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Single Tenant Assisted Living

$1,677,950

2015 Madison Avenue, Redwood City, CA 94061

Active
Last Updated: 07/20/2021

4.5

Cap Rate

75,511

NOI

Details:
Cap Rate:    4.5%
NOI:    $75,511
Lot Area:    6,000 sqft
Buildable Area:    2,120 sqft
Built/Renovated :    1961, 2008
Highlights:
  • Asset in Strong Location.
  • High Probability of Lease Renewal
  • Well known Assisted Living Operator
Description:

Condor Commercial is pleased to present this ResCare STNL asset in Redwood City. This facility has been at this location for approximately 21 years, and there is a strong probability that ResCare will renew the lease.
This location has been improved and permitted for assisted care, and ResCare has invested a significant amount of resources in retrofitting and permitting the house. This makes it unlikely that the tenant will leave, as it would be very difficult to relocate, considering the time and funds required to replace and retrofit a new location.
Moreover, the asset is located in a prime location, providing the opportunity to to redevelop the property in the future.

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Documents:
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Offering_Memorandum.pdf
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