Investment Overview

Marcus & Millichap is pleased to present 5203-5215 Lankershim Blvd, a generational mixed-use retail and office asset located in the heart of the NoHo Arts District in North Hollywood. This vibrant one-square-mile community is renowned for its concentration of over 20 professional theaters, dance studios, art galleries, public art installations, music venues, and creative workshops. With a Walk Score of 96, the location offers excellent pedestrian access to a dynamic blend of trendy cafes, gastropubs, boutique shops, and national retailers concentrated along Lankershim and Magnolia Boulevards. The property is also surrounded by numerous new apartment and mixed-use developments, including the recently completed NOHO West, a transformative 25-acre project featuring residential units, office space, and pedestrian-oriented retail and dining. The building is currently 100% leased to a strong mix of tenants: PitFire Pizza, Superba Café & Bakery, Subconscious Jiu Jitsu, and The Young Actor’s Studio, with a weighted average lease term (W.A.L.T.) of 3.4 years. PitFire Pizza, occupying approximately 47% of the net rentable area, has been a long-term tenant since 1996. In 2019, the tenant invested significantly in upgrading the restaurant and patio area, underscoring their long-term commitment to the site. The operator, Deluxe Foods—doing business as PitFire Pizza and Superba, further demonstrated their dedication in 2025 by exercising a 5-year lease extension early, securing tenancy through January 31, 2031. All leases include scheduled annual rental increases, providing consistent income growth and a natural hedge against inflation. The property totals approximately 12,135 square feet of net rentable area (buyer to verify) on a 0.30-acre parcel zoned C4-2D-CA | Tier 3 TOC. This zoning allows for significant development potential, including a 6:1 FAR by-right and up to 9:1 FAR with TOC incentives, both without height restrictions, positioning the asset well for future redevelopment. Strategically situated at a prominent signalized intersection, the property enjoys over 225 feet of combined frontage on Lankershim and Magnolia Boulevards and visibility to over 55,000 vehicles per day. The NoHo Arts District has rapidly evolved into one of the San Fernando Valley’s most desirable and development-friendly neighborhoods, experiencing significant investment and revitalization in recent years. The property also benefits from excellent regional connectivity, located just 0.5 miles from the CA-170 Freeway, 1 mile from the 134 Freeway, and within walking distance (0.3 miles) of the North Hollywood Metro Station, providing access to both the Red and Orange Lines. With over 240,000 residents within a 3-mile radius, including the highly sought-after neighborhoods of Toluca Lake and Valley Village, the location offers a strong demographic base and sustained demand.