21061 Sherman Way Los Angeles, CA 91303

This exceptional 16,000 square foot multi-tenant retail center, located at 21061 Sherman Way in Canoga Park, California, presents a compelling investment opportunity. Built in 1958, the property boasts 100% occupancy with a diverse tenant mix including O'Reilly Auto Parts, a national anchor tenant with a lease extending to 2028, and options to 2038. Other tenants include El Antojito, Happy Market, and several other local businesses. The property generates a strong net operating income (NOI) of $306,524, resulting in a 5.79% cap rate. The asking price is $5,295,000, translating to a price per square foot of $330.94. Current rents average $20.34 per square foot, significantly below market rates of $30 per square foot, presenting a substantial value-add potential by increasing rents to market levels. The property benefits from a high-traffic location at a lighted intersection with over 40,000 vehicles per day. Its proximity to Pierce College and Canoga Park High School, along with a robust employment base within a three-mile radius, ensures a consistent customer flow. Furthermore, significant redevelopment projects in the area promise future growth and increased property value. This center offers a rare combination of strong current performance and significant upside potential in a rapidly developing area. The property is situated in a dense urban location with a population of 211,707 and an average household income of $104,067 within a three-mile radius. This prime location, coupled with the strong tenant base and value-add potential, makes this a truly exceptional investment opportunity.