Investment Overview

Marcus & Millichap, as Exclusive Advisor, is pleased to present 7353 Canoga Avenue, a 6,823 square foot mixed-use retail, office, and industrial property partially occupied by Hertz Car Rental, just 0.7 miles north of Warner Center, the largest urban planned development in Southern California, with over 80,000 new jobs and 37 million SF of commercial and residential development projected by 2037. 7353 Canoga Avenue is ideally suited for an owner-user or value-add buyer. The property consists of two buildings: a two-story mixed-use retail/office building in the front totaling 3,695 SF and a single tenant 3,000 SF warehouse in the rear. The property is 11.87% occupied by Hertz Car Rental, one of the largest worldwide vehicle rental companies, occupying the 795 SF ground floor unit in the front. Hertz has been a tenant of the property since 2008 and is on a lease expiring 6/30/2026 with an additional five (5) year option to extend the terms of the lease. Hertz is paying a reduced rent of $5,000.00/month ($6.29/SF) on a modified gross lease through 6/30/2026. They are responsible to pay their share of utilities and repair & maintenance to the premises. Should they elect to exercise their option for an additional five (5) years, Hertz’s rent would increase to $7,356.98/month ($9.25/SF) with 3% annual increases thereafter. Outside of the 795 SF ground floor unit in the front building, the remainder of the property is currently vacant. The allows a new owner to opportunity to occupy the remaining space or lease out the vacancies to market rent paying tenants. The 2,900 SF second floor office unit has been highly upgraded and fully built with open floor plans and balconies. The rear 3,000 SF warehouse has 20+ foot high ceilings and two ground level roll-up doors. The property is uniquely positioned with individual points of access to each unit, street front access to its front and gate secured parking. The rear warehouse building has its own dedicated and enclosed yard accessible via a rear alley. The subject property benefits from great visibility with approximately 50 feet of frontage along Canoga Avenue. The property is one (1) parcel south of the intersection of Canoga Avenue and Valerio Street, with traffic counts in excess of 49,000. The property benefits from nineteen (19) parking spaces, a parking ratio of 2.78 spaces per 1,000 SF, accessible along Canoga Avenue.