21061 Sherman Way Los Angeles, CA 91303

Property Details for 21061 Sherman Way

Year built

1958

Property size

16,000 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

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.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Longitude

-118.593

Latitude

34.2019