Monteleone Plaza 12439-12463 Oxnard St 11,696 SF 100% Leased Retail Building North Hollywood, CA 91606 $4,450,000 ($380.47/SF) 3.32% Cap Rate

The Brandon Michaels Group of Marcus & Millichap, as Exclusive Advisor, is pleased to present Monteleone Plaza located at 12439 Oxnard Street (the “Property”), a ±11,696 SF fully leased signalized corner strip center situated on an 27,068 SF parcel in the heart of the San Fernando Valley.
Prominently positioned at the northeast signalized intersection of Oxnard Street and Whitsett Avenue with dual-arterial frontage, Monteleone Plaza represents a fully leased neighborhood retail center supported by durable daily-needs tenancy within one of the San Fernando Valley’s most established commercial corridors.
Current in-place income materially understates the asset’s earning potential. Existing rents average approximately $1.82 per square foot per month and are derived from long-term lease agreements. As leases roll to market, ownership is positioned to capture meaningful rental rate growth supported by the significant spread between in-place and market rents.
The asset also offers a near-term opportunity to enhance operating income through the implementation of existing lease provisions and expense recoveries that have not historically been fully enforced. In addition, a majority of tenants currently operate under gross or modified gross lease structures, providing future ownership with the opportunity to increase recoveries and transition tenants toward market-standard lease terms over time.
Upon completion of the anticipated lease rollover cycle and implementation of expense recoveries, net operating income is projected to increase from approximately $146,000 to $373,000. This value creation is expected to be achieved through the optimization of an already stabilized and fully occupied rent roll, offering a highly visible path to income growth with limited execution risk.