1414 S Miller St, Santa Maria, CA 93454

Property Description

Valley Medical Center is an approximately 33,904 square foot single story medical office complex representing an outstanding value add, reposition or owner-user opportunity. The current ownership is out of area and has not been actively managing the center leaving tremendous opportunity for a hands-on buyer. Currently 44% vacant with many of the existing leases either month to month or coming due in the next year, a new buyer will be able to reposition the building.
 
 Current in place rents result in a cap rate of 6.55%; however, stabilized at 90% occupancy with lowering the current rents from an average of $1.76 modified gross to a projected $1.25 NNN would result in a pro forma cap rate of over 10%. The center also has
 potential opportunities as a condo conversion to sell units as small doctor offices, as well as conversion to convalescent homes and
 apartments with a condition use permit.