963 Ln Ave Chula Vista, CA 91914-3501

Property Details for 963 Ln Ave

Year built

2008

Lot size

5.34 lot acres

Property size

9,500 SF

Zone code

COMMERCIAL

Property type

Office Properties & Spaces

APN

595-232-37-05

APU

5952323705

Description

This exceptional Class A medical office building, totaling 9,500 square feet, is located at 963 Lane Ave, Chula Vista, CA 91914. Built in 2008, the property boasts a prime location in a thriving retail and office development cluster, just off California 125. Currently 100% occupied by Sanderling Dialysis Center under a Net Lease agreement with a corporate guarantee and personal guarantees, offering significant financial security. The lease commenced November 1, 2018, and expires October 31, 2032, providing a remaining lease term of 7.9 years. The annual rent includes a 3% annual escalator clause, providing a hedge against inflation. The property's strong financial performance is reflected in its $6,312,222 asking price, a $664 per square foot rate, and a 5.40% cap rate, with a current NOI of $340,860. Sanderling Renal Services, a reputable operator with 19 locations across six states, has invested over $1 million in tenant improvements. The property is part of a five-unit medical condo association and benefits from a strong submarket position within a rapidly growing, affluent area with a 5-mile population of approximately 190,000 and a 5-mile household income of $140,000. The lease includes two 5-year renewal options. This is a fee-simple ownership opportunity with a passive NNN lease structure, making it an ideal investment for both local and out-of-state investors. The growing renal services industry further enhances the long-term value of this investment.