13240 Riverside Dr

13240 Riverside Dr, Sherman Oaks, CA 91423

Listing Price: $1,150,000.00

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Property Description

Marcus and Millichap has been exclusively appointed to represent the ownership of 13240 Riverside Dr—a two-tenant retail property situated in the heart of
Sherman Oaks. The property features shorter-term leases, offering a potential owner-user the opportunity to occupy 50% of the square footage in April 2025. Additionally, below-market rents provide a value-add investor with the ability to reposition the units upon lease expiration. Currently, Fly High LA and Vallee Cleaners fully occupy the property, running successful businesses. Vallee Cleaners, who has lease term until April 2025, has operated a thriving clothing alterations and laundering service on-site for nearly 15 years, with all dry cleaning processed off-site. Fly High LA, a medical marijuana store, signed a 2-year lease in November 2023. Upon signing, Fly High LA invested significantly in interior improvements, underscoring their commitment to the location.

This retail opportunity, spanning approximately 1,500 square feet, is situated on approximately 0.07 acres of LAC1.5 zoned land. The property is located on the south side of Riverside Dr, one block East of the intersection of Riverside Drive and Fulton Ave, which experiences a traffic flow of approximately 56,000+ vehicles per day. Each suite has pylon signage enhancing their visibility for future owner-users or tenants. The property includes a 5-car parking lot (Parking Ratio- 3.33/1,000 SF) accessed from the rear alley. Combined with ample street parking, this ensures convenient access for employees and customers. Furthermore, the property is one block north of the 101-freeway, the primary East/West freeway in the south San Fernando Valley. It is situated approximately 0.8 miles from Ventura Blvd and 2 miles from the Studio City Silver Triangle, a sought-after shopping destination featuring trendy tenants and restaurants.

Property Highlights

  • Rare Sherman Oaks Retail Owner/User Opportunity with Income
  • Seller Financing Available | 5-Year Term Interest Only
  • Strong Market Fundamentals | 3.4% Market Vacancy Rate
  • Located on Riverside Dr | One of the most desirable streets in the San Fernando Valley
  • High Traffic Counts | Over 56,000 Vehicles Per Day on Riverside Dr/Fulton Ave
  • Excellent Demographics | Population of 257,137 and Average Household Income of $121,351 within a 3-Mile Radius
  • 5 Off-Street Parking Spaces Accessed by Rear Alley | 3.33/1,000 SF
  • One Block from 101 Freeway (277,000 VPD) and 0.8 Miles from Ventura Blvd
  • Down the Street from Citrus Commons Development - 249 luxury apartment residences, 146,510 SF creative office space and grocery anchored retail
  • Walking Score of 79 – Very Walkable