Building Details

Year Built 1991

Buildings 4

Stories 1

Units 33

Tenancy Multi

Listing Agency: Pegasus Investments d***@pegasusinvestments.com Show Phone

Listed By: Daylin Ackerman · License #CA 02011508

Source: Crexi

Added: Mar 24 Changed: Aug 24 Last Checked: Aug 29 at 2:09PM

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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 Pegasus Investments

Investment Insights

Based on property information with market context.

Oak Park Shopping Center is a neighborhood shopping center located in Oak Park, Los Angeles, California. Situated at the intersection of Kanan Road and Lindero Canyon Road, with a traffic volume exceeding 30,000 vehicles per day, the center is positioned across the street from a Pavilions-anchored shopping center and less than 2.5 miles north of the 101 Freeway. It serves an upscale community with nearly 50,000 residents and average household incomes of $180,000 within a 3-mile radius. The shopping center is strategically located between Oak Park High School, North Ranch Country Club, and the North Ranch luxury gated housing community, establishing it as a primary shopping destination in the area. The property comprises a diverse mix of retail tenants in service, medical, lifestyle, and convenience sectors. Of the 33 retail units, eight are currently vacant, seventeen have no extension options, and six operate on a month-to-month basis. By 2028, 42% of tenant leases (by revenue) will roll over. Potential value-add approaches include market rate adjustments for below-market paying tenants, backfilling existing vacancies, and converting gross leases to triple net recoveries. The property offers the opportunity to acquire a high-income, value-add asset in an affluent suburban market.

Key Highlights

• Located in affluent Oak Park, Los Angeles, with high average household incomes.
• Value‑add opportunity with 8 vacant units and 17 leases with no extension options.
• Projected strong financial returns including a 14.2% levered IRR and 3.2x equity multiple.

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

$1,190,870

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

4.96%

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%

$23,817,400 $23.8M

Cap Rate 7%

$17,012,429 $17.0M

Cap Rate 9%

$13,231,889 $13.2M

Market Conditions

NOI Build-Up for 74,381 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

$1.79M $24.00/SF

− Vacancy

−$83.9K −$1.13/SF

EGI

$1.70M $22.87/SF

− OpEx

−$510.4K −$6.86/SF

NOI

$1.19M $16.01/SF

Area

Ventura County, CA

Vacancy

4.70%

Lease Rate

$24.00 /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%

$23,817,400

Cap Rate 7%

$17,012,429

Cap Rate 9%

$13,231,889

Alternative Uses

Best Use

Retail

$17.01M

$14.89M – $19.85M (±1% cap)

NOI $1,190,870 @ 7.0% cap · market cap 4.96%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$25.53M

$22.34M – $29.79M (±1% cap)

NOI $1,787,429 @ 7.0% cap · market cap 7.45%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Shopping centers

Suggested Use

Top Pick Law Firm Auto Repair Shop Parking Lot & Garage Dental Office (Bike/Boat/Book/etc) Store Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

384

Businesses Nearby

33k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 54% Dining 46%

Pavilions Groceries

17,803 visits/mo 0.3 miles

Starbucks Dining

12,866 visits/mo 0.2 miles

SUBWAY Dining

1,438 visits/mo 0.1 miles

Tony's Pizza & Pasta Dining

669 visits/mo 0.1 miles

Lamppost Pizza Dining

376 visits/mo 0.2 miles

Demographics for 91377, CA

13,898

Population

5,239

Households

2.7

Avg Household Size

44

Median Age

63%

College-Educated

99%

High-School Grad

5.4 sq mi

ZIP Area

2,574

Density / Sq Mi

$160,484

Median Household Income

$78,405

Median Earnings

$3,150

Median Rent

$1,017,100

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

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Frequently Asked Questions

What type of property is this?

Shopping center - Neighborhood shopping center in affluent Oak Park, Los Angeles.

Where is this shopping center located?

The property is located at 604 Lindero Canyon Rd Oak Park, CA.

What is the asking price?

The asking price for this property is $24,000,000.

What are key features of this property?

This property features: Located in affluent Oak Park, Los Angeles, with high average household incomes.; Value‑add opportunity with 8 vacant units and 17 leases with no extension options.; Projected strong financial returns including a 14.2% levered IRR and 3.2x equity multiple.