24 Centerpointe Dr - Office FOR SALE


La Palma, CA 90623
$6,415,000 USD
949-378-7364
24 Centerpointe Dr, La Palma, CA for Sale
$6,415,000 USD
Office - FOR SALE
1/4
null | 6.75% Cap Rate

24 Centerpointe Dr
La Palma, CA 90623


OVERVIEW

VALUE-ADD LOW-RISE OFFICE/FLEX OPPORTUNITY IN MID-COUNTIES CAMPUS SETTING * High-Image, Campus-Environment Offering | Unique opportunity to acquire a distinguished asset in one of the most dominant business regions in the world. The low-rise asset is located within a campus setting with lush landscaping, recent multimillion-dollar common-area upgrades, and an association lounge space. It offers convenient surface parking, excellent egress/ingress with direct freeway access, and a high-traffic location with high-growth potential. * Ease of Ownership | The single-tenant NNN lease provides ease of ownership and security from owning in one of the safest real estate markets in the U.S. New ownership enjoys passive, durable cash flow during the investment period. * Strong In-Place Cash Flow with Income Growth | With a WALT of ±3.3 years, new ownership will benefit from incredible day 1 cash flow, but with the in-place rent being ±18.5% below market levels, there is major upside with the option being at FMV. STRONG MARKET FUNDAMENTALS * Core Market | Orange County is among the top investment markets in the Americas in 2023 among investors, reflecting the county's resilient industries, stable economic fundamentals and sustained rent growth. With strong employment and an attractive quality of life, Orange County is a highly sought-after gateway market. * Limited Availability Despite Demand | According to CoStar, the direct vacany rate for the La Palma/Buena Park office/flex submarket is 6.9% in YTD4Q23, which is below the historical average and with zero new construction in the pipeline. RENOWNED ENTERTAINMENT LOCATION WITH EXPANDING RESORT AMENITIES * Highly Desirable Location | La Palma is a meeting point between Los Angeles and Orange Counties. This central location has convenient freeway access and offers ease of commute for the area’s businesses and tenants, as well an affordable alternative to other costly areas of Southern California. * Multi-Modal Transportation Access | The surrounding multimodal transit hub offers ease of commute for the region’s workforce, as well as proximity to workforce and executive housing. Located immediately off SR-91 freeway, the asset has superb access to I-5 and I-605, as well as Long Beach International Airport and several Metrolink stations.

FOR SALE DETAILS

PRICE

$6,415,000 USD

PRICE/SF

$306 USD /SF

CAP RATE

6.75%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

1985

SPRINKLERS

-

PARKING SPACES

70

LAND DETAILS

LAND ACRES

1.4 AC

LAND SF

60,984 SF

ZONING

-

APN/PARCEL ID

276-081-54

ASK ABOUT THIS PROPERTY

Anthony DeLorenzoCBRE, Inc.More Info
949-378-7364

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Anthony DeLorenzoCBRE, Inc.More Info
949-378-7364

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