Calabasas Place

Calabasas, CA (Los Angeles County)
View Along Old Topanga Canyon Road
Starting Bid: $2,500,000 Online Auction: Jul 26-Jul 28, 2021

Highlights
  • Unique opportunity to acquire a high-quality triple net leased retail strip center with a well-diversified tenant mix, small suites, and low risk.
  • Easy to manage with value-add potential in both undeveloped land on Mulholland Hwy and upside potential in the below market existing lease rates.
  • Recently renovated with limited deferred maintenance or near-term capital requirements and tenants provide their own improvements.
  • Dense, infill location in an established and desirable Los Angeles community limits future competition from new construction or redevelopment.
Executive Summary

Calabasas Place is a ±10,000 SF shopping center in Calabasas, California. Constructed in 1984 and renovated in 2010, the Property consists of a single-story retail building situated on a ±0.8-acre parcel. The center is currently 100% occupied by a well-diversified roster of tenants, with an in-place NOI of approximately $411,084. The site features unobstructed store signs, monument signage opportunities, easy ingress/egress, and a parking lot located in the front of the center, with ±23 striped spaces and one handicap space. Additionally, there are six striped spaces in the rear parking lot, which is owned by the City of Calabasas, for which this Property has a permit to use. This offering also includes undeveloped land located behind the center, providing the potential opportunity to develop a ±1,700 SF outparcel building and ±12 additional parking spaces. Calabasas Place is ideally positioned on the signalized intersection of Mulholland Highway and Old Topanga Canyon Road, providing excellent visibility. As of 2020, the Property’s demographics have ±55,288 individuals residing within a 3-mile radius, with an average household income of ±$150,271. In the same year, the total specified consumer spending within a 3-mile radius of the Property accounts for ±$794.2MM, and there are ±4,492 businesses and ±32,902 employees. Property tours are available by appointment ONLY. Please contact Patrick DiCesare at 310-871-5911 or patrickjdicesare@gmail.com to schedule.

Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
General Retail
Property Subtype
Storefront
Building Size
10,000 SF
Building Class
B
Lot Size
0.8 Acre
Year Built
1984
Percent Leased
100%
Building Height
1 Story
Zoning
CL
Opportunity Zone
No
Location Information
Location: 3840 Old Topanga Canyon Rd, Calabasas, CA 91302