occupied by a diverse mix of retail and service‑oriented tenants.
