99 Cent Only Newly Exercised Option

43,017 SqFt

Bldg Size

79,282 SqFt

Lot

Description

Apex Properties is pleased to present this investment opportunity located in Granada Hills, CA.  The property consists of a single story 99 Cent Only Store along with a two story multi-tenant retail / office building. 99 Cent Only has recently exercised their fifth option to extend their lease. That option period begins in February 2019. They have one remaining 5 year option beginning in February 2024. 99 Cent Only has been at this location for over 20 years.  The office and retail shop space portion of this offering is where investors will find the value add component. There are currently 6 retail shop units and 34 office suite units. The office portion is equipped with HVAC and an elevator. All of the office suites are currently on month to month lease terms and the average rent is only $1.18 gross per sq. ft. The rents on these units should be increased to market levels of $2.00 gross per sq. ft., delivering a pro forma cap rate of 8%.

The property sits on a massive 1.8 acre lot with approximately 125 parking stalls. The property also has strong future development potential of commercial or residential units with C 1- 1VL zoning.

DOWNLOAD OFFERING MEMORANDUM

 

Presented by:

Chris Comfort
President

424-293-8085 x 101
Email: [email protected]

Click here to email

 

 

Address

Address: 17020-17028 Chatsworth St Granada Hills
  • Country: United States
  • Province / State: California
  • Postal code / ZIP: 91344
Open on Google Maps
  • Property ID 3224
  • Price $8,995,000
  • Property Type Office, Shopping Center / Development
  • Property status Available
  • Year Built 1962
  • Size 43017 SqFt
  • Land area 79282 SqFt

Get Directions

Nearby Places

Walk Score

Contact