Mixed-Use
Majestic Plaza
18341 Sherman Way, Reseda, CA 91335
Listing Price: $9,400,000
Lot Size
1.18 acres
Price/Acre
$7,966,102
Land Type
Redevelopment
Buildable Square Feet
129,634
Investment Overview
COVERED LAND OPPORTUNITY CONSISTING OF A 40,393 SF MIXED-USE RETAIL & OFFICE BUILDING SITUATED ON 51,449 SF OF LAND WITH ENTITLEMENTS IN PLACE FOR A 112 MARKET-RATE UNIT MULTI-FAMILY DEVELOPMENT
Majestic Plaza
Investment Highlights
- 1.18 acres of land located on Sherman Way, just east of Reseda Boulevard
- Covered Land Opportunity consisting of a 40,393 SF mixed-use retail & office building situated on 51,449 SF of land with entitlements in place for a 112 market-rate unit multi-family development
- Entitlements in place for A 112-Market-Rate Unit Multifamily Development
- Zone change has been processed, re-zoning the entire site to (T)(Q)RAS4-1D-CDO from [Q]C2-1DO-CDO and [Q]P-1D-CDO
- The project is slated for a 55-foot, four-story mixed-use development consisting of two buildings totaling 129,634 square foot development with 15,160 square feet of ground floor commercial providing 228 parking spaces within one (1) at-grade and two (2) subterranean parking levels
- Ideal Owner-User or Value-Add Investment Opportunity
- Current rents are significantly below market averaging $1.16 per square foot, creating a unique value-add opportunity
- The property is currently 87% leased with flexible month-to-month and short-term leases through 2024
Listing Price: $9,400,000
Lot Size
1.18 acres
Price/Acre
$7,966,102
Land Type
Redevelopment
Buildable Square Feet
129,634
Investment Highlights
- 1.18 acres of land located on Sherman Way, just east of Reseda Boulevard
- Covered Land Opportunity consisting of a 40,393 SF mixed-use retail & office building situated on 51,449 SF of land with entitlements in place for a 112 market-rate unit multi-family development
- Entitlements in place for A 112-Market-Rate Unit Multifamily Development
- Zone change has been processed, re-zoning the entire site to (T)(Q)RAS4-1D-CDO from [Q]C2-1DO-CDO and [Q]P-1D-CDO
- The project is slated for a 55-foot, four-story mixed-use development consisting of two buildings totaling 129,634 square foot development with 15,160 square feet of ground floor commercial providing 228 parking spaces within one (1) at-grade and two (2) subterranean parking levels
- Ideal Owner-User or Value-Add Investment Opportunity
- Current rents are significantly below market averaging $1.16 per square foot, creating a unique value-add opportunity
- The property is currently 87% leased with flexible month-to-month and short-term leases through 2024
Investment Overview
COVERED LAND OPPORTUNITY CONSISTING OF A 40,393 SF MIXED-USE RETAIL & OFFICE BUILDING SITUATED ON 51,449 SF OF LAND WITH ENTITLEMENTS IN PLACE FOR A 112 MARKET-RATE UNIT MULTI-FAMILY DEVELOPMENT
