100% leased medical office building · 2017. 7. 18. · ista lane medical parkway eet offered by....

Vista Lane

Medical ParkwayN

Carson Street

Offered by

Trevor FairringtonAssociate, Investments 916.751.3626 | [email protected]

Steve Tyrrell, CCIMSenior Vice President, Investments 916.751.3305 | [email protected]

Suzy KlassAssociate, Investments 775.470.8859 | [email protected]

kiddermathews.com

100% Leased Medical Office Building

OFFERING MEMORANDUM

1525 Vista Lane Carson City, NV 89703

Purchase Price: $3,509,600

SITE

N

CARSON TAHOE REGIONAL

MEDICAL CENTER

SILVER OAK GOLF COURSE

OFFERING MEMORANDUM | 1525 Vista Lane 2

Table of Contents

1525 Vista Lane

1. Investment Summary

• The Offering ...................................Page 3

• Investment Highlights ....................Page 4

2. Property Description

• Location Overview .........................Page 6

• Location Aerial ...............................Page 7

• Assessor Map ................................Page 8

• Site Plan .........................................Page 9

3. Tenancy

• Tenant Summary ............................Page 10

• Lease Abstract ...............................Page 11

4. Financial Summary

• Annual Property Operating Data ....Page 12

5. Market Overview

• Carson City Office Market..............Page 13

Trevor FairringtonInvestments 916.751.3626 [email protected]

Steve Tyrrell, CCIMSVP, Investments 916.751.3605 [email protected]

Suzy KlassAssociate, Investments 775.470.8859 [email protected]

ROSEVILLE OFFICE2237 Douglas Blvd, Suite 100Roseville, CA 95661 T 916.751.3600F 916.848.0205

RENO OFFICE50 West Liberty St, Suite 90Reno, NV 89501 T 775.301.1300F 775.201.0034

Contacts


The OfferingKidder Mathews is pleased to offer for sale, 1525 Vista Lane Carson City, NV 89703, a medical office building comprised of ±10,300 square feet situated on approximately .94 acres. This Offering Memorandum is provided subject to the terms of the Confidentiality Agreement executed by the recipient, for the purpose of providing information adequate for an investor to submit an informed and credible offer.

This offering provides an excellent opportunity to acquire a proven and stable medical office building, with its three original tenants, located within walking distance from the Carson Tahoe Regional Medical Center.

Investment Summary

PROPERTY OVERVIEW

Property 1525 Vista Lane

Occupancy 100%

APN 007-531-20

Year Built 2006

Parking 54 stalls

Zoning RC-retail commercial

NOI $210,576

Asking Price $3,509,600

Cap Rate 6.0%

Carson City

Indian Hills

Incline Village

Glenbrook

SITE

Lake Tahoe

N

Carson Tahoe Regional Medical Center


Investment Summary

Investment Highlights

LOCATION 1525 Vista Lane is located within walking distance from the Carson Tahoe Regional Medical Center

CARSON TAHOE REGIONAL MEDICAL CENTER

Carson Tahoe Regional Medical Center is a stunning, 352,000 square foot facility that is set on a spacious 80-acre medical campus in North Carson City. The Regional Medical Center is the first Baby-Friendly hospital in Nevada and was voted as the #5 most beautiful hospital in America in 2014. The beautiful facility includes 159 acute care beds with 153 private rooms, expanded 24-hour emergency services, advanced medical imaging, acclaimed open heart surgery program with a private cardiovascular unit, a 5-star Women & Children’s Center, hybrid OR suite, vascular and catheterization labs, a medical/surgical ICU, short-stay surgery unit, inpatient rehabilitation, medical/oncology, telemetry and much more

LONG TERM & STABLE CLIENTS

Two of the tenants have been in the building since 2006 and have made significant out of pocket financial investments in their suites. The third tenant has been in the building since 2007

OUTSTANDING AMENITIES 1525 Vista Lane is located along the 8th fairway of the Silver Oaks Golf Course and is in close proximity to local restaurants and several housing communities

Vista LaneMedical Parkway

N C

arson Street

SITE

CARSON TAHOE REGIONAL

MEDICAL CENTER

N


Investment Summary

Investment Highlights Continued

EXCELLENT ACCESS AND PARKING

This medical office building has excellent visibility from the street, great access to I-580 Freeway, and has ample parking

BARRIER TO ENTRY A chance to own a medical office space in Carson City is a unique opportunity. The surrounding buildings are mostly owned by the Carson Tahoe Regional Medical Center and are only available for lease. This creates a high barrier to entry in the Carson City medical office market

NEW CONSTRUCTION 1525 Vista Lane is an exceptional looking building built in 2006 and has been well maintained during its life span


Location Overview1525 Vista Lane is located on the 8th hole of the Silver Oak Golf Course, 0.4 miles west of the I-580 Freeway. This prominent location is located in northwest Carson City, and within walking distance from the Carson Tahoe Regional Medical Center. The general area is comprised of commercial buildings, medical buildings, restaurants and shopping centers.

