16940 SHERMAN WAY
PRICE
BUILDING SIZE
LAKE BALBOA, CA 91406
$2,750,000
6,625 SF
LOT SIZE
14,128 SF
OCCUPANCY
YEAR BUILT
PARKING
Vacant
1977
±20 Spaces
The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is pleased to present 16940 Sherman Way (the “Property”), a freestanding automotive repair building in the Lake Balboa neighborhood of Van Nuys, offered to an owner-user. The one-story, 6,625-square-foot building sits on a 14,128-square-foot (0.32-acre) parcel with 90 feet of frontage on Sherman Way, and it will be delivered vacant at the close of escrow. The asking price of $2,750,000 is $415 per square foot of building and $195 per square foot of land.
The front of the parcel is zoned C2-1VL, a zone that permits automotive repair by right, subject to the City’s standards for automotive uses, so the next owner can operate without a zone change or variance. Built in 1977, the building has drive-in service bays that open to Sherman Way. By-right use is to be verified by the buyer with the City.
Sherman Way carries 35,465 vehicles a day past the Property, which sits 375 feet from the signal at Balboa Boulevard. Automotive repair and maintenance spending within three miles totals $91.6 million, and 111 apartments have been approved on the former Sizzler site directly across the street.
Offered at $2,750,000, or $415 per square foot of building and $195 per square foot of land, and delivered vacant at the close of escrow. The rear of the parcel is zoned P-1VL and paved, with ±20 spaces in a gated yard off the alley, so vehicles can stage and wait off the street.