Investment Summary
| Asking Price | $7,600,000 |
| Occupancy | 100% |
| Year 1 Cap Rate | 7.01% |
| Year 1 Leveraged Cash on Cash | 10.10% |
| Property Size | ±35,049 SF |
| Land Size | ±1.93 Acres |
| Parking Ratio | ±5/1,000 SF |
Investment Highlights
- Stable Cash Flow
- Currently at 100% occupancy with seven tenants that have an average remaining lease term of 3.82 years. This Class A project provides an investor with near term stability and long term upside potential through rent growth as the market continues to tighten.
- High Image Best Of Class Office | Medical Buildings
- High image best in class office/medical building completed in 2006 to capture pent up leasing demand driven by image conscious tenants as the vast majority of office properties in Victorville are older lower image properties.
- Midtown Spectrum is the only Class A project in the Victorville submarket which has enabled the property to attract the most desirable office and medical tenants at premium rents, such as the US Department of Veteran Affairs, G4S, Arrowhead Orthopedics and Molina Healthcare.
- Superior Market Fundamentals
- Current market vacancy for office space in Victorville is very low, at approximately 7.4%, with Victorville being the most established office market in the High Desert making up 48% of the 858 buildings in the 5,494,000 SF market.
- Due to the project’s high image and above standard parking, Midtown Spectrum is well positioned to continue to benefit from the rapidly expanding healthcare industry. This asset is situated in a medical office market that is characterized by a large and rapidly growing patient base with a high percentage of insured patients and strong patient demand.
- Excellent Office | Medical Property Location
- Ideally located midway between highly traveled Mojave Drive and Roy Rogers Drive on Amargosa Road with immediate I-15 freeway access. Midtown Spectrum is within close proximity to numerous notable retail amenities such as Walgreens, Wells Fargo, Starbucks, Farmer Boys, Panda Express, and In-N-Out Burger. Within a 3-mile radius of the project, there are 163 restaurants, 21 hotels & motels, 18 grocery stores, 9 fitness centers and 9 banks.
- Victorville is an ideal business community because of its affordable housing and access to a deep labor pool. The property is within 15 miles of 384,043 people with an average household income of $56,618.
Contact Information
Mark Shaffer
Lic. 01253743
+1 213 613 3758
mark.shaffer@cbre.com
Gary Stache
Lic. 00773736
+1 949 725 8500
gary.stache@cbre.com
Doug Mack
Lic. 01804065
+ 1 949 725 8571
doug.mack@cbre.com
Nick Svendsen
Lic. 01940653
+ 1 949 725 8471
nicholas.svendsen@cbre.com
Matt Pourcho
San Diego Market
Lic. 01705763
+1 858 546 4622
matt.pourcho@cbre.com
Specializing in the Sale of Low Rise Office and Industrial Properties in Southern California
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