23701-23751 Roscoe Blvd - Retail FOR SALE


Canoga Park, CA 91304
$7,850,000 USD
818-939-4058
23701-23751 Roscoe Blvd, Canoga Park, CA for Sale
$7,850,000 USD
Retail - FOR SALE
1/12
null | 6.57% Cap Rate

23701-23751 Roscoe Blvd
Canoga Park, CA 91304


HIGHLIGHTS

  • 100% occupied strip center leased to 13 tenants with an average tenancy of 9.8 years, reflecting strong tenant retention
  • Approximately 95% NNN leases with tenants paying ~$0.66/SF/month in recoveries, minimizing landlord expense exposure
  • Service-oriented, internet-resistant tenant mix serving as a primary neighborhood retail destination
  • Mark-to-market opportunity with rental upside exceeding 15% as leases roll, supported by recent deals above $2.50/SF + NNN
  • Average household income exceeds $175,000 within one mile, with median home values above $1,000,000
  • Excellent visibility with ~575 feet of frontage along Roscoe Boulevard and 70 surface parking spaces (2.38:1,000)

OVERVIEW

The CREM Group is pleased to present West Hills Plaza, a 100% occupied neighborhood strip center located at 23701 Roscoe Boulevard in the affluent West San Fernando Valley submarket of West Hills, CA. The property consists of approximately 29,386 square feet situated on a large 116,675 square foot (2.68 acre) parcel, offering a rare combination of strong in-place income and near-term rental upside. The center is fully leased to 13 tenants with an average length of tenancy of 9.8 years, demonstrating long-term stability across a diverse, service-oriented and internet-resistant tenant base. Approximately 95% of the tenants operate on NNN leases, currently reimbursing an average of $0.66/SF/month in additional charges, providing a predictable expense structure with no anticipated shock to tenants post-sale. The property is offered at $267/SF at a current CAP rate of 6.57%, supported by a strong and reliable income stream. West Hills Plaza presents a clear path to revenue growth, with rental upside exceeding 15% achievable as certain leases roll over in the near term. This is supported by recent lease activity within the center at rates exceeding $2.50/SF plus NNN, validating mark-to-market potential without the need for significant repositioning. Strategically located along Roscoe Boulevard with approximately 575 feet of frontage, the property benefits from strong visibility, consistent traffic counts, and convenient ingress and egress. The site offers ample surface parking and serves as a primary retail destination for the surrounding residential community.

FOR SALE DETAILS

PRICE

$7,850,000 USD

PRICE/SF

$281 USD /SF

CAP RATE

6.57%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

West Hills Plaza

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1977

SPRINKLERS

-

PARKING SPACES

70

LAND DETAILS

LAND ACRES

2.68 AC

LAND SF

116,741 SF

ZONING

LAC2 / P1

APN/PARCEL ID

2005-021-019

ASK ABOUT THIS PROPERTY

Andrew LeffThe CREM GroupMore Info
818-939-4058

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Andrew LeffThe CREM GroupMore Info
818-939-4058

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.