2880 Michelle Dr Tustin, CA 92782
- Commercial real estate
- 4.33 lot acres
Jun 06, 2023
Current Use by Public Records
- Commercial real estate
Property Details for 2880 Michelle Dr
- Lot size
- 4.33 lot acres
- Property type
- Commercial real estate
- APN
- 432-391-55
- APU
- 43239155
Description
This exceptional investment opportunity presents a fee-simple ownership of a 41,000 square foot, Class A, LA Fitness facility located at 2880 Michelle Dr, Tustin, CA 92780. The property sits on a 4.33-acre lot with 200 parking spaces and boasts a prime location at a signalized corner with high visibility and traffic counts exceeding 57,000 vehicles per day on Jamboree Road. Currently 100% occupied under a triple-net (NNN) lease with LA Fitness, a credit-rated tenant with a corporate guarantee, the lease commenced June 1, 2002, and expires October 31, 2033, with three five-year renewal options. The remaining lease term is 8.9 years, offering significant long-term stability. The asking price is $19,700,000, representing a 5.77% cap rate and a net operating income (NOI) of $1,137,533. Rent bumps of 12.5% are scheduled for 2028 and each option period, providing a strong hedge against inflation. Built in 2003, the property benefits from limited landlord responsibilities, with the tenant responsible for roof and structure maintenance. LA Fitness has planned a full interior and exterior remodel, further enhancing the property's value. This is a core investment offering exceptional long-term returns and minimal management requirements. The property's APN is 432-391-55.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $95,000
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Location Insight
- Map
- Local Demand
- City
- Tustin
- County
- Orange
- State
- California
- Longitude
- -117.798
- Latitude
- 33.7175
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
