1414 S MILLER STREET, SANTA MARIA CA 93454

  • 33,904 sq.ft.
offered at $4,195,000
MLS#:PI18244487
Status: Pending // Property Type:
County: Santa Barbara // Year Built: 1962

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 6.55%; 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.

Listing Courtesy of Jason Hart, Hart Commercial Real Estate

Exterior Features

Roof: Composition
FOR MORE INFORMATION, PLEASE CONTACT AGENT:
  • raj qsar
    CEO | Owner |
    CalBRE# 01744847
    • cell 714.412.5019
    • office 949.612.2535
    email Raj

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