|Price/Rent PSF||$ 1,190,000.00|
|Trade Type||Sale & Lease|
|SQ. FT. Available||8,085|
This free-standing medical/dental office building is proximity located on the northwest corner of North First Street and Garland Avenues. This prime location provides excellent First Avenue exposure and signage, easy accessibility to Freeway 41 on and off ramps, and close proximity to shopping, restaurants and banking.
100% Leased Freestanding building in a highly traveled area with (4) easy-to-lease separately metered suites (6 separate meters). Fully leased with great upside potential through rent appreciation (conservative rents) and very finance-able. With an existing 8.46% existing rate of return after actual expenses/management/capital reserve, this deal offers an excellent opportunity for 11.84% cash-on-cash returns when leveraged (30% down). Long term tenants in place with existing occupancy. The State of CA suites were remodeled in 2011 to full compliance in excess of $400,000 in specialty improvements.
±8,085 SF Freestanding office on ±0.66 Acres (±28,755 SF) with a private parking lot, well-maintained yard, and professionally maintained building. There are 27 parking spaces (1 ADA), and 15 spaces in front of the building providing ample parking. This building is located on a corner parcel which, provides excellent visibility, and secured via Iron security gates/LED parking lights. New roof/insulation in 2018 (with transferable warranty), all HVAC's less than 10 years old, and interior offers various configurations. Spaces feature a functional floor plan that each tenant has made substantial tenant improvements to.
All lease agreements are modern, up-to-date attorney drafted agreements that provide all of the basic terms of a Modified Gross multi-tenant office lease. In short, the Landlord is responsible for property taxes, fire insurance, parking lights, pest control, security, landscaping, and landscape irrigation. All other expenses, including separately metered utilities and shared pro-rata share utilities, are paid for by the tenant.
SUITE 104-105: With a Fitch, Moody’s, and S&P credit rating of AA-, Aa3, and AA-, respectively, The State of California has leased the office space plus 2/3rds of the roof since 2011 for the California Air Resources Board (CARB). As the "clean air agency" in the government of California since 1967, the leased premises is utilized to survey and report emissions of various greenhouse gases, identify pollutants, weather tracking, and more. As California counties in the Valley region constantly receive a failing “F” grade in the State of the Air reports, the staying power of this tenant is very strong. The tenant totally gutted the space and spent $425,000 of their own money to build it out to their specs. In addition, they have installed special air quality monitoring equipment on the roof - a huge investment! Never a late payment in 8 years; Lease is up for renewal 11/30/2027.
SUITE 101 & 106. Since 1971, Clinica Sierra Vista is the primary-care medical home of 200,000 people in Kern, Fresno and Inyo counties who consult for healing, comfort and compassion. They offer an array of medical, dental, behavioral health and community services and programs that lengthen and enrich the lives of patients. The tenant has occupied the unit since 2007 and just signed another 3 year lease showing their commitment to the market. Over $100K has been put into their space since occupancy, and in 2018 they added an electronic monument sign. Their facilities chief says they are very happy with their location. Open EVERYDAY 8:00 am – 8:00 pm with 46 locations throughout the Central CA. Never a late payment in 12 years; Lease is up for renewal 6/30/2022.
SUITE 102. The Dental Practice has been continuously there in Suite 102 for 40 years. The practice has sold 2 or 3 times when someone retired, but the business has been continuous with no gaps. Never a day of rent loss in 40 years. The DDS who just bought the practice has 15+ years experience and 2 other seasoned locations and knows how to be on the leading edge of running a dental practice. He put lots of his own money into remodeling the space and installing an electronic business monument sign. Never a late payment in 18 years of owning this property; Lease is up for renewal 12/31/2023.
Suite #101 & #106 consists of Nice Medical Office Space that ranges from 1,500 to 3,033 SF. Very functional layout with reception, bull pen along with a number of private exam rooms. Suite #101 has ±1,233 rentable SF and features a waiting room, business office, four exam rooms, lab, dark room, and private restroom. Suite #103 has ±1,774 rentable SF and features a reception area, waiting room, two exam rooms, one private office, multiple chair othodonic area, lab, nurses station, work area, three private restrooms and storage area. Suite 105 is ±1,019 rentable SF and features a waiting room, reception area, three exam rooms, one private office, lab, dark room, storage area, and private restroom. There are 27 parking spaces (1 ADA), and 15 spaces in front of the building providing ample parking. This building is located on a corner parcel which, provides excellent visibility, and secured via Iron security gates/LED parking lights. New roof/insulation in 2018, all HVAC's less than 10 years old, and interior offers various configurations.
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