1661 Triangle Dr Ridgecrest, CA 93555-2614
- Office Properties & Spaces
- 7,371 SF
- 0.20 lot acres
Dec 18, 2024
Current Use by Public Records
- Avinash Mondkar MD / Cardiologist
- Sienna Podiatry / Podiatrist
- Balas Montessori Toddler Development Center / Preschool
Property Details for 1661 Triangle Dr
- Year built
- 1966
- Construction
- WOOD
- Lot size
- 0.20 lot acres
- Property size
- 7,371 SF
- Zone code
- PO
- Property type
- Office Properties & Spaces
- APN
- 419-062-03-00-3
- APU
- 41906203003
Description
This exceptional Class A, 8,000-square-foot medical office building in Ridgecrest, California presents a prime investment opportunity. Located at 1661 Triangle Dr., this single-story building boasts a strong 8.00% cap rate and a Net Lease (NN+) structure with credit-rated tenants. The property features two tenants under a 5-year lease with 4.5 years remaining. The building underwent a complete renovation 10 years ago, resulting in low-maintenance, modern spaces. Amenities include a kitchenette, three bathrooms, and ample parking (200 spaces) maintained by the city. The 14,881-square-foot lot is situated in a thriving commercial area, within walking distance of the China Lake Naval Air Weapons Station main gate, offering proximity to a significant military contractor hub. Nearby establishments include Ridgecrest Cinema, Pizza Factory, a hotel, and hospital extension offices. The building is currently 75% occupied, with a projected full occupancy date of October 30, 2024. The Net Operating Income (NOI) is $1,014,152, and the asking price is $1,140,614, resulting in a price per square foot of $142.58. One-third of the building has been approved for use as a schoolhouse, offering potential for future expansion or diversification of tenants. The property's strategic location and recent renovations make it an attractive investment with significant potential for long-term growth and return. Detailed financial documentation and rent roll are available upon request. The property's APN is 419-062-03, 419-062-04. Ownership is held as a sole proprietorship.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,160,000
- 6.5%
- $1,070,000
- 7%
- $995,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $918,000
- AI Estimate
- $1,094,000
Market price range: $465k - $1.29MMarket price range: $393k - $1.63M -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $875,000 Current use
- MEDICAL BUILDING
- $1,555,000 Change: +78% Conversion: Easy
- OFFICE BUILDING
- $1,430,000 Change: +63% Conversion: Easy
- APARTMENT HOUSE (5+ UNITS)
- $1,100,000 Change: +26% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $1,025,000 Change: +17% Conversion: Difficult
- INDUSTRIAL (GENERAL)
- $935,000 Change: +7% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Ridgecrest
- County
- Kern
- State
- California
- Longitude
- -117.672
- Latitude
- 35.6507
- CBSA code
- 12540
- CBSA name
- BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA
