2330 E Bidwell St – 39,062 SF Healthcare

We are pleased to offer 2330 E Bidwell Street, an upscale two-story, 39,062 RSF medical office building in Folsom, California, priced at $7,850,000, or about $200 per square foot, well below current replacement cost. The building was built in 2000 on a 2.72-acre site zoned C-2 (PD), with an elevator and about 200 surface stalls at a 5.0 per 1,000 SF ratio.

The property is 80% leased to 13 tenants paying an average of $1.88 per square foot, well under the area's average medical office rents. Medical tenants already pay an average of $2.23 per square foot, pointing to more than 50% upside in existing rents over time. The offering reflects a 5.75% cap rate on current NOI and an 8.10% pro forma cap rate after leasing the 7,644 RSF of vacancy.

The building sits in a medical hub anchored by Dignity Health Mercy Folsom Hospital, less than a mile away, with Kaiser Permanente's planned Folsom campus nearby. Medