2355 Tapo St Simi Valley, CA 93063-3000

Property Details for 2355 Tapo St

Year built

1989

Lot size

1.43 lot acres

Property size

17,884 SF

Zone code

CPD

Property type

Strip malls

Property subtype

Neighborhood centers

APN

618-0-160-335

APU

6180160335

Description

This exceptional 16,899 square foot retail shopping center in Simi Valley, CA, presents a compelling value-add investment opportunity. Located at 2355 Tapo St, this single-story, 1988-built property sits on a 62,290 square foot lot and boasts a 6.40% cap rate with a current NOI of $168,969. Currently 78% occupied by a diverse mix of restaurant, health, and service tenants, the property offers significant upside potential through lease-up of the remaining 22% vacant space, rent increases, and below-market rents rolling to market. Projected NOI increases of approximately $167,000 are anticipated during the projected hold period. The property benefits from its prime location in a daily needs retail corridor, proximate to the Ronald Reagan Freeway (approximately 126,100 cars per day), a Walmart-anchored shopping center undergoing a major redevelopment, and dense residential communities. This redevelopment project, located directly across the street, includes approximately 280 multi-family units, a community park, and a resident-only parking garage, further enhancing the property's long-term value and potential. The asking price is $2,640,000 ($156 per square foot). The property features rent bumps and is not subject to a ground lease. APN: 618-0-160-335. This is a rare opportunity to acquire a high-quality retail investment in a thriving market with significant growth potential.

Location Insight

City

Simi Valley

County

Ventura

State

California

Longitude

-118.711

Latitude

34.2778

CBSA code

37100

CBSA name

OXNARD-THOUSAND OAKS-VENTURA, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments