2291 W March Ln - Medical FOR SALE


Stockton, CA 95207
$6,750,000 USD
916-724-1310
2291 W March Ln, Stockton, CA for Sale
$6,750,000 USD
Medical - FOR SALE
1/18
null | 7.67% Cap Rate

2291 W March Ln
Stockton, CA 95207


HIGHLIGHTS

  • Exceptionally Located Multi-Tenant Office Park - 67,634-Square Feet on 6.77-Acres of Lakefront Real Estate
  • Rare Opportunity For Astute Investors to Take Advantage of Favorable Market to Purchase a High Quality Asset at Only $99.80 PSF
  • Excellent Return of 7.62% on Actual 85% Occupancy With Diverse Mix of Professional Tenants With Upside Potential
  • Low Turnover Costs Due to Small Unit Sizes and Excellent Stability From Several Tenants on Long-Term Leases

OVERVIEW

Marcus & Millichap is pleased to present Quail Lakes Office Park, a 84.76% leased multi-tenant office park with a lakefront location along the desirable Quail Lake community in San Joaquin County. The property is comprised of a six building portfolio totaling approximately 67,358-square feet on a large 6.77-acre parcel connected by gated walkways and offered at a very attractive price of $99.80 per square foot at a cap rate of 7.62% on actual occupancy. The property is leased to a wide range of 24 tenants including CPAs, property management, law firms, government affiliated services, and various professionals, many of whom have been at the property for a number of years. The diverse mix of tenants with staggered lease expirations provides excellent stability of income stream. The average suite is just slightly larger than 2,000-square feet, minimizing turnover and tenant improvement costs with landlord's typical tenant improvement responsibilities for new tenants of only carpet and paint. The project is exceptionally located less than 0.5 miles away from Interstate 5 along West March Lane, one of the busiest retail corridors in the city of Stockton providing convenient access to many restaurants walking distance from the property. The property offers an excellent atmosphere for potential tenants due to its desirable location offering its tenants views of the lake, mature landscaping, and excellent parking, including four covered carport structures. The offering is a rare opportunity to acquire a well-located stabilized "lakefront" multi-tenant office park at a very low entry point of only $99.80 per square foot reflecting the desire of realistic sellers to meet the market at an exceptional time for astute investors. The price provides for an exceptional in-place return of almost 8.0% on actual 84.76% occupancy, with opportunity for upside, and stability of income stream due to a desirable mix of tenants, low turnover costs due to small suite sizes.

FOR SALE DETAILS

PRICE

$6,750,000 USD

PRICE/SF

$100 USD /SF

CAP RATE

7.67%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Building A

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1976

SPRINKLERS

-

PARKING SPACES

297

LAND DETAILS

LAND ACRES

7.64 AC

LAND SF

332,798 SF

ZONING

Commercial Office

APN/PARCEL ID

112-220-51

ASK ABOUT THIS PROPERTY

Russ MorozMarcus & Millichap Real Estate Investment ServicesMore Info
916-724-1310

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Russ MorozMarcus & Millichap Real Estate Investment ServicesMore Info
916-724-1310

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