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Office Medical

Los Altos Medical Center

1777 N Bellflower Blvd, Long Beach, CA 90815

Listing Price: $5,500,000

Cap Rate
5.74%
Gross SF
26,299
Rentable SF
26,195
Price/Gross SF
$209.13
Occupancy
95.0%
Year Built
1957
Lot Size
1.42 acres

Investment Overview

Marcus & Millichap is pleased to present the Los Altos Medical Center, located at 1777 Bellflower Blvd., Long Beach CA. Located in the vibrant Los Altos Market area of Long Beach, LAMC is a triple A location. The surrounding demographics are well suited to support the practicing physicians of LAMC. Just ten minutes away doctors and employees can access retailers like Target, Trader Joe’s, Bank of America, Wells Fargo Bank, JP Morgan Chase Bank, fitness facilities and Lowe’s Home Improvement. Access to the North and South 405 Freeway is minutes away. For the doctors practicing n LAMC, this is a prime location with growing families. Traffic count is approximately 24K per day. LAMC is vintage 1957 construction comprised of 26,195 square feet on two floors. It is elevator served and sits on a 1.42-acre lot. The average tenancy is well over 5 years. This is the first time in twenty-seven years this building has become available. Over the last three years the owner has spent over $300,000 improving the buildings mechanics, including plumbing and electrical, and HVAC upgrades. LAMC is attractively priced at just $209 per foot. The average price per square foot for medical buildings in Los Angeles County over the last twelve months was $331 per foot. For the value-added investor, LAMC offers immediate upside by reducing expenses, which are currently over $15 per foot. This is mainly due to all the work that has gone into the building along with expensing what should have been capitalized. Rents now average $1.77 per foot on a MG basis. The average asking rent for medical space in Los Angeles County is $3.31 PF. The average asking rent within a 5-mile radius of LAMC is $2.90 per foot. We have included a conservative proforma of $1.95 per foot resulting in a potential 5.77 CAP rate in year one by immediately raising the rent to $1.95 on 20 of the 24 leases that are month to month.

Investment Highlights

  • Seasoned medical building in prime Los Altos market area of Long Beach.
  • First time on the market in 27 years.
  • Well below recent comps at $2.09 PF vs. LA County average of $3.31 PF.
  • Situated on 1.42 acres.
  • Below market rents. Average $1.77 vs. $2.90 within a 5-mile radius
  • Option: Reduce expenses currently at $15.25 PF to $13 PF or lower.
  • Recent major improvements such as: plumbing, HVAC, double-paned windows and upgraded electrical.

Exclusively Listed By

Office Medical

Los Altos Medical Center

Listing Price: $5,500,000

Cap Rate
5.74%
Gross SF
26,299
Rentable SF
26,195
Price/Gross SF
$209.13
Occupancy
95.0%
Year Built
1957
Lot Size
1.42 acres

Investment Highlights

  • Seasoned medical building in prime Los Altos market area of Long Beach.
  • First time on the market in 27 years.
  • Well below recent comps at $2.09 PF vs. LA County average of $3.31 PF.
  • Situated on 1.42 acres.
  • Below market rents. Average $1.77 vs. $2.90 within a 5-mile radius
  • Option: Reduce expenses currently at $15.25 PF to $13 PF or lower.
  • Recent major improvements such as: plumbing, HVAC, double-paned windows and upgraded electrical.

Investment Overview

Marcus & Millichap is pleased to present the Los Altos Medical Center, located at 1777 Bellflower Blvd., Long Beach CA. Located in the vibrant Los Altos Market area of Long Beach, LAMC is a triple A location. The surrounding demographics are well suited to support the practicing physicians of LAMC. Just ten minutes away doctors and employees can access retailers like Target, Trader Joe’s, Bank of America, Wells Fargo Bank, JP Morgan Chase Bank, fitness facilities and Lowe’s Home Improvement. Access to the North and South 405 Freeway is minutes away. For the doctors practicing n LAMC, this is a prime location with growing families. Traffic count is approximately 24K per day. LAMC is vintage 1957 construction comprised of 26,195 square feet on two floors. It is elevator served and sits on a 1.42-acre lot. The average tenancy is well over 5 years. This is the first time in twenty-seven years this building has become available. Over the last three years the owner has spent over $300,000 improving the buildings mechanics, including plumbing and electrical, and HVAC upgrades. LAMC is attractively priced at just $209 per foot. The average price per square foot for medical buildings in Los Angeles County over the last twelve months was $331 per foot. For the value-added investor, LAMC offers immediate upside by reducing expenses, which are currently over $15 per foot. This is mainly due to all the work that has gone into the building along with expensing what should have been capitalized. Rents now average $1.77 per foot on a MG basis. The average asking rent for medical space in Los Angeles County is $3.31 PF. The average asking rent within a 5-mile radius of LAMC is $2.90 per foot. We have included a conservative proforma of $1.95 per foot resulting in a potential 5.77 CAP rate in year one by immediately raising the rent to $1.95 on 20 of the 24 leases that are month to month.

Exclusively Listed By

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