Once in a Lifetime Investment
* This rare opportunity to purchase a fee-simple medical property within Newport Center/Fashion Island, one of the most prestigious coastal and supply constrained submarkets in the country, with owned gated surface parking and no Irvine Company SLURS or CC&R’ s make 1601 Avocado a generational investment opportunity.
High-Image Owner/User Opportunity
* The property offers 6,274 RSF of available space on the second floor with a five year lease in place on the first floor at $5.00/SF NNN to Newport Diagnostic Center, Orange County’ s premier medical imaging company which has been in business since 1991. The ground floor lease allows tremendous flexibility for an owner/user as the in-place lease will provide passive cash flow and future expansion space.
Superior Market Fundamentals
* The 1,384,000 SF Newport Beach medical office market is one of the best performing medical markets in Southern California with an extremely low vacancy rate of 5.9%. The supply constrained medical market has no medical office development under construction. According to CBRE Econometric Advisors, Orange County is projected to realize over 30% rent growth over the next five years due to low vacancy rates and increasing job growth making it one of the top investment markets in the United States.