Modjeska Building | 17332 Irvine Blvd
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Modjeska Building 17332 Irvine Blvd
24,287 SF 90% Leased Office Building Tustin, CA 92780 $5,995,000 ($247/SF) 4.74% Cap Rate
Investment Highlights
- Premier office building with welcoming two-story lobby just east of the 55 Freeway on the corner of Irvine Blvd and Yorba St.
- With small suites and staggered lease terms, this asset should continue to provide reliable, solid income.
- Restaurants and amenities are within the immediate vicinity of this building as can be seen on the amenities map.
- Current occupancy is ±95% which is typical as this building has historically enjoyed very high occupancy.
- The building’s suites average just 783 sf. In small suites (especially under 1,000 sf), it is traditionally much easier to increase rents.
- Priced to sell, the asking price is well below recent sale comps and replacement cost.
Executive Summary
Two-story ±24,287-square-foot, elevator-served office building built in 1973 on an approximate 1.0-acre parcel with no association. 8.13% proforma cap rate. The building is 95% occupied with two small vacant suites totaling 1,236 square feet. Most tenants are on Modified Gross terms, paying base rent and a CAM charge that contributes to the cost of the landlord-supplied utilities, janitorial, and maintenance.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
24,287 SF
Building Class
C
Year Built
1973
Price
$5,995,000
Price Per SF
$247
Cap Rate
4.74%
NOI
$284,163
Percent Leased
90%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
12,144 SF
Building FAR
0.56
Lot Size
1.00 AC
Zoning
PR
Parking
50 Spaces (2.06 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
Carpeted and painted space.
New carpet and paint.
- 2nd Fl-Ste 230
- 364 SF
- Office/Medical
- -
- Now
Carpeted and painted space.
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 101 | 400 SF | Office | - | Now |
| 1st Fl-Ste 120 | 536 SF | Office | - | Now |
| 2nd Fl-Ste 220 | 600 SF | Office | - | Now |
| 2nd Fl-Ste 230 | 364 SF | Office/Medical | - | Now |
| 2nd Fl-Ste 235 | 636 SF | Office | - | Now |
1st Fl-Ste 101
| Size |
| 400 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
1st Fl-Ste 120
| Size |
| 536 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 220
| Size |
| 600 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 230
| Size |
| 364 SF |
| Space Use |
| Office/Medical |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 235
| Size |
| 636 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
1 of 3
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1st Fl-Ste 101
| Size | 400 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
1st Fl-Ste 120
| Size | 536 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
Carpeted and painted space.
2nd Fl-Ste 220
| Size | 600 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
New carpet and paint.
2nd Fl-Ste 235
| Size | 636 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
Carpeted and painted space.
Walk Score ®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 401-512-01 | Improvements Assessment | $1,846,626 |
| Land Assessment | $1,403,445 | Total Assessment | $3,250,071 |
PROPERTY TAXES
Parcel Number
401-512-01
Land Assessment
$1,403,445
Improvements Assessment
$1,846,626
Total Assessment
$3,250,071
1 of 10
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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Modjeska Building | 17332 Irvine Blvd
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