Vacant-User

21314-21316 Sherman Way

21314 Sherman Way, Los Angeles, CA 91303

Listing Price: $2,650,000

Gross SF
10,100
Rentable SF
10,100
Price/Gross SF
$262.38
Lot Size
0.51 acres
Year Built
1963

Investment Overview

Marcus & Millichap is pleased to present 21314-21316 Sherman Way in Canoga Park, California. The offering consists of two buildings totaling approximately 10,100 square feet and a dual-sided Billboard situated on two parcels of land totaling approximately 0.51 Acres. The underlying zoning of both parcels is MR1-1VL-RIO which allows for a multitude of commercial, manufacturing, and industrial uses. Located one block east of the intersection of Sherman Way and Canoga Ave, (83 of Frontage on Sherman Way) the property enjoys a heavy traffic count with over 33,000 vehicles per day. The neighborhood also has the benefit of being located close to major transportation corridors including the 5, 101, 118, 134 and 405 Freeways. This dense infill location boasts strong demographics with a population over 438,114 and an Average Household Income of $115,594 in a 5-Mile Radius.

The property is 100% vacant with the exception of the Billboard, which has a lease through May of 2022. The existing Billboard rent has not been increased in over 10 years and is considerably below market, allowing for immediate upside when the lease expires. This is a tremendous opportunity to acquire an industrial/commercial asset in a submarket that has seen continued tight vacancy and rising rents. Despite the onset of the pandemic, the vacancy rate has remained low at approximately 2.4% and rents have increased at a rate of 2.5% on an annual basis as of Q4 2020.

The subject property falls within a designated qualified opportunity zone which can provide potential tax advantages. These zones often tend to attract more investment in general as they have more development appeal. The property also falls within the state enterprise zone which allows you to utilize a lower parking ratio (1 space per 500 SF) for commercial office, business, retail, restaurant, bar and related uses, trade schools, or research and development buildings thus increasing the buildable area of the parcel.

Investment Highlights

  • Commercial/Industrial Owner/User or Investment Opportunity
  • Additional Income from Billboard Short Term Lease with Below Market Rent
  • Large Pylon Sign

Exclusively Listed By

Listing Price: $2,650,000

Gross SF
10,100
Rentable SF
10,100
Price/Gross SF
$262.38
Lot Size
0.51 acres
Year Built
1963

Investment Highlights

  • Commercial/Industrial Owner/User or Investment Opportunity
  • Additional Income from Billboard Short Term Lease with Below Market Rent
  • Large Pylon Sign

Investment Overview

Marcus & Millichap is pleased to present 21314-21316 Sherman Way in Canoga Park, California. The offering consists of two buildings totaling approximately 10,100 square feet and a dual-sided Billboard situated on two parcels of land totaling approximately 0.51 Acres. The underlying zoning of both parcels is MR1-1VL-RIO which allows for a multitude of commercial, manufacturing, and industrial uses. Located one block east of the intersection of Sherman Way and Canoga Ave, (83 of Frontage on Sherman Way) the property enjoys a heavy traffic count with over 33,000 vehicles per day. The neighborhood also has the benefit of being located close to major transportation corridors including the 5, 101, 118, 134 and 405 Freeways. This dense infill location boasts strong demographics with a population over 438,114 and an Average Household Income of $115,594 in a 5-Mile Radius.

The property is 100% vacant with the exception of the Billboard, which has a lease through May of 2022. The existing Billboard rent has not been increased in over 10 years and is considerably below market, allowing for immediate upside when the lease expires. This is a tremendous opportunity to acquire an industrial/commercial asset in a submarket that has seen continued tight vacancy and rising rents. Despite the onset of the pandemic, the vacancy rate has remained low at approximately 2.4% and rents have increased at a rate of 2.5% on an annual basis as of Q4 2020.

The subject property falls within a designated qualified opportunity zone which can provide potential tax advantages. These zones often tend to attract more investment in general as they have more development appeal. The property also falls within the state enterprise zone which allows you to utilize a lower parking ratio (1 space per 500 SF) for commercial office, business, retail, restaurant, bar and related uses, trade schools, or research and development buildings thus increasing the buildable area of the parcel.

Exclusively Listed By

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