Varsity Park Plaza
Varsity Park Plaza is a ±28,692 SF multi-tenant retail strip center on ±3.09 acres (134,000 SF) at the signalized corner of Princeton Avenue and Campus Park Drive in Moorpark, one of Ventura County’s most affluent submarkets. The center is 100% occupied by a seasoned mix of 14 internet-resistant service and retail tenants on NNN leases — the neighborhood’s primary commercial destination, surrounded by a sea of single-family homes. Current rents average $1.69/SF, approximately 8% below pro-forma market rents of $1.91/SF, and nearly a third of the center is month-to-month or rolling by 2028 — a rare Moorpark value-add opportunity with a strong, stable income stream in place. Offered below replacement cost at $242/SF, a 7.71% cap rate on current income and 8.73% on pro forma.
- 100% leased to 14 internet-resistant service and retail tenants on NNN leases
- 7.71% current cap rate · 8.73% pro forma cap rate · priced below replacement cost at $242/SF
- Seasoned tenancy: 6.90-year average length of occupancy; over 61% of the center in place 5+ years
- Rental upside: in-place rents ±8% below market, with ±33% of the center MTM or rolling by 2028
- Signalized corner with 455’ and 255’ of frontage along Princeton Ave & Campus Park Drive
- 115 surface spaces (4.00/1,000 SF) · nearly 86,000 VPD at Princeton Ave & the 118 Freeway
- Affluent trade area: $171,468 average household income within one mile
