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La Clinica Net Leased Medical Office Condominium

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La Clinica Net Leased Medical Office Condominium NOR LA CLINICA NET LEASED MEDICAL OFFICE CONDOMINIUM PITTSBURG, CA Contact the team DAVE LUCAS [email protected] PH: 415.274.7390 CA DRE# 01389761 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 2 Overview LA CLINICA 2240 GLADSTONE DR, PITTSBURG, CA 94565 $1,077,000 7.00% PRICE CAP NOI: $75,364 PRICE/SF: $305.10 LEASE TYPE: NNN OCCUPANCY: 100% LEASABLE AREA: 3,530 SF TENANT HAS OPERATED AT THIS LOCATION SINCE 1999 AND RECENTLY EXTENDED THEIR LEASE THROUGH 2025 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 3 Investment Highlights THE OFFERING HIGHLIGHTS The offering is a NNN leased condominium located within the Glendale • Tenant recently extended lease for Medical Park in Pittsburg, CA. The tenant has operated at this location since five years, showing commitment to 1999, and recently extended their lease through 2025, showing commitment the location to this site. This is the tenant’s first health center in Contra Costa County. There are over 30 locations throughout Alameda, Contra Costa, and Solano • Attractive annual rent increases from Counties. 3-5% per year The subject property is a 3,530 SF condominium occupying a majority of the • Condominium includes 3,530 SF of space within the building. The tenant is located within a larger medical park contiguous space providing synergy with other local practices. There are three exam rooms, • Ample parking and synergy with eight offices, and two conference rooms occupied by La Clinica. The lease other nearby medical tenants offers attractive annual rental increases based on CPI, which are no less than 3% and no greater than 5%, each year to serve as a hedge against inflation. • Located in downtown Pittsburg, near a Bart station and major retailers This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 4 Income & Expense CURRENT Price: $1,077,000 Capitalization Rate: 7.00% Price Per Square Foot: $305.10 Total Leased (SF): 100.00% 3,530 INCOME P/SF Scheduled Rent $25.64 $90,516.00 Recovery $3.76 $13,284.56 EFFECTIVE GROSS INCOME $103,801 EXPENSE P/SF Property Taxes (1.1% of PP) ($3.36) ($11,847.00) Repairs and Maintenance ($0.84) ($2,981.79) Operating Expenses ($3.85) ($13,607.44) TOTAL OPERATING EXPENSES ($8.06) ($28,436) NET OPERATING INCOME $75,364 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 5 Rent Roll TENANT OVERVIEW LEASE TERMS RENT SUMMARY MONTHLY ANNUAL TENANT SQ. FT. PERCENT OF GLA TERM RENT/FT RENT RENT La Clinica 3,530 100.00% 01/01/21 12/31/25 $7,543.00 $90,516.00 $25.64 Annual rent increases based on CPI OCCUPIED 3,530 100.00% $7,543.00 $90,516.00 $25.64 VACANT 0 0.00% CURRENT TOTALS 3,530 100.00% This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 6 Lease Abstract EXPENSES TENANT’S OBLIGATIONS Tenant responsible for maintaining premises including heat, air conditioning, electrical, plumbing, and water systems, if any, and keep glass, windows and doors in operable and safe condition. PREMISES & TERM Tenant maintains HVAC service agreement. LANDLORD’S OBLIGATIONS Landlord shall maintain roof, foundation, TENANT La Clinica La Raza, Inc. exterior walls, and common area. GUARANTOR Jane Garcia Personal Guarantee TAXES Tenant pays pro rata share of property LEASE TYPE NNN taxes. LEASE TERM 5 Years INSURANCE Tenant pays pro-rata share of insurance. OPTIONS TO EXTEND Month-to-month tenancy UTILITIES Tenant directly contracts third party after expiration providers and pays all utilities. CAM Tenant pays pro rata share of operating expenses, paying an estimated amount RENT ROLL of $1,130 with annual increases based on CPI. BASE RENT LEASE PROVISIONS DATE RANGE MONTHLY RENT ANNUAL RENT 01/01/21-12/31/25 $7,543 $90,516 ASSIGNMENT/SUBLETTING Requires written consent of landlord, not to be unreasonably withheld. RENT INCREASES Rent shall increase annually. Annual increase % of CPI for the San Francisco- Oakland-San Jose Area, the Annual increase shall not be less than 3% nor more than 5%. RIGHT OF FIRST REFUSAL None. The details contained within the Lease Abstract are provided as a courtesy to the recipient RIGHT OF FIRST OFFER None. for purposes of evaluating the Property’s initial suitability. While every effort is made to accurately reflect the terms of the lease document(s), many of the items represented herein EARLY TERMINATION None. have been paraphrased, may have changed since the time of publication, or are potentially in error. Capital Pacific and its employees explicitly disclaim any responsibility for inaccuracies and it is the duty of the recipient to exercise an independent due diligence investigation in verifying all such information, including, but not limited to, the actual lease document(s). 