OFFERED AT: $2,165,000

Transcription

1 F OR S ALE Medical Office Condominium OFFERED AT: $2,165,000 Peter A. Baird BRE#

2 EXECUTIVE SUMMARY Building Description and Location Location: Assessor s Parcel #: Property Type: Tenancy: Zoning: Total Unit Size: Interior Detail: Monterey, CA Ryan Ranch Business Park The subject property consists of a quality medical office condominium unit located on the first floor of a two-story building. The unit contains 8,654 usable and rentable square feet. The entire building contains a total of 15,445 gross and rentable square feet. The property is currently vacant. I-R-150-D-2 (Industrial / Administration / Research) 8,654 square feet The interior is built out as a medical office space. There is an entrance / waiting room area and reception area with administrative offices. There is a conference room, X-ray room, three doctor s offices and 12 exam rooms. There are five restrooms. All the improvements are of high quality and in good condition. Floor coverings are a combination of tile, vinyl and carpeting. Parcel Size: The subject is a portion of a condominium project containing a common area of 2.79 acres, or approximately 121,532 square feet. Monthly condo fees total $500/month. On-Site Parking: On site parking is shared in common with a parking ratio of 4.5 stalls per 1,000 square feet of building area. There are a total of 69 parking spaces, 45 surface parking spaces and 24 parking spaces in the underground garage. Sprinklers: Year Built: 1994 Note: 100% fire sprinklered throughout Sale is subject to bankruptcy court approval - offers are subject to override.

3 DEMOGRAPHICS & PROFILE Population The county s population reached 428,826 in 2013 and is projected to rise to ±475,000 by The latest population estimates for individual Peninsula cities are: Traditionally, our population growth has been lower than the state average. In fact, most counties along the central coast are growing at around 1% annually. Between 2007 and 2012, the population of Monterey County grew at an average rate of 0.7 percent per year. Growth is limited by available water supply and environmental constraints. Salinas is the largest city in the county and Seaside is the largest community on the Monterey Peninsula. Household Monterey: Carmel-by-the-Sea: Del Rey Oaks: Marina: Pacific Grove: Sand City: Seaside: 28,294 3,842 1,672 20,370 15, ,095 The median age in Monterey County for 2013 was Median household income in Monterey County, as of 2013 was $55,840 compared to a national average of $52,250. Median housing prices are also higher, The single family home in City of Carmel was $1,197,700 in 2013, in Carmel Valley $849,600, in Monterey $682,300, Marina $419,600, Pacific Grove $703,800, Del Rey Oaks $486,100, Pebble Beach $1.45 million and in Seaside it was $364,100. Monterey County s Key Industries: AGRICULTURE The Salinas Valley is the center for Monterey County s $4.379 billion agriculture industry and continues to be a leader in agricultural exports with over 785 million pounds of produce exported in Top importers of Salinas Valley produce include Canada, Japan, Hong Kong, Taiwan, Mexico and the European Union. Organic produce is an expanding market and has been incorporated into the holdings of most large companies. There are currently over 46,500 acres of organic products being grown in Monterey County. TOURISM The Monterey Peninsula s scenic cities and unincorporated rural areas have economies that are primarily tourist-driven. Secondly, only to agriculture, hospitality is a $2.3 billion plus per year industry and employs approximately 22,000 people, over 12 percent of the workforce in Monterey County. Over 8.39 million visitors travel to Monterey County annually, double that of Yosemite Park. Within California, Monterey County ranks 11th of all 58 counties in tourism expenditures. HIGHER EDUCATION Higher Education contributes approximately $1.9 billion in operating budgets and $365 million in research budgets to the local economy. The Monterey Bay region is home to more than twenty higher education and research institutions, including three community colleges, two state universities, an international institute, college of law, two specialized military institutions and several research organizations. The institutions employ over 12,110 faculty and staff and have enrollment of 78,000 students.

4 SITE PLAN & FLOOR PLAN

5 Peter A. Baird PROPERTY PHOTOS BRE#

6 Peter A. Baird PROPERTY PHOTOS BRE#

7 PLAT MAP

8 AERIAL MAP

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12 Medical Office Condominium DISCLAIMER The information contained herein has either been given to the Mahoney & Associates by the owner of the herein described real property or obtained from sources we consider reliable; however, we do not represent that it is accurate or complete, and it should not be relied upon as such. You should consult with your legal counsel with respect to the legal issues regarding this property, and with your tax advisor with respect to the tax issues and assumptions regarding this property as used herein or otherwise. The value of this property is dependent on numerous factors including, but not limited to, present and future rent, expenses, governmental regulations, and general economic conditions. The vacancy factor and expenses used herein are arbitrary, and are not necessarily related to actual or future vacancies or expenses, and may change without notice. A prospective buyer should carefully verify and evaluate information contained herein including, but not limited to, zoning, allowed uses, environmental restrictions, acreage, required permits, and/or approvals from governmental agencies, and the condition of the property and any buildings or structures located on the property. All of the information contained herein, including any quoted pricing, is subject to change without notice.