2829 Townsgate 2829 Townsgate Road
Westlake Village, CA 91361

2829 Townsgate
  • $30,680,000

    Asking Price

  • 7.00%

    In-Place Cap Rate

  • Office

    Property Type

  • 94%

    Occupancy

  • 88,334

    Square Feet

  • 4/1,000

    Parking Ratio

Offering Summary

Offers Due 10/7/2021

Address

  • 2829 Townsgate Road
    Westlake Village, CA 91361

Pricing

  • Asking Price$30,680,000
  • Price PSF$347
  • In-Place Cap Rate7.00%
  • In-Place NOI$2,147,895

Details

  • Property TypeOffice
  • Listing StatusOffers Due 10/7/2021
  • Square Feet88,334
  • Occupancy94%
  • Year Built1990
  • Building(s)1
  • Stories3
  • Parking Ratio4/1,000
  • Acres1.18
  • ZoningC4
  • APN693-0-130-265
  • TenancyMultiple

Address

  • 2829 Townsgate Road
    CA 91361

Pricing

  • Asking Price$30,680,000
  • Price PSF$347
  • In-Place Cap Rate7.00%
  • In-Place NOI$2,147,895

Details

  • Property TypeOffice
  • Listing StatusOffers Due 10/7/2021
  • Square Feet88,334
  • Occupancy94%
  • Year Built1990
  • Building(s)1
  • Stories3
  • Parking Ratio4/1,000
  • Acres1.18
  • ZoningC4
  • APN693-0-130-265
  • TenancyMultiple

Description

2829 Townsgate Road is an 88,334-square-foot three-story office building in a premier location of Westlake Village, California. This investment utilizes the benefits of the Conejo Valley's growing businesss footprint as well as the vast amenities of this submarket.

The Property is 94% leased to a diverse rent roll of financial services, information systems technology, and real estate tenants. The largest tenant, Wells Fargo, occupies 40% of the rent roll, and is an investment grade credit tenant (S&P: BBB+ Rating). In addition, Majestic Workspaces adds imbedded demand by incubating small tenants within the building and likely will improve average occupancy throughout an investor's holding period.

This opportunity allows for an investor to tap into a growing market as people migrate to the suburbs. There are no vacant sites in the Greater Conejo Valley that are entitled for new office development placing upward pressure on asking rents. The Property is a great opportunity for investors looking for a secure cash flow in a supply constrained market.

Deal Team

Sean Fulp

Sean Fulp

Executive Managing Director

310-407-6596 sean.fulp@nmrk.com

CA RE Lic. #01389064

Ryan Plummer

Ryan Plummer

Managing Director

310-407-6570 ryan.plummer@nmrk.com

CA RE Lic. #01765854

Mark Schuessler

Mark Schuessler

Managing Director

310-201-2075 mark.schuessler@nmrk.com

CA RE Lic. #02033871

Jordan Garcia

Jordan Garcia

Financial Analyst

310-201-2072 jordan.garcia@nmrk.com

CA RE Lic. #02090086