Vista Lane is located in the heart of the Carson City medical office market. In addition, Reno, NV is 30 minutes north and can be accessed by using the I-580 Freeway.

Property Description

SITE

CARSON CITY AIRPORT

WESTERN NEVADA COLLEGE

SILVER OAK GOLF COURSE

N

CARSON TAHOE REGIONAL MEDICAL

CENTER


Location Aerial


CARSON CITY

1525 VISTA LANE

INCLINE VILLAGE

CRYSTAL BAY

LAKE TAHOE

WASHOE LAKE

CA - NV BORDER

SILVER CITY

DAYTON

MOUNDHOUSE

VIRGINIA CITY

NEW WASHOE CITY

RENO

N


Assessor Parcel Map


N


Site Plan


CAPITOL UROLOGY

NEVADA RETINA

CAPITOL SURGERY


Tenancy

Tenant SummaryCapitol Surgery: Besset, Richard A. MD

Capitol Urology

Nevada Retina Associates

Dr. Bessette graduated from the Tufts University School of Medicine in 1981. He specializes in General Surgery and Vascular Surgery. Dr. Bessette is affiliated with Carson Tahoe Regional Medical Center and is one of the two original tenants.

Dr. Jeffrey Upton, MD has 37 years of experience. His specialties include Urology. Dr. Upton is affiliated with Carson Tahoe Regional Medical Center. Dr Jeffery Upton is also one of the two original tenants.

Dr. Jarl C. Nielsen founded Nevada Retina Associates in 1994. Joined by Dr. Friedlander in 1998, Nevada Retina has grown to be one of the leading treatment centers specializing in medical and surgical management of vitreoretinal and macular diseases.


Tenancy

Lease Abstract

CAPITOL SURGERY: BESSETTE RICHARD A MD

Start Date 8/4/2015

Expiration Date 8/13/2020

Base Rent Schedule $85,140.00, flat for term

Leased Area 3,300 SF

Extension Option None

Termination Option None

Lease Type Gross

CAPITOL UROLOGY

Start Date 8/15/2015


Base Rent Schedule $116,110, flat for term




Lease Type Gross

NEVADA RETINA ASSOCIATES

Start Date 7/1/2015


Base Rent Schedule 9/1/2016 – 8/31/17 $57,000.009/1/2017 – 8/31/2018 $58,200.009/1/2018 – 8/31/2019 $59,700.009/1/2019 – 8/31/2020 $61,200.00




Lease Type NNN


Financial Summary

Annual Property Operating Data

1525 VISTA LANE, CARSON CITY, NV

Gross Scheduled Rent

Capitol Surgery $85,140.00

Capitol Urology $116,100.00

Nevada Retina $58,000.00

Gross Rent $259,280.00

Less Operating Expenses

Property Taxes $21,204.00

Property Insurance $2,748.00

Landscaping $1,920.00

Waste Management $5,052.00

HVAC Maintenance $976.00

Utilities $6,946.00

Fire Protection $430.00

Roof Maintenance $500.00

Alarm $1,728.00

Repairs & Maintenance $2,000.00

Property Management $5,200.00

Operating Expenses $48,704.00

Net Operating Income $210,576.00


NET ABSORPTION

ASKING RATES

OCCUPANCY

Carson City Office Market

Market Statistics vs. Previous Year

Market Overview

Greater Carson City Area– This survey consists of 19 medical office buildings totaling 267,262 SF. 2016 had an above average net absorption of 9,311SF compared to the 5 year average of 7,428 SF. 2016 also posted fantastic leasing numbers of 24,901 SF as it was well above the 5 year average of 8,446 SF. There has been no increase in construction so you can expect vacancy rate to continue to lower and rental rates to rise as the market tightens.

OFFICE MEDICAL BUILDINGS - CARSON CITY

# of buildings 19

Market size (SF) 267,262

Vacancy rate 10.2%

SF vacant 27,357

Availability rate 10.2%

SF available 27,378

SF under construction 0

SF delivered in the last 4 quarters 0

1525 VISTA LANE

Carson City

Lake Tahoe


Trevor FairringtonInvestments 916.751.3626 [email protected]

Steve Tyrrell, CCIMSenior Vice President, Investments 916.751.3605 [email protected]

Suzy KlassAssociate, Investments 775.470.8859 [email protected]

ROSEVILLE OFFICE2237 Douglas Blvd, Suite 100Roseville, CA 95661 T 916.751.3600F 916.848.0205

RENO OFFICE50 West Liberty St, Suite 90Remp, NV 89501 T 775.301.1300F 775.201.0034

kiddermathews.com

Contacts

PHOTO CREDIT: THE RECORD-COURIER NEWS

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.

This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s

plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.

Disclaimer

100% leased medical office building · 2017. 7. 18. · ista lane medical parkway eet offered by....

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