FOR SALE MEDICAL / OFFICE / RETAIL 18,665 SF 224 N Fair Oaks Ave 91103 Population 1 Mile 3 Miles 5 Miles 35,656 196,169 506,579 Property Highlights Medical Use Allowed - LIMITED INVENTORY Average Household Income 1 Mile 3 Miles 5 Miles $84,587 $113,175 $106,188 Total Employees 1 Mile 3 Miles 5 Miles 47,741 125,892 219,658 Highly Desirable Pasadena Business District Strong Credit Tenants- LA Financial Credit ±7,700 SF Available to Owner User Convenient Floor Plan with Secure Elevator and Parking Ideal for Owner-User or Investor Convenient Patient, Clients, and Employee Access ±$1.5M Recent Capital Improvements No warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein. Logos are for identification purposes only and may betrademarks of their respective companies. NAI Capital, Inc. CA BRE Lic. #01990696.
PROPERTY OVERVIEW NAI Capital, Inc. is pleased to introduce 224 N Fair Oaks Avenue 91103. The Property is an 18,655 SF 3-story office building approved for medical use. It was built in 1985 and it is situated on a 14,615 SF (0.34 Acre) corner lot at the corner of N Fair Oaks Avenue and Walnut Street. The building has a 51 parking spaces (20 surface and 30 gated/covered). This is a high-visibility property with direct access to I-210 just a block north of the site. The Gold Line Metro station is just 2 blocks away. Marriott Courtyard and Residence Inn by Marriott are conveniently located in the same intersection. They may provide preferred corporate rates to visiting clients or patients. Public garage is directly across the street offering unlimited parking. The first floor is leased to LA Financial Credit Union with a long-term NNN lease. The 2nd floor was recently leased to an internet advertising agency who is converting the entire floor to a creative office / open space concept. The 3rd floor is owner occupied and it may be delivered vacant. The property is well-maintained and was recently updated with about $1.5 M capital improvement.
PROPERTY DETAILS Year Built 1985 Building Size 18,665 SF Lot Size 14,615 SF (0.34 Acre) Parking 3 per 1,000 SF Parking (21 Surface & 30 Covered) Zoning CD-1 (Medical Use Approved) APN # 5723-001-015 Price $10,300,000
ARCHITECTURAL RENDERING - 2ND FLOOR CONVERSION FLOOR TRANSITION ECLECTIC FURNITURE CEILING CONCEPT ART & TEXTURE TEXTURED WALLS WINDOW DESIGN TEXTURE WALLS DYNAMIC SEATING FLOOR TRANSITION
OFFICE SALES PASADENA Location Sale Date Building SF Sale Price No. Cap Rate Year Built Quality $/SF Recent Sales 1A 114-140 Union St. 5.47% 9/13/2017 34,475 $19,400,000 1926 C $562.73 1B 1C 2 35 Dayton St. 177 E Colorado Blvd. 5.50% 496 Fair Oaks Ave. 12/28/2016 9,422 $4,760,000 1889 C $563 9/8/2017 315,410 $161,500 1973 B $505 9/21/2017 2,287 $1,650,000 1926 C $721 3 659-673 E Walnut St. 6/7/2016 6,164 $4,350,000 1953 B $706 4 336 Lake Ave. 4/11/2016 6,000 $4,494,000 1952 B $749 5 837 S. Fair Oaks Ave. 1/4/2016 20,407 $9,250,000 1962 B $453 6 7 141 S. Lake Ave. 500 S. Raymond Ave. 12/14/2016 22,725 $16,550,000 1979 B $728 8/16/2017 2,930 $2,000,000 1926 C $683 Survey Average $630 224 N. Fair Oaks Ave. Subject Property FOR SALE 1985 18,665 B $10,300,000 $552
OFFICE LEASES PASADENA No. Location SF Avail. Recent Leases (NNN) Asking Rent Date Occupied Year Built 1 177 E Colorado Blvd. 1,778 $3.75 NNN June 2017 1974 2 95 S Lake Ave. 3,103 $3.75 NNN Oct 2016 1965 3 906 Granite Ave. 2,500 $3.35 NNN June 2016 1961 4 625 S Fair Oaks Ave. #250 2,922 $3.25 NNN Jan 2017 2009 5 625 S Fair Oaks Ave. #280 5,189 $3.25 NNN Aug 2014 2009 6 625 S Fair Oaks Ave. #220 4,679 $3.20 NNN June 2017 2009 7 16 N Marengo Ave #18 720 $3.00 NNN July 2016 1928 8 709 E Colorado Blvd. 1,500 $2.60 NNN June 2016 1961 Survey Average 2,304 $3.26 NNN Subject Property 224 N Fair Oak Ave SF Available ±7,700 Potential Rent $3.25 / SF Year Built 1985
LOCATION INFORMATION Location Highlights Medical Zoning Approved LIMITED INVENTORY Highly Desirable Pasadena Business District South of 210 FWY with Direct Access to I-210 Freeway On-Ramp One Old Town Pasadena Shopping and Entertainment Area Minutes to Rose Bowl Stadium/Aquatic Center and Millionaire s Row One Block Walking Distance from Gold Line Memorial Park Station Marriott Courtyard & Residence Inn by Marriott are Across Street Signalized Intersection with Dedicated Traffic Lights Educated Labor Force with 219,658 Daytime Employees in a 5 Mile Radius Excellent Access to FWY 210, 134, and 110 to Downtown Los Angeles 227 New Apartments Across the Street Coming in 2018 Unlimited Parking - Public Garage Across the Street SITE
AERIAL MAPS SITE SITE Fair Oaks Ave E Walnut St E Colorado Blvd
RETAIL AERIAL Fair Oak s Av e 210 SITE 210 E Walnut St 134 E Colorado Blvd Fair Oak s Av e S Ray mo n d Av H i s t o r i c R te 66 e E California Blvd
