15603 ventura blvd
PRICE
BUILDING SIZE
ENCINO, CA 91436
$6,250,000
9,506 SF
LOT SIZE
19,999 SF
PRICE/SF (Bldg)
PRICE/SF (Land)
PROFORMA CAP RATE
$657
$313
6.45%
The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is pleased to present 15603 Ventura Boulevard (the “Property”), a 9,506 SF four-suite multi-tenant retail center situated on a 19,999 SF parcel with prominent frontage along Ventura Boulevard in the heart of Encino.
15603 Ventura Boulevard is a ±9,506-square-foot multi-tenant retail strip center situated on a ±19,999-square-foot parcel along Ventura Boulevard at Haskell Avenue in Encino, California, one of the San Fernando Valley’s most affluent and supply-constrained retail submarkets. Configured as four suites, the Property is currently home to three established neighborhood-serving tenants - a dry cleaner, a retail operator, and a nail salon - and is being offered for the first time since 1991.
The in-place rent roll provides additional embedded growth. Occupied suites carry blended rents of approximately $2.96 per square foot on gross-modified and NNN structures, below prevailing market levels, and every existing lease expires between early 2027 and mid-2028 - placing a full mark-to-market of the rent roll squarely within a buyer’s first 24 months of ownership. At full pro forma, net operating income reaches approximately $377,000, a 6.04% return on the offering price.
The Property further benefits from physical and land-use attributes that rarely converge on Ventura Boulevard: customer parking in the front of the building, prominent pole signage regulated under the Ventura/Cahuenga Boulevard Corridor Specific Plan, C4-1L zoning with a Regional Center Commercial general plan designation, and Transit Oriented Communities Tier 2 status supporting a future mixed-use development of up to approximately 79 units.