3331 N Broadway - Medical FOR SALE


Los Angeles, CA 90031
$34,175,000 USD
213-446-7543
3331 N Broadway, Los Angeles, CA for Sale
$34,175,000 USD
Medical - FOR SALE
1/12
null | 6.3% Cap Rate

3331 N Broadway
Los Angeles, CA 90031


OVERVIEW

100% LEASED TO THREE HIGH QUALITY TENANTS WITH STABLE CASH FLOW AND UPSIDE * More than 9 year Weighted-Average Lease Term remaining to three tenants offering stable cash flow and simplicity of ownership. * Investment Grade County of Los Angeles Department of Mental Health - accounts for 83.7% of total NRA and signed a 15-year lease that commenced in November 2019 with firm term through October 2034. * Western Dental & Orthodontics - National retailer Western Dental with 560 offices in 20 states. Firm term through April 2031. * Pinner Construction - Supervising design/build of nearby $233M comprehensive Lincoln High School modernization (approved in January 2021) Firm term through April 2027. THOUGHTFULLY DESIGNED PURPOSE-BUILT MOB COMPLETED IN 2019 * 223 on-site parking spaces (±4.3/1,000 SF ratio) | Fully sprinklered building equipped with two freight sized elevators that serve patients and employees | High deck-to-deck heights of ±12' on 2nd and 3rd floors providing 10' drop ceilings on both floors. * High visibility and prominent signage opportunities for med-tail/retail tenants with ±30k cars passing the property each day on North Broadway (Costar) BUILT TO ACCOMMODATE LA COUNTY DEPARTMENT OF MENTAL HEALTH (LACDMH) * LACDMH is the largest county-operated mental health department in the United States with an annual budget approaching $3 billion. LACDMH provides a variety of public mental health-related services through 85 directly operated sites, along with ±300 co-located sites, and contracts with close to 1,000 organizations to serve over 250,000 residents. EXCELLENT OUTPATIENT MEDICAL FUNDAMENTALS * Growing appeal and influx of capital into medical and government leased buildings due to steady demand growth, stable cash flow, long-term leases, and availability of financing. * Downtown Los Angeles’ medical market is comprised of 20 buildings totaling approximately ±2.6M SF, with the lowest vacancy rate in the Greater Los Angeles area at 5.2%. DENSELY POPULATED COMMUTER CORRIDOR WITH EXCELLENT REGIONAL ACCESS * Ideally situated on North Broadway, a commercial corridor connector that ties many of the nearby neighborhoods to the densely populated Metro Los Angeles area. 3331 N Broadway is categorized by a high Walk Score of 85. * Located in the heart of the Metro area of Los Angeles, the Property benefits from immediate access to a multitude of major freeways including the Golden State (5), Harbor (110), San Bernardino (10), and Long Beach (710) Freeways, providing premier regional access to the Greater LA area.

FOR SALE DETAILS

PRICE

$34,175,000 USD

PRICE/SF

$661 USD /SF

CAP RATE

6.3%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lincoln Medical Building

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

A

YEAR BUILT

2019

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.11 AC

LAND SF

48,352 SF

ZONING

C4

APN/PARCEL ID

5208-012-021

ASK ABOUT THIS PROPERTY

Mark ShafferCBRE, Inc.More Info
213-446-7543

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Mark ShafferCBRE, Inc.More Info
213-446-7543

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