Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 17709 Vanowen Street, a unique covered land opportunity consisting of a 24,322 square foot value-add multi-tenant retail center currently 91.89% occupied with existing rents averaging $0.83 per SF situated on 1.36 acres of land (59,278 SF) zoned C2, allowing the development of 155 units “by-right” or 210 units utilizing a 35% California State Density Bonus, and ED1 eligible, allowing for a significant affordable housing development of approximately 350 units, in the Western San Fernando Valley submarket of Reseda, CA. 17709 Vanowen Street is a 24,322 SF multi-tenant retail strip center currently 91.89% occupied, with 74.50% of the tenants on month-to-month leases. Exisitng rents are significantly below market, averaging $0.83 per square foot per month. The subject property also benefits from additional monthly income from T-Mobile for a rooftop wireless communication site, which is currently paying $5,901/month, as well as a two-sided rooftop billboard paying $300 per month, each on a month-to-month lease. 17709 Vanowen Street is currently occupied by a variety of uses including multiple restaurants, a bar, liquor store, hardware store, hobby shop, graphic store, a dentist, and 2,100 square feet of second story office (8.11% of total square footage). Monthly rent totals $19,666.15 or $0.83per square foot on average, all on a gross lease basis. Units average 1,618 SF, ideal unit sizes that appeal to a large tenant base and are easily leasable with minimal tenant improvement costs. 17709 Vanowen St is ideally suited for redevelopment. Its ample underlying land of 59,278 square feet (1.36 acres) is zoned C2, allowing the development of 155 units “by-right” or 210 units utilizing a 35% California State Density Bonus. The property is also eligible as an ED1 development, which allows for the development of approximately 350 affordable housing units, using a new 60-day expedited approvals process for 100% affordable housing projects in Los Angeles. Fully affordable multifamily developments are permitted unlimited density, increased height and FAR requirements, and four development incentives per the City’s on or off menu development standards table.