This value-add 1961 built 3-story medical office building consists of 14,207 rentable square feet and was acquired on September 22, 2017 for $3,000,000. When we entered escrow this 6-suite property had two vacancies and one lease expiring. During escrow we executed two new leases and extended a third. As a result of our leasing activity during escrow, our lender’s appraisal came in at approximately 30% above our purchase price. We sold the property in November 2021 for $4,800,000, resulting in a return on equity of over 75% on our holding period.
