Mission Viejo Neighborhood Strip
For Sale
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28721 Los Alisos Blvd, Mission Viejo, CA 92692
Neighborhood strip center with value-add opportunity in Mission Viejo.
Property Size19,135 SF
Price / SF$273.58
Days on Market142
Property Features for 28721 Los Alisos Blvd
General Information
Standard status
Active
Size
19,135 SF
Class
B
Total Parking Spaces
197
Property subtype
Retail
Zoning
CH / RPD 50 (Commercial Highway/Residential)
Occupancy
68%
Investment Type
Value Add
Net Operating Income
$217,221
Building Details
Year Built
1996
Buildings
2
Units
197
Tenancy
Multi
Listing Agency:
CBRE - Orange County
Listed By:
James Tyrrell · License #02012964
Source:
Crexi
Added: May 27
Changed: Oct 7
Last Checked: Oct 15 at 12:11AM
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
Investment Insights
Based on property information with market context.
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.
Key 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).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$434,753
Cap Rate
8.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,695,060
$8.7M
Cap Rate 7%
$6,210,757
$6.2M
Cap Rate 9%
$4,830,589
$4.8M
Market Conditions
NOI Build-Up for 19,135 SF
Gross rent
$642.9K $33.60/SF
− Vacancy
−$21.9K −$1.14/SF
EGI
$621.1K $32.46/SF
− OpEx
−$186.3K −$9.74/SF
NOI
$434.8K $22.72/SF
Area
Orange County, CA
Vacancy
3.40%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,695,060
Cap Rate 7%
$6,210,757
Cap Rate 9%
$4,830,589
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 authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92692, CA
46,434
Population
18,005
Households
2.6
Avg Household Size
48
Median Age
55%
College-Educated
94%
High-School Grad
8.6 sq mi
ZIP Area
5,399
Density / Sq Mi
$133,028
Median Household Income
$67,915
Median Earnings
$2,812
Median Rent
$983,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
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Similar Off Market Nearby
- Mission Foothill Marketplace — 28841 Los Alisos Blvd, Mission Viejo, CA 92692
Frequently Asked Questions
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).
