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Warehouse

Aetna Industrial Buildings

14641 - 14679 Aetna St, Los Angeles, CA 91411

Listing Price: $3,750,000

Cap Rate
2.90%
Lot Size
0.46 acres
Year Built
1969
Rentable SF
13,188

Investment Overview

Marcus and Millichap is pleased to present the following opportunity for an owner-user or investor to acquire this highly sought after and difficult to find multi-tenant light industrial buildings located in Van Nuys. The subject property is well located along the industrial corridor in the city of Van Nuys on a quiet Sherman Oaks adjacent street. The property line borders the Metro Orange Rapid Transit (BRT) Line busway and is centrally located with convenient access to the 101, 134 and 405 freeways. The property consists of four contiguous single- story building CMU buildings constructed in 1969. The 20,050 square foot parcel is on the northeast corner of Aetna Street and Cedros Avenue with a street frontage of 200’ and a lot depth of 100’. Each building is on a separate lot which are now associated with one assessor parcel number. There is the possibility of subdividing the lots which could then in turn be sold off individually. Each building consists of five units with various approximate sizes ranging from 550 to 748 Square Feet. Combined building square footage is 13,030. There are 20 grade level doors and 1.5/1000 parking. Although each of the building are divided into separate units it does lend itself to contiguous use for an owner/user or tenant requiring additional space. The 20 units are fully occupied with a total of 16 tenants. The leases are all month-to-month and the majority of tenants are long time tenants at the building. There is rarely ever a vacancy at the property. Many of the existing tenants are involved in the music industry with the remaining tenants typical industrial usage. The CM-IVL (Commercial Manufacturing) zoning allows for a myriad of possible uses at the property. Various uses in this zone include, art or antique shop, studio, catering shop, upholstery shop, vertical e-commerce warehousing, dental clinic or laboratory. Also includes uses permitted in the C2 zone. There is significant demand in the immediate area for recording studios and creative office spaces. Recent property improvements include new roofing with warranty and exterior painting. The buildings are of concrete masonry construction with chain link fencing. Individual units have a bathroom and are equipped with garage style 10x10 pivot doors with conventional door access. Some of the individual units have mezzanine space. Individual units are sub metered for electric and paid by tenants along with trash. The owner is currently responsible for sewer and water, exterior lighting, property tax, building insurance and maintenance. Recent property improvements include exterior painting and a new roof with warranty. The property is 100% occupied with all tenants on month to month leases. A new investor can negotiate lease extensions with existing tenants, or find replacement tenants . The strong demographics of the area provide a steady customer base and demand by small business owners. There is tremendous upside for an investor to bring rents to market and capitalize on the strong demand and hard to find smaller space. As an owner occupant the property provides the flexibility of occupying all or a portion of the property. A buyer looking to purchase a smaller property with future plans to expand into the space can take advantage of this offering as the multi-tenant component allows for rental income prior to the expansion. Although each building has five units it could be opened up if contiguous space is required. The neighborhood has solid demographics with residents within a three-mile radius and average household income of x. Van Nuys is the most populous neighborhood in the San Fernando Valley and is bordered on the north by North Hills, on the northeast by Panorama City, on the east by Valley Glen and on the south by Sherman Oaks, on the southwest by the Sepulveda Basin, on the west by Lake Balboa, and on the northwest by Northridge. Van Nuys City Hall, courthouses and other government offices are a short distance away. Van Nuys is home to many attractions: convenient retail, shops, dining and surrounding residential neighborhoods. The Van Nuys adjacent Sepulveda Basin Recreation Area to the west is a large open space park behind the Sepulveda Dam. It has number of recreation facilities and natural areas, including wildlife preserve, cricket complex, soccer fields, bike paths and archery to name a few. The property is located in a State Enterprise Zone (SEZ) which allows incentives and tax credits and deductions to property owners for hiring eligible employees and offers credits for sales and use taxes paid on qualifying equipment and machinery. Because of the proximity to the Orange Line, the property qualifies for TOC (Tier2) incentives providing additional building incentives. The zoning also allows for residential housing units. There is an undersupply of small incubator/warehouse space in the area and there is strong demand. The vacancy factor in the area is under 1.5. This is a great opportunity for an investor to capitalize on the below market rents or eventually occupy space as an owner/user. The future potential to subdivide into four separate lots will allow an investor added upside to sell off the buildings individually.

