Description

5623 Woodman Avenue presents a rare value-add investment in the heart of Van Nuys. This three-unit, multi-tenant office building totals 2,438 square feet and was constructed in 1942, offering classic character and flexible interiors adaptable for co-working, creative studios, executive suites, medical offices or R&D/life science uses. With current occupancy at 67%, the property provides immediate income and an attractive lease-up opportunity.

Offered at $975,000 ($399.92 per square foot), the asset delivers a stabilized cap rate of 5.46% based on a projected NOI of $71,950. Today’s in-place NOI of $53,216 supports a 12.92 gross rent multiplier, with current in-place and market rents aligned at $2,120 per unit. Investors can drive value through lease renewals, targeted improvements and capitalizing on strong local demand to boost occupancy and rental rates.

The building’s layout accommodates three distinct suites, each benefiting from separate entries and potential signage opportunities along Woodman Avenue. Shared utilities and common areas streamline management, while the property’s vintage charm and durable construction minimize deferred maintenance concerns.

Strategically located just off Ventura Boulevard with immediate access to the 101 and 405 freeways, 5623 Woodman Avenue enjoys high visibility and proximity to Van Nuys’ dining, retail and service corridors. This offering is ideally suited for owner-users seeking modest square footage or investors aiming to capitalize on the San Fernando Valley’s resilient office market.