5203-5215 Lankershim Blvd

5203 Lankershim Blvd, North Hollywood, CA 91601

Listing Price: $7,200,000.00

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Investment Overview

Marcus & Millichap is pleased to present 5203-5215 Lankershim Blvd, a generational mixed used retail/office building situated in the heart of North Hollywood’s NoHo Arts District, a one-square-mile community that is home to more than 20 live, professional theatres, dance studios, art galleries, public art, music recording venues, acting and art workshops. The location boasts a walk score of 97- with trendy cafes, gastropubs, and bars all clustered alongside an eclectic mix of vintage shops and national brands on Lankershim and Magnolia Boulevards. The property is also surrounded by new construction apartments and mixed-use developments, including NOHO West, a brand new 25-acre mixed use development consisting of residential units, commercial offices and pedestrian-oriented retail and restaurants. The property is currently 100% occupied by PitFire Pizza, Superba Café & Bakery, Subconscious Jiu Jitsu, and The Young Actor’s Studio with 3.23 years W.A.L.T. (weighted average lease term). PitFire Pizza, which occupies ~47% of the net rentable area, has occupied this location since 1996 & in 2019 made a substantial investment in renovating the entire restaurant and patio, demonstrating strong commitment to the site. The average in-place monthly rent across the board is $2.83/SF allowing an investor to easily replace and even capture upside when the leases rollover. Additionally, all existing lease agreements have scheduled annual rental increases providing a hedge against inflation. The subject property consists of approximately 12,135 net rentable SF (Buyer to verify) positioned on an approximate 0.30 acre, C4-2D-CA zoned | Tier 3 TOC, parcel. The underlying zoning in conjunction with the TOC Density Bonus, positions the property for potential redevelopment in the future. By-right, the zoning allows for a 6:1 FAR with no height restriction and with the Tier 3 TOC Bonus, a 9:1 FAR with no height restriction. Ideally located on the main signalized intersection in the NoHo Arts District, the property enjoys over 225’ of combined frontage on Lankershim Blvd & Magnolia Blvd and sees over 55,000 vehicles per day. The NoHo Arts District has quickly become one of the trendiest, development friendly, and up in coming areas in the entire San Fernando Valley and has seen a major resurgence, leading to an influx of capital into the area. The property has fantastic accessibility to major freeways being within 0.5 miles of the CA- 170 freeway and 1 mile from the 134 Freeway. Additionally, the North Hollywood Metro Line is located 2-blocks north of the asset, roughly 0.3 miles away. There are over 250,000 people living within a 3-mile radius of the property, an area encompassing submarkets like Toluca Lake and Valley Village, both of which have become some of the most desirable living destinations in the San Fernando Valley.

Investment Highlights

  • Generational Mixed-Use Retail Office Opportunity with Future Redevelopment Potential
  • Located in the Heart of the North Hollywood Arts District
  • Stable & Secure Cash Flow | 100% Occupied with 3.32 Year WALT (weighted average lease term)
  • Long Term Historical Occupancy | Pitfire Pizza, which occupies ~47% of the Net Rentable Area has occupied this location since 1996 & in 2019 made a Substantial Investment in Renovating the Entire Restaurant & Patio Demonstrating Strong Commitment to the Site
  • Hedge Against Inflation | Annual Rental Increases Scheduled in All Leases
  • High Traffic & High Visibility Corner |Over 225' Feet of Frontage on the Signalized NW Corner of Lankershim Blvd and Magnolia Blvd - +/- 55,318 Vehicles Per Day