Property Details for 2930 Tapo Canyon Rd

Year built

2003

Lot size

6.93 lot acres

Property size

87,963 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a 87,963 square foot, freestanding Kohl's department store (including Sephora) situated within the El Paseo Simi Shopping Center in Simi Valley, California. The property boasts a substantial 6.93-acre lot, offering significant frontage and multiple access points on Tapo Canyon Road and Alamo Street, presenting considerable redevelopment potential. Currently leased to Kohl's under a NNN lease with a corporate guarantee, the lease extends until January 30, 2029, representing a remaining term of approximately 4.2 years. The lease includes rent bumps of 5% in option periods, and six 5-year options are available. The property enjoys a prime location in downtown Simi Valley, at a high-traffic intersection with a combined daily vehicle count of 50,000. It benefits from proximity to the Ronald Reagan Freeway (SR 118), boasting 111,500 vehicles per day. The surrounding area features affluent residential communities, with an average household income exceeding $140,000 and a population of over 81,800 within a 3-mile radius. The center is anchored by Kohl's and Vons, and includes other high-quality tenants such as Carbon Health, Ace Hardware, The Coffee Bean & Tea Leaf, US Bank, Cold Stone Creamery, and The Habit Burger Grill. The property's Net Operating Income (NOI) is $1,140,943, resulting in a 7.50% cap rate. The asking price is $15,212,000. This offering presents a compelling combination of strong tenancy, a desirable location, and significant future development possibilities. The property was built in 2003 and has 100% occupancy.

Location Insight

City

Simi Valley

County

Ventura

State

California

Longitude

-118.7165631

Latitude

34.2874588

Property Visit Statistics

• Visits by month
  65.8k
• Visitors by month
  42.2k
• Avg Time on site
  40 min