Fully Leased NNN Medical Office Investment | 22 W 35th St
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Fully Leased NNN Medical Office Investment 22 W 35th St
19,717 SF 100% Leased Office Building Online Auction Sale National City, CA 91950
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INVESTMENT HIGHLIGHTS
- National City Medical Center offers investors a renovated, stabilized medical office with an exceptional South Bay location and strong NOI.
- Sitting at the gateway of Chula Vista and National City, the property serves a large patient base with a growing demand for medical services.
- Its location near quality amenities and Scripps Mercy Hospital attracts tenants and ensures convenience for medical professionals and patients.
- 100% occupied with NNN leases, with newly signed agreements ensuring long-term stability and high yield.
- Extensive 2023 upgrades include a solar parking canopy, EV charging stations, and modern finishes and fixtures, making it stand out in the market.
- South Bay's economic growth, driven by infrastructure and commercial development, enhances the property's value and its appreciation potential.
EXECUTIVE SUMMARY
National City Medical Center offers savvy investors the chance to acquire a recently renovated medical office building in a prime location at the gateway between Chula Vista and National City in Southern California. A recent conversion from general office to medical use has driven strong demand for the property, which is currently 100% occupied by tenants on NNN leases. Several newly signed leases cement the property as a stabilized, long-term investment with a high yield.
Numerous recent renovations and upgrades set National City Medical Center apart from similar properties in the area. Recent renovations with upscale finishes and fixtures completed in 2024. Solar parking canopy and charging stations were installed in 2017 and 30 HVAC units were installed in 2011. The 19,717-square-foot building is defined by its modern stucco façade, large windows, and bright, contemporary interiors.
National City Medical Center attracts tenants with an easily accessible location near best-in-class amenities and synergistic medical providers. Tenants and patients can reach the building via Interstate 5 or Interstate 805 via Highway 54. The Chula Vista Center indoor mall is just five minutes away, providing over 100 upscale retail locations. Convenient options for lunch or after-work drinks are readily available, with popular local establishments lining the surrounding streets. The Scripps Mercy Hospital – Chula Vista is just 10 minutes away, providing inpatient and outpatient services and 173 beds. This fixture of the local healthcare industry delivers strength to medical facilities in the area.
Strategically placed on the boundary of Chula Vista, National City Medical Center enjoys an excellent location in a high-demand area for medical services. National City, known for its rich cultural heritage and vibrant community, offers a unique and diverse patient base. Its proximity to Chula Vista, a city recognized for its family-friendly environment, robust school system, and growing population, further enhances the demand for comprehensive healthcare services. The blend of these two dynamic communities ensures a substantial and consistent demand for medical services in the area, making this property a prime location for healthcare facilities.
The South Bay region is experiencing significant economic development, with Chula Vista and National City playing key roles in this growth. Chula Vista's economic landscape is marked by ongoing infrastructure projects, commercial developments, and investments in public amenities. This economic growth in Chula Vista enhances the overall value of properties in the surrounding areas, including National City, particularly those catering to essential services like healthcare. The increasing business activities and job opportunities in Chula Vista attract more residents to the region, which in turn boosts the demand for medical facilities in nearby National City. The rising economic prosperity in the South Bay region positions the National City Medical Center as a valuable asset with significant appreciation potential.
Numerous recent renovations and upgrades set National City Medical Center apart from similar properties in the area. Recent renovations with upscale finishes and fixtures completed in 2024. Solar parking canopy and charging stations were installed in 2017 and 30 HVAC units were installed in 2011. The 19,717-square-foot building is defined by its modern stucco façade, large windows, and bright, contemporary interiors.
National City Medical Center attracts tenants with an easily accessible location near best-in-class amenities and synergistic medical providers. Tenants and patients can reach the building via Interstate 5 or Interstate 805 via Highway 54. The Chula Vista Center indoor mall is just five minutes away, providing over 100 upscale retail locations. Convenient options for lunch or after-work drinks are readily available, with popular local establishments lining the surrounding streets. The Scripps Mercy Hospital – Chula Vista is just 10 minutes away, providing inpatient and outpatient services and 173 beds. This fixture of the local healthcare industry delivers strength to medical facilities in the area.
