FOR SALE OFFICE CONDO

Transcription

1 PROPERTY HIGHLIGHTS: Tenant as occupied te property for over 15 years Rare opportunity to purcase a medical office building in Pittsburg Tenant as over 20 oter locations trougout Solano, Contra Costa, and Alameda County FOR SALE 2240 Gladstone Drive, Ste 2 (1,120 SQ FT) Ryan Dong Associate (925) Ryan.Dong@ngcip.com License # Xavier Santana President (925) Xavier@ngcip.com License # Broker # T (209) F (209)

2 PROPERTY SUMMARY ASKING PRICE: PER SQUARE FOOT: CAP RATE: PROFORMA (2019) PROPERTY GLA: $295,000 $ % 8.43% ± 1,120 Sq Ft APN: ZONING: Commercial Office (CO) TRAFFIC COUNTS: East Leland Road ± 26,000 ADT PROPERTY HIGHLIGHTS: Tenant pays for all repairs, maintenance, and insurance (excludes taxes) Future upside to negotiate full landlord expense reimbursement Surrounding area tenants consist of Walmart, Los Medanos College, Pittsburg Healt Center, and muc more Witin a 3-mile radius tere is a population of ± 86,487 wit an average ouseold income of $70,537 Adjoining office condos are also available for purcase

3 PROPERTY INCOME AND SUMMARY EXPENSES FINANCIAL STRUCTURE Sceduled Gross Income Actual-In- Place Rent Proforma Amount Base Rent $22,572 $24,864 Expense Recoveries Effective Gross Income $2,369 $7,487 Oter Income $0 $0 Lease-Up Available Space $0 $0 Subtotal $24,941 $32,351 Less Vacancy Allowance Less Expenses $0 $1,036 $24,941 $24,853 $2,369 $5,392 Net Operating Income $22,572 $19,461 Total Building Suite 3 (2016) 2019 Proforma ESTIMATED OPERATING EXPENSES Exp 2016 Actuals Expenses Taxes $2,205 $2,205 $3,024 Insurance $2,142 $320 $328 Garbage $4,014 $600 $615 Association Fee $825 $123 $126 Pest Control $231 $34 $35 PG&E $477 $71 $73 Landscaping and Repairs $1,711 $256 $262 Roof Repair $1,995 $298 $305 Utilities $1,284 $192 $197 Water $1,680 $251 $257 Capital Reserve $0 $0 $971 Property Management $1,500 $224 $1,294 Total $18,062 $4,574 $7,487 Annual Per Square Foot $16.13 $4.08 $6.68 Montly Per Square Foot $1.34 $0.34 $0.56 ASSUMPTIONS Proforma management 4.000% Proforma property taxes based on top matrix price at: 1.025% Capital Reserve at: 3.000%

4 PROPERTY RENT ROLL SUMMARY Suite Tenant Ste Size (Sq Ft) Montly Base Rate Mon Rent (PSF) Ann Rent (PSF) % of Total Bldg Income Mon Mkt Rent (PSF) Ann Mkt Rent (PSF) Lease Type Start Date Exp Date STE 2 La Clinica 1,120 $1,881 $1.68 $ % $1.75 $21.00 NN Feb-07 Jan-19 Total 1,120 $1,881 $ % $1.75 Leased 1,120 $22,572 Available 0 Notes: No options remaining

5 PROPERTY TENANT PROFILE SUMMARY La Clinica s mission is to improve te quality of life of te diverse communities we serve by providing culturally appropriate, ig quality, and accessible ealt care for all. Tis ealt center as grown into a sopisticated provider of primary ealt care and oter services spread across Alameda, Contra Costa, and Solano Counties. Wit a total of 40 locations including service sites, support sites, and administration, we continue to expand our reac in our community. La Clinica delivers ealt care services in a culturally and linguistically appropriate manner to effectively address te needs of diverse populations. Wit over fortysix years of experience serving te community, La Clinica is one of te largest community ealt centers in California. MEDICAL SERVICES: Medical Dental Vision and Eye Care Women s Healt Prenatal and Postnatal Care Preventative Medicine Healt Education Nutrition Education Adolescent Services Mental Healt Beavioral Healt Case Management Referral Services Parmacy Radiology Laboratory

6 MARKET AERIAL Tracy, MARKET California AERIAL PG 3

7 PROPERTY SUMMARY POPULATION 1 mi Radius 3 mi Radius 5 mi Radius 2017 Estimated Population 16,047 86, , Projected Population 17,173 93, , Census Population 14,747 79, ,521 Projected Annual Growt 2017 to % 1.5% 1.5% 2017 Median Age HOUSEHOLDS 2017 Estimated Houseolds 5,157 27,062 47, Projected Houseolds 5,426 28,600 49, Census Houseolds 4,868 25,669 44,747 Projected Annual Growt 2017 to % 1.1% 1.1% Historical Annual Growt 2000 to % 0.5% 0.6% RACE AND ETHNICITY 2017 Estimated Wite 35.1% 40.7% 43.4% 2017 Estimated Black or African American 24.3% 18.3% 16.4% 2017 Estimated Asian or Pacific Islander 14.9% 11.9% 13.4% 2017 Estimated American Indian or Native Alaskan 0.8% 0.9% 0.9% 2017 Estimated Oter Races 24.9% 28.2% 25.9% 2017 Estimated Hispanic 37.1% 42.7% 39.3% INCOME 2017 Estimated Average Houseold Income $73,664 $70,537 $75, Estimated Median Houseold Income $65,047 $62,701 $69, Estimated Per Capita Income $23,759 $22,117 $23,492 BUSINESS 2017 Estimated Total Businesses 446 2,145 3, Estimated Total Employees 6,014 22,555 32,286 RADIUS MAP 2017 Nortgate Commercial Real Estate. We obtained te information above from sources we believe to be reliable. However, we ave not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to te possibility of errors, omissions, cange of price, rental or oter conditions, prior sale, lease or financing, or witdrawal witout notice. We include projections, opinions, assumptions or estimates for example only, and tey may not represent current or future performance of te property. You and your tax and legal advisors sould conduct your own investigation of te property and transaction. PG 4