3.18.19 2 0 5 E . C a r r i l l o s t . s u i t E 1 0 0 | s a n t a B a r B a r a C a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | F a x 8 0 5 . 9 6 5 . 5 3 0 0 | r a d i u s g r o u p. C o m
2323 Oak Park Lane Santa Barbara, CA 93105
f o r s a l e | $ 6 , 4 5 0 , 0 0 0±7,625 SF Medical Office building directly across from Santa Barbara Cottage Hospital.
Steve [email protected] Lic. 00461986
3.18.19 2 0 5 E . C a r r i l l o s t . s u i t E 1 0 0 | s a n t a B a r B a r a C a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | F a x 8 0 5 . 9 6 5 . 5 3 0 0 | r a d i u s g r o u p. C o m
For SALe � ±7,625SF MedicAL buiLding AcroSS FroM HoSpitAL2 3 2 3 oA k pA r k L n . | SA n tA bA r bA r A , c A 93 1 0 5
Austin [email protected] Lic. 01518112
Chris [email protected] Lic. 01887788
property brief
First class Medical/Office building offers easy access to nearby Santa Barbara
Cottage Hospital. The property includes a variety of spacious floor plans with
quintessential Spanish-style architecture, abundant windows and excellent
parking. Outstanding investment opportunity. Contact Listing Agents for
additional information.
Offered at $6,450,000
Building Size ±7,625 SF
Lot Size ±19,166 SF
Parking 29 Spaces (includes one ADA)
APN 025-090-038
Zoning C-O (Medical/Office)
CAP 5.0%
To Show Contact Listing Agents
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Steve [email protected] Lic. 00461986
3.18.19 2 0 5 E . C a r r i l l o s t . s u i t E 1 0 0 | s a n t a B a r B a r a C a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | F a x 8 0 5 . 9 6 5 . 5 3 0 0 | r a d i u s g r o u p. C o m
For SALe � ±7,625SF MedicAL buiLding AcroSS FroM HoSpitAL2 3 2 3 oA k pA r k L n . | SA n tA bA r bA r A , c A 93 1 0 5
Austin [email protected] Lic. 01518112
Chris [email protected] Lic. 01887788
W. J
UNIPERO S
TREET
W. Q
UINTO S
TREET
W. P
UEBLO STREET
OAK PARK LANE
SANTA BARBARA COTTAGE HOSPITAL
OAK PARK
SUBJECTPROPERTY
Steve [email protected] Lic. 00461986
3.18.19 2 0 5 E . C a r r i l l o s t . s u i t E 1 0 0 | s a n t a B a r B a r a C a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | F a x 8 0 5 . 9 6 5 . 5 3 0 0 | r a d i u s g r o u p. C o m
For SALe � ±7,625SF MedicAL buiLding AcroSS FroM HoSpitAL2 3 2 3 oA k pA r k L n . | SA n tA bA r bA r A , c A 93 1 0 5
Austin [email protected] Lic. 01518112
Chris [email protected] Lic. 01887788
Site pLAN
Not to scale
O A K P A R K L A N E
2323 Oak Park Lane
Steve [email protected] Lic. 00461986
3.18.19 2 0 5 E . C a r r i l l o s t . s u i t E 1 0 0 | s a n t a B a r B a r a C a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | F a x 8 0 5 . 9 6 5 . 5 3 0 0 | r a d i u s g r o u p. C o m
For SALe � ±7,625SF MedicAL buiLding AcroSS FroM HoSpitAL2 3 2 3 oA k pA r k L n . | SA n tA bA r bA r A , c A 93 1 0 5
Austin [email protected] Lic. 01518112
Chris [email protected] Lic. 01887788
fLoorpLAN | 1St fLr . , Ste. 101 & 102
O A K P A R K L A N E
Not to scale
Steve [email protected] Lic. 00461986
3.18.19 2 0 5 E . C a r r i l l o s t . s u i t E 1 0 0 | s a n t a B a r B a r a C a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | F a x 8 0 5 . 9 6 5 . 5 3 0 0 | r a d i u s g r o u p. C o m
For SALe � ±7,625SF MedicAL buiLding AcroSS FroM HoSpitAL2 3 2 3 oA k pA r k L n . | SA n tA bA r bA r A , c A 93 1 0 5
Austin [email protected] Lic. 01518112
Chris [email protected] Lic. 01887788
fLoorpLAN | 2Nd fLr .
O A K P A R K L A N E
Suite 201 Approx. 1,125 SF
BALCONY
BALCON
Y
Not to scale
Steve [email protected] Lic. 00461986
3.18.19 2 0 5 E . C a r r i l l o s t . s u i t E 1 0 0 | s a n t a B a r B a r a C a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | F a x 8 0 5 . 9 6 5 . 5 3 0 0 | r a d i u s g r o u p. C o m
For SALe � ±7,625SF MedicAL buiLding AcroSS FroM HoSpitAL2 3 2 3 oA k pA r k L n . | SA n tA bA r bA r A , c A 93 1 0 5
Austin [email protected] Lic. 01518112
Chris [email protected] Lic. 01887788
LeASe SyNopSiS
Suite # Tenant Size (SF) Monthly Rent Rent/SF Share of Operating
CostsRent
AdjustmentSecurity Deposit
Parking Spaces Term (Start–End) Options Comments
101 Susanne Ramos 1,500 SF $5,129.78 $3.42 20% Annual CPI, 3%
Min. 6% Max $4,425.00 5 4/1/11–3/31/21 None
102 West Coast Vascular 2,375 SF $8,181.78 $3.44 31% Annual CPI, 2%
Min. 5% Max. $10,236.25 8 3/1/14–3/31/21 (1) 3-Year Option to Extend at FMV.
