2600 Redondo Ave Long Beach, CA 90815

This exceptional Class A, six-story medical office building, totaling 153,172 square feet, presents a compelling investment opportunity. Located in Long Beach, California, on a 5.71-acre lot, this multi-tenant property boasts 100% occupancy and a strong Net Operating Income (NOI) of $4,070,611. The building benefits from an assumable loan with attractive terms: a $37 million, 3.87% interest-only loan maturing in July 2026. The property features a diverse tenant mix, with 66% investment-grade credit tenants, providing stability and a compelling mark-to-market opportunity upon lease rollover. Current in-place rents are 21% below market rates. The Long Beach medical office market is experiencing robust growth, with tightening vacancy rates (3.5% in Q2 2023, down 9.8% since 2013) and a lack of new inventory for the past decade. This location offers excellent regional access to a large aging population and synergistic medical businesses. The property's location within the Redondo Avenue Planned Development District (PD-15) allows for future development possibilities, including research and development, light industrial, office, retail, and hotel uses (up to 300 rooms). The property's essential-use tenants face high barriers to exit, having made significant investments in their spaces and secured necessary permits. The healthcare industry is a major economic driver in Long Beach, home to four major hospitals. This "recession-resistant" asset class benefits from high renewal rates and consistent performance, even during economic downturns. The shift towards outpatient medical facilities further enhances the long-term value of this investment.