1601-Avocado-Ave California

$16,312,000
SKU:123085
Property type:Commercial
Area (Sq Ft)
1000
Offices
10
Bathrooms
2
Garages
1

The space

  • Land Size: 1489
  • Year Built: 2015
  • Price: $16,312,000
  • Property Type: Office
  • Property Sub-type: Medical
  • Building Class: B
  • : Sale Type Owner User
  • : Cap Rate 4.60%
  • Lot Size: 0.90 AC
  • Rentable Building Area: 12,547 SF

Amenities

  • Air conditioning
  • Alarm system
  • Arbour
  • Garage / Parking
  • Guest apartment
  • Gym
  • Heating
  • Home Appliances
  • Office
  • Pantry
  • Utility room
  • Views to park

Description

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.

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