INVESTMENT HIGHLIGHTS
- Built in 1992 specifically as a medical office, first time on the market
- Priced well below replacement cost with subterranean parking (2 levels of parking) and many amenities
- Value add opportunity through multiple strategies: selling existing cellphone tower leases, adding new cell tower lease, rehab the exterior, increase rents, etc.
- Ability to add new cell tower lease to increase income.
- Rare medical office investment offering located in a prime infill location located in a high density area
- Purpose built for medical office use, adjacent to Los Angeles Community Hospital and minutes away from East Los Angeles Doctor’s Hospital
- Flexibility to use as investments or an owner-user
- Strong demographic data for a medical office location, with more than half of households within a 3 mile radius are comprised of families with children.
- Significant rental upside with many long-time and established tenants
- Excellent freeway access to the 5 FWY, 710 FWY and 60 FWY, Close to the Los Angeles Arts District.
PROPERTY HIGHLIGHTS
- Built specifically for medial office in 1992, copper plumbing, newer electrical system, newer roof,
- Overparked building with 2 levels of parking (one subterranean) with a total of 59 spaces (2 handicapped spaces)
- Underground parking has 31 spaces that are not being used and can be rented out for additional income
- fire sprinkler in each unit, gated parking, secured entrance, water heater, HVAC system for each unit, and an ADA compliant Elevator
- Gated parking, secured entrance, security cameras installed, fully sprinklered building.
- Well maintained units with separately metered utilities for gas and electricity
- Current medical office tenants completed high value tenant improvements at their own costs.
- Great exposure on Olympic Bl., excellent frontage, and a high traffic volume with more than 23,000 vehicles per day
EXECUTIVE SUMMARY
The Growth Investment Group is proud to offer for sale 4055 Olympic Bl., a well-maintained medical office building built in 1992, located in the vibrant neighborhood of East Los Angeles. First time ever offered for sale by the original owner. it is being offered at significantly below replacement costs on per SF basis with many amenities. The property offers easy access to downtown Los Angeles, USC Keck Hospital, Citadel Outlets shopping center, and many public transportations. The property is located nearby Los Angeles Community Hospital with high visibility being on Olympic Blvd.
The building was built in in 1992 totaling 15,746 SF on a 14,141 SF lot. It is originally divided into 11 suites with 11 rooftop HVAC package. It offers many amenities including elevator, fire sprinkler, many parking spaces, secured entrance, security cameras, and gated parking. The tenancy are mostly medical office tenants with some professional office tenants. Most of the tenants are established tenants that are on month-to-month agreement. There are two cell phone towers on the property, generating a strong income stream for the owner. Owner has been approached by many companies that are interested in buying those cell tower leases at an attractive price. There is a possibility to add additional cell tower lease(s) to increase income.
The property has a secured entrance with a gated, two level parking garages. One of the garage levels is at ground level and the other is subterranean with a total of 59 spaces, 2 of which are designated handicapped spaces.
East Los Angeles is an up-and-coming area and is centrally located within minutes of downtown Los Angeles. The property is perfectly situated on Olympic Boulevard, with more than 23,000 vehicles passing by each day and has superb access to the I-5 Freeway, 710 Fwy, and 60 FWY, connecting this property easily to DTLA and to the rest of the Los Angeles surrounding areas. The Boyle Heights neighborhood and other “East LA” neighborhoods have become extremely desirable based on the beautiful old homes, great proximity to the transportation/ job hubs, and to all destination points in Los Angeles.
Great Opportunity to acquire a building with enough parking to staff a large operation, or multiple operations together!