Mission Viejo Neighborhood Strip
28721 Los Alisos Blvd, Mission Viejo, CA 92692
New
Neighborhood strip center with value-add opportunity in Mission Viejo.
Type:Retail
Property size:
19,135 SFPrice / SF:
$273/SF- Added:
- May 27, 2026
- Days on Market:
- 5
- Last Refresh:
- May 27 at 8:28 am
Property Features for 28721 Los Alisos Blvd
General Information
- Standard status
- Active
- Size
- 19,135 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1996
Listing agent James Tyrrell License #02012964
Listing office CBRE - Orange County
Listing date May 27, 2026
Source Crexi
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 - Orange County
HighLights
- Value‑add opportunity with 6,069 SF available for lease‑up at 68% current occupancy to increase NOI.
- Strong tenant demand demonstrated by 46% of GLA leased to new tenants in 2025 (Playhub and U.M. Salon).
- Excellent visibility with ±725 feet of frontage on Los Alisos Blvd (±9,500 CPD) and convenient access to State Route 241 (±43,000 CPD).
- Located in a densely populated trade area with high barriers to entry due to topographic restrictions, supporting long‑term growth.
- Located in Mission Viejo, known for its well‑educated, high‑income population, strong public schools, and low crime rates.
- Neighborhood strip center (±19,135 SF) with a complementary mix of food, beverage, fitness, and service tenants.
Overview
The property is a neighborhood strip center encompassing approximately 19,135 square feet. It features a mix of food, beverage, fitness, and service tenants. Currently, the property is 68% occupied, with 6,069 square feet available for lease, presenting an opportunity to increase net operating income. In 2025, 46% of the gross leasable area was leased to new tenants, including Playhub (6,500 SF) and U.M. Salon (2,275 SF). The property has approximately 725 feet of frontage along Los Alisos Boulevard, which experiences an average daily traffic count of approximately 9,500 vehicles. It also offers convenient access to State Route 241, a primary toll road with an average daily traffic count of approximately 43,000 vehicles. The trade area is topographically restricted and densely populated, creating barriers to entry. The location benefits from Orange County's economy, master-planned communities, and quality of life. Mission Viejo is characterized by a well-educated, high-income population and a family-oriented residential environment.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $642.9k | $33.60 |
| − Vacancy | −$21.9k | −$1.14 |
| EGI | $621.1k | $32.46 |
| − OpEx | −$186.3k | −$9.74 |
| NOI | $434.8k | $22.72 |
19,135 SF · lease $33.60/SF/yr · vacancy 3.40% · expense 30.00%
Alternative Uses
Best Use
Retail
$6.21M
$5.43M – $7.25M
NOI $434,753 @ 7.0% cap · market cap 8.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.43M
$5.62M – $7.50M
NOI $449,894 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Shopping centers
Similar Places Nearby
- Alicia-Trabuco Plaza — 26811 Trabuco Rd, Mission Viejo, CA 92691
- Mail Center — 26861 Trabuco Rd, Mission Viejo, CA 92691
- Oaktree village — 23162-23166 Los Alisos Blvd, Mission Viejo, CA 92691
- Coinstar Bitcoin ATM — stater bros., 22351 el toro rd, lake forest, ca 92630
- Sycamore Plaza — Trabuco Rd, Lake Forest, CA 92630
Location Insight
- Map
- Local Demand
- City
- Mission Viejo
- County
- Orange
- State
- California
- Longitude
- -117.629893
- Latitude
- 33.655163
Nearby Similar for Sale
FAQs
What type of property is this?
Shopping center - Neighborhood strip center with value-add opportunity in Mission Viejo.
Where is this shopping center located?
The property is located at 28721 Los Alisos Blvd Mission Viejo, CA.
What is the asking price?
The asking price for this property is $5,235,000.
What are key features of this property?
This property features: Value‑add opportunity with **6,069 SF available for lease‑up** at 68% current occupancy to increase NOI.; Strong tenant demand demonstrated by 46% of GLA leased to new tenants in 2025 (Playhub and U.M. Salon).; **Excellent visibility with ±725 feet of frontage** on Los Alisos Blvd (±9,500 CPD) and convenient access to State Route 241 (±43,000 CPD).
