KIPP GSTETTENBAUER, CCIM Senior Vice President | Lic #01405420 858.458.3345 | [email protected]RYAN KING, CCIM Senior Vice President | Lic #01885401 858.458.3322 | [email protected]100% ABSOLUTE NNN LEASED MEDICAL INVESTMENT OPPORTUNITY 880 THIRD AVENUE, CHULA VISTA, CA 91911 • ±23,780 SF NNN LEASED MEDICAL BUILDING FOR SALE
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OPTION TO EXTEND Two (2) Five (5) Year Terms with fixed 3% Annual Increases
OPTION 1LEASE MONTHS MONTHLY RENT/SF ANNUAL RENT
07/01/2034 - 6/30/2035 $4.90/SF $1,398,264.00
07/01/2035 - 6/30/2036 $5.05/SF $1,441,068.00
07/01/2036 - 6/30/2037 $5.20/SF $1,483,872.00
07/01/2037 - 6/30/2038 $5.36/SF $1,529,529.60
07/01/2038 - 6/30/2039 $5.52/SF $1,575,187.20
OPTION 2LEASE MONTHS MONTHLY RENT/SF ANNUAL RENT
07/01/2039 - 6/30/2040 $5.68/SF $1,620,844.80
07/01/2040 - 6/30/2041 $5.85/SF $1,669,356.00
07/01/2041 - 6/30/2042 $6.03/SF $1,720,720.80
07/01/2042 - 6/30/2043 $6.21/SF $1,772,085.60
07/01/2043 - 6/30/2044 $6.40/SF $1,826,304.00
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YEAR 10 CAP RATE: 5.57%
S I T E P L A N
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WWW .RAYMONDFOX .COM92108CADIEGOSAN340STEHOTEL CIRCLE NORTH 1660
(619) 296-4595
MEDICAL ARCHITECTURE & CONSULTINGRAYMOND FOX & ASSOCIATES
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SHEET TITLE:PROJECT NUMBER:
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880 THIRD AVENUE CHULA VISTA, CA 91910
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P A C E (PROGRAM OF ALL INCLUSIVE CARE FOR THE ELDERLY)
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S P A C E 23,780 SF
PROJECT OVERVIEW
880 THIRD AVENUECHULA VISTA, CA 91911LOCATION
±23,780 SQUARE FEETBUILDING SIZE
87,120 SF (2 ACRES)LOT SIZE
100% OCCUPIEDOCCUPIED
5.34/1,000 SFPARKING RATIO
573-450-33APN
1970 (FULLY RENOVATED 2019)YEAR BUILT
266’ ON THIRD AVENUESTREET FRONTAGE
San Ysidro Health (formerly San Ysidro Health Center) is a non-profit organization committed to providing high quality, compassionate, accessible and affordable health care services for the entire family.
The mission of San Ysidro Health is to improve the health and well-being of the communities we serve with access for all. Originally established along the border in 1969, the organization was founded by seven women in search of medical services for their children. 50 years later, San Ysidro Health now provides innovative services to nearly 97,000 lives in our care through a vast and integrated network of 34 program sites across San Diego County including: medical and dental clinics, behavioral health centers, HIV centers, WIC nutrition centers, mobile medical units, school-based health centers, chiropractic services, pediatric developmental clinic, teen clinic, senior health center and Program for All Inclusive Care for the Elderly (PACE).
Our organization’s new name and brand identity pay homage to its humble beginnings in the community where it was established 50 years ago. This community was named in honor of San Isidro Labrador, the patron saint of farmers, day laborers, and rural communities—the working poor. San Isidro spent his life as a hired hand and always shared what little he had, even his meals, with people in need. These values of compassion and care for others still ring true in the organization’s mission to improve the health and well-being of all in the communities we serve, especially the most vulnerable across San Diego County. With this rebranding the goal is to make the organization’s innovative healthcare services more identifiable, convenient and accessible for the thousands of families that are served. It is our honor and privilege to emulate these values daily.
In addition to providing medical, dental and behavioral health services San Ysidro Health’s Specialty services include:
» Dental care services for children who are medically compromised, have special needs and/or are behaviorally challenged.– Children’s Dental Clinic
» Adult special needs dental services – King-Chavez Health Center » Urgent care services – San Ysidro Health Chula Vista » San Ysidro Health’s retail clinic – Mi Clinica at Northgate Gonzalez Market » San Ysidro Health is a Federally Qualified Health Center and a Federal Tort Claims
Act Deemed facility. The Federal government acts as the primary insurer. FTCA deeming enables us to invest more to increase health care services and fund quality improvement activities.
This health center receives HHS funding and has Federal Public Health Service (PHS) deemed status with respect to certain health or health-related claims, including medical malpractice claims, for itself and its covered individuals.