Strategically placed on the boundary of Chula Vista, National City Medical Center enjoys an excellent location in a high-demand area for medical services. National City, known for its rich cultural heritage and vibrant community, offers a unique and diverse patient base. Its proximity to Chula Vista, a city recognized for its family-friendly environment, robust school system, and growing population, further enhances the demand for comprehensive healthcare services. The blend of these two dynamic communities ensures a substantial and consistent demand for medical services in the area, making this property a prime location for healthcare facilities.
The South Bay region is experiencing significant economic development, with Chula Vista and National City playing key roles in this growth. Chula Vista's economic landscape is marked by ongoing infrastructure projects, commercial developments, and investments in public amenities. This economic growth in Chula Vista enhances the overall value of properties in the surrounding areas, including National City, particularly those catering to essential services like healthcare. The increasing business activities and job opportunities in Chula Vista attract more residents to the region, which in turn boosts the demand for medical facilities in nearby National City. The rising economic prosperity in the South Bay region positions the National City Medical Center as a valuable asset with significant appreciation potential.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
- Disclosures
MARKET ANALYTICS Click Here to Access
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Market Sale Price per SF
San Diego - CA USA
Market Cap Rate
San Diego - CA USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Property Subtype
Medical
Building Size
19,717 SF
Building Class
B
Year Built/Renovated
1974/2024
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
9,859 SF
Slab To Slab
10’
Building FAR
0.47
Lot Size
0.96 AC
Zoning
CS - Zoning allows for intensive commercial activities, specialized service establishments, light manufacturing, wholesaling, and distribution uses.
Parking
70 Spaces (3.55 Spaces per 1,000 SF Leased)
AMENITIES
- Natural Light
- Air Conditioning
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
20,888
154,497
396,605
2020 Population
21,421
157,071
404,612
2029 Population
20,668
153,188
392,899
2024-2029 Projected Population Growth
-1.1%
-0.9%
-0.9%
Daytime Employees
12,062
101,423
165,335
Total Businesses
1,161
7,222
15,164
Average Household Income
$67,674
$81,831
$88,635
Median Household Income
$53,916
$63,036
$68,236
Total Consumer Spending
$184.6M
$1.4B
$3.9B
Median Age
36.5
35.6
36.3
2024 Households
7,249
46,726
117,549
Percent College Degree or Above
10%
11%
13%
Average Home Value
$420,691
$604,742
$617,988
ZONING
| Zoning Code | CS (Zoning allows for intensive commercial activities, specialized service establishments, light manufacturing, wholesaling, and distribution uses.) |
| CS (Zoning allows for intensive commercial activities, specialized service establishments, light manufacturing, wholesaling, and distribution uses.) |
PROPERTY TAXES
| Parcel Number | 562-310-72 | Improvements Assessment | $3,325,000 |
| Land Assessment | $3,025,000 | Total Assessment | $6,350,000 |
PROPERTY TAXES
Parcel Number
562-310-72
Land Assessment
$3,025,000
Improvements Assessment
$3,325,000
Total Assessment
$6,350,000
SALE ADVISORS
SALE ADVISORS
Shirley Kanamu, Senior Broker Associate Sales & Leasing
(619) 787-6374
Contact
With over 24 years of Commercial Real Estate Sales & Leasing experience, Shirley has the knowledge and resources to ensure that every client’s real estate goals are achieved. Her vast experience includes investment and lease analysis, market analysis, contract negotiations and value appraisal for both the sale and leasing of commercial property. In all transactions Shirley maintains active troubleshooting and negotiating involvement from start to finish. In marketing she is both creative and proactive in the development and utilization of promotional strategies. With her track record of over 500+ successfully closed transactions she continues to be a valuable resource to her established network of commercial real estate clients. Shirley has the expertise to handle all aspects of commercial real estate.
