a 12,176 sf medical & professional office building … · 2020-02-25 · group brandon ....

G R O U P

BRANDON MICHAELS

SOUTHERN CALIFORNIA'S PREMIER SALES TEAM

A 12,176 SF MEDICAL & PROFESSIONAL OFFICE BUILDING EASILY ACCESSIBLE FROM THE INTERSTATE 101 VENTURA

FREEWAY IN THE AFFLUENT SUB-MARKET OF AGOURA HILLS 28222 Agoura Road, Agoura Hills, CA 91301

TABLE OF CONTENTS

01

04

02

03

PROPERTY OVERVIEW

FINANCIAL ANALYSIS

COMPARABLES ANALYSIS

AREA OVERVIEW

INVESTMENT ADVISORS

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICE

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corpora-tion of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Instagram@brandonmichaelsgroup

Websitewww.brandonmichaelsgroup.com

BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com

STEVE SCHECHTERFirst Vice President InvestmentsDirector, National Retail GroupTel: (818) 212-2793Fax: (818) [email protected]: CA # 01089464www.BrandonMichaelsGroup.com

TEAM MEMBERSVaughn Brown Ben BrownsteinNicole CottrellAndrew LeffMatthew NoronaAustin Sreden


SEAN BRANDTInvestment AssociateNational Retail GroupTel: (818) 212-2653 Fax: (818) [email protected]: CA #01755166www.BrandonMichaelsGroup .com

01PROPERTYOVERVIEW

OVER 149,000 VEHICLES PER DAY

OVER 149,000 VEHICLES PER DAY

VENTURA FREEWAY

VENTURA FREEWAY

6_

EXECUTIVE

SUMMARY

WESTLAKE VILLAGEWESTLAKE VILLAGE THOUSAND OAKSTHOUSAND OAKS

Marcus & Millichap | The Brandon Michaels Group

The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale Agoura Oaks Medical Center One, a 12,176 square foot, two story medical office building ideally located in the highly desirable and affluent Southern California submarket of Agoura Hills, CA. This unique property is conveniently located directly off the Interstate 101 Ventura Freeway at Chesebro Road. This amenity rich location offers direct access to the freeway and is within close proximity to a number of dining options.

Built in 1981, Agoura Oaks Medical Center One is a 12,176 square foot medical office building situated on 13,939 square feet of land. The suites benefit from excellent natural light, second story balconies, guest parking, ease of ingress and egress, and phone and network connectivity. The building features significant improvements, a dental office, an optometrist, and a variety of professional tenants. Suite sizes average 1,257 square feet, ideal to attract local tenants and are easily leasable with minimal costs required as leases roll-over.

The Agoura Oaks Medical Center One is currently 64% occupied to a mix of medical and office tenants. The flexibility in lease terms creates a unique opportunity for Owner-User or Value Add Investor. Current rents average $1.69 per square foot, creating a value-add opportunity to raise current rents to market while concurrently stabilizing the asset.

Agoura Hills boasts strong demographics of its own with an average annual household income of $98,493 within a 1 mile radius of the subject property and over $151,000 within five miles of the subject property. The Agoura Oaks Medical Center One is centrally located within the main office district of Agoura Hills in an amenity rich pocket within close proximity to multiple high-end retailers and restaurants, multimillion dollar homes, and a number of local office tenants that benefit from the high-end submarket and surrounding amenities. Offices nearby include companies such as Rantec Microwave Systems, iPayment, Dole Food Company and a host of others. There is a host of national credit tenants within walking distance as well as a wide variety of restaurants.

7_

EXECUTIVE

SUMMARY

CHESEBRO RDCHESEBRO RD

AG

OU

RA R

DA

GO

URA

RD

28222 Agoura Road, Agoura Hills, CA 91301

INVESTMENT HIGHLIGHTS

8_

INVESTMENT

HIGHLIGHTS

• Medical Use

• Property is Well-Maintained With Recent Capital and Tenant Upgrades

• 64% Current Occupancy

• Value-Add or Owner-User Opportunity

• Elevator Served

• Amenity rich sub-market within close proximity to schools, banks, retailers, and restaurants.

