Park View Plaza - LoopNet

NOEL RAMOS760.799.1384

[email protected] #01338562

SALE PRICE: $4,836,200

FOR MORE INFORMATION CONTACT:

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MEDICAL OFFICE - LEASED INVESTMENT FOR SALE

Park View Plaza72415 PARK VIEW DRIVE, PALM DESERT, CA 92260




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CONTENTS

LOCATION INFORMATION

PROPERTY INFORMATION

FINANCIAL ANALYSIS

MEET THE TENANTS

ADVISOR BIO

CONFIDENTIALITY & DISCLAIMER

All materials and information received or derived from Wilson Meade Commercial Real Estate,LLC its directors, officers, agents, advisors, affiliates and/or any third party sources areprovided without representation or warranty as to completeness , veracity, or accuracy,condition of the property, compliance or lack of compliance with applicable governmentalrequirements, developability or suitability, financial performance of the property, projectedfinancial performance of the property for any party’s intended use or any and all other matters.

Neither Wilson Meade Commercial Real Estate, LLC its directors, officers, agents, advisors, oraffiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the any materials or information provided, derived, or received. Materials andinformation from any source, whether written or verbal, that may be furnished for review arenot a substitute for a party’s active conduct of its own due diligence to determine these andother matters of significance to such party. Wilson Meade Commercial Real Estate, LLC will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwiseagreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including throughappropriate third party independent professionals selected by such party. All financial datashould be verified by the party including by obtaining and reading applicable documents andreports and consulting appropriate independent professionals. Wilson Meade Commercial RealEstate, LLC makes no warranties and/or representations regarding the veracity, completeness,or relevance of any financial data or assumptions. Wilson Meade Commercial Real Estate, LLCdoes not serve as a financial advisor to any party regarding any proposed transaction. All dataand assumptions regarding financial performance, including that used for financial modelingpurposes, may differ from actual data or performance. Any estimates of market rents and/orprojected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issues in orderto determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions shouldbe discussed by the party with a title officer or attorney. Questions regarding the condition ofthe property and whether the property complies with applicable governmental requirementsshould be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by WilsonMeade Commercial Real Estate, LLC in compliance with all applicable fair housing and equalopportunity laws.


TABLE OF CONTENTS

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EXECUTIVE SUMMARYWilson Meade Commercial Real Estate is pleased to present for sale 72415 Parkview Drive, Palm Desert, California. Park View Plaza is the Seller of the trophy property located in the mid-point of the Coachella Valley. This investment property is surrounded by high-end retail, numerous golf courses, high-end homes, and located in a well maintained, and well governed city.

The subject property features a 9,257 square foot building on two parcels that total over 1.5 acres. Two tenants occupy the building, and have separate leases for an undemised building by mutual agreement as they have a symbiotic relationship.

The property is priced at a 6% capitalized rate of return. The current net income is $290,172 for a 12-month period.


EXECUTIVE SUMMARY

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LOCATION INFORMATIONThe property is located in Palm Desert, California which was incorporated in 1973. The city is known as the cultural and retail center of theCoachella Valley, and has been rated one the safest cities in Southern California.

The city has 53,000 permanent residents, and 32,000 seasonal residents. The city in its public and private sectors employs 40,156 peoplewith an unemployment rate of 4%.

Palm Desert features more than 150 restaurants, world-class shopping at El Paseo with more than 200 stores, and 18 hotels including theJW Marriot Desert Springs Resort & Spa.

The property can be accessed from Highway 111 and Monterey Avenue. It is located approximately 10 minutes from the I-10 freeway.



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LOCATION MAPS

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AERIAL MAPS

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POPULATION 1 MILE 5 MILES 10 MILES

Total Population 3,550 69,233 228,261

Average age 48.3 55.8 47.4

Average age (Male) 44.9 54.8 46.7

Average age (Female) 49.8 56.4 47.9

HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES

Total households 1,793 33,752 97,816

# of persons per HH 2.0 2.1 2.3

Average HH income $73,797 $104,510 $88,244

Average house value $437,719 $504,683 $451,870

* Demographic data derived from 2010 US Census


DEMOGRAPHICS MAP & REPORT

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BASIC INFORMATIONThe property was constructed in 2004. The construction type isstucco/wood exterior with rock throughout the structure. Theinterior is metal stud. The roof type is flat with the four cornerspeaked, and a metal clad roof. The roof was replaced in 2017, andserviced once a year. There also is a fire suppression system.

The property's common area features a 5" concrete slab for itsdriveways and parking spaces. There are 73 parking spaces of which59 are open parking, 20 are covered parking, and 4 are handicapparking. There is mature landscaping throughout the property.

