• 33,904 sq.ft.
offered at $4,195,000
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
  • raj qsar
    CEO | Owner |
    CalBRE# 01744847
    • cell 714.412.5019
    • office 949.612.2535
    email Raj

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Based on information from California Regional Multiple Listing Service, Inc. as of November 13, 2018. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.