Starbucks & Bank of the West Retail Center for Sale 20516 Devonshire Street, LA, CA Cap Rate 4.78% Los Angeles (Los Angeles, California, US ) Built

$7,950,000 USD
Dollars

BAI-MEX Bienes Raíces y Negocios

  • Type: Commercial
  • Style: Commercial
  • Size: 9,084 sq. ft.
  • Development Level: Built
  • Lot Size: 30303 acres
  • Year Built: 1997

Description

Starbucks & Bank of the West Retail Center for Sale 20516 Devonshire Street, LA, CA Cap Rate 4.78%

Cap Rate: 4.78%
NOI: $380,211
Building Size: 9,084 sqft
Lot Area: 30,303 sqft
Occupancy: 100%
Year Built: 1997
Zoning: LAP
Parking Spots: 43

DESCRIPTION
CBRE is pleased to exclusively offer for sale a 9,084 SF internet-resistant multi-tenant investment opportunity located in the highly affluent City of Chatsworth in the San Fernando Valley. All of the tenants have either historical tenancy or have recently executed 5 or 10-year lease terms. Starbucks and Western Bagel have been tenants at the center for over 23 years. Bank of the West originally executed its lease in 2018 with deposits currently at $105M in 2019 (33% increase from its 2018 deposits) and Bubbles Dry Cleaners executed its lease in 2018.

The property is strategically positioned along Devonshire Street and Mason Avenue, one of the most prominent retail intersections in Chatsworth, which reports strong traffic counts of 45,472 cars per day. The site benefits from valuable ingress/egress along both streets and is adjacent to several commercial retailers and residential communities, helping drive traffic to the center. The subject property offers investors the opportunity to acquire a well located and fully occupied retail strip center in the desirable City of Chatsworth within Los Angeles County.

• STABILIZED INVESTMENT OPPORTUNITY IN HIGH BARRIERS TO ENTRY, SAN FERNANDO VALLEY (CHATSWORTH)
• Fully Occupied Investment – The strip center is 100% occupied by Starbucks, Bank of the West, Western Bagel and Bubbles Dry Cleaners.
• Long Term Tenancy – Nearly 33% of the center has had tenancy there for over 23 years. Both Starbucks and Western Bagel have occupied its current spaces since 1997.
• Ideal 1031 Exchange Property – A majority of the tenants are on NNN leases with significant amount of term remaining or have historical tenancy, this will allow passive investor
to acquire a stabilized investment with a stable income stream.
• Dense/Affluent Southern California Demographics – The subject property is ideally situated in the heart of a dense, infill trade area featuring over 17,597 residents and average
household incomes exceeding $111,933 within a 1-mile radius and over 138,671 residents and average household incomes exceeding $114,195 within a 3-mile radius.
• HIGH IDENTITY LOCATION WITH EXCELLENT FRONTAGE AND SIGNAGE
• Excellent Regional Location – The subject property is immediately adjacent to several grocery and drugstore-anchored shopping centers, gas stations, financial service providers
and dining options (Trader Joe’s, Vons, CVS, Wells, which include Trader Joe’s, Vons, CVS, Chase Bank, One West Bank, etc.).
• Highly Visible Hard Corner Location – The property is situated on the hard-signalized corner of Devonshire Street and Mason Avenue with traffic counts exceeding 45,472 cars per
day. The center offers convenient ingress and egress to customers on both sides of the street along with signage along the corner of the building.

For more information:
Javier Tamez Martínez.
jtamez@bai-mex.com
Celular: +52 (81) 1599 75 36
Podemos encontrar propiedades comerciales e industriales para invertir en cualquier ciudad y estado de estados unidos.

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Information is deemed to be correct but not guaranteed.