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.