Listing IDSB23055274
Price$10,000,000
Price/SqFt$209.24
StatusPending
SqFt
47,792
CountyVentura
Year Built1960
Property TypeCommercial Sale
Property Sub TypeRetail
North Oaks Center is beautiful and well-designed 47,792 square foot shopping center, consisting of 16 separate stores (14 leased/2 vacant) and is located in the very desirable neighborhood of Thousand Oaks, CA. The building is situated at the corner of Avenida De Los Arboles and Avenida De Las Palmas, a few blocks east of Moorpark Blvd. and approximately 1-mile west of the Moorpark (23) Freeway, which connects the Ventura (101) Freeway with the Foothill (118) Freeway. Nearby employers include Cal Lutheran University, a 290-acre private university, with approximately 4,300 students and Los Robles Regional Medical Center, the largest hospital in eastern Ventura County with approximately 382-beds. Thousand Oaks has outstanding demographics, with approximately 127,000 residents and an average household income of approximately $143,000, according to the 2020 Census. The shopping center is anchored by a freestanding 99¢ Only Store building, which was constructed in 1960. This building recently received a $300,000 renovation. The remainder of the center, built in 1970, features an excellent mix of restaurant and service-based tenants. The property is currently 95.27% occupied, with only two small vacancies. The shopping center features an abundance of parking and very good ingress/egress. The asking price for this unique asset is $10,000,000. At $10,000,000, the pricing metrics are $209.24/sq. ft. and a 6.62% cap rate based on the Current NOI of $661,693. The Current NOI assumes the existing rent for 99¢ Only Store, which is $8.06/sq. ft. or $15,023.17/month. The tenant’s lease expires on January 31, 2024, and has not provided notice to exercise their option yet. The tenant is required to deliver the notice to exercise to the landlord no later than August 4, 2023. Based on conversations with the tenant’s representative, we do not expect the 99¢ Only Store to renew their lease. There is significant value to be added by backfilling the freestanding 99¢ Only Store building and moving the rent to market, which is much higher than the tenants option rent. The Proforma NOI stated in this Offering Memorandum assumes a rent of $14/sq. ft. for the 99¢ Only Store space. There is some deferred maintenance at the property, specifically the roofs on the inline shop space and the parking lot. This property is being sold as-is, so any deferred maintenance concerns should be contemplated in the offer price. Offering Memorandum included as a supplement.
County
Ventura
Price Reduction Date
2023-05-15T23:39:26+00:00
Price/SqFt
209.24
Property Sub Type
Retail
Property Type
Commercial Sale
Year Built
1960
Building Area Units
Square Feet
Condo Area Units
Square Feet
Laundry Features
None
Lot Size Source
Assessor
Minimum Total Area Units
Square Feet
Water Source
Public
Country
US
MLS Area Major
TOW - Thousand Oaks West
Additional Parcels
yes
Asset Class
Retail
Building Status
Existing
Co List Agent State License
01802527
Co List Office State License
01972083
Days On Market
351
Land Use
Retail
List Agent State License
00815392
List Office State License
01972083
Max Total Area Units
Square Feet
Parcel Number
6750133135
Cap Rate
6.62
Investment Property
yes
Special Listing Conditions
Standard
© 2024. The multiple listing data appearing on this website is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the consumer may be interested in purchasing. All data, including but not limited to all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Any correspondence from IDX pages are routed to Keller Williams Exclusive Properties or one of their associates. Last updated Thursday, March 28th, 2024.
Based on information from CARETS as of Thursday, March 28th, 2024 09:15:09 AM. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Based on information from CARETS as of Thursday, March 28th, 2024 09:15:09 AM. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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Contact - Listing ID SB23055274
Mary Tan Addington
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