FOR SALE - LoopNet · PROPERTY OVERVIEW MEDICAL / OFFICE / RETAIL 18,665 SF Steve Body, MA, MSF Vice President 818.852.9255 [email protected] CA BRE Lic. #01927373 NAI Capital,

FOR SALEMEDICAL / OFFICE / 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 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. Lo-gos are for identification purposes only and may betrademarks of their respective companies. NAI Capital, Inc. CA BRE Lic. #01990696.

Property Highlights

• Medical Use Allowed - LIMITED INVENTORY

• 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

PROPERTY OVERVIEW

MED

ICAL / 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 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

MED


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

MED



CE

ILIN

G C

ON

CE

PT

TE

XT

UR

E W

AL

LS

FLOOR TRANSITION ECLECTIC FURNITURE

DYNAMIC SEATING

TEXTURED WALLS WINDOW DESIGN

FLOOR TRANSITION

ART & TEXTURE

OFFICE SALES | PASADENA

MED


Location Sale Date Building SF Sale PriceNo. Cap Rate Year Built Quality $/SF

Recent Sales

1A

114-140 Union St. Pasadena, CA

5.47%

9/13/2017 34,475 $19,400,000

1926 C $562.73

1B35 Dayton St.Pasadena, CA

12/28/2016 9,422 $4,760,000

1889 C $563

1C

177 E Colorado Blvd.Pasadena, CA

5.50%

9/8/2017 315,410 $161,500

1973 B $505

2496 Fair Oaks Ave.Pasadena, CA

9/21/2017 2,287 $1,650,000

1926 C $721

3659-673 E Walnut St.Pasadena, CA

6/7/2016 6,164 $4,350,000

1953 B $706

4336 Lake Ave.Pasadena, CA

4/11/2016 6,000 $4,494,000

1952 B $749

5837 S. Fair Oaks Ave.Pasadena, CA

1/4/2016 20,407 $9,250,000

1962 B $453

6141 S. Lake Ave.Pasadena, CA

12/14/2016 22,725 $16,550,000

1979 B $728

7500 S. Raymond Ave.Pasadena, CA

8/16/2017 2,930 $2,000,000

1926 C $683

Survey Average $630

Subject Property

224 N. Fair Oaks Ave.Pasadena, CA

FOR SALE

1985

18,665

B

$10,300,000

$552


OFFICE LEASES | PASADENA

MED


No. Location SF Avail. Asking Rent Date

Occupied Year Built

Recent Leases (NNN)

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

MED


SITE

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


AERIAL MAPS

MED


SITE

SITE


E Walnut St

Fai

r O

aks

Ave

E Colorado Blvd

RETAIL AERIAL

MED



E Walnut St

SITE

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

MED


• 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 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


$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)

CHOOSE PASADENATHE CITY WITH EXPONENTIAL INVESTMENT VALUE

MED


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 does not have Gross Receipt Tax. This offers a substantial potential tax savings when compared to other cities 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


ADDITIONAL PROPERTY PHOTOS

MED




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. Lo-gos are for identification purposes only and may betrademarks of their respective companies. NAI Capital, Inc. CA BRE Lic. #01990696.

About UsNAI 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 Of fice LocationsLos 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

Torrance 970 W. 190th St. Dr., Ste. 100 Torrance, CA 90502 310.532.9080

Pasadena 225 S. Lake Ave., Ste. 1170 Pasadena, CA 91101 626.564.4800

Valencia 27451 Tourney Rd., Ste. 200 Valencia, CA 91355 661.705.3550

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

Westlake Village 2555 Townsgate Rd., Ste. 320 Westlake Village, CA 91361 805.446.2400

Orange County

Irvine 1920 Main St., Ste. 100 Irvine, CA 92614 949.854.6600

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

Victorville 13911 Park Avenure, Ste. 206 Victorville, CA 92392 760.780.4200

Coachella Valley

Palm Desert 75-410 Gerald Ford Dr., Ste. 200 Palm Desert, CA 92211 760.346.1566

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

Documents

FOR SALE - LoopNet · PROPERTY OVERVIEW MEDICAL / OFFICE / RETAIL 18,665 SF Steve Body, MA, MSF Vice President 818.852.9255 [email protected] CA BRE Lic. #01927373 NAI Capital,