A property located in the growing Woodland Hills neighborhood of Los Angeles has recently been placed on the market. Offering opportunities for both investors and owner/users, the 47,529 square-foot property is listed by Lee & Associates with an asking price of $10.5 million, or about $221 per square foot.
The four-story office building is located at 22801 Ventura Boulevard. The property was built in 1987 and was last sold in 2004, when it was purchased by Los Angeles-based investment and development company Jamison Services for $6.5 million, or approximately $136 per square foot.
The property is occupied by multiple tenants, including Optima Credit, Sprint, T-Mobile, The Merrill Group of Companies and more. With current tenants, the property offers investors a net operating income of $801,967. However, with 15 vacant suites, the property could also serve an owner/user.
Located at the intersection of Ventura Boulevard and Fallbrook Avenue, the property is near a mix of retail, dining and entertainment. The area serves as the main thoroughfare for retail in Woodland Hills and is currently in the process of being made into a safer streetscape with added bike lanes and diagonal street parking through the City’s “Reimagine Ventura” initiative. The property is also just several blocks from Interstate 101.
Woodland Hills is a suburban community in the San Fernando Valley. The area has been subject to significant growth in the past several years. The community is home to Warner Center, a hub for transportation and a number of commercial developments, such as the Westfield Topanga Shopping Center. Additionally, there are approximately 5,000 apartment units in planning or underway, with most containing ground floor retail.
Woodland Hills has a population of 76,848 residents, with a median annual household income of $98,000. About 63 percent of Woodland Hills residents own their homes. However, this is changing as more multifamily properties are brought to the area. In addition to the area’s growing retail and multifamily sector, Woodland Hills also has more than 11 million square feet, with tenants like Anthem Blue Cross, Blackline Inc., B. Riley Financial Inc., Northrop Grumman, Health Net Inc. and Viking Cruises.
