950 E Avenida De Los Arboles
Thousand Oaks, CA, 91360 $ 10,000,000
Baths0.0 Sq 47,792 Monthly Estimate*
$ 69,853
Listed by Lyon Stahl Investment Real Estate, Inc.
Studio
for $10,000,000. This 47,792 square foot building was built in 1960 on a lot size of 4.6.
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.
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FeaturesExteriorLot Features LotOver40000Sqft
Water Source Public
Lot Size Area 4.6
Spa N
Building Area Total 47792.0
Lot Size Acres 4.6
Lot Size Units Acres
Lot Size Source Assessor
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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GeneralYear Built 1960
Property SubType Retail
Additional Parcels Description 6750133145
County Ventura
New Construction N
Property Type CommercialSale
HOA / Comm Assn N
Attached Garage N
Contingency None.
Garage Y/N N
Special Listing Conditions Standard
Status Pending
Directions Corner of Avenida De Los Arboles and Avenida De Las Palmas East of Moorpark Blvd.
City Thousand Oaks
View Y/N N
Senior Community Y/N N
MLS Area TOW - Thousand Oaks West
Lot Size Square Feet 200376.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Avenida De Los Arboles
Listing Terms Cash CashtoNewLoan Item1031Exchange
Property Attached Y/N N
Land Lease Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N Y
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 351
Building Area Units SquareFeet
Standard Status Pending
Occupancy Description Tenant
Property Sub Type Additional Retail
Cap Rate 6.62
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InteriorBasement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Laundry Features None
Electric On Property Y/N N
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* Excluded FeaturesList ByLyon Stahl Investment Real Estate, Inc.Broker
Affordability Calculator
- Monthly Principal & Interest
- $69,853
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyCommerical listings in Thousand Oaks, CA
Average List Price $3,574,998
Percent of Sale Price 64%
About Thousand Oaks, CA 129,233 Population
11% Since 2002
$ 103,152 Median Income
43.22 Median Age
31% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
5/16/2023 | $10,000,000 | -6.98% | Price Down |
4/4/2023 | $10,750,000 | | Listed Price |