Property Details
The Plaza consists of a four story, multi-tenant medical office building on a 0.63- acre site with BP, Business and Professional zoning.The subject property is a multi-tenant medical office building that is currently 70% occupied by four tenants. The vacant space asking rate is $2.55/SF on Modified Gross leasing terms. Lastly, it is noted that the subjects 0.63-acre parcel is leased from Dignity Health at a current rate of $51,529 per year, or $4,294 per month with CPI adjustments in every 5th year of the lease. This 55 year land lease commenced on June 4, 1982 and has been extended to the year 2057. The property valuation is based on a Direct Capitalization method taking into consideration a 10% vacancy loss, lease up expense, absorption analysis, rent loss, and tenant improvement allowance on vacant spaces.
Location
The subject property is located at 6403 Coyle Avenue, Carmichael, California. The Plaza consists of a four story, multi-tenant medical office building on a 0.63- acre site with BP, Business and Professional zoning. The Plaza is located on the campus of Dignity Health's Mercy San Juan Medical Center. The site is staffed with entrance security that monitors the 5.4/1000 ratio parking lot. This 25 acre medical center is home to a 212,000/SF Level II Trauma Center consisting of approximately 2,300 employees and 430 Medical Staff. This center is also improved with a 175,000 SF parking structure that offers additional on campus parking.
Highlights
- Mercy San Juan Campus Medical Building
- 212,000 SF Level II Trauma Center
- Onsite Parking Security
- 5.4/1000 Parking Ratio
- Additional use of 175,000 Parking Structure
- Multi Tenant Medical Building
- 40 Year Ground Lease Remaining
- 31,121 Rentable Square Feet
- 6.5 % Cap Rate "As Stabilized Value"
- As Stabilized Market Value $9,058,044
- Rent Loss During Stabilized Period $80,588
- Lease up Commission $48,355
- Tenant Improvements at $40 PSF $252,840
- Profit at 20% Above Costs $16,117
- Total Stabilized Costs: $397,900
- "As Is" Leasehold Market Value $8,660,144
- Property TypeOffice
- Submarket
- Year Built1983
- Total Building Size31,121RSF
- Total Acres0.71
- Number of Floors4
- Building ClassB
- Property ID489835