TENANT OVERVIEW
SAN YSIDRO HEALTH CARE
WWW.SYHC.ORG
THIRTY-FOUR Total Patient Locations
1,200 Total Employees
97,000 Total Patients
NINETEEN Medical Locations
EIGHT Dental Locations
SIX Behavioral Health Locations
SIX Support Locations
FIVE WIC Locations
THIRD AVENUE
L STREET
AVERAGE $/SF: $820/SF AVERAGE CAP RATE: 5.12%
721 W. 1ST STREETTUSTIN, CA 92780
1525 LONG BEACH BLVDLONG BEACH, CA 90813
769 MEDICAL CENTER COURTCHULA VISTA, CA 91911
3901 S. WESTERN AVENUELOS ANGELES, CA 90062
Tenant DaVita Kidney Care Tenant Fresenius Tenant Sharp Tenant DaVita Kidney Care
Building SF 11,499 SF Building SF 8,600 SF Building SF 45,000 SF Building SF 9,988 SF
Land Area 54,014 SF Land Area 25,265 SF Land Area 435,600 SF Land Area 30,056 SF
Sale Price $8,400,00 Sale Price $7,995,000 Sale Price $27,500,000 Sale Price $7,050,000
Sale Date 04/14/2016 Sale Date 04/08/2019 Sale Date 12/10/2018 Sale Date 04/08/2019
Cap Rate 4.91% Cap Rate 5.00% Cap Rate 5.25% Cap Rate 5.00%
U N I T E D S T A T E S O F A M E R I C A
M E X I C O
U N I T E D S T A T E S O F A M E R I C A
M E X I C O
Del Mar
805
15
163
52
8
94
125
5
15
78
805
5
56
76
76
76
8
125
125
54
5
LemonGrove
La Mesa
El Cajon
BostoniaGranite
Hills Crest
HarbisonCanyon
North IslandNaval Air Station
SpringValley
RanchoSan Diego
Casa de Oro/ Mt Helix
WinterGardens
EucalyptusHills
Santee
Miramar
Mira Mesa
TorreyPines Miramar
Marine CorpsAir Station
Jamul
DescansoAlpine
SolanaBeach
RanchoSanta Fe
Encinitas
Poway
Ramona
Vista
San MarcosEscondido
Carlsbad
Oceanside
CampPendleton
Bonsall
Rainbow
Fallbrook
ImperialBeach
ScrippsRanch
KearnyMesa
SorrentoMesa
SorrentoValley
BorregoSprings
MountLaguna
Potrero
Boulevard
Jacumba
Julian
San DiegoCountryEstates
Campo
LaPresa
Eastlake
Bonita
OceanBeach
CentralSan Diego
PtLoma
Chula Vista
San YsidroOtay Mesa
PineValley
San DiegoInternational
Airport
College /City Heights
Highly Visible, High Traffic Location
THIRD AVENUE @ K STREET
19,614 CPD
THIRD AVENUE @ L STREET
21,176 CPD
THIRD AVENUE
HEADQUARTERS & ADMINISTRATION
HEALTH, WELLNESS & SPORTS
TOURISM, TRAVEL & OVERNIGHT LODGING
EDUCATION & INNOVATION CENTERS
ADVANCED MANUFACTURING & CLEAN TECH
INFORMATION, COMMUNICATION & TECHNOLOGY
C H U L A V I S T A K E Y I N D U S T R I E S
The City of Chula Vista is located at the center of one of the richest cultural, economic and environmentally diverse zones in the United States. It is the second-largest City in San Diego County with a population of 433,719. Chula Vista boasts more than 52 square miles of coastal landscape, canyons, rolling hills, mountains, quality parks, and miles of trails. Chula Vista is a leader in conservation and renewable energy, has outstanding public schools, and has been named one of the top safest cities in the country.
Chula Vista has made exceptional advances in preparing the City for business expansion and attraction, collaborating with Baja California officials, and creating an environment for economic growth and prosperity. The City has established economic development initiatives that have created quality infrastructure, a strong consumer base and a well-educated and experienced workforce. Civic leaders are not stopping there; amassing a large volume of commercial/industrial development lands, pursuing a progressive business and employment investment policy, and completing acquisition of the 375-acre University Park and Innovation District site that will create even greater opportunities for your business in the future. The 535-acre Chula Vista Bayfront project will transform the area into a thriving residential and world-class waterfront resort destination. The Plan will establish thousands of new jobs, create new public parks, protect natural coastal resources, provide conference and visitor-serving amenities and build an important asset for the entire San Diego region.
Shopping, dining, and entertainment abound with two major malls and a historic downtown district. With more than 100 of the country’s top specialty stores, Chula Vista Center in the downtown area boasts major retailers, dining, movie theaters, and more than 100 fine specialty shops. And, Third Avenue Village, billed as the cultural center of the city, features historic buildings, unique shops, a weekly farmers market, landmark restaurants, and seasonal outdoor music concerts.
433,719 Population
$60,257 Median Household Income
$421,417 Median Home Value
128,109 Total Households
10,541 Total Businesses
101,460 Total Employees
56% White Collar Jobs
21% Bachelor/Grad Degree
21,176 CPD Third Avenue + L Street
19,614 CPD L Street + Fourth Avenue
26,719 CPD Third Avenue + Moss Street
15,074 CPD Fourth Avenue + Westby Street
More than 60 well-maintained parks and sports fields are available for outdoor sports, recreation activities, and picnics. Tour the Chula Vista Elite Athlete Training Center and see America’s best athletes. Enjoy 32 acres of water wonder with rides, slides, exotic marine animals, and plenty of family fun at Aquatica, SeaWorld’s Waterpark. Or, hit the green on one of four challenging yet playable golf courses. From rock and roll to rap to reggae - world-class entertainers perform at the North Island Credit Union Amphitheatre, San Diego County’s premiere outdoor music venue.
Many well established neighborhoods, contemporary communities, start-up firms, corporations, nationally recognized entertainment venues, the nation’s only warm weather athlete training center, an award winning nature center and a historic downtown all contribute to Chula Vista’s attraction for both families and businesses.
LOAN AMOUNT $12,150,000
MAX LTV 65%
MIN DEBT COVERAGE RATIO 1.35x
INTEREST RATE 3.625%
LOAN TERM 10 Years
AMORTIZATION 30 Years
LENDER FEE 1%
PREPAYMENT PENALTY No Penalty
*Please note these quotes are subject to change upon further analysis of property and borrower.
DEBT SUMMARY
PASHA JOHNSON PACIFIC SOUTHWEST REALTY SERVICES858.522.1433 | [email protected]