Wells Fargo Bank
For Sale
Contact for pricing
21834 SHERMAN WAY, Canoga Park, CA
Established bank property with an extended occupant lease and an existing commercial building footprint.
Property Size12,170 SF
Price / SF$256.78
Days on Market120
Property Features for 21834 SHERMAN WAY
General Information
Standard status
Active
Size
12,170 SF
Total Parking Spaces
53
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Stabilized
Net Operating Income
$151,584
Building Details
Year Built
1954
Stories
1
Units
1
Tenancy
Single
Listing Agency:
CBRE - South Bay
(310) 892-5644
Listed By:
Patrick Wade · License #CA 01454690
Source:
Crexi
Added: May 4
Changed: Aug 31
Last Checked: Aug 31 at 2:04AM
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 CBRE - South Bay
Investment Insights
Based on property information with market context.
This bank property comprises 12,170 square feet in a building constructed in 1954. Wells Fargo is identified as the occupant, and the existing lease has been extended, providing an established tenancy associated with the asset.
The property is located at 21834 Sherman Way in Canoga Park, California. Its current bank use, building scale, construction date, and documented lease extension provide the key physical and occupancy details for evaluation.
The property is located at 21834 Sherman Way in Canoga Park, California. Its current bank use, building scale, construction date, and documented lease extension provide the key physical and occupancy details for evaluation.
Key Highlights
- 12,170‑square‑foot bank property
- Wells Fargo identified as the occupant
- Existing lease recently extended
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
$282,431
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
9.04%
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%
$5,648,620
$5.6M
Cap Rate 7%
$4,034,729
$4.0M
Cap Rate 9%
$3,138,122
$3.1M
Market Conditions
NOI Build-Up for 12,170 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
$449.8K $36.96/SF
− Vacancy
−$46.3K −$3.81/SF
EGI
$403.5K $33.15/SF
− OpEx
−$121.0K −$9.95/SF
NOI
$282.4K $23.21/SF
Area
Los Angeles, CA
Vacancy
10.30%
Lease Rate
$36.96 /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%
$5,648,620
Cap Rate 7%
$4,034,729
Cap Rate 9%
$3,138,122
Alternative Uses
Best Use
Specialty Retail
$4.71M
$4.12M – $5.49M
NOI $329,593 @ 7.0% cap · market cap 10.55%
Second Best
Retail
$4.03M
$3.53M – $4.71M
NOI $282,431 @ 7.0% cap · market cap 9.04%
Theoretical Best
Multifamily LT 5
$246.56M
$215.74M – $287.65M
NOI $17,258,983 @ 7.0% cap · market cap 552.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,544
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Established bank property with an extended occupant lease and an existing commercial building footprint.
Where is this bank located?
The property is located at 21834 SHERMAN WAY Canoga Park, CA.
What is the asking price?
The asking price for this property is $3,125,000.
What are key features of this property?
This property features: 12,170‑square‑foot bank property; Wells Fargo identified as the occupant; Existing lease recently extended