Utilities consist of electricity, data, water, sewer, gas, and trash.Southern California Edison is the electricity provider.

Currently designed as a single-tenant commercial building, it can bedemised into two suites for occupancy.

The property is made up of two APN's, 640-031-021 and -022. A thirdadjacent parcel is not part of the sale, but its owner pays their prorata share of the common area expenses to the seller.



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BUILDING DESCRIPTION

• A single-tenant commercial building featuring two tenants.

• Designed as a build to suit for a dental practice and relatedservices.

• Approximately 9,257 square feet.

• The office area features two waiting areas, a consultation room,an administrative area, 16 exam rooms, a utility room, anexecutive office with its own private bathroom, a staff kitchen andbreak room, two private restrooms for staff, five privaterestrooms for patients, and a private laboratory with its ownseparate access.

• Both the subject property and an adjacent property that is notpart of the sale share the common area for ingress, egress andparking.

• The tenants and the adjacent property owner pay their pro ratashare for common area expenses including property taxes,property insurance, and common area maintenance.


BUILDING DESCRIPTION

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FLOOR PLANS

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SITE PLAN

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ADDITIONAL PHOTOS

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SECTION 3

FINANCIAL ANALYSIS




LEASE AGREEMENT HIGHLIGHTS

• Desert Dental

• Initial term is March 15, 2015 - March 14, 2025.

• Occupies 7,764 square feet.

• Implantech Dental Lab

• Initial term is June 1, 2017 - May 30, 2027.

• Occupies 1,493 square feet.

• For Both Leases

• Lease rate is subject to the lesser of an annual escalation of 3% orthe CPI index for the prior year. ( Example, 2019 CPI was 2.3%)

• Tenant has three (3) five-year options to extend.

• This is a NNN lease. Tenant pays property taxes, propertyinsurance, and common area maintenance. Landlord maintainscommon area services, but tenant and the adjacent propertyowner reimburse all costs less roof repair/maintenance, and ACreplacement.

ANNUAL INCOME

Desert Dental Specialty Group $243,528

Implantech Dental Lab $46,644

12 Month Total Income: $290,172


ANNUAL INCOME

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DESERT DENTAL SPECIALTY GROUP

• Established in 1978 by Dr. Robert McLachlan Sr., this is a full service dental practice offering the latest technology. They have been at their current location since 2004.

• This is the only dental facility in the Coachella Valley that features four experienced board certified specialists under one roof: Two Prosthodontists, one Periodontist, and one Endodontist. The practice also features four dental hygienists. This team provides group consultations to diagnose, plan, and treat dental needs with the highest quality possible.


MEET THE TENANTS

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MEET THE TENANTS

IMPLANTECH DENTAL LABORATORY

• The only full service dental laboratory in the Coachella Valley. For over 30-years, they have been providing dentists with solutions and products to meet their patients' oral health needs. This is where local dentists go for a dental lab, dental products/services, recommendations and more.

• They feature state of the art technology, and have a team of eight providing ceramist, and dental technician work. They co-exist and operate in an open environment with Desert Dental Specialty Group.

STABLE | ESSENTIAL SERVICES




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SECTION 4

ADVISOR BIO




CalDRE #01338562

NOEL RAMOS

Partner

[email protected]: 760.799.1384

PROFESSIONAL BACKGROUNDNoel F. Ramos is a Partner with Wilson Meade Commercial Real Estate in Rancho Mirage, California. He joined them after being named 2016 Top Producer for BaxleyProperties, Inc. in Palm Desert, California.

His track record and accomplishments have garnered him recognition as one of the leading specialists for sales and leasing in the Coachella Valley. Among hisaccomplishments are handling the exclusive listings of Desert Business Park in Palm Desert, The Spectrum at Shadow Hills in Indio, Desert Golf Business Park and ThousandPalms Business Park in Thousand Palms, Monterey Shore Business Park in Palm Desert, North Village Center in Palm Springs, and The Village at University Park in Palm Desert.

Born in Los Angeles, Mr. Ramos was raised in Coachella, California. A product of the Coachella Valley, Mr. Ramos graduated as Valedictorian of his class at Coachella ValleyHigh School, served as a Student Body President at College of the Desert, and graduated with a Bachelor of Science degree in Business Administration from the University ofSouthern California in Los Angeles, California.

He is recognized as one of the top commercial agents in the Coachella Valley, is seen as an expert in the industrial market, but handles all sectors of Commercial Real Estate,strives to be a consummate professional, and is admired for his presentation skills and training presentations to those entering the commercial real estate profession.

Wilson Meade Commercial Real Estate72100 Magnesia Falls Drive, Suite 2

Rancho Mirage, CA 92270760.837.1880


ADVISOR BIO 1

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Documents

Park View Plaza - LoopNet