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1601 Avocado Avenue, Newport Beach, CA

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1601 Avocado Avenue

Newport Beach, CA 92660-7798 - Newport Beach Submarket

(4.2 MB)

Property Type:Office Sub Type:Medical Status:Existing Year Built:1986
Stories:2 Typical Floor:6,273 SF Building Size:12,547 SF
For Sale Price:$16,312,000 Price/SF:$1,300.07
Cap Rate:4.60 %
Parking:53 Surface spaces are available; Ratio of 4.2/1,000 SF Amenities:Atrium, Balcony, Property Manager on Site

December 2001: Newport Diagnostic Center, represented by Voit Commercial, purchased the building from Pacific Mutual. Voit Commercial also represented the seller.

Sale Notes:
Once in a Lifetime Investment

* This rare opportunity to purchase a fee-simple medical property within Newport Center/Fashion Island, one of the most prestigious coastal and supply constrained submarkets in the country, with owned gated surface parking and no Irvine Company SLURS or CC&R' s make 1601 Avocado a generational investment opportunity.

High-Image Owner/User Opportunity

* The property offers 6,274 RSF of available space on the second floor with a five year lease in place on the first floor at $5.00/SF NNN to Newport Diagnostic Center, Orange County' s premier medical imaging company which has been in business since 1991. The ground floor lease allows tremendous flexibility for an owner/user as the in-place lease will provide passive cash flow and future expansion space.

Superior Market Fundamentals

* The 1,384,000 SF Newport Beach medical office market is one of the best performing medical markets in Southern California with an extremely low vacancy rate of 5.9%. The supply constrained medical market has no medical office development under construction. According to CBRE Econometric Advisors, Orange County is projected to realize over 30% rent growth over the next five years due to low vacancy rates and increasing job growth making it one of the top investment markets in the United States.

Anthony DeLorenzo
(949) 725-8425

Doug Mack
(949) 725-8571

Gary Stache
(949) 725-8532

Cypress West Realty Partners
Bryan McKenney
(949) 478-0087

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