OFFICE SUBMARKET The Pasadena Office Market is One of the Strongest Sub-markets in the Greater Los Angeles Area $3.00 There are 677 Office Buildings in the City of Pasadena With a Total Rentable Building Area (RBA) of 15,933,958 SF The Average Building Age is About 63.5 Years, Occupancy Rate is About 92.1% The Demand for Office Space Remains Strong With 746,191 SF Being Absorbed in the First Half of 2017, This Corresponds to About 86% of Total Absorption in 2016 Leasing Activity in the First Half of 2017 was About 424,366 SF or About 60% of Total Leases Signed in 2016 The Average Price was $521/SF With a Cap Rate of 4.9% Rents are Projected to Increase at an Aggressive Rate With Limited Supply of New Office Space Being Approved for Future Development Average Asking Rent ($/SF/Month) $2.90 $2.80 $2.70 $2.60 $2.50 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Rents reflect buildings of 20,000 SF and larger. Source: NAI Capital Research, CoStar
CHOOSE PASADENA THE CITY WITH EXPONENTIAL INVESTMENT VALUE Pasadena is the ninth-largest city in Los Angeles County. The estimated population was 139,731, in 2013, making it the 183rd-largest city in the United States. Average household income is about $110,000. The city was incorporated in 1886 and it is situated on approximately 22.5 square miles, about 10 miles north-east from downtown Los Angeles. The City is strategically located along the 210 corridor connecting Downtown Los Angeles to the San Gabriel Valley. The City is known nationally for hosting the annual Rose Bowl football game and Tournament of Roses parade. Internationally, the City is recognized for being the home of California Institute of Technology (Caltech). Excellent Business Environment Pasadena is the economic center of San Gabriel Valley with over 100,000 jobs and only 3.6% unemployment. About 16 Million square feet of office space is available to local companies. Healthcare, education and engineering are the top local industries. Major non-governmental employers include: Kaiser Permanente, Huntington Memorial Hospital, California Institute of Technology, Jet Propulsion Laboratory (JPL/NASA), Jacobs Engineering, Parsons Corporation, Western Asset Management, East West Bank, One West Bank, and Tetra Tech. Other major employers include, Bank of America, Pasadena Unified School District and Pasadena City College. Pasadena s pro-business tax environment offers no business, parking or utility taxes and an educated labor force. Excellent freeway and public transportation (Gold Line commuter rail) offers local businesses the ability to draw from an enormous labor force in the Greater Los Angeles area. Pasadena does not have Gross Receipt Tax. This offers a substantial potential tax savings when compared to other cities in the greater Los Angeles area. Neighborhood Amenities POPULAR SHOPS AND RESTAURANTS Apple Menchies Frozen Yogurt Paseo Colorado A&M Import Macy s 24 hour fitness Target Basecamp Fitness Urth Cafe Miracle Spa Vroman s Bookstore Style Lounge Pasadena Playhouse Art + Science Café Whole Foods Market Blaze Pizza The Coffee Bean & Tea Leaf Coffee By the Books Umami Burger El Metate Café California Pizza Kitchen Foodie Cube Vons Lee s Sandwiches CVS Lovebirds Café & Bakery Americana at Brand Rounds Burgers Beyond the Olive Roy s Hawaiian Fusion Farm Fresh to You Ralph s Groceries Trader Joe s Men s Suit Outlet Grist & Toll Go China Katie s Bakery Freshii Pasadena Sandwich Co. California Bank & Trust Pavilions Place Bank of the West Creamistry Pasadena U.S. Bank Ice Cream Lab University Club of Pasadena Juice Lab 360 Braise & Crumble
ADDITIONAL PROPERTY PHOTOS
About Us NAI Capital Company is one of Southern California s leading full-service commercial real estate organizations, providing a complete range of transaction, valuation, investment, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout Southern California. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first. NAI Capital Southern California Office Locations Headquarters 16001 Ventura Blvd., Ste. 200 Los Angeles, CA 91436 818.905.2400 Property Management 1201/2 South El Camino Real, Ste. 210 San Clemente, CA 92674 949.874.0415 Los Angeles County Downtown LA 601 S. Figueroa St., Ste 3825 Los Angeles, CA 90017 213.632.7700 West Los Angeles 11835 Olympic Blvd., Ste. 700E Los Angeles, CA 90064 310.440.8500 Diamond Bar 21660 E. Copley Dr., Ste. 320 Diamond Bar, CA 91765 909.348.0600 Ventura County Oxnard 300 Esplanade Dr., Ste. 1660 Oxnard, CA 93036 805.278.1400 Inland Empire Ontario 800 N. Haven Dr., Ste. 400 Ontario, CA 91764 909.945.2339 Temecula 27720 Jefferson Ave., Ste. 330 Temecula, CA 92590 951.491.7590 Torrance 970 W. 190th St. Dr., Ste. 100 Torrance, CA 90502 310.532.9080 Westlake Village 2555 Townsgate Rd., Ste. 320 Westlake Village, CA 91361 805.446.2400 Victorville 13911 Park Avenure, Ste. 206 Victorville, CA 92392 760.780.4200 Pasadena 225 S. Lake Ave., Ste. 1170 91101 626.564.4800 Valencia 27451 Tourney Rd., Ste. 200 Valencia, CA 91355 661.705.3550 Orange County Irvine 1920 Main St., Ste. 100 Irvine, CA 92614 949.854.6600 Coachella Valley Palm Desert 75-410 Gerald Ford Dr., Ste. 200 Palm Desert, CA 92211 760.346.1566 No warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein. Logos are for identification purposes only and may betrademarks of their respective companies. NAI Capital, Inc. CA BRE Lic. #01990696.