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Office Medical

Sylvan Medical Center

1101 Sylvan Ave, Modesto, CA 95350

Listing Price: $5,600,000

Cap Rate
6.10%
Gross SF
32,238
Rentable SF
28,877
Price/Gross SF
$173.71
Occupancy
76.4%
Year Built
2000
Lot Size
2.22 acres

Investment Overview

Marcus & Millichap is pleased to present this exclusive multi-tenant medical office building investment located along a busy thoroughfare in Modesto, California. The property is offered far below its replacement cost with strong in-place income from existing tenants and upside potential in leasing up the vacant space. The building is comprised of a well-maintained 32,238 square foot medical office building (approximately 28,887 square feet of rentable area) originally developed for Sylvan Eye / Sylvan Vision. The tenant occupies approximately 54 percent of the building and will sign a new five-year lease at close of escrow. Other tenants include Sutter Health, which has renewed its lease several times, and Wesson Hearing. The property has a 6,310 square foot space with a separate entrance (originally designed to accommodate an on-site surgery center) creating an attractive upside opportunity. The vacancy is currently in rough cold-shell condition requiring slab, floors, and mechanical systems. The building is offered at an exceptional price per square foot, far below its replacement cost, with in-place income from existing tenants allowing for a buyer to obtain attractive new financing, while looking for a tenant for the vacant space. Even with a highly attractive incentive package for new tenants, the lease-up of the vacancy would create a significant value creation opportunity for the buyer and an increase to the buyer's returns.

Investment Highlights

  • Exceptionally Located Value-Add Medical Office Investment with Strong In-Place Tenants
  • Offered at 6.10% Cap Rate on Current 76% Occupancy with Clear Upside Potential
  • Anchored by Sylvan Eye Associates and Sutter Health - Both Established Medical Tenants
  • Vacancy Consists of Cold-Shell Space with Dedicated Entrance - Ideal for Surgery Center or Other Medical Use

Exclusively Listed By

Financing By

Office Medical

Sylvan Medical Center

Listing Price: $5,600,000

Cap Rate
6.10%
Gross SF
32,238
Rentable SF
28,877
Price/Gross SF
$173.71
Occupancy
76.4%
Year Built
2000
Lot Size
2.22 acres

Investment Highlights

  • Exceptionally Located Value-Add Medical Office Investment with Strong In-Place Tenants
  • Offered at 6.10% Cap Rate on Current 76% Occupancy with Clear Upside Potential
  • Anchored by Sylvan Eye Associates and Sutter Health - Both Established Medical Tenants
  • Vacancy Consists of Cold-Shell Space with Dedicated Entrance - Ideal for Surgery Center or Other Medical Use

Investment Overview

Marcus & Millichap is pleased to present this exclusive multi-tenant medical office building investment located along a busy thoroughfare in Modesto, California. The property is offered far below its replacement cost with strong in-place income from existing tenants and upside potential in leasing up the vacant space. The building is comprised of a well-maintained 32,238 square foot medical office building (approximately 28,887 square feet of rentable area) originally developed for Sylvan Eye / Sylvan Vision. The tenant occupies approximately 54 percent of the building and will sign a new five-year lease at close of escrow. Other tenants include Sutter Health, which has renewed its lease several times, and Wesson Hearing. The property has a 6,310 square foot space with a separate entrance (originally designed to accommodate an on-site surgery center) creating an attractive upside opportunity. The vacancy is currently in rough cold-shell condition requiring slab, floors, and mechanical systems. The building is offered at an exceptional price per square foot, far below its replacement cost, with in-place income from existing tenants allowing for a buyer to obtain attractive new financing, while looking for a tenant for the vacant space. Even with a highly attractive incentive package for new tenants, the lease-up of the vacancy would create a significant value creation opportunity for the buyer and an increase to the buyer's returns.

Exclusively Listed By

Financing By

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