MLS® ID: PI18244487

1414 S Miller Street

Santa Maria, California, 93454

$4,195,000 Pending
  • - SQFT
Valley Medical Center is an approximately 33,904 square foot single story medical office complex representing an outstanding value add, reposition or owner-user opportunity. The current ownership is out of area and has not been actively managing the center leaving tremendous opportunity for a hands-on buyer. Currently 44% vacant with many of the existing leases either month to month or coming due in the next year, a new buyer will be able to reposition the building. Current in place rents result in a cap rate of 6.55%; however, stabilized at 90% occupancy with lowering the current rents from an average of $1.76 modified gross to a projected $1.25 NNN would result in a pro forma cap rate of over 10%. The center also has potential opportunities as a condo conversion to sell units as small doctor offices, as well as conversion to convalescent homes and apartments with a condition use permit.
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Listing courtesy of Hart Commercial Real Estate

Amenities

  • Full baths
    0
  • Half baths
    0
  • Zip
    93454
  • Office name
    Hart Commercial Real Estate
  • SQFT
    0
  • Bedrooms
    0
  • Property type
    Office
  • Zoning type
    CPO
  • Year built
    1962
  • Lot size
    110206.80
  • Tax year
    0
  • Agent name
    Jason Hart
  • Tax amount
    $ 0.0
  • Purchase Type
    Active
  • Price Range
    $2m+
  • Square Feet Range
    < 1000 sq ft.
  • Year Built Range
    1989 (and earlier)
  • Office ID
    PI6328
  • Agent ID
    PI01334694

Location

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