2600 Redondo Ave Long Beach, CA 90806
- Medical offices
- 156,264 SF
- 5.33 lot acres
Current Use by Public Records
- Ocean View Adult Psychiatric Hospital / Psychiatric Hospital
- Dr Psiquiatra / Psychiatric Hospital
- Thierry Kolpin Ph.D / Doctor
- Long Beach Mental Health / Public Health Department / Mental Health Clinic
- Long Beach Child And Adolescent / Psychologist
Property Details for 2600 Redondo Ave
- Year built
- 1987
- Construction
- STEEL FRAME
- Lot size
- 5.33 lot acres
- Property size
- 156,264 SF
- Zone code
- LBI*
- Property type
- Medical offices
- Property subtype
- Medical centers
- APN
- 7218-001-030
- APU
- 7218001030
Description
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.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $280,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.151
- Latitude
- 33.8056
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