• High End Agoura Hills Demographics

• $98,493 Average Household Income within one mile of the subject proeprty

• Ideally located in the upscale, affluent Conejo Valley sub-market of Calabasas and Westlake Village

• Strategic Location With Convenient Access To The Ventura 101 Freeway

9_

INVESTMENT

HIGHLIGHTS

9_

INVESTMENT

HIGHLIGHTS

Marcus & Millichap | The Brandon Michaels Group Marcus & Millichap | The Brandon Michaels Group



10_

PROPERTY

HIGHLIGHTS

PROPERTY INFORMATION

PRICE: $3,000,000

BUILDING SF: 12,176 SF

RENTABLE SF: 11,319 SF

LAND SF (ACRES): 13,939 SF

PRICE/SF (BUILDING): $246

PRICE/RENTABLE SF: $265

PRICE/SF (LAND): $215

CURRENT CAP RATE: 2.20%

PRO FORMA CAP RATE: 6.10%

CURRENT OCCUPANCY: 64%

PARKING: 32 Parking Spaces

ZONING: BP-OR-O

APN NUMBER: 2061-016-065

SUMMARY OF TERMS

INTEREST OFFERED:100% fee simple interest in 28222 Agoura Road, a 12,176 SF office building situated on 13,939 SF of land in Agoura Hills, CA, 91301.

TERMS OF THE SALE:Property is being offered on a free and clear basis.

PROPERTY TOURS:Prospective purchases are encouraged to visit the site and review all due diligence materials prior to submitting offers. Access to an outline due diligence portal is available. All property tours must be coordinated through the listing agents.


11_

PROPERTY

HIGHLIGHTS

PRICE/SF (BLDG)$246

PRICE/SF (LAND)$215

PRO FORMA CAP RATE

6.10%OCCUPANCY64%


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PROPERTY

DETAILS


SITE LOCATION

The property is located at the west end corner of Agoura Rd and Vejar Dr.

ZONING

The zoning is BP-OR-O.

PARKING

There are 32 free surface spaces.

SQUARE FOOTAGES

The total building square footage is 12,176 SF. The total land square footage is 13,939 SF.

APN NUMBER/ZONING

The APN number is 2061-016-065.

TRAFFIC COUNTS

The traffic counts along Agoura Rd and Vejar Dr are over 5,000 vehicles per day. The traffic counts along Ventura Freeway are over 188,000 vehicles per day.

BUILDING SF

12,176

LAND SF

13,939

PARKING SPACES

32

ZONING

BP-OR-O

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PROPERTY

DETAILS



FLOOR PLANS

14_

FLOOR

PLAN

15_

FLOOR

PLAN

STO

R #

6

COVERED PARKING

PARKING PARKING

ELEV.

STOR.# 5

STO

R #

8STOR # 7

STAIR 3

STAIR 2

STAIR 1

FILL

BUILDING SERVICE AREA 1 0 7 N o r t h R e i n o R d .N e w b u r y P a r k # 2 5 5C a l i f o r n i a 9 1 3 2 08 0 5 . 2 0 8 . 8 5 6 3w w w . a n t t i l a . s p a c e

a design studioA N T T I L A

AS_BUILT PLAN28222 Agoura Road, Agoura Hills, California.

Project No. 1906.002Date. August 2nd, 2019 (REVISED)

A0

WOMEN

MEN

SUITE 103SUITE 104

ELEC.

ELEV.

