224 N Fair Oaks Brochure - LoopNet€¦ · 1 35 Dayton St 12/28/2016 1889 9,422 C $4,760,000 $505 2 1928 Huntington Dr 10/18/2016 1947 1,893 B $1,000,000 $528 3 659-673 E Walnut St

FOR SALEOFFICE / RETAIL 18,665 SF

224 N Fair Oaks AvePasadena, CA 91103

Population

1 Mile 3 Miles 5 Miles

35,656 196,169 506,579

Average Household Income


$84,587 $113,175 $106,188

Total Employees


47,741 125,892 219,658

Steve Body, MA, MSFVice [email protected] BRE Lic. #01927373

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 conditionsimposed 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 adue diligence review of the books, records, files and documents that constitute reliable sources of the information described herein. Lo-gos are for identification purposes only and may betrademarks of their respective companies. NAI Capital, Inc. CA BRE Lic. #01990696.

Property Highlights

• Freestanding 3-Story Modern Office Building in Great Condition

• High-Visibility with Building Signage

• Proven Location - Long-Term Tenancy Since 2009

• Strong credit tenants- LA Financial Credit Union and Olios Health, Inc.

• Ideal for Owner-User or Investor

• Up to About 15,000 SF Rentable Area Available for Owner-User

• Enough Room for About 60 - 70 Employees

• Convenient Floor Plan with Elevator

• Security Key Access/ Motion Sensors / Camera

• Convenient Clients and Employee Access

• SBA Financing Available

• Ideal for 1031 Exchange

PROPERTY OVERVIEW

OFFICE / RETAIL 18,665 SF


NAI Capital, Inc. is pleased to introduce 224 N Fair Oaks Avenue Pasadena, CA 91103. The Property is an 18,655 SF

3-story office building. It was built in 1985 and it is situated on a 14,615 SF (0.34 Acre) corner lot at the intersection

of N Fair Oaks Ave and Green Street. The building has 21 surface and about 30 gated covered parking spaces. This

is a high-visibility property with direct access to I-210 On-Ramp just a block North of the site.

The first floor is leased to LA Financial Credit Union with a long-term NNN lease. The 2nd floor is leased to three

companies on flexible terms. The 3rd floor is occupied by the owner - one of the largest medical consulting

companies on the West Coast. About 14,505 SF of rentable area on the 2nd and 3rd floors may be delivered vacant

or fully leased according to buyer’s request. The property is well-maintained and it is ideal for an owner-user or for

an investor. SBA financing available.

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

APN # 5723-001-015


LOCATION INFORMATION


SITE

Location Highlights

• Highly Desirable Pasadena Business District LIMITED INVENTORY

• South of 210 FWY with Direct Access to I-210 Freeway On-Ramp

• 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 Miles

• Excellent Access to FWY 210, 134, and 110 to Downtown Los Angeles

• A 5- Story Mixed-Use Development is Planned Across the Street -227 New Apartments & 9,515 SF

High-End Retail Space


AERIAL MAPS


SITE

SITE


E Walnut St

Fai

r O

aks

Ave

E Colorado Blvd

RETAIL AERIAL



E Walnut St

SITE

EEEEEEEEE WWWWWWWWWEEEEEEEE WWWWWWWWWWWE WE WE W

134

210

210

Fair O

aks Ave

E California Blvd

Fair O

aks Ave

E Colorado BlvdS

Raym

on

d A

veH

istoric R

te 66

OFFICE SUBMARKET


• The Pasadena Office Market is One of the Strongest Sub-markets in the Greater Los Angeles Area

• 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 Rent is $37.13/SF on a Full Service Basis, This Represents an About 6.9% Increase From the 3Q/2016 Average of $34.74 / SF – FS

• The Average Asking Price is $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


$3.00

$2.90

$2.80

$2.70

$2.60

$2.50Q2’15 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

Ave

rage

Ask

ing

Ren

t ($

/SF/

Mon

th)

CHOSE PASADENATHE CITY WITH EXPONENTIAL INVESTMENT VALUE


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. Health-

care, 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 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).

• Apple

• Paseo Colorado

• Macy’s

• Target

• Urth Cafe

• Vroman’s Bookstore

• Pasadena Playhouse

• Whole Foods Market

• The Coffee Bean & Tea Leaf

• Umami Burger

• California Pizza Kitchen

• Vons

• CVS

• Americana at Brand

• Beyond the Olive

• Farm Fresh to You

• Trader Joe’s

• Grist & Toll

• Katie’s Bakery

• Pasadena Sandwich Co.

• Pavilions Place

• Creamistry Pasadena

• Ice Cream Lab

• Juice Lab 360

• Menchies Frozen Yogurt

• A&M Import

• 24 hour fitness

• Basecamp Fitness

• Miracle Spa

• Style Lounge

• Art + Science Café

• Blaze Pizza

• Coffee By the Books

• El Metate Café

• Foodie Cube

• Lee’s Sandwiches

• Lovebirds Café & Bakery

• Rounds Burgers

• Roy’s Hawaiian Fusion

• Ralph’s Groceries

• Men’s Suit Outlet

• Go China

• Freshii

• California Bank & Trust

• Bank of the West

• U.S. Bank

• University Club of Pasadena

• Braise & Crumble

Neighborhood AmenitiesPOPULAR SHOPS AND RESTAURANTS


OFFICE SALE COMPARABLES | PASADENA


Location Sale Date Building SF Sale Price

No. Center Name Year Built Quality $/SF

Recent Sales

1 35 Dayton St12/28/2016

1889

9,422

C

$4,760,000

$505

2 1928 Huntington Dr 10/18/2016

1947

1,893

B

$1,000,000

$528

3 659-673 E Walnut St 6/7/2016

1953

6,164

A

$4,350,000

$706

4 336 Lake Ave4/11/2016

1952

6,000

20,407

$4,494,000

$749

5 837 S. Fair Oaks Ave1/4/2016

1962

20,407

B

$9,250,000

$453

6 141 S Lake Ave12/14/2016

1979

22,725

B

$16,550,000

$728

7 150 E Colorado Blvd 8/6/2016

1979

62,268

B

$30,000,000

$482

Survey Average $612

Subject Property

224 N Fair Oak Ave FOR SALE

1985

18,665

B

$10,200,000

$546


ADDITIONAL PROPERTY PHOTOS



Documents

224 N Fair Oaks Brochure - LoopNet€¦ · 1 35 Dayton St 12/28/2016 1889 9,422 C $4,760,000 $505 2 1928 Huntington Dr 10/18/2016 1947 1,893 B $1,000,000 $528 3 659-673 E Walnut St