15283 Pahute Avenue
Office | 8.17% CAP | 36,233 SqFt
Marketing description
Lee & Associates is pleased to present an off-market opportunity to acquire a ±36,233 SF single-tenant office investment leased to Azusa Pacific University in Victorville, California. Constructed in 2010 as a build-to-suit facility, the property is situated on ±3.27 acres within a well-established commercial corridor in the heart of the High Desert.
The asset benefits from a highly strategic location just minutes from Interstate 15, the region's primary north-south transportation artery connecting Southern California to Las Vegas. The property is easily accessible via Bear Valley Road and Nisqualli Road, with Bear Valley Road serving as a major east-west arterial linking Victorville with Adelanto, Apple Valley, and Hesperia. This central positioning provides strong regional connectivity, access to a population base of approximately 450,000 residents, and proximity to retail, services, and workforce housing.
The property is 100% leased under a true NNN structure, with the tenant responsible for taxes, maintenance, and utilities, resulting in a highly passive investment profile. The asset generates approximately $1.13 million in annual net operating income, offering investors an attractive going-in yield relative to comparable net-leased opportunities.
Azusa Pacific University currently operates a successful and growing nursing program at the property, reinforcing the strategic importance of this location to its operations. While the existing lease term extends through January 2029, the tenant has indicated that, due to the strength and continued growth of its programs, it intends to maintain a presence at the property for the foreseeable future. In addition, the tenant has explored the potential to sublease a portion of the first floor, creating further flexibility and optionality without disrupting in-place income.
This combination of strong in-place cash flow, demonstrated operational success, and tenant commitment provides investors with both near-term income stability and a compelling path for long-term value retention and growth.
Investment highlights
- High-Yield NNN Investment – Generates approximately $1.13M in annual NOI with minimal landlord responsibilities, offering an attractive going-in return
- Institutional-Quality Build-to-Suit Asset – ±36,233 SF facility constructed in 2010 for Azusa Pacific University on ±3.27 acres
- Established and Committed Tenant – Successful and growing nursing program with tenant indicating intent to continue long-term occupancy
- Strategic High Desert Location – Near Interstate 15 with access via Bear Valley Road and Nisqualli Road, serving a regional population of ~450,000
- Near-Term Upside Potential – Opportunity to enhance value through lease renewal, re-tenanting, or repositioning, with potential subleasing of a portion of the space
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