LOBBY

SUITE 100,101

FLOOR SERVICE AREABUILDING SERVICE AREA

TENANT AREA & TENANT ANCILLARY AREAMAJOR VERT.PENETRATION1 0 7 N o r t h R e i n o R d .N e w b u r y P a r k # 2 5 5C a l i f o r n i a 9 1 3 2 08 0 5 . 2 0 8 . 8 5 6 3w w w . a n t t i l a . s p a c e




A1

RSF 1,704.31 RSF 1,252.78RSF 2,427.90

GROUND LEVEL FIRST FLOOR


FLOOR PLANS

16_

FLOOR

PLAN

17_

FLOOR

PLAN

WOMEN

BALCONY

SUITE 218

SUITE - ASUITE - B & C

STOR

MEN ELEV.

FLOOR SERVICE AREA TENANT AREA & TENANT ANCILLARY AREAMAJOR VERT.PENETRATION1 0 7 N o r t h R e i n o R d .N e w b u r y P a r k # 2 5 5C a l i f o r n i a 9 1 3 2 08 0 5 . 2 0 8 . 8 5 6 3w w w . a n t t i l a . s p a c e




A2

RSF 3,696.24

RSF 1,119.22

RSF 1,118.39

SECOND FLOOR


02FINANCIALANALYSIS


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FINANCIAL

ANALYSIS

21_

FINANCIAL

ANALYSIS

TENANT RENTABLE SF* SF% LEASE

START LEASE EXP RENT RENT/SF INCREASES PRO FORMA RENT/SF

PRO FORMA RENT

LEASE TYPE

Available 2,428 21% 3.0% $2.20 $5,341.38 MG

Dr Sam 1,253 11% 1/1/2011 12/31/2022 $1,683.95 $1.34 3.0% $2.20 $2,756.12 MG

Available 1,704 15% 3.0% $2.20 $3,749.48 MG

PacGenomics, Inc. 1,119 10% 11/1/2018 10/31/2020 $1,690.02 $1.51 3.0% $2.00 $2,238.44 MG



TOTAL 11,319 100% $10,644.06 $0.94 $23,714.68

INCOME AND EXPENSE CURRENT PRO FORMA

Scheduled Lease Income $127,729 $284,576

NNN Charges $29,993

Effective Gross Income $157,722 $284,576

Vacancy 5% $14,229

Expenses $91,620 $87,420

Net Operating Income $66,102 $182,927

ADDRESS: 28222 Agoura RoadAgoura Hills, CA 91301

PRICE: $3,000,000

BUILDING SF: 12,176

PRICE/SF (BUILDING): $246

RENTABLE BUILDING SF: 11,319

PRICE/RENTABLE SF: $265

LAND SF: 13,939

PRICE/SF (LAND): $215

CURRENT CAP RATE: 2.20%

PRO FORMA CAP RATE: 6.10%

EXPENSE BREAKDOWN PER YEAR PER SF

Taxes @ 1.25% $37,500 $3.08

Insurance $4,110 $0.34

Utilities $26,300 $2.16

Trash Removal $6,140 $0.50

Grounds Maintenance $1,800 $0.15

Repairs & Maintenance $11,570 $0.95

Management Fee $4,200 $0.34

TOTAL $91,620 $7.52/$0.63


FINANCIAL ANALYSIS

RENT ROLL

ANNUALIZED OPERATING DATA

PRICING

* Seller occupies the entire second floor totaling 5,933 SF which can be delivered vacant at close of escrow or Seller will consider a lease back for a period of time.

03COMPARABLES ANALYSIS


24_

COMPARABLES

ANALYSIS

# ADDRESS SALE PRICE BLDG SF PRICE/SF(BUILDING) LAND SF PRICE/SF

(LAND) ZONING CLOSE OF ESCROW

1 28219 Agoura RdAgoura Hills, CA 91301 $2,000,000 4,132 $484.03 10,402 $192.27 BP-OR-O 04/22/2019

2 5030 Chesebro RdAgoura Hills, CA 91301 $2,695,000 7,357 $366.32 6,098 $441.95 BP-OR-F 2/12/2020

3 5234 Chesebro RdAgoura Hills, CA 91301 $2,675,130 7,876 $339.66 20,038 $133.50 C2 In Escrow

