501 Marin St Thousand Oaks, CA 91360

Property Details for 501 Marin St

Year built

1982

Lot size

4.45 lot acres

Property size

52,983 SF

Property type

Commercial real estate

Description

This exceptional two-building office complex, the Marin Professional Center, presents a compelling value-add investment opportunity in the highly desirable Thousand Oaks, CA market. The property, totaling 52,983 square feet of net rentable space, boasts a Class B designation and features a multi-tenant occupancy currently at 81.7%. Built in 1982 and extensively renovated in 2020 with approximately $1.75 million in improvements, this property minimizes the need for immediate capital expenditures. The 4.45-acre lot houses two, two-story buildings, offering significant potential for future development or expansion. Currently, 50% of the property is leased to healthcare tenants, providing a stable income stream and the potential for increased rental income through reconfiguration to accommodate up to 70% medical tenants, leveraging the significantly higher medical office rents in the area (30% higher than general office). A significant contiguous space of up to 12,692 square feet is available for an owner-user, facilitating a seamless transition. Attractive seller financing is available for qualified buyers, with options for as little as a $5 million down payment and up to a 70% loan-to-value ratio. The property's location is ideal, less than one mile from the Moorpark exit of the 101 Freeway and a quarter-mile from the 101 and 23 freeway interchange, providing convenient access to the Conejo Valley. Thousand Oaks is known for its high-income residents, with an average household income of $125,399 and a median home price within five miles of $900,600, indicating a strong and stable market for commercial real estate. The robust small tenant demand and low average vacancy rate of 10% in the Thousand Oaks office market further solidify this property's investment potential.