963 Lane AveChula Vista, CA 91914

Property Details for 963 Lane Ave

Year built

2008

Lot size

5.34 AC

Property size (Sq ft)

9,500 SF

Zone code

COMMERCIAL

Property type

Office properties

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,991,353

  6.5%

  $1,838,172

  7%

  $1,706,874

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,537,516

  Geo Method

  $3,343,715

• Alternative Use

  Use

  Valuation

  Residential

  $2,279,334

  Hospitality

  $2,087,857

  Educational

  $1,737,073

  Medical

  $1,796,813

  Retail

  $2,702,113

Location Insight

City

Chula Vista

County

San Diego

State

California

Latitude

32.6508

Longitude

-116.961

CBSA code

41740

CBSA name

SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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