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Value Add Investment: Prime ±13,765 SF Commercial Office Building

Value Add Investment: Prime ±13,765 SF Commercial Office Building Value Add Investment: Prime ±13,765 SF Commercial Office Building Value Add Investment: Prime ±13,765 SF Commercial Office Building Value Add Investment: Prime ±13,765 SF Commercial Office Building Value Add Investment: Prime ±13,765 SF Commercial Office Building Value Add Investment: Prime ±13,765 SF Commercial Office Building

Property Overview

Price/Rent PSF $ 2,861,000.00
Asset Type Office
Trade Type Sale & Lease
SQ. FT. Available 13,765
Spaces Show
Date Available 08/04/2020
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Description

Location
Attractive freestanding office building located within the well maintained office complex of Lacey Medical Plaza just North of Hanford Armona Rd, East of 13th Avenue, South of W Grangeville Blvd and West of N 11th Avenue in Central Hanford.

Sale
Value-add investor or owner-user opportunity: Prime "Class A" freestanding building totaling ±13,765 SF investment on ±0.60 Acres of General or Professional office off of Lacey Blvd. Offers (6) economical office spaces leased to long-term tenants on NNN lease forms with an average size of 2,153 SF per suite. Deal offers a DCR of 1.81 with 30% down, 8.25% capitalization rate, and an 11.7% cash-on-cash return after stabilized

Value-add opportunity with actual rents of $193,891.32/year and NNN's of $79,805.82/year collected plus upside potential. After leasing the (1) last vacancy and extending 1 lease, the realistic 6-12 month stabilized gross annual income is $243,411.72 in base rent and the full NNN's of $94,914/year. Unique investment offering easy-to-rent office spaces within an under-built market offering a strong need for these type of spaces.

The value-add opportunity consists of leasing (1) vacancy of 1,094 SF, addressing the lease extension for #103 and under-market rent over the next 6-12 months, and collecting all the customary"pass-through" expenses to eliminate these items from the Landlords ledger upon full occupancy. #105 of 1,094 SF is a cold dark shell space offering a blank canvas for a new tenant to have a BTS completed; seller shall credit buyer $61,000 at the COE to improve this #105 unit. #107 of 1,752 SF was just leased in 36 days during the recent pandemic and is setup as a full medical family practice doctor office, which offered a large open reception/waiting, multiple exam rooms, and (2) offices.

Clean office spaces with fresh paint, newer flooring, and move-in ready spaces! Excellent Owner/User with Passive Income, or Investment. Each unit has access to high speed Internet, is separately metered, has private restrooms, private entrances, and consists of demising walls (can be combined). Well maintained association with new asphalt slurry coat, HVAC's and roof are less than 10 years old, full exterior lit private parking (over 100 spaces), excellent existing corner signage, great visibility and easy access to CA-41 and CA-198 on/off ramps.

Lease
±1,094 to 1,752 SF of professional or general office space located off Lacey Blvd. We have 2 spaces available that included: #105 is ±1,094 SF space in shell condition. #107 is ±1,752 SF it has (2) private offices, (5) private exam rooms, large waiting area, reception area, staff restroom and additional customer restroom, break room & storage room. There is ample private parking on all sides of the building. These office spaces are located in a well-known office building with a beautiful exterior courtyard and mature landscaping.

Location

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