1633 Erringer Rd
Simi Valley, CA 93065
Rand Medical Building - ONLY $156.00 SF · Office Property For Sale

PRICE REDUCED Marcus & Millichap has been selected to exclusively market for sale the beautiful Rand Medical Building in Simi Valley, California. At 19,833 square feet, the Rand Medical Building presents the ideal opportunity for an Owner/User to enjoy additional income from quality medical tenants, while benefiting from Property Ownership in a high-income area. The Rand Medical Building offers a newly renovated parking lot with 105 spaces (5.3/1,000 sf), exceeding the requirement for medical uses. The Property is in excellent condition, with a new roof, new parking lot, mature landscaping, and delightful tutor-style façade. An Owner/User will enjoy this brilliantly-located Property with low interest, high-leverage financing options provided by the Small Business Administration (must occupy 51% or more of square footage). There is flexibility in Occupancy as several tenants are on month-to-month leases. An investor will enjoy a pro-forma CAP rate exceeding 7.50% by leasing the Rand Medical Building to 90% Occupancy. The Rand Medical Building is located in a dense suburban market with population in a 1, 3, and 5 miles radius estimated at 24,547; 88,093 and 125,677, respectively (2014). The average household income in a 1, 3, and 5 mile radius is $91,138; $110,433 and $114,856, respectively (2014; more than twice the national average). The Rand Medical Building is located on a heavily trafficked commercial corridor with traffic counts at 24,000 vehicles per day (2007). The population of Simi Valley has risen consistently and is projected to continue to rise as the cost of living in urban Los Angeles grows.