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Broadway Plaza 425 W Broadway 72,611 SF 100% Leased 4-Star Office Building Glendale, CA 91204 $17,950,000 ($247.21/SF) 8.72% Cap Rate
Investment Highlights
- Click link to download Offering Memorandum: https://bit.ly/425broadwayIN
- Business Friendly & Amenity-Rich Location with Strong Regional Access
- Best-In-Class Institutional Office with Diverse Tenant Mix Anchored by Major Insurance Agency
Executive Summary
Best-In-Class Institutional Office with Diverse Tenant Mix Anchored by Major Insurance Agency
* 100% leased to a diverse mix of 17 tenants across healthcare, insurance, government, and financial service tenants with a weighted average lease term of 4.49 years.
* Recent renewal by anchor tenant, Acrisure (25.51%) until 2032 cements their long-term commitment to the property with over 26 years of tenancy at the project.
* Since 2018, ownership has invested over $3 million in capital and tenant improvements throughout the property including:
• Lobby modernization
• HVAC upgrades
• Lighting upgrades
• Restroom & interior improvements
• Landscaping upgrades
Business Friendly & Amenity-Rich Location with Strong Regional Access
* Glendale is among the region’s most business-friendly cities, the third largest city in Los Angeles County. The city has a lower cost of doing business in comparison to Pasadena, Burbank and Los Angeles with lower property taxes, lower transient occupancy taxes, lower utility user taxes, no parking tax and no gross receipts tax.
* Regional Access – This asset maintains a strategically prominent position in the office market given its centralized location access to the I-5 (Golden State) Freeway, SR-2 (Glendale) Freeway, SR-134 (Ventura) Freeway and 210 (Foothill) Freeway.
* 100% leased to a diverse mix of 17 tenants across healthcare, insurance, government, and financial service tenants with a weighted average lease term of 4.49 years.
* Recent renewal by anchor tenant, Acrisure (25.51%) until 2032 cements their long-term commitment to the property with over 26 years of tenancy at the project.
* Since 2018, ownership has invested over $3 million in capital and tenant improvements throughout the property including:
• Lobby modernization
• HVAC upgrades
• Lighting upgrades
• Restroom & interior improvements
• Landscaping upgrades
Business Friendly & Amenity-Rich Location with Strong Regional Access
* Glendale is among the region’s most business-friendly cities, the third largest city in Los Angeles County. The city has a lower cost of doing business in comparison to Pasadena, Burbank and Los Angeles with lower property taxes, lower transient occupancy taxes, lower utility user taxes, no parking tax and no gross receipts tax.
* Regional Access – This asset maintains a strategically prominent position in the office market given its centralized location access to the I-5 (Golden State) Freeway, SR-2 (Glendale) Freeway, SR-134 (Ventura) Freeway and 210 (Foothill) Freeway.
Property Facts
Sale Type
Investment
Property Type
Building Size
72,611 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
1984
Price
$17,950,000
Price Per SF
$247.21
Cap Rate
8.72%
NOI
$1,565,240
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
18,153 SF
Building FAR
1.37
Lot Size
1.22 AC
Zoning
SFMU - Commercial/Residential Mixed Use
Parking
184 Spaces (1 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Property Manager on Site
- Signage
- Car Charging Station
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Public Administration
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Lorem Ipsum
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Jan 0000
The State of California became the 31st state in 1850 after the Mexican-American War and subsequent gold rush. The government provides essential services including healthcare through Medi-Cal, education via public schools and universities, and infrastructure development for transportation and utilities. California's economy would rank among the world's largest if independent, driven by diverse sectors including technology, agriculture, and entertainment. The state facilitates business operations through licensing and permitting while supporting various industries statewide.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
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Public Administration | - | - | Lorem Ipsum | Jan 0000 |
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Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5637-015-055 | Improvements Assessment | $13,107,346 |
| Land Assessment | $8,924,150 | Total Assessment | $22,031,496 |
Property Taxes
Parcel Number
5637-015-055
Land Assessment
$8,924,150
Improvements Assessment
$13,107,346
Total Assessment
$22,031,496
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