4 4510 E. Thousand Oaks BlvdThousand Oaks, CA 91362 $3,000,000 10,151 $295.54 76,230 $39.35

M1, Thousand

Oaks03/21/2019

5 4520 E. Thousand Oaks BlvdWestlake Village, CA 91362 $3,315,000 10,178 $325.70 58,806 $56.37 M1 12/27/2019

Average $2,737,026 7,939 $362.25 34,315 $172.69 - -


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COMPARABLES

ANALYSIS

SALES COMPARABLES

28222 Agoura Rd

1 28219 Agoura Rd

2 5030 Chesebro Rd

3 5234 Chesebro Rd

4 4510 E. Thousand Oaks Blvd

5 4520 E. Thousand Oaks Blvd

1 2

3

4 5

$362AVG PRICE/SF

7,939AVG BUILDING SF


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COMPARABLES

ANALYSIS


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COMPARABLES

ANALYSIS

RENT COMPARABLES

# ADDRESS RENTABLE SF SF AVAILABLE RENT/SF/YEAR RENT/SF/MONTH LEASE TYPE

1 28118 Agoura Rd Agoura Hills, CA 91301 12,978 600 - 4,074 SF

Available in 2 Spaces $25.80 $2.15 MG

2 28215 Agoura RdAgoura Hills, CA 91301 4,140 139 - 2,120 SF Available

in 4 Spaces $22.20 $1.85 MG

3 28240 Agoura RdAgoura Hills, CA 91301 14,504 1,652 SF Available in 1

Space $23.40 $1.95 MG

4 28328 Agoura RdAgoura Hills, CA 91301 7,395 735 SF Available in 1

Space $22.80 $1.90 FS

5 5012 Chesebro Rd - Bldg 2Agoura Hills, CA 91301 9,926 586 - 1,647 SF


6 28210 Dorothy DrAgoura Hills, CA 91301 9,418 1,393 - 3,324 SF

Available in 2 Spaces $27.00 $2.25 FS

7 28216 Dorothy DrAgoura Hills, CA 91301 14,094 2,994 - 7,184 SF


Average 10,351 - $25.03 $2.09 $935.40

28222 Agoura Rd

1 28118 Agoura Rd

2 28215 Agoura Rd

3 28240 Agoura Rd

4 28328 Agoura Rd

5 5012 Chesebro Rd - Bldg 2

6 28210 Dorothy Dr

7 28216 Dorothy Dr1

2

34

5

67

$2.09AVG RENT/SF/MON

$25.03AVG RENT/SF/YR

04AREA OVERVIEW


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AREA

OVERVIEW

AGOURA HILLS, CA

CONEJO VALLEY

Nestled at the northern edge of the beautiful and serene Santa Monica Mountains and the southern edge of the rolling Simi Hills, the City of Agoura Hills is a very quiet, friendly and family-oriented community. Boasting some of the few paths through the breathtaking Santa Monica Mountains to the paradise beaches of Malibu, and a carefully planned layout to maintain a harmonious balance between residential and business development, Agoura Hills is the ideal location for both raising a family and starting or growing a business.

With the quiet neighborhoods and rich history, Agoura Hills is among the most coveted areas to live in the U.S. and hosts the popular Great Race of Agoura. It is listed as one of SafeWise 50 Safest Cities, and has earned that reputation over years. Located just a short drive from the booming commercial areas and nightlife of Los Angeles, the thriving business districts and attractions of Thousand Oaks, and the world-renowned beaches and wineries of Malibu, work and play are never far away. Nestled at the northern edge of the beautiful and serene Santa Monica Mountains and the southern edge of the rolling Simi Hills, the City of Agoura Hills is a very quiet, friendly and family-oriented community. Boasting some of the few paths through the breathtaking Santa Monica Mountains to the paradise beaches of Malibu, and a carefully planned layout to maintain a harmonious balance between residential and business development, Agoura Hills is the ideal location for both raising a family and starting or growing a business.

