5707 Corsa Ave. Westlake Village, CA 91362 

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Description

 

$7,500,000

21,734 RSF (building size) 9,865 sqft (1st floor) 11,869 sqft (2nd floor) 56,198 sqft (land area 1.17 acres) 1981 year built 4.00/1,000 sqft parking ratio 87 total parking spaces (18 covered, 69 surface) Business Park Zoning

5707 Corsa Ave is an almost 22,000 square foot office building located on a promontory overlooking the heart of Westlake Village. Having been home to a well- known law firm for decades, it is now being made available for purchase and can be delivered vacant to an owner/user (one smaller lease will remain).

5707 Corsa Avenue has excellent parking (87 spaces – 18 covered) which allows an investor or user to take advantage of the many uses allowed within the BP (Business Park) zone. The ability to convert the property to medical office would allow an investor to potentially attract rents up to 25-30% higher than traditional office rents in the area.

The building sits on very private acreage (56,198 SF) at the end of Corsa Avenue. The grand entry separates this building from the many simple tilt up buildings in the surrounding area. There is a large ground level parking garage, which provides for secure storage and protection for expensive vehicles. There is substantial window line on all elevations allowing for many alternative space plans within the Premises. From both the first and second floors the building offers excellent views of Westlake Village and the surrounding Santa Monica Mountains.

The rooftop is also an extremely valuable asset for two reasons. First, the rooftop deck offers tenants and visitors exceptional views and a place to get above most of the city and it can be utilized in many ways for entertaining and collaborating. Secondly, the “line of sight” is unprecedented for the cell phone companies and

this property beats its competition when pursuing this industry.

The property is positioned in an exceptional location near the urban core, with access to all of
the amenities of Westlake Village and surrounding areas. Westlake Village is the premier community located in the Conejo Valley. The city is almost completely built out with very few opportunities to purchase raw land and build a new facility. The Conejo Valley marketplace continues to see positive absorption with very strong fundamentals in all sectors. The surrounding Thousand Oaks area is renowned for its quality of life and it is considered one of the most sought after residential and business communities.

The Westlake Village market is also known for its vast open space and its excellent quality of life. The master planned community has a variety of interesting areas
such as a lakefront community, Hidden Valley (the preeminent and elite equestrian community), an excellent golf course (Sherwood) and a very strong work force within commuting distance, as well as being only 20 minutes from Malibu beaches.

There are very strict development constraints, which insure a strong and stable marketplace. There are also very few office buildings in the 8,000 to 25,000 square foot range in Westlake Village and almost no future office development opportunities, making the subject property ripe for repositioning and adding value. The property offers an investor or an owner user an amazing opportunity to establish the site as one of the finest buildings in Westlake Village.

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