15720 Ventura Boulevard, Los Angeles, California 91436

$19,999,000

Property Type

Commercial Sale

Building Size

85,650 sqft

City

Los Angeles

Status

Active

15720 Ventura Blvd is a six story multi-tenant office & retail building located in Encino, California. The building was originally built in 1964 and has a two-story parking structure behind the building and a large open parking lot behind that.There is excess parking for the building and provides an opportunity to develop an additional structure at the rear of the property, most likely multi-unit housing. There are 122 tenant spaces that are primarily made-up medical office services with some retail on the ground floor. There are 20 vacant suites totaling 17,937 sq. ft. of space / 22.5% of the rentable sq. ft..The average current rent is only $2.62 in a market where comparable properties are asking $2.75 to $3.00 PSF per month for comparable small suites. There is also additional income provided by a billboard lease, cell tower and parking revenue. The current zoning of C4 and R3 provides both current and future development potential for this site.The area is subject to the Ventura / Cahuenga Boulevard Corridor Specific Plan in the City of Los Angeles. Encino is an upscale submarket in the San Fernando Valley and has access to the 101 and 405 freeway. It is a short distance to Tarzana Medical Center and is a well-established location for medical offices, retail, and other service providers. This is a tremendous opportunity to purchase a generational piece of real estate with upside in current rents and operations, as well as with future development potential