Executive Summary

The Neema Group of Marcus & Millichap has been selected to exclusively market for sale this Valley Village office building, a 10,050 square foot two-story low-rise office building situated on 13,137 square feet of land located one block south of the signalized corner of Laurel Canyon Blvd and Chandler Blvd. The property is located one block north of the corner of Magnolia Blvd and Laurel Canyon Blvd. This well-located asset is very walkable, with a high walk score of 87, and is located within close proximity to transit with a good transit score of 52.

5315 Laurel Canyon will be delivered with two vacant suites. The occupied spaces are long-time tenants operating under short term leases. Lease expiration dates are staggered in the upcoming years, with one of the longest leases coming due in 2023, prividing for tremendous upside. With an average rent per square foot of $1.73, this asset provides an investor huge value-add potential when looking at the current average rent in this asset, creating potential for rental upside at lease roll-over. With short-term tenants, many of them being month-to-month, this is an ideal opportunity for an owner use to occupy a portion or all of the building.

The subject property is centrally located in the high-end densely populated east San Fernando Valley sub-market of North Hollywood, just blocks south of the new NoHo West Development. The centralized location allows easy access to interstates 101, 170, and 405 and is ideally located less than a mile from the CBS Studio Center, one of the largest employers in the Valley. The site is in close proximity to Westfield Fashion Square, the Studio City Strip, and NoHo West containing over 200k new square feet of retail space. Laurel Canyon is also within close promixity to the job hubs of Glendale & Burbank.

Preferential zoning allows for significant development potential. Based on the [Q]C2-1VL zoning and density increase benefits the development potential for Laurel Canyon is multi-family and mixed use allowing for 32 buildable units by-right and up to 57 buildable units with increased density based on the Tier 3 TOC benefits.

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