17661-17671 Cowan Avenue, Irvine, CA

Office for Sale - $15,500,000 - 64,035 Sq. Ft. on 3.1 acres


Agent Info

Brian Garbutt
Lee & Associates

Property Info

CIMLS#1082031
Location
  17661-17671 Cowan Avenue
  Irvine CA 92614
UpdatedOctober 6th, 2020
TypeOffice
Price$15,500,000
Building64,035 Sq. Ft.
Land3.1 acres

Contact


Property Description

HIGH IMAGE STABILIZED OFFICE/FLEX INVESTMENT OPPORTUNITY IN IRVINE, CA

» Cash Flow with Upside: Ability to own a high image low rise office building in Irvine that is stabilized yet offers a buyer tremendous upside as the in-place rents are 30% below market.

» Below Market Price PSF: The asking price of $15,500,000 is a price psf of $242 PSF while the average price psf of every office building sold in Irvine over the past year over 20,000 SF is $389 PSF or 38% above MacArthur Corporate Center’s asking price.

» Priced 37% below Industrial/Flex Pricing in Irvine: The Average asking Price for Industrial/Flex buildings in Irvine is $383 PSF.

» Rare Lab Space in Irvine: The building has a 27,000 SF office/lab component which is quite rare in Irvine and there is currently no lab space on the market for lease in the Airport Area despite a demand from tenants for this type of space offering considerable increase in the rent for the lab space at market rent.

» Ability to increase NOI in the short term: Tenant roll over the next three (3) years allows an investor to increase in-place rents over the short term and increase cash flow and value.

» Stable Tenancy: No tenant defaults during the Coronavirus pandemic.