6353 Van Nuys Blvd
Van Nuys, CA 91401
Retail Property For Sale

This renovated property is located at the signalized intersection of the northwest corner of Friar St. & Van Nuys Blvd. in Van Nuys, in close proximity to many government agencies, local institutions as well as a dozen car dealerships, all within a 2-mile radius. The Los Angeles Superior Court, the LA Department of Building and Safety, the Van Nuys Library and the DMV Office attract a large number of visitors and help to create a traffic count of over 36,000 cars per day. The property is located in an Opportunity Zone. Opportunity Zones are designed to spur economic development by providing tax benefits to investors. First, investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026. If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the 10% becomes 15%. Second, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged. (https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions) Parking is served by a public lot with about 72 spaces in the rear, plus metered street parking. A retailer will benefit from the fact that the property is located 0.4 miles from the Orange Line Bus Station, which makes it accessible to a large segment of the population that only uses public transportation.