Blanche Golia, Senior Advisor - Sales & Leasing
(619) 469-3600
Contact
Blanche transitioned to the commercial real estate sector in 2014 after
honing her skills in the hospitality industry. Her background equipped
her with outstanding sales, customer service, organizational, and
communication skills. Throughout her career, Blanche has adeptly
represented both landlords/sellers and tenants/buyers in diverse sectors, including retail, office, and industrial. While her primary focus lies in the South Bay, Blanche has successfully navigated transactions spanning all across San Diego County.
honing her skills in the hospitality industry. Her background equipped
her with outstanding sales, customer service, organizational, and
communication skills. Throughout her career, Blanche has adeptly
represented both landlords/sellers and tenants/buyers in diverse sectors, including retail, office, and industrial. While her primary focus lies in the South Bay, Blanche has successfully navigated transactions spanning all across San Diego County.
Valley Coleman, Sales & Leasing Associate
(619) 944-1979
Contact
Having over 40 years of living and work experience in South San Diego, Valley is our go to area expert with an insiders edge. Valley has served the community as a Police Officer, College Professor, and volunteer youth sports Coach.
With a resume rooted in service and non-profit organizations. Valley has found continued success in working with local non-profit organizations. Valley currently specializes in South San Diego region, working with non-profit organizations and identifying off market opportunities for his clients.
Embracing his "Unstoppable" mantra, Valley recently overcame stage four cancer diagnosis and is currently in remission. Valley is committed to living a healthy lifestyle and advocating health awareness. When he is not working, you will find him enjoying outdoor activities, or traveling the world with his wife, Sylvia, and their two daughter.
With a resume rooted in service and non-profit organizations. Valley has found continued success in working with local non-profit organizations. Valley currently specializes in South San Diego region, working with non-profit organizations and identifying off market opportunities for his clients.
Embracing his "Unstoppable" mantra, Valley recently overcame stage four cancer diagnosis and is currently in remission. Valley is committed to living a healthy lifestyle and advocating health awareness. When he is not working, you will find him enjoying outdoor activities, or traveling the world with his wife, Sylvia, and their two daughter.
Chase Pelton, Sales & Leasing Advisor
(619) 535-9177
Contact
Growing up in the North County area and a graduate of San Dieguito Academy, Chase Pelton has been in the real estate industry since the age of 19. He got his start as the first office manager of Crighton Real Estate Holdings in Las Vegas, Nevada in 2005 before transitioning to property management. He then moved on and took the role as Vice President of Deluxe Property Management, a residential property management company, where he was responsible for managing 75+ properties in and around the Las Vegas/Henderson area. There he oversaw all aspects of their vast portfolio, including marketing, accounting, management, and leasing efforts on behalf of their many clients. In 2008 he transitioned to a commercial leasing agent with the Rothwell Gornt Companies and RCS Development in Las Vegas, where he was responsible for leasing out the retail projects of the brokerage.
After relocating to San Diego in 2013, Chase was brought on by Four Seasons Properties as the Director of Commercial Leasing and Sales, specializing in Tenant Representation for the San Diego area. During his tenure there Chase was the top Commercial producer company wide, while exclusively representing tenants and buyers of commercial real estate throughout San Diego and the country. He teamed up with Jeff Saywitz of The Tenant Rep Group at Voit Real Estate Services, to bring his transactional skills to one of the top rated teams in San Diego County. Chase’s focus is on Office, Industrial, R&D/Flex, Retail, and Medical users requirements, and he has represented over 100 tenants and buyers in a multitude of industry sectors throughout the marketplace.
After relocating to San Diego in 2013, Chase was brought on by Four Seasons Properties as the Director of Commercial Leasing and Sales, specializing in Tenant Representation for the San Diego area. During his tenure there Chase was the top Commercial producer company wide, while exclusively representing tenants and buyers of commercial real estate throughout San Diego and the country. He teamed up with Jeff Saywitz of The Tenant Rep Group at Voit Real Estate Services, to bring his transactional skills to one of the top rated teams in San Diego County. Chase’s focus is on Office, Industrial, R&D/Flex, Retail, and Medical users requirements, and he has represented over 100 tenants and buyers in a multitude of industry sectors throughout the marketplace.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
AUCTION CONTACT
Derek Rudd
Contact
Auctioneer License:
Ten-X Jessica Figueroa RE Brkr 01937601. Ten-X Auction Surety Bond 106465786
CONTACTS
-
Shirley Kanamu -
Blanche Golia -
Valley Coleman -
Chase Pelton -
Pacific Coast Commercial
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Fully Leased NNN Medical Office Investment | 22 W 35th St
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