|Address||1539, 1541-1555 W Garvey Ave North West Covina, CA 91790|
|Land Size||±72,522 SF/1.66 Acres|
|Project Size||±22,564 SF|
|Number of Buildings||Two (2)|
|Asking Price||$6,048,164 ($268 PSF)|
100% Leased Medical Office Buildings With Credit Tenants At Below Market Rents
- Pride of ownership medical office property located in West Covina, currently 100% leased to five tenants with a weighted average remaining lease term of 4.79 years and in-place rents approximately 18.48% below market.
- Highly functional medical office project surface parked at 5 spaces per 1,000 SF – 76% leased to creditworthy DaVita Dialysis and Kaiser Permanente (both tenants recently renewed through March 2024 and October 2022, respectively).
- Originally developed by the current owner, this pride of ownership asset has never been offered for sale and has maintained high historical occupancy where the average tenancy at the project is approximately 30 years.
Strong Market Fundamentals/Top Market For Medical Office Investment
- Ideally situated in an established mature infill medical office market with limited new competing product, low market vacancy and strong market fundamentals, the property offers significant upside potential.
- Direct vacancy is currently 9.2% and dropping. Strong tenant demand in a supply constrained market will continue to support the value of this asset long term as CBRE Econometric Advisors has forecasted office rents to grow 21.2% over the next five years.
- Large and affluent patient base with a high percentage of insured patients and strong patient demand – within 5 miles of 534,597 people with an average household income of $75,200 – 83.07% of this population has access to medical care through government or private programs, most which are commercially insured.
Exceptional Medical Office Location And Amenities
- Located at the corner of West Garvey Avenue North and North Roberto Avenue, the project is visible from the 10 Freeway, with approximately 219,715 cars passing by the property’s pylon sign and building top signage each day.
- Tenants and visitors alike will enjoy the property’s proximity to Westfield’s Plaza West Covina which provides an abundance of service and retail amenities. The Property is within 2 miles of 238 restaurants, 100 banks/ATM’s, 10 hotels and motels, 79 fitness membership centres and 10 shopping centres.
- The property benefits from immediate access to Citrus Valley Medical Center – Queen of the Valley Hospital, located just 1.2 miles away.
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|Thomas Adelson | West Los Angeles
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