12439 Oxnard st
PRICE
BUILDING SIZE
NORTH HOLLYWOOD, CA 91606
$4,450,000
±11,696 SF
LOT SIZE
27,068 SF
PRICE/SF (BLDG)
PRICE/SF (LAND)
PROFORMA CAP RATE
$380
$164
8.39%
The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is pleased to present Monteleone Plaza located at 12439 Oxnard Street (the “Property”), a ±11,696 SF fully leased signalized corner strip center situated on an 27,068 SF parcel in the heart of the San Fernando Valley.
Prominently positioned at the northeast signalized intersection of Oxnard Street and Whitsett Avenue with dual-arterial frontage, Monteleone Plaza represents a fully leased neighborhood retail center supported by durable daily-needs tenancy within one of the San Fernando Valley’s most established commercial corridors.
The asset also offers a near-term opportunity to enhance operating income through the implementation of existing lease provisions and expense recoveries that have not historically been fully enforced. In addition, a majority of tenants currently operate under gross or modified gross lease structures, providing future ownership with the opportunity to increase recoveries and transition tenants toward market-standard lease terms over time.
Current in-place income materially understates the asset’s earning potential. Existing rents average approximately $1.82 per square foot per month and are derived from long-term lease agreements. As leases roll to market, ownership is positioned to capture meaningful rental rate growth supported by the significant spread between in-place and market rents.