14444 lanark street
PANORAMA CITY, CA 91402
PRICE
$2,950,000
BUILDING SIZE
7,094 SF
LOT SIZE
17,260 SF
CAP RATE
PRICE/SF (BLDG)
PRICE/SF
(LAND)
0.80%
$416
$171
The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is pleased to present 14444 Lanark Street, a 7,094 SF two tenant value-add auto repair property situated on 0.40 acres of land (17,260 SF), ideally located one parcel east of the SE corner of Van Nuys Blvd & Lanark St, between the Panorama Mall and The Plant Shopping Center in Panorama City, CA.
14444 Lanark Street is a nine (9) bay value-add multi-tenant auto repair property 100% occupied by two (2) seasoned tenants, both on month to month leases. Because of their short-term leases, the property is ideal for an owner-user looking to occupy a portion or all of the property or a value-add investor looking to reposition the property with market rent paying tenants.
The subject property is located one parcel east the intersection of Lanark St and Van Nuys Boulevard. Van Nuys Boulevard is a highly trafficked north-south commercial corridor connecting Panorama City to Sherman Oaks to the south with more than 44,000 vehicles of traffic per day. Van Nuys Boulevard is the site of a highly anticipated Metro Light Railway which will add increasing importance to Van Nuys Blvd’s commercial significance.
The subject property currently generates $7,350.00 per month ($1.04/SF) or $88,200.00 annually on gross leases. An astute investor may elect to reposition the tenants or, more simply, sign the current tenants on new market rent, NNN leases to raise the existing income.