1414 S Miller Street

    Santa Maria, CA 93454
    • $4,495,000
    • STATUS: Active
    • ON SITE: 7 days
    • ID#: PI18244487
    UPDATED: 60 min ago
    $4,495,000
    • 0
      BEDS
    • 2.53
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 33,904
      SQFT
    • $133
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1962
    County:

    School Ratings & Info

    Description

    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 6.12%; 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 9.66%. The center also haspotential opportunities as a condo conversion to sell units as small doctor offices, as well as conversion to convalescent homes andapartments with a condition use permit.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-10-16T23:27:26.377. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.pismohomes.com/homes/88329138

    1414 S Miller Street Santa Maria, CA 93454

    • Price: $4,495,000
    • Status: Active
    • Updated: 60 min ago
    • ID#: PI18244487
    0
    Beds
    0
    Baths
    0
    ½ Baths
    2.53
    Acres
    33,904
    SQFT
    $133
    $/SQFT
    1962
    Built
    Neighborhood:
    SMIA - Santa Maria
    County:
    Santa Barbara
    Area:
    SMIA - Santa Maria
    Property Description
    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 6.12%; 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 9.66%. The center also haspotential opportunities as a condo conversion to sell units as small doctor offices, as well as conversion to convalescent homes andapartments with a condition use permit.
    Exterior Features

    Construction Materials Stucco Lot Features Corner Lot Lot Size Source Assessor Lot Size Units Acres Roof Composition

    Interior Features

    Condo Area Units Square Feet Laundry Features None Office Square Footage 33904

    Property Features

    Additional Parcels YN No Asset Class Office Building Area Units Square Feet Building Name Valley Medical Center Building Status Existing Country Us Investment Property YN Yes Land Use Office Laundry YN No Leasable Area Units Square Feet Max Total Area Units Square Feet Min Total Area Units Square Feet Property Sub Type Office Special Listing Conditions Standard Water Source Public Zoning Cpo

    Listing provided courtesy of Jason Hart of Hart Commercial Real Estate.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-10-16T23:27:26.377. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
    Pismo Beach Homes Team | Keller Williams Realty Central Coast
    350 James Way
    Pismo Beach CA, 93449