6353 Van Nuys Blvd, Van Nuys, CA 91401

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Building Details:

• Year Built: 1939

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 12 car dealerships, all within a 2-mile radius. The LA Superior Court, the LA Department of Building and Safety, the Van Nuys Library and the DMV attract a large number of visitors & 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 QOF for at least 10 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.

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.

The San Fernando Valley has experienced great economic growth in the past couple of years. Van Nuys in particular continues to attract developers of multi-family projects. Almost 2,000 units have been approved for construction by the City of LA since 2016. This increased density will help drive sales at local area retailers.

On June 28, 2018, Metro’s Board of Directors chose Light Rail Transit (LRT) as the preferred alternative for the East San Fernando Valley Transit Corridor Project (Project). Once opened, this LRT Project will extend north from the Van Nuys Metro Orange Line station, to the Sylmar/San Fernando Metrolink Station, a total of 9.2 miles. Once in place, light rail trains similar to the Metro Gold and Expo lines, will operate in the median of Van Nuys Blvd for 6.7 miles to San Fernando Road. From San Fernando Road, the trains will transition onto the existing rail road right-of-way that’s adjacent to San Fernando Road, which it will share with Metrolink for 2.5 miles to the Sylmar/San Fernando Metrolink Station.

The alignment includes 14 at-grade stations with end-to-end travel time of 31 minutes, & daily boardings anticipated to exceed 30,000 by 2040. Currently, buses operating on Van Nuys Blvd are the 2nd-busiest in the Valley (2nd only to the Metro Orange Line) & the 7th-highest in the Metro system. Stations will be located in close proximity to Metro Local & Rapid east/west bus service to enable convenient connections.

The Project’s Final environmental document is scheduled to be completed in 2019. Groundbreaking is scheduled to begin in 2022 & conclude in 2027, enabling the alignment to be open for the 2028 Summer Olympic & Paralympic Games.