Available For Sale - Office

23,600 SF | Show Pricing $

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AVAILABILITY DETAILS

Size
23,600 SF
Price/SF
Show Pricing $
Listing ID
SA527320
Notes
OFFERING SUMMARY

ASKING PRICE: $5,300,000 ($225 PSF)

CAP RATE YEAR 1: 6.28%

NOI YEAR 1 $332,846

• In the last two (2) years, there have been twelve (12) school use related properties to sell in South Orange County. The average price per foot on those sales was $679/SF, 200% premium to the subject property. The average CAP rate was 4.77%.

• Using the published CAP rates at the time of sale, we calculated the average rent to be $3.37/PSF, NNN, 286% above the subject property’s current lease rate.

• Tenant has a Conditional Use Permit (C.U.P) in place making it very unlikely for tenant to vacate at the end of their lease term. Tenant does not have an option to renew which gives owner leverage during future negotiations.

• In the event the tenant does vacate at the end of their term, the C.U.P shall be transferable for a period of twelve months which means the owner can lease or sell the property to another school (Buyer should verify).

• Obtaining a Condition Use Permit can be very challenging; therefore, future tenants or buyers (school use related) will likely be willing to pay a premium for the subject property.

• At a price of $225/SF, the new owner’s cost basis will be well below market giving them an opportunity add value in a variety of ways.

One of those ways includes taking on extensive renovations to convert the property back into an industrial/R&D/manufacturing building. This would require removing a large portion of the 2nd floor office to create full height warehouse.

HIGHLIGHTS

• UNIQUE CUL-DE SAC LOCATION WITH PRIVATE ENTRY DRIVE

• PLUSH LANDSCAPE EXTERIOR

• OPEN CEILING ENTRY/RECEPTION AREA

• ELEVATOR

• FULL WRAP AROUND GLASSLINE WITH DRAMATIC VIEWS

• RECENTLY REPLACED ROOF

• WELL MAINTAINED HVAC UNITS

• FULLY SETUP ALARM SYSTEM

• ADA COMPLIANT MULTI-STALL RESTROOMS

Tenant has a Conditional Use Permit (C.U.P) in place making it very unlikely for tenant to vacate at the end of their lease term.
Uses
Office

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Brock Stryker, Lee & Associates
BRE# 1928271