21625 Sherman Way
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21625 Sherman Way
1,970 SF Retail Building Canoga Park, CA 91303 $985,000 ($500/SF) 5.48% Cap Rate
Investment Highlights
- New 10 year lease extension from Romantix with annual increases
- Single Tenant NNN asset
- Adjacent to Iconic Madrid Theatre
- Full Corporate Guarantee
- Strong Sherman Way Location
Executive Summary
The Subject Property is a +1,970 square foot retail building net leased to a single tenant, situated on a +3,499 square foot lot in Canoga Park, CA. Romantix is the current tenant, having recently extended its lease for an additional 10 years.
Strategically positioned on Sherman Way between Canoga Avenue and Topanga Canyon Boulevard, the property stands on a bustling arterial road surrounded by a mix of local, regional, and national businesses. The vacancy rate in Canoga Park is currently below 4%, with most retail spaces featuring storefront designs and limited rear parking. A significant advantage for the Subject Property is its location adjacent to public parking lots, enhancing accessibility and convenience for visitors.
Strategically positioned on Sherman Way between Canoga Avenue and Topanga Canyon Boulevard, the property stands on a bustling arterial road surrounded by a mix of local, regional, and national businesses. The vacancy rate in Canoga Park is currently below 4%, with most retail spaces featuring storefront designs and limited rear parking. A significant advantage for the Subject Property is its location adjacent to public parking lots, enhancing accessibility and convenience for visitors.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
1,970 SF
Building Class
C
Year Built
1947
Price
$985,000
Price Per SF
$500
Cap Rate
5.48%
NOI
$54,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.56
Lot Size
0.08 AC
Opportunity Zone
Yes
Zoning
LAC2 - Commercial
Parking
3 Spaces (1.52 Spaces per 1,000 SF Leased)
Walk Score ®
Very Walkable (89)
Bike Score ®
Biker's Paradise (90)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 2111-019-010 | Improvements Assessment | $416,160 |
| Land Assessment | $801,108 | Total Assessment | $1,217,268 |
PROPERTY TAXES
Parcel Number
2111-019-010
Land Assessment
$801,108
Improvements Assessment
$416,160
Total Assessment
$1,217,268
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21625 Sherman Way
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