7 Site Plan ENTRANCE AND PARKING FOR PITTSBURG HEALTH CENTER SUITE 5 SUITE 4 REST LUNCH ROOM EXAM RECEPTION OFFICE OFFICE OFFICE OFFICE ROOM ROOM REST ROOM OFFICE STOR HALLWAY STOR OFFICE REST ROOM OFFICE CONFERENCE EXAM EXAM FILES WAITING ROOM ROOM REST ROOM ROOM EQUIP WAITING KITCHEN COMPUTER OFFICE ROOM RECEPTION ROOM FENCING SUITE 2 SUITE 1 SUITE 3 LA CLINICA LA CLINICA (NOT A PART) 3,530 (NOT A PART) RENTABLE SF DIOKNO COURT GLADSTONE DRIVE This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 8 Medical Center SHARON DE EDWARDS SRPINGHILL MEDICAL MD FACOG NCMP, INC. PITTSBURG DENTAL SPECIALISTS LABCORP SKY DENTAL ATLANTIC DENTAL CARE LA CLINICA (NOT A PART) QUEST DIAGNOSTICS COMMON AREA MISSION HILLS SUITE 7 SUITE 8 EYE CENTER ENTRANCE SUITE 1 SUITE 6 COMMON AREA SUITE 2 SUITE 1 - CALIFORNIA SPECIAL R. CHAHAL, M.D. SUITE 5 INVESTIGATIVE & PROTECTIVE SERVICES SUITE 4 SUITE 3 SUITE 2 - DR. GRETCHEN GRAVES PACITA ADUCAYEN, M.D. INTERNAL MEDICINE SUITE 3 - CALIFORNIA EYE CLINIC SUITE 4 - DR. RESHAM CHAHAL GALICANO C. ANDAL M.D. SUITE 5 - DR. MARY K CARDOZA, FACS INTERNAL MEDICINE SUITE 6 - KA-SING FUNG, D.S.S. SUITE 7 - DR. JUAN SEQUEIRA SUITE 8 - DR. BARSAM GHARAGOZLOU This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 9 Tenant Overview ABOUT LA CLINICA La Clínica was founded in 1973 to address health barriers and create better lives for the under-served. Today, La Clínica is the first choice for providing multi-lingual, accessible full-scope health care services in the East Bay, no matter a patient’s income level or insurance status. La Clinica operates 32 locations across Alameda, Contra Costa, and Solano County. La Clinica’s revenues in 2018 were over $100 Million. The clinics saw 90,725 patients and 349,174 total visits in 2018. La Clínica Pittsburg Medical was the first health center that La Clínica opened in Contra Costa County in 1999. They offer comprehensive primary care services and referrals to specialty care as needed, many in partnership with John Muir Health or Operation Access. La Clínica Pittsburg hosts a senior day clinic once a month where they offer educational information, screenings and other services for seniors. In 2011 they expanded their health center to include four additional exam rooms which has allowed them to reach more families in Contra Costa County. They are conveniently located near Los Medanos College in a beautiful and quiet community. 2018 REVENUE $100M + LOCATIONS 32 This informationsite plan is ahas rendering been secured that has from been sources created we based believe on to sources be reliable we believe but we tomake be reliable.no representations We make or warranties,no representations expressed or warranties,or implied, expressedas to the accuracy or implied, of theas to information. the accuracy Buyer of the must information. verify the Buyerinformation must and bears allverify risk the for informationany inaccuracies. and bears all risk for any inaccuracies. 10 Retail Aerial MARTIN LUTHER KING, JR. 148,000 JUNIOR HIGH SCHOOL VPD 4 CALIFORNIA DELTA HIGHWAY DIOKNO COURT GLADSTONE DRIVE This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed 11 or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Aerial 160 ANTIOCH BRIDGE MIDDLE SCHOOL ELEMENTARY SCHOOL ANTIOCH ELEMENTARY SCHOOL PITTSBURG ELEMENTARY SCHOOL PITTSBURG MIDDLE MARINA SCHOOL HIGH SCHOOL HIGH SCHOOL PITTSBURG ELEMENTARY CENTER SCHOOL 189,000 ELEMENTARY BART VPD SCHOOL STATION 4 ELEMENTARY SCHOOL MIDDLE 4 E LELAND SCHOOL ROAD ELEMENTARY SUTTER SCHOOL DELTA MIDDLE MEDICAL W LELAND SCHOOL ROAD CENTER HIGH SCHOOL MIDDLE ELEMENTARY SCHOOL SCHOOL SOMERSVILLE 16,174 ROAD ELEMENTARY VPD SCHOOL MIDDLE SCHOOL KIRKER ANTIOCH PASS ROAD MEDICAL 24,360 GOLF CENTER COURSE VPD GOLF MIDDLE COURSE SCHOOL HIGH SAN SCHOOL 4 ELEMENTARY FRANCISCO SCHOOL GOLF COURSE ELEMENTARY SCHOOL MIDDLE CONCORD SCHOOL MIDDLE SCHOOL This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or ELEMENTARY 12 SCHOOL implied, as to the accuracy of the information.
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