Executive Summary

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Highlights

• The Neema Group of Marcus & Millichap is pleased to present a rare residential development opportunity at 14620 Moorpark St in Sherman Oaks
• The site consists of three parcels totaling 19,140 SF zoned {Q}R3P-1 in a Tier 3 TOC; there are four residential units existing on the property
• Opportunity to build 25 units by-right or up to 71 units by utilizing the density bonus incentives
• Located in a prime retail corridor just north of Ventura Blvd and surrounded by amenities such as Whole Foods, Gelson’s, and many restaurants
• Affluent neighborhood with an average household income of $128,575 within a one-mile radius; significant affordability gap between owning and renting with a median home value of $971,726 within two miles of the subject property
• Central location with easy access to both the 405 & 101 Freeways; there are also seven Metro Local Lines within walking distance to the subject property along Ventura Blvd & Van Nuys Blvd to commute throughout the Valley and Los Angeles

Area Overview

Sherman Oaks

Sherman Oaks is an affluent and densely populated neighborhood in San Fernando Valley, with over 50,000 residents living within a square mile of the location. The area continues to experience significant growth, projected to continue well into 2022. This thriving neighborhood is home to major employers such as Warner Bros, Universal Studios Hollywood, and CBS Studios Inc., alongside higher learning institutions Millikan Middle School and Notre Dame High School.

The intersection of Ventura Boulevard and Van Nuys Boulevard sees over 35,000 vehicles per day, adding to the impressive foot traffic, high-end retail environment, and bustling economy of the area. With an average household income of $128,575 within a 1-mile radius, businesses and investors can cater to an affluent consumer base that values quality and luxury. As part of this exceptional retail property, Mr. Furley’s, one of the most popular bars and restaurants in the community, is among the tenants in this outstanding assemblage. This unique restaurant and bar boasts a prime location on the coveted Ventura Boulevard strip in Sherman Oaks, highlighting the area’s vibrant nightlife and dining culture, bringing considerable foot traffic to the property.

Overall, this remarkable commercial property provides an unparalleled investment opportunity in one of the most coveted high-end real estate markets in California.

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