Lincoln Medical Building
51,722 SF | 100% Leased | 4-Star Office Building | Los Angeles, CA 90031 | $34,175,000 ($661/SF) | 6.30% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $34,175,000
- Property Type
-
Office
- Square Feet
- 51,722 SF
- Price / Square Foot
- $661
Listing Contacts
Mark Shaffer
Verified Profile
Dylan Rutigliano
Verified Profile
Nick Williams
Verified Profile
Gerard Poutier
Verified Profile
- Property Info
Property Overview
100% LEASED TO THREE HIGH QUALITY TENANTS WITH STABLE CASH FLOW AND UPSIDE
* More than 9 year Weighted-Average Lease Term remaining to three tenants offering stable cash flow and simplicity of ownership.
* Investment Grade County of Los Angeles Department of Mental Health - accounts for 83.7% of total NRA and signed a 15-year lease that commenced in November 2019 with firm term through October 2034.
* Western Dental & Orthodontics - National retailer Western Dental with 560 offices in 20 states. Firm term through April 2031.
* Pinner Construction - Supervising design/build of nearby $233M comprehensive Lincoln High School modernization (approved in January 2021) Firm term through April 2027.
THOUGHTFULLY DESIGNED PURPOSE-BUILT MOB COMPLETED IN 2019
* 223 on-site parking spaces (±4.3/1,000 SF ratio) | Fully sprinklered building equipped with two freight sized elevators that serve patients and employees | High deck-to-deck heights of ±12' on 2nd and 3rd floors providing 10' drop ceilings on both floors.
* High visibility and prominent signage opportunities for med-tail/retail tenants with ±30k cars passing the property each day on North Broadway (Costar)
BUILT TO ACCOMMODATE LA COUNTY DEPARTMENT OF MENTAL HEALTH (LACDMH)
* LACDMH is the largest county-operated mental health department in the United States with an annual budget approaching $3 billion. LACDMH provides a variety of public mental health-related services through 85 directly operated sites, along with ±300 co-located sites, and contracts with close to 1,000 organizations to serve over 250,000 residents.
EXCELLENT OUTPATIENT MEDICAL FUNDAMENTALS
* Growing appeal and influx of capital into medical and government leased buildings due to steady demand growth, stable cash flow, long-term leases, and availability of financing.
* Downtown Los Angeles’ medical market is comprised of 20 buildings totaling approximately ±2.6M SF, with the lowest vacancy rate in the Greater Los Angeles area at 5.2%.
DENSELY POPULATED COMMUTER CORRIDOR WITH EXCELLENT REGIONAL ACCESS
* Ideally situated on North Broadway, a commercial corridor connector that ties many of the nearby neighborhoods to the densely populated Metro Los Angeles area. 3331 N Broadway is categorized by a high Walk Score of 85.
* Located in the heart of the Metro area of Los Angeles, the Property benefits from immediate access to a multitude of major freeways including the Golden State (5), Harbor (110), San Bernardino (10), and Long Beach (710) Freeways, providing premier regional access to the Greater LA area.
* More than 9 year Weighted-Average Lease Term remaining to three tenants offering stable cash flow and simplicity of ownership.
* Investment Grade County of Los Angeles Department of Mental Health - accounts for 83.7% of total NRA and signed a 15-year lease that commenced in November 2019 with firm term through October 2034.
* Western Dental & Orthodontics - National retailer Western Dental with 560 offices in 20 states. Firm term through April 2031.
* Pinner Construction - Supervising design/build of nearby $233M comprehensive Lincoln High School modernization (approved in January 2021) Firm term through April 2027.
THOUGHTFULLY DESIGNED PURPOSE-BUILT MOB COMPLETED IN 2019
* 223 on-site parking spaces (±4.3/1,000 SF ratio) | Fully sprinklered building equipped with two freight sized elevators that serve patients and employees | High deck-to-deck heights of ±12' on 2nd and 3rd floors providing 10' drop ceilings on both floors.
* High visibility and prominent signage opportunities for med-tail/retail tenants with ±30k cars passing the property each day on North Broadway (Costar)
BUILT TO ACCOMMODATE LA COUNTY DEPARTMENT OF MENTAL HEALTH (LACDMH)
* LACDMH is the largest county-operated mental health department in the United States with an annual budget approaching $3 billion. LACDMH provides a variety of public mental health-related services through 85 directly operated sites, along with ±300 co-located sites, and contracts with close to 1,000 organizations to serve over 250,000 residents.
EXCELLENT OUTPATIENT MEDICAL FUNDAMENTALS
* Growing appeal and influx of capital into medical and government leased buildings due to steady demand growth, stable cash flow, long-term leases, and availability of financing.
* Downtown Los Angeles’ medical market is comprised of 20 buildings totaling approximately ±2.6M SF, with the lowest vacancy rate in the Greater Los Angeles area at 5.2%.
DENSELY POPULATED COMMUTER CORRIDOR WITH EXCELLENT REGIONAL ACCESS
* Ideally situated on North Broadway, a commercial corridor connector that ties many of the nearby neighborhoods to the densely populated Metro Los Angeles area. 3331 N Broadway is categorized by a high Walk Score of 85.
* Located in the heart of the Metro area of Los Angeles, the Property benefits from immediate access to a multitude of major freeways including the Golden State (5), Harbor (110), San Bernardino (10), and Long Beach (710) Freeways, providing premier regional access to the Greater LA area.
Property Details
- Class
- B
- Year Built
- 2019
- Stories
- 3
- Property Subtype
- Medical
- Lot Size (sq. ft)
- 48,352 SF
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