Lessee has the right to cancel with 9 month’s
notice.
201 Sleep Med, Inc. 1,150 SF $5,320.24 $4.63 15% Annual fixed at 4% $4,795.50 4 12/1/2008–
11/30/19 None
202 Santa Barbara Cottage Hospital 2,600 SF $8,115.12 $3.12 34% Annual CPI, 2%
Min.–6% Max. $10,192 10 3/1/09–3/31/19 (1) 5-Year Option to Extend FMV.
TOTALS: 7,625 SF $26,746.92 100% $29,648.75 29
Steve [email protected] Lic. 00461986
3.18.19 2 0 5 E . C a r r i l l o s t . s u i t E 1 0 0 | s a n t a B a r B a r a C a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | F a x 8 0 5 . 9 6 5 . 5 3 0 0 | r a d i u s g r o u p. C o m
For SALe � ±7,625SF MedicAL buiLding AcroSS FroM HoSpitAL2 3 2 3 oA k pA r k L n . | SA n tA bA r bA r A , c A 93 1 0 5
Austin [email protected] Lic. 01518112
Chris [email protected] Lic. 01887788
proformA iNcome ANALySiSSuite Tenant Size (SF) Price/SF Year 1
101 Susanne Ramos 1,500 SF $3.42 $5,130
102 West Coast Vascular 2,375 SF $3.44 $8,182
201 Sleep Med, Inc. 1,150 SF $4.63 $5,320
202 Santa Barbara Cottage Hospital 2,600 SF $3.12 $8,115
Subtotal: 7,625 SF $3.51 $26,747
Tenant Reimbursables (NNN): 100% $11,158
Total Monthly Rent: $37,905
Annual Gross Income: $454,861
Less Estimated Expenses New Taxes: 1.05% $6,450,000 $67,725
Insurance: $4,754
Utilities: $14,193
Landscaping & Janitorial: $8,020
Repairs & Maintenance: $10,638
HVAC: $1,522
Pest Control: $970
Telephone: $478
Elevator: $2,855
Management: 5.0% $22,743
Annual Expenses ($/SF): ($1.46) ($133,898)
Net Operating Income $320,963
CAP RATE 5.0%
PURCHASE PRICE $6,450,000Recent expansion at Santa Barbara Cottage Hospital with 2323 Oak Park Lane in the distance.
Steve [email protected] Lic. 00461986
3.18.19 2 0 5 E . C a r r i l l o s t . s u i t E 1 0 0 | s a n t a B a r B a r a C a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | F a x 8 0 5 . 9 6 5 . 5 3 0 0 | r a d i u s g r o u p. C o m
For SALe � ±7,625SF MedicAL buiLding AcroSS FroM HoSpitAL2 3 2 3 oA k pA r k L n . | SA n tA bA r bA r A , c A 93 1 0 5
Austin [email protected] Lic. 01518112
Chris [email protected] Lic. 01887788
property pHotoS
Steve [email protected] Lic. 00461986
2.25.19 2 0 5 E . C a r r i l l o s t . s u i t E 1 0 0 | s a n t a B a r B a r a C a 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | F a x 8 0 5 . 9 6 5 . 5 3 0 0 | r a d i u s g r o u p. C o m
For lease � ±2,600sF Medical oFFice across FroM Hospital2 3 2 3 oa k pa r k l n . , st e . 2 0 2 | sa n ta ba r ba r a , c a 93 1 0 5
Austin [email protected] Lic. 01518112
Chris [email protected] Lic. 01887788
SANtA bArbArA cottAge HoSpitAL
Santa Barbara Cottage Hospital (SBCH) is a 510-bed, acute-care teaching hospital and level II trauma center, the largest of its kind between Los Angeles and the San Francisco Bay Area. The hospital was founded in 1888 by 50 women determined to provide a healthcare facility for the growing community of Santa Barbara. With annual admissions of 18,204 patients, 44,397 emergency department visits and 2,216 births, the hospital is
renowned for its comprehensive maternal-child and pediatric services (Cottage Children’s Hospital), cardiac, neurosurgical and oncology programs, emergency and trauma services, modern operating rooms, sophisticated diagnostic radiology equipment, outpatient surgery, eye center, psychiatric and chemical dependency services and inpatient and outpatient rehabilitation services (Cottage Rehabilitation Hospital).
Cottage Redevelopment ProjectThe Cottage Hospital Modernization and Seismic Compliance Project was approved by the Santa Barbara City Council 12 years ago. The massive multi-phase, $700 million construction project will bring the total square footage of the new Hospital to 712,550 SF. The project has recently completed Phase 6, which consists of a nursing pavilion and a diagnostic and treatment pavilion. The construction consists of seven phases and is 90% complete overall. Site work and off site work (final grade, retaining walls, stone veneer, sidewalks and other hardscape) are approximately 50% complete. Interiors are 95% complete. Commissioning and Testing for Mechanical, Electrical & Plumbing Systems (MEP) are underway.
https://www.cottagehealth.org/about/construction-updates/
Sources: Cottage Health: http://www.cottagehealth.org/; Noozhawk.com