medical office condo - offering memorandum · expenses per rsf $10.29 investment summary $2,200,000...
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Each office independently owned and operated
Medical Office Condo - Offering Memorandum3244 Sepulveda Boulevard | Torrance, CA 90505
STEPHEN LAMPEExecutive Vice President(310) [email protected] #01164364
Fully improved medical office space in 7 contiguous commercial office ➢
Excellent Investment or Owner/User Property➢
Subject property has 4 dedicated parking spaces in perpetuity ➢
Broad commercial zoning and existing common area parking ratioallows for medical, dental or professional office uses
➢
Excellent location walking distance to Del Amo Mall and within 2 milesof Providence Little Company of Mary and Torrance Memorial Hospitals
➢
RE/MAX COMMERCIAL & INVESTMENT REALTY450 Silver Spur RoadRancho Palos Verdes, CA 90275(310) 802-2500www.remaxcir.com
PROPERTY DESCRIPTION3244 Sepulveda Boulevard | Torrance, CA 90505
The accuracy of all information, regardless of source, including but not limited to square footagesand lot sizes, is deemed reliable but not guaranteed and should be personally verified throughpersonal inspection by and/or with the appropriate professionals.
Offering SummaryThe subject property is a medical office condo in the Madrona Medical Professional Center. Theproperty was redeveloped and built out with new tenant improvements in 2007. There are a total of 6exam rooms and a very large open common area room within the suite that is used for physicaltherapy. There are also two entrances (one on either end of the unit), 2 administrative offices anemployee break area and a lobby.
This single story medical office condo is located in the clock tower building and has 4 dedicatedparking spaces that are included in the purchase price. The total land area in the complex isapproximately 96,000 square feet. Broad commercial zoning and existing common area parking ratioallows for medical, dental or professional office uses.
The owner of the property has maintained a successful physical therapy business at this location formany years. The property will be delivered vacant for an owneruser.
The location is ideal due to its close proximity to both Provident Little Company of Mary Hospital andTorrance Memorial as well as walking distance to the restaurants and stores in Del Amo Mall.
The subject property consists of 7 condos combined condos 135, 136, 137, 138, 139, 140, 147.
FINANCIAL SUMMARY3244 Sepulveda Boulevard | Torrance, CA 90505
The accuracy of all information, regardless of source, including but not limited to square footagesand lot sizes, is deemed reliable but not guaranteed and should be personally verified throughpersonal inspection by and/or with the appropriate professionals.
Tenant Monthly Scheduled Income
Tenant Proforma
Proforma Rent $3.55/SF ModifiedGross
$16,000
Totals $16,000
Annualized Income
Description Proforma
Gross Potential Rent $192,000
Less: Vacancy ($7,680)
Effective Gross Income $184,320
Less: Expenses ($46,389)
Net Operating Income $137,931
Annualized Expenses
Description Proforma
Property Tax (New 1.12%) $24,460
Building Insurance $2,000
Condo Association Fees $17,529
Reserves for Repairs $2,400
Total Expenses $46,389
Expenses Per RSF $10.29
Investment Summary
$2,200,000
2007
1
4,510
$487.80
97,342 sf
1
Various
Price
Year Built
Tenants
RSF
Price/RSF
Lot Size*
Floors
APN
Proforma Cap Rate 6.27% NOTES: The tax assessor shows a total of 3,940 square feet of office space. The architectural plans for build out of the usable area indicates 3,854 net rentable square. Seller purchased the property from developer showing 4,510 gross square feet. Buyer to verify building area during due diligence period, Seller and Broker make no representations or warranties as to the actual square footage.
* The subject property is a condominium and the lot size is in reference to the entire office condo project.
PROPERTY PHOTOS3244 Sepulveda Boulevard | Torrance, CA 90505
PROPERTY PHOTOS3244 Sepulveda Boulevard | Torrance, CA 90505
PROPERTY PHOTOS3244 Sepulveda Boulevard | Torrance, CA 90505
SALE COMPARABLES3244 Sepulveda Boulevard | Torrance, CA 90505
The accuracy of all information, regardless of source, including but not limited to square footagesand lot sizes, is deemed reliable but not guaranteed and should be personally verified throughpersonal inspection by and/or with the appropriate professionals.
SALE COMPARABLES3244 Sepulveda Boulevard | Torrance, CA 90505
The accuracy of all information, regardless of source, including but not limited to square footagesand lot sizes, is deemed reliable but not guaranteed and should be personally verified throughpersonal inspection by and/or with the appropriate professionals.
S
Medical Office Condo Offering Memorandum3244 Sepulveda Boulevard, Torrance, CA
Sale Price $2,200,000
Spaces 1
Rentable SqFt 4,510
Price/SqFt $487.80
Lot Size 97,342
Cap Rate 6.27%
Year Built 2007
1
25550 Hawthorne Boulevard, Unit 212, Torrance, CA
Sale Price $759,000
Spaces 1
Rentable SqFt 1,623
Price/SqFt $467.65
Year Built 1981
Sale Date 3/31/2020
DaysOnMkt 188
2
25550 Hawthorne Boulevard, Unit 209, Torrance, CA
Sale Price $650,000
Rentable SqFt 1,497
Price/SqFt $434.20
Year Built 1981
Sale Date 3/31/2020
DaysOnMkt 454
SALE COMPARABLES3244 Sepulveda Boulevard | Torrance, CA 90505
The accuracy of all information, regardless of source, including but not limited to square footagesand lot sizes, is deemed reliable but not guaranteed and should be personally verified throughpersonal inspection by and/or with the appropriate professionals.
