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100% Leased Shopping Center 14711 Princeton Ave 28,805 SF 100% Leased Retail Building Moorpark, CA 93021 $9,695,945 CAD ($336.61 CAD/SF) 7.71% Cap Rate
Investment Highlights
- Value-Add Strip Center Priced Below Replacement Costs
- 115 parking spaces; a parking ratio of 4.00 per 1,000 square feet
- Affluent Moorpark, California Location
- 100% occupancy with 14 NNN Tenants
- Seasoned tenant mix with an average length of occupancy of 6.90 years; over 61% of tenants have been at the center for more than five years
- Excellent Immediate Demographics
Executive Summary
Matthew Luchs of Zacuto Group has been selected to exclusively market for sale Varsity Park Plaza, a 28,692 square foot multi-tenant strip center with a strong and stable current income stream ideally situated on 3.09 acres of land (134,600 SF) located at the signalized corner of Princeton Avenue and Campus Park Drive in the Ventura County submarket of Moorpark, CA.
The center is currently 100% occupied by a mix of 14 internet resistant service and retail tenants on NNN leases. Varsity Park Plaza is positioned amongst a sea of single-family homes, ideally catering to the local residents in the immediate area. The existing tenant base is the neighborhood’s primary commercial destination. The seasoned and stable tenant mix has an average length of tenancy of 6.90 years, with over 61% of the center occupied by tenants in place for more than five years. Current rents average $1.73 per SF, approximately 8% below pro-forma market rents of $1.88 per SF, with nearly 33% of the center either month-to-month or on leases expiring by 2028, creating a unique Moorpark value-add opportunity that currently generates a strong and stable income stream. Varsity Park Plaza benefits from excellent visibility and frontage along both Princeton Avenue and Campus Park Drive, with over 455’ and 255’ of linear frontage, respectively. The site offers 115 surface parking spaces, a parking ratio of 4.00 per 1,000 square feet. Daily traffic counts are nearly 86,000 vehicles per day at Princeton Avenue and the 118 State Highway, less than .2 miles south of the center with direct access along Princeton Avenue.
Varsity Park Plaza is being offered for sale below replacement costs, at a price per square foot of $225, representing an 8.24% cap rate on current income and an 8.98% cap rate on pro-forma income. Currently, two tenants totaling 2,990 square feet are operating on month-to-month leases. This allows a new owner the flexibility to immediately reposition a portion of the center to market rents.
The center is currently 100% occupied by a mix of 14 internet resistant service and retail tenants on NNN leases. Varsity Park Plaza is positioned amongst a sea of single-family homes, ideally catering to the local residents in the immediate area. The existing tenant base is the neighborhood’s primary commercial destination. The seasoned and stable tenant mix has an average length of tenancy of 6.90 years, with over 61% of the center occupied by tenants in place for more than five years. Current rents average $1.73 per SF, approximately 8% below pro-forma market rents of $1.88 per SF, with nearly 33% of the center either month-to-month or on leases expiring by 2028, creating a unique Moorpark value-add opportunity that currently generates a strong and stable income stream. Varsity Park Plaza benefits from excellent visibility and frontage along both Princeton Avenue and Campus Park Drive, with over 455’ and 255’ of linear frontage, respectively. The site offers 115 surface parking spaces, a parking ratio of 4.00 per 1,000 square feet. Daily traffic counts are nearly 86,000 vehicles per day at Princeton Avenue and the 118 State Highway, less than .2 miles south of the center with direct access along Princeton Avenue.
Varsity Park Plaza is being offered for sale below replacement costs, at a price per square foot of $225, representing an 8.24% cap rate on current income and an 8.98% cap rate on pro-forma income. Currently, two tenants totaling 2,990 square feet are operating on month-to-month leases. This allows a new owner the flexibility to immediately reposition a portion of the center to market rents.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
28,805 SF
Building Class
C
Year Built
1981
Price
$9,695,945 CAD
Price Per SF
$336.61 CAD
Cap Rate
7.71%
NOI
$747,557 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.21
Lot Size
3.10 AC
Zoning
CPD, Moorpark
Parking
119 Spaces (7.02 Spaces per 1,000 SF Leased)
Frontage
294’ on Princeton Ave
Amenities
- Bus Line
- Signage
- Monument Signage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Mailbox
- -
- -
- -
-
Lorem Ipsum
-
Jan 0000
- PhoEver
- Retailer
- -
-
$9.99
-
Lorem Ipsum
-
Jan 0000
- The Cafe
- Retailer
- -
-
$9.99
-
Lorem Ipsum
-
Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Mailbox | - | - | - | Lorem Ipsum | Jan 0000 | |
| PhoEver | Retailer | - | $9.99 | Lorem Ipsum | Jan 0000 | |
| The Cafe | Retailer | - | $9.99 | Lorem Ipsum | Jan 0000 |
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 514-0-051-265 | Improvements Assessment | $3,512,399 CAD |
| Land Assessment | $2,065,243 CAD | Total Assessment | $5,577,643 CAD |
Property Taxes
Parcel Number
514-0-051-265
Land Assessment
$2,065,243 CAD
Improvements Assessment
$3,512,399 CAD
Total Assessment
$5,577,643 CAD
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100% Leased Shopping Center | 14711 Princeton Ave
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