Investment Highlights

  • 100 Percent Occupied
  • Low Maintenance Property
  • Flex Building in Prime Industrial Corridor
  • Qualifies for TOC-Tier 2 and State Enterprise Incentives
  • Rare Multi-Tenant Building
  • Tremendous Rental Upside
  • Month to Month Leases

Exclusively Listed By

Listing Price: $3,750,000

Cap Rate
2.90%
Lot Size
0.46 acres
Year Built
1969
Rentable SF
13,188

Investment Highlights

  • 100 Percent Occupied
  • Low Maintenance Property
  • Flex Building in Prime Industrial Corridor
  • Qualifies for TOC-Tier 2 and State Enterprise Incentives
  • Rare Multi-Tenant Building
  • Tremendous Rental Upside
  • Month to Month Leases

Investment Overview

Marcus and Millichap is pleased to present the following opportunity for an owner-user or investor to acquire this highly sought after and difficult to find multi-tenant light industrial buildings located in Van Nuys. The subject property is well located along the industrial corridor in the city of Van Nuys on a quiet Sherman Oaks adjacent street. The property line borders the Metro Orange Rapid Transit (BRT) Line busway and is centrally located with convenient access to the 101, 134 and 405 freeways. The property consists of four contiguous single- story building CMU buildings constructed in 1969. The 20,050 square foot parcel is on the northeast corner of Aetna Street and Cedros Avenue with a street frontage of 200’ and a lot depth of 100’. Each building is on a separate lot which are now associated with one assessor parcel number. There is the possibility of subdividing the lots which could then in turn be sold off individually. Each building consists of five units with various approximate sizes ranging from 550 to 748 Square Feet. Combined building square footage is 13,030. There are 20 grade level doors and 1.5/1000 parking. Although each of the building are divided into separate units it does lend itself to contiguous use for an owner/user or tenant requiring additional space. The 20 units are fully occupied with a total of 16 tenants. The leases are all month-to-month and the majority of tenants are long time tenants at the building. There is rarely ever a vacancy at the property. Many of the existing tenants are involved in the music industry with the remaining tenants typical industrial usage. The CM-IVL (Commercial Manufacturing) zoning allows for a myriad of possible uses at the property. Various uses in this zone include, art or antique shop, studio, catering shop, upholstery shop, vertical e-commerce warehousing, dental clinic or laboratory. Also includes uses permitted in the C2 zone. There is significant demand in the immediate area for recording studios and creative office spaces. Recent property improvements include new roofing with warranty and exterior painting. The buildings are of concrete masonry construction with chain link fencing. Individual units have a bathroom and are equipped with garage style 10x10 pivot doors with conventional door access. Some of the individual units have mezzanine space. Individual units are sub metered for electric and paid by tenants along with trash. The owner is currently responsible for sewer and water, exterior lighting, property tax, building insurance and maintenance. Recent property improvements include exterior painting and a new roof with warranty. The property is 100% occupied with all tenants on month to month leases. A new investor can negotiate lease extensions with existing tenants, or find replacement tenants . The strong demographics of the area provide a steady customer base and demand by small business owners. There is tremendous upside for an investor to bring rents to market and capitalize on the strong demand and hard to find smaller space. As an owner occupant the property provides the flexibility of occupying all or a portion of the property. A buyer looking to purchase a smaller property with future plans to expand into the space can take advantage of this offering as the multi-tenant component allows for rental income prior to the expansion. Although each building has five units it could be opened up if contiguous space is required. The neighborhood has solid demographics with residents within a three-mile radius and average household income of x. Van Nuys is the most populous neighborhood in the San Fernando Valley and is bordered on the north by North Hills, on the northeast by Panorama City, on the east by Valley Glen and on the south by Sherman Oaks, on the southwest by the Sepulveda Basin, on the west by Lake Balboa, and on the northwest by Northridge. Van Nuys City Hall, courthouses and other government offices are a short distance away. Van Nuys is home to many attractions: convenient retail, shops, dining and surrounding residential neighborhoods. The Van Nuys adjacent Sepulveda Basin Recreation Area to the west is a large open space park behind the Sepulveda Dam. It has number of recreation facilities and natural areas, including wildlife preserve, cricket complex, soccer fields, bike paths and archery to name a few. The property is located in a State Enterprise Zone (SEZ) which allows incentives and tax credits and deductions to property owners for hiring eligible employees and offers credits for sales and use taxes paid on qualifying equipment and machinery. Because of the proximity to the Orange Line, the property qualifies for TOC (Tier2) incentives providing additional building incentives. The zoning also allows for residential housing units. There is an undersupply of small incubator/warehouse space in the area and there is strong demand. The vacancy factor in the area is under 1.5. This is a great opportunity for an investor to capitalize on the below market rents or eventually occupy space as an owner/user. The future potential to subdivide into four separate lots will allow an investor added upside to sell off the buildings individually.

Exclusively Listed By

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