With the quiet neighborhoods and rich history, Agoura Hills is among the most coveted areas to live in the U.S. and hosts the popular Great Race of Agoura. It is listed as one of SafeWise 50 Safest Cities, and has earned that reputation over years.

Major Employers:


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AREA

OVERVIEW

ACQUIREHEALTH

The Conejo Valley is one of the most affluent areas in the country. It was ranked as one of the top 100 places to live in the country by Money Magazine. The Conejo Valley is a stunning area surrounded by rolling hills, majestic oak trees, and open space. The valley is located about an hours drive north from Downtown L.A., 45 minutes south of Santa Barbara, and about 30 minutes east of Malibu and the ocean. The Valley is an ideal location to live, work, and visit.

The Conejo Valley is made up of five main towns/cities: Westlake Village, Thousand Oaks, Oak Park, Agoura Hills, and Newbury Park. Lake Sherwood, which is its own unincorporated community, is also part of the Conejo Valley as well as a portion of the city of Calabasas. Boasting some of the finest weather in the country, the area provides a sunny, mild climate with the perfectly-timed ocean breeze. With average winter temperatures in the mid-50s, average summer temperatures in the mid-70s and 347 days of California sunshine a year, the Conejo Valley is an ideal place to live, work and visit. The people of Conejo Valley cherish the perfect combination of small town living and world-class industry, shopping and recreation in their own backyard. Many high-tech companies, particularly those in biotechnology, including Amgen, Baxter, General Dynamics Corporation, and Rockwell International are prevalent in the area. It also includes many other tech corporations, especially dot com companies and telecommunications like Verizon and Verizon Wireless. It also is home to many healthcare and other various companies like WellPoint, J.D. Power and Associates, Volkswagen, Audi, THQ, SAGE Publications, MacTech and JAFRA Cosmetics.


32_

AREA

OVERVIEW

Total Population of Agoura Hills, CA. The median age is 44

MaleEDUCATION

Female

20,69243.6%44.2%

High School Graduate14%

Master’s Degree or Higher22%

Bachelor’s Degree35%

Some College or Associates Degree

19%


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AREA

OVERVIEW

17,711Owner Occupied Households within

5-m radius

6,491Renter Occupied Households

within 5-m radius

56,060Businesses within a 5-m radius

$151,067Average HH income within 5-m radius

$118,138Median HH income within 5-m radius

64,339Population within 5-m radius

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

2019 Total Population: 5,678 32,871 64,339

Pop Growth 2019-2024: 5.72% 0.76% 0.66%

2019 Owner Occupied Households: 1,116 8,512 17,711

2019 Renter Occupied Households: 1,293 3,612 6,491

2019 HOUSEHOLDS BY HOUSEHOLD INCOME

<$25,000 209 873 1,832

$25,000 - $50,000 453 1,377 2,617

$50,000 - $75,000 602 2,128 3,074

$75,000 - $100,000 413 1,373 2,672

$100,000 - $125,000 222 1,163 2,627

$125,000 - $150,000 89 808 1,931

$150,000 - $200,000 172 1,422 2,838

$200,000+ 246 2,981 6,611

2019 Median Household Income $72,810 $106,696 $118,138

2019 Average Household Income $98,493 $142,775 $151,067

DEMOGRAPHICS

G R O U P

BRANDON MICHAELS



BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com

STEVE SCHECHTERFirst Vice President InvestmentsDirector, National Retail GroupTel: (818) 212-2793Fax: (818) [email protected]: CA # 01089464www.BrandonMichaelsGroup.com

SEAN BRANDTInvestment AssociateNational Retail GroupTel: (818) 212-2653 Fax: (818) [email protected]: CA #01755166www.BrandonMichaelsGroup .com

a 12,176 sf medical & professional office building … · 2020-02-25 · group brandon ....

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