1801 16th St - Medical FOR SALE


Bakersfield, CA 93301
$3,350,000 USD
661-747-0348
1801 16th St, Bakersfield, CA for Sale
$3,350,000 USD
Medical - FOR SALE
1/15
null | 7.7% Cap Rate

1801 16th St
Bakersfield, CA 93301


HIGHLIGHTS

  • 94% Occupied Multi-Tenant Medical Office Building
  • Partial Sale Leaseback for 70% of building
  • All leases are Triple Net (except for insurance)
  • Excess land for future building or additional parking
  • 7.7% Cap Rate
  • Offered substantially below replacement cost

OVERVIEW

Colliers International is pleased to offer a prime, 15,817 SF medical office building investment opportunity. The building is 94% occupied and offers a partial leaseback for 70% of the building. The building is offered at $3,350,000 ($212/sf) reflecting an attractive 7.7% Cap Rate based on the current income and expenses. The building was constructed in 1969 but completely remodeled and modernized with new medical improvements in 2004 for Centennial Medical Group. Since the 2004 renovation, smaller suites have been created, constructed and leased. Most of the suites have been updated or modernized with new finishes and décor. Currently the building is leased to four tenants and has one vacancy of 908 sf. All leases are Triple Net and all Operating Expenses are fully reimbursed to the Owner (except insurance). The combined land area is more than 44,418 sf with 60 existing off-street parking spaces plus an abundance of street parking. A portion of the land has not been developed and can accommodate additional building area or additional parking.

FOR SALE DETAILS

PRICE

$3,350,000 USD

PRICE/SF

$212 USD /SF

CAP RATE

7.7%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Centennial Medical Building

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

1969

SPRINKLERS

-

PARKING SPACES

60

LAND DETAILS

LAND ACRES

1.02 AC

LAND SF

44,418 SF

ZONING

C-C-Office

APN/PARCEL ID

004-041-08-00-1,004-041-09-00-4,004-041-11-00-9,004-041-12-00-2

ASK ABOUT THIS PROPERTY

David WilliamsColliersMore Info
661-747-0348

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David WilliamsColliersMore Info
661-747-0348

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.