950 Avenida De Los Arboles, Thousand Oaks
Thousand Oaks Home For Sale
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.
Property Details
Additional Information
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- City:
- Thousand Oaks
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- County:
- Ventura
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- Zip:
- 91360
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- MLS® #:
- SB23055274
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- Lot Size:
- 4.60
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- HOA Dues:
- $
Price Change History for 950 Avenida De Los Arboles, Thousand Oaks, (MLS® #SB23055274)
Date | Details | Price | Change |
---|---|---|---|
Pending | – | – | |
Active Under Contract (from Active) | – | – | |
Price Reduced (from $10,750,000) | $10,000,000 | $750,000 (6.98%) |
Based on information from California Regional Multiple Listing Service, Inc. as of August 28th, 2024 at 6:25pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.