15603-15607 Ventura Blvd 9,506 SF 100% Leased Retail Building Encino, CA 91436 $6,250,000 ($657.48/SF) 1.35% Cap Rate

15603 Ventura Boulevard is a ±9,506-square-foot multi-tenant retail strip center situated on a ±19,999-square-foot parcel along Ventura Boulevard at Haskell Avenue in Encino, California, one of the San Fernando Valley’s most affluent and supply-constrained retail submarkets. Configured as four suites, the Property is currently home to three established neighborhood-serving tenants - a dry cleaner, a retail operator, and a nail salon - and is being offered for the first time since 1991.
The centerpiece of the opportunity is the existing ±4,800-square-foot vacancy, representing 50% of the Property’s rentable area. The suite may be leased to a single user or divided into three ±1,600-square-foot storefronts - the unit size commanding the greatest depth of tenant demand along the Boulevard. At market rents of approximately $3.50 per square foot NNN, consistent with the Encino submarket’s average asking rent of approximately $3.54 per square foot, lease-up of the vacancy alone increases net operating income from approximately $84,000 to more than $403,000.
The in-place rent roll provides additional embedded growth. Occupied suites carry blended rents of approximately $2.96 per square foot on gmodified gross and NNN structures, below prevailing market levels, and every existing lease expires between early 2027 and mid-2028 - placing a full mark-to-market of the rent roll squarely within a buyer’s first 24 months of ownership. At full pro forma, net operating income reaches approximately $403,000, a 6.45% return on the offering price.
The Property further benefits from physical and land-use attributes that rarely converge on Ventura Boulevard: customer parking in the front of the building, prominent pole signage regulated under the Ventura/Cahuenga Boulevard Corridor Specific Plan, C4-1L zoning with a Regional Center Commercial general plan designation, and Transit Oriented Communities Tier 2 status supporting a future mixed-use development of up to approximately 79 units. Whether acquired by an investor, an owner-user leveraging SBA financing, or a long-term covered-land buyer, 15603 Ventura Boulevard offers multiple clearly identifiable paths to value creation.