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    Mixed-Use Building in Panorama City Title is generated by Realmo AI

    8741-8751 Van Nuys, Panorama City, CA 91402

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    15,046 SF building suitable for medical or apartment conversion.

    Type:Multifamily, Office, Land
    Property size:
    15,046 SF
    Lot size:
    0.59 Acres
    Price / SF:
    $294/SF
    Added:
    Sep 12, 2024
    Days on Market:
    630
    Last Refresh:
    May 12 at 9:23 pm

    Property Features for 8741-8751 Van Nuys

    General Information

    Standard status
    Active
    Size
    15,046 SF
    Lot size
    0.59 Acres
    Property subtype
    Multifamily, Office, Land

    We can help!

    Listing Contact
    Karl Niehaus

    Listing agent Karl Niehaus License #CA 01450751

    Listing office Commercial Real Estate Investments

    Listing date Sep 12, 2024

    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 Commercial Real Estate Investments

    HighLights

    • Potential for medical office conversion or apartment development of an existing 15,046 SF building.
    • Additional 9,155 SF lot provides abundant parking and qualifies the property for medical uses.
    • Excellent location with walking access to supermarkets, Walmart, malls, and retailers.
    • Convenient transportation options including a new rail station (3 blocks away) with connections to multiple rail lines, numerous bus lines, and easy access to 4 freeways.
    • High housing demand with a large population (73k+ within 1 mile, 175k+ within 2 miles) and strong household income ($71k+ within 1 mile, $82k+ within 2 miles).
    • Proximity to 7 schools (within 1 mile) and Kaiser Permanente Medical Center (just over 1 mile).

    Overview

    The property at 8741-8747 Van Nuys presents an opportunity to acquire an existing 15,046 square foot building that can be converted into a medical office or developed into apartments. An additional 9,155 square foot lot provides abundant parking and supports medical uses. The location offers convenient access to amenities, including two supermarkets within one block, as well as a Walmart, malls, and retailers within three blocks. Transportation options are readily available, with a new rail station under construction three blocks away, providing connections to the Orange, Red, and Metro Link rail lines. Numerous bus lines and easy access to the 405, 5, 118, and 170 freeways further enhance accessibility. The property is situated within a mile of seven schools and just over a mile from the Kaiser Permanente Medical Center. The surrounding area has a high housing demand, with over 73,000 residents within one mile and 175,000 residents within two miles. The average household income is over $71,000 within one mile and $82,000 within two miles. The property is located on a 16,774 square foot land, with an additional 9,155 square foot lot available.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Panorama City
    County
    Los Angeles
    State
    California
    Longitude
    -118.445
    Latitude
    34.2243

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    FAQs

    What type of property is this?
    Mixed-use property - 15,046 SF building suitable for medical or apartment conversion.
    Where is this mixed-use property located?
    The property is located at 8741-8751 Van Nuys Panorama City, CA.
    What is the asking price?
    The asking price for this property is $4,425,000.
    What are key features of this property?
    This property features: Potential for medical office conversion or apartment development of an existing 15,046 SF building.; Additional 9,155 SF lot provides **abundant parking** and qualifies the property for medical uses.; **Excellent location** with walking access to supermarkets, Walmart, malls, and retailers.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Karl Niehaus
    Real Estate License ID: CA 01450751
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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