3
4305 Torrance Boulevard, Unit 508, Torrance, CA
Sale Price $309,000
Rentable SqFt 648
Price/SqFt $476.85
Year Built 1960
Sale Date 2/24/2020
DaysOnMkt 83
NotesInferior location
4
1751917521 Crenshaw Boulevard, Torrance, CA
Sale Price $825,000
Rentable SqFt 1,800
Price/SqFt $458.33
Year Built 1960
Sale Date 1/2/2020
DaysOnMkt 479
NotesInferior location
5
25550 Hawthorne Boulevard, Unit 211, Torrance, CA
Sale Price $650,000
Spaces 1
Rentable SqFt 1,268
Price/SqFt $512.62
Year Built 1981
Sale Date 5/3/2019
DaysOnMkt 270
SALE COMPARABLES3244 Sepulveda Boulevard | Torrance, CA 90505
The accuracy of all information, regardless of source, including but not limited to square footagesand lot sizes, is deemed reliable but not guaranteed and should be personally verified throughpersonal inspection by and/or with the appropriate professionals.
6
3220 Sepulveda Boulevard, Unit 201, Torrance, CA
Sale Price $1,012,500
Spaces 1
Rentable SqFt 2,025
Price/SqFt $500.00
Year Built 1966
Sale Date 4/18/2019
SALE COMPARABLES3244 Sepulveda Boulevard | Torrance, CA 90505
The accuracy of all information, regardless of source, including but not limited to square footagesand lot sizes, is deemed reliable but not guaranteed and should be personally verified throughpersonal inspection by and/or with the appropriate professionals.
S 3244 Sepulveda BoulevardTorrance, CA, 90505$2,200,000
1 25550 Hawthorne Boulevard, Unit 212Torrance, CA, 90505$759,000
2 25550 Hawthorne Boulevard, Unit 209Torrance, CA, 90505$650,000
3 4305 Torrance Boulevard, Unit 508Torrance, CA, 90503$309,000
4 1751917521 Crenshaw BoulevardTorrance, CA, 90504$825,000
5 25550 Hawthorne Boulevard, Unit 211Torrance, CA, 90505$650,000
6 3220 Sepulveda Boulevard, Unit 201Torrance, CA, 90505$1,012,500
AERIAL MAP3244 Sepulveda Boulevard | Torrance, CA 90505
LOCATION MAP3244 Sepulveda Boulevard | Torrance, CA 90505
REGIONAL MAP3244 Sepulveda Boulevard | Torrance, CA 90505
DETAILED DEMOGRAPHICS3244 Sepulveda Boulevard | Torrance, CA 90505
The accuracy of all information, regardless of source, including but not limited to square footagesand lot sizes, is deemed reliable but not guaranteed and should be personally verified throughpersonal inspection by and/or with the appropriate professionals.
Population 1 Mile 3 Miles 5 Miles
Male 10,362 102,092 252,207
Female 11,149 105,222 255,638
Total Population 21,511 207,314 507,845
Housing 1 Mile 3 Miles 5 Miles
Total Units 9,577 85,647 197,927
Occupied 9,171 81,831 189,107
Owner Occupied 5,638 44,361 108,345
Renter Occupied 3,533 37,470 80,762
Vacant 406 3,816 8,820
Race 1 Mile 3 Miles 5 Miles
White 9,174 115,452 265,684
Black 275 4,764 17,681
Am In/AK Nat 4 178 415
Hawaiian 3 370 1,739
Hispanic 2,023 48,076 157,451
MultiRacial 2,776 60,014 193,588
DETAILED DEMOGRAPHICS3244 Sepulveda Boulevard | Torrance, CA 90505
The accuracy of all information, regardless of source, including but not limited to square footagesand lot sizes, is deemed reliable but not guaranteed and should be personally verified throughpersonal inspection by and/or with the appropriate professionals.
Age 1 Mile 3 Miles 5 Miles
Ages 04 846 9,600 24,754
Ages 59 1,176 12,575 31,911
Ages 1014 1,228 12,347 31,058
Ages 1519 1,267 12,480 31,173
Ages 2024 1,243 12,618 31,550
Ages 2529 1,103 12,231 30,646
Ages 3034 1,027 11,974 30,243
Ages 3539 1,127 12,652 31,944
Ages 4044 1,387 14,301 35,472
Ages 4549 1,688 15,972 38,571
Ages 5054 1,826 16,532 38,939
Ages 5559 1,755 15,665 36,464
Ages 6064 1,515 13,487 31,568
Ages 6569 1,224 10,789 25,517
Ages 7074 969 8,181 19,578
Ages 7479 729 5,865 14,296
Ages 8084 517 3,983 9,708
Ages 85+ 884 6,062 14,453
Income 1 Mile 3 Miles 5 Miles
Median $69,476 $78,111 $76,174
< $10,000 270 3,020 6,945
$10,000$14,999 545 3,045 6,886
$15,000$19,999 227 2,816 6,770
$20,000$24,999 414 3,247 7,741
$25,000$29,999 232 2,537 6,361
$30,000$34,999 383 3,293 6,866
$35,000$39,999 304 2,535 6,393
$40,000$44,999 319 2,666 5,997
$45,000$49,999 389 2,900 6,720
$50,000$60,000 630 6,247 13,188
$60,000$74,000 866 8,362 19,381
$75,000$99,999 1,207 11,047 25,549
$10,0000$124,999 1,046 8,878 19,632
$125,000$149,999 562 5,827 12,965
$150,000$199,999 757 6,670 15,452
> $200,000 567 6,259 17,085