6724 lankershim blvd
PRICE
BUILDING SIZE
NORTH HOLLYWOOD, CA 91606
$3,700,000
±13,450 SF
LOT SIZE
26,998 SF
PRICE/SF (Bldg)
PRICE/SF (Land)
PROFORMA CAP RATE
$275
$137
9.82%
The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is pleased to present La Paz Plaza, located at 6724–6742 Lankershim Boulevard (the “Property”), a ±13,450 SF nine-suite multi-tenant retail center situated on a 26,998 SF C2-zoned parcel with prominent frontage along Lankershim Boulevard in the heart of North Hollywood.
Prominently positioned along Lankershim Boulevard at Vanowen Street with exposure to approximately 25,760 vehicles per day, La Paz Plaza represents a diversified nine-suite neighborhood retail center supported by durable daily-needs and service tenancy within one of the San Fernando Valley’s most established commercial corridors.
Current in-place income materially understates the asset’s earning potential. Occupied rents average approximately $1.83 per square foot per month on triple-net terms - well below recently executed leases in the trade area averaging approximately $2.86 per square foot - and multiple tenancies have been in place for a decade or longer, providing meaningful mark-to-market opportunity as leases roll.
The Property is 83.6% occupied, with one vacant ±2,200 SF suite representing the asset’s primary value-creation lever. Recently executed leases on comparable second-generation vacant space within a five-mile radius span approximately $2.50 to $3.25 per square foot NNN; the pro forma conservatively underwrites lease-up at $2.25 per square foot NNN. A second ±2,200 SF suite operates on month-to-month terms, extending near-term repositioning flexibility.