601 S Lewis St, Orange, CA
Existing Highly Improved Educational Facility in Central Orange County
Marketing description
EXCEPTIONAL MARKET FUNDAMENTALS
—CORE MARKET | Orange County provides resilient industries, stable economic fundamentals and sustained rent growth. With strong employment and an attractive quality of life, Orange County is a highly sought-after gateway market.
—HOUSING ELEMENTS NEEDS | The City of Orange is required by the State to deliver potential development sites with zoning for over 3,900 units to meet its Regional Housing Needs Assessment (RHNA). The City of Orange has designated this and the surrounding properties as Urban Mixed Use allowing development of residential at a density of 30 - 60 units per acre.
—DWINDLING OFFICE SUPPLY | Two undercurrents are causing shifts in Central Orange County’s supply of office space: as much as 650K SF of tenant space is undergoing relocation while close to 1MSF of office has been removed from the available inventory for long-term owner-users or for residential redevelopment.
RENOWNED ENTERTAINMENT LOCATION WITH EXPANDING RESORT AMENITIES
—HIGHLY DESIRABLE LOCATION | Orange is next to world-famous Disneyland, whose $2-billion upgrades over the next decade and annual economic impact of $5.7 billion reflect a commitment to the Central Orange County that reflects the area’s deep employment pool and excellent infrastructure system that can absorb hyper-growth. This central location has convenient freeway access and offers ease of commute for the area’s businesses and tenants, as well an affordable alternative to other costly areas of Orange County.
—RESORT STYLE AMENITIES | The property’s proximity to a large amenity base is intrinsically irreplaceable with such amenities as: MainPlace Mall, Platinum Triangle, Angel Stadium, Honda Center, Disneyland, Old Towne Orange, UCI Medical Center, and Chapman University to name a few.
—MULTI-MODAL TRANSPORTATION ACCESS | The surrounding multi-modal transit hub offers ease of commute for the region’s workforce, as well as proximity to executive housing. Located immediately off SR-22 freeway, the asset has superb access to I-5, SR-57, SR-91 and SR-55, as well as John Wayne Airport and several Metrolink stations. Such access to critical infrastructure is as important as ever for business success and employee retention.
Investment highlights
HIGH-IMAGE OFFICE BUILDING WITH USER AND RESIDENTIAL REDEVELOPMENT FLEXIBILITY
—WELL LOCATED, HIGH-IMAGE OFFICE | 601 S Lewis Street offers an attractive opportunity to acquire a high-image, three-story office building in a strong Central Orange County location. The property is currently a turn-key educational facility with an existing CUP. The freestanding Property sits on a generous parcel with above-standard parking and well-maintained improvements.
—EXCEPTIONAL OWNER-USER OPPORTUNITY | Turn-key ready for an owner-user, this investment can provide an attractive lease-saving trade-off. As opposed to leasing space, a purchase offers protection against future rental market uncertainty and rate hikes. It further offers occupancy control, certain tax benefits and after-tax equity accumulation.
—INVESTMENT FLEXIBILITY | Consisting of ± 33,483 square feet and sitting on ± 2.33 acres, the property provides investment flexibility with a path for user occupancy or future residential redevelopment.
—RESIDENTIAL REDEVELOPMENT | Attractive overlay zoning that allows for up to 30 - 60 units per acre creating value in a future residential redevelopment.
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