20,165 SF Industrial Building in NoHo - SOLD

$4,377,000

7633 Varna Ave

# of Units: 9

Current Cap Rate: 4.91%

Building SF: 20,165

Price/SF: $217

Year Built: 1978

Market CAP Rate: 7.39%

Lot SF: 50,181

Zoning: LA[Q]CM-1

Description

Welcome to your next best investment. This is a very special opportunity to acquire a well-maintained industrial asset in North Hollywood!  

 

Dana Coronado of KW Commercial is pleased to present for sale an exciting opportunity to acquire a nine (9) unit multi-tenant industrial property in North Hollywood.  This is a stable investment asset with one tenant that just exercised their 3-year lease option occupying approximately 80% of the total SF.  Built in 1978, the property features nine (9) units spanning 20,165 SF sitting on a sizable 50,181 SF lot.  Additionally, there is significant rental upside (approximately 34%) and one unit (approximately 1,920 SF) will be delivered vacant at the close of escrow.  There are eighty-three (83) gated, open parking spaces located on both sides of the property.  This is a prime investment opportunity that is already operating at a 4.74% existing Cap Rate, with room to grow to a 7.16% Cap Rate at market rents.  The subject property is located in an industrial area of North Hollywood (north of Sherman Way and east of Woodman Ave).

Location

Prime North Hollywood industrial location.  The subject property sits less than two miles from the CA-170 freeway which connects to the US-101, I-5, and 134, 118 and 405 Freeways.  In turn, from the subject property, it is an easy commute to all of the San Fernando Valley, Burbank, Santa Clarita Valley, and Los Angeles.  More specifically, this location provides seamless access to many of the San Fernando Valley's main thoroughfares including Woodman Ave, Saticoy St, Coldwater Canyon Ave, Laurel Canyon Blvd, Roscoe Blvd, Van Nuys Blvd, Sherman Way, and Victory Blvd.

Property Highlights

  • 9 Units | 20,165 SF | 50,181 SF Lot

  • Amazing North Hollywood location near San Fernando Valley's most popular thoroughfares.

  • Less than 2 miles from the CA-170.

  • (1) unit to be delivered vacant (1,920 SF).

  • Built in 1978| Zoned LA[Q]CM-1

  • Currently rented to only (3) Tenants.

  • Empire Optical occupies 80% of total SF and is leased until 2022 w/ 3-year option and a 2% annual rent increase built-in.

  • West Empire is leased until May 2020 with no option.

  • Located in LA State Enterprise Zone.

  • (2) motorized gated driveways providing access to both sides of the building.

  • Approximately (83) Parking Spaces

Please Send Me More Infomation On This Listing
Call Me Today!

Tel: 310.562.9630 

Email: DMendez@kw.com

DRE #: 01746702

IncomePropertiesLA.com

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