17020 Chatsworth Street

    Granada Hills, CA 91344
    • $9,395,000
    • STATUS: Active
    • ON SITE: 300 days
    • ID#: DW19010431
    UPDATED: 73 min ago
    $9,395,000
    • 0
      BEDS
    • 1.82
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 43,017
      SQFT
    • $218
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1962
    County:

    School Ratings & Info

    Description

    The property consists of a single story 99 Cent Only Store along with a two story multi-tenant retail / office building. 99 Cent Only has recently exercised their fifth option to extend their lease. That option period begins in February 2019. They have one remaining 5 year option beginning in February 2024. 99 Cent Only has been at this location for over 20 years and although they do not report sales for this location, the store isalways busy and 99 Cent Only is reporting expected 2018 company revenue of $2.25 Billion and 8%-8.5% increase in same store sales.The office and retail shop space portion of this offering is where investors will find the value add component. There are currently 6 retail shop units and 34 office suite units. The office portion is equipped with HVAC and an elevator. All of the office suites are currently on month to month lease terms and the average rent is only $1.18 gross per sq. ft. The rents on these units should be increased to market levels of $2.00 gross per sq. ft., delivering a pro forma cap rate of 8%. The property sits on a massive 1.8 acre lot with approximately 125 parking stalls. The property also has strong future development potential of commercial or residential units with C 1- 1VL zoning.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-11-11T16:30:06.61. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Allison James Estates and Homes. Licensed in the State of California, USA.
    www.teamforss.com/homes/90858368

    17020 Chatsworth Street Granada Hills, CA 91344

    • Price: $9,395,000
    • Status: Active
    • Updated: 73 min ago
    • ID#: DW19010431
    0
    Beds
    0
    Baths
    0
    ½ Baths
    1.82
    Acres
    43,017
    SQFT
    $218
    $/SQFT
    1962
    Built
    Neighborhood:
    GH - Granada Hills
    County:
    Los Angeles
    Area:
    GH - Granada Hills
    Property Description
    The property consists of a single story 99 Cent Only Store along with a two story multi-tenant retail / office building. 99 Cent Only has recently exercised their fifth option to extend their lease. That option period begins in February 2019. They have one remaining 5 year option beginning in February 2024. 99 Cent Only has been at this location for over 20 years and although they do not report sales for this location, the store isalways busy and 99 Cent Only is reporting expected 2018 company revenue of $2.25 Billion and 8%-8.5% increase in same store sales.The office and retail shop space portion of this offering is where investors will find the value add component. There are currently 6 retail shop units and 34 office suite units. The office portion is equipped with HVAC and an elevator. All of the office suites are currently on month to month lease terms and the average rent is only $1.18 gross per sq. ft. The rents on these units should be increased to market levels of $2.00 gross per sq. ft., delivering a pro forma cap rate of 8%. The property sits on a massive 1.8 acre lot with approximately 125 parking stalls. The property also has strong future development potential of commercial or residential units with C 1- 1VL zoning.
    Exterior Features

    Lot Features Corner LotLot Over 40000 Sqft Lot Size Source Assessor Lot Size Units Square Feet

    Interior Features

    Condo Area Units Square Feet Heating Forced Air Heating YN Yes Laundry Features None

    Property Features

    Accounting Type Actual Additional Parcels YN No Building Area Units Square Feet Building Status Existing Cap Rate 6.05 Country Us Electric Expense 59712.00 Gross Scheduled Income 729252.00 Insurance Expense 8036.00 Investment Property YN Yes Land Lease YN No Land Use OfficeRetail Laundry YN No Leasable Area Units Square Feet Maintenance Expense 18000.00 Max Total Area Units Square Feet Min Total Area Units Square Feet Net Operating Income 568439.00 Operating Expense 253093.00 Other Expense 15900.00 Professional Management Expense 24084.00 Property Sub Type Office Real Estate Tax Expense 117437.00 Special Listing Conditions Standard Total Expenses 253093.00 Trash Expense 9924.00 Water Source Public

    Listing provided courtesy of Chris Comfort of Apex Properties


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-11-11T16:30:06.61. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Allison James Estates and Homes. Licensed in the State of California, USA.
     
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