950 E Avenida De Los Arboles, Thousand Oaks, CA 91360
950 E Avenida De Los Arboles, Thousand Oaks, CA 91360
950 E Avenida De Los Arboles, Thousand Oaks, CA 91360
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$10,000,000
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4.6 Acres Lot
Pending

950 E Avenida De Los Arboles Thousand Oaks, CA 91360

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Herb Rim

Herb Rim

+1(818) 699-9179

UPDATED:

Key Details

Property Type Commercial

Sub Type Retail

Listing Status Pending

Purchase Type For Sale

MLS Listing ID SB23055274

HOA Y/N No

Year Built 1960

Lot Size 4.600 Acres

Property Sub-Type Retail

Property Description

North Oaks Center is beautiful and well-designed 47,792 square foot shopping center, consisting of 16 separate stores (14 leased/2 vacant) and is located in the very desirable neighborhood of Thousand Oaks, CA. The building is situated at the corner of Avenida De Los Arboles and Avenida De Las Palmas, a few blocks east of Moorpark Blvd. and approximately 1-mile west of the Moorpark (23) Freeway, which connects the Ventura (101) Freeway with the Foothill (118) Freeway. Nearby employers include Cal Lutheran University, a 290-acre private university, with approximately 4,300 students and Los Robles Regional Medical Center, the largest hospital in eastern Ventura County with approximately 382-beds. Thousand Oaks has outstanding demographics, with approximately 127,000 residents and an average household income of approximately $143,000, according to the 2020 Census. The shopping center is anchored by a freestanding 99¢ Only Store building, which was constructed in 1960. This building recently received a $300,000 renovation. The remainder of the center, built in 1970, features an excellent mix of restaurant and service-based tenants. The property is currently 95.27% occupied, with only two small vacancies. The shopping center features an abundance of parking and very good ingress/egress. The asking price for this unique asset is $10,000,000. At $10,000,000, the pricing metrics are $209.24/sq. ft. and a 6.62% cap rate based on the Current NOI of $661,693. The Current NOI assumes the existing rent for 99¢ Only Store, which is $8.06/sq. ft. or $15,023.17/month. The tenant's lease expires on January 31, 2024, and has not provided notice to exercise their option yet. The tenant is required to deliver the notice to exercise to the landlord no later than August 4, 2023. Based on conversations with the tenant's representative, we do not expect the 99¢ Only Store to renew their lease. There is significant value to be added by backfilling the freestanding 99¢ Only Store building and moving the rent to market, which is much higher than the tenants option rent. The Proforma NOI stated in this Offering Memorandum assumes a rent of $14/sq. ft. for the 99¢ Only Store space. There is some deferred maintenance at the property, specifically the roofs on the inline shop space and the parking lot. This property is being sold as-is, so any deferred maintenance concerns should be contemplated in the offer price. Offering Memorandum included as a supplement.

Location

State CA

County Ventura

Area Tow - Thousand Oaks West

Interior

Fireplace No

Laundry None

Building

Lot Description Lot Over 40000 Sqft

Water Public

Others

Tax ID 6750133135

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Martin Ensbury Lyon Stahl Investment Real Estate, Inc. 310-880-0132, DRE #00815392

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950 E Avenida De Los Arboles

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Herb Rim

Herb Rim

Realtor License ID: 01870707

+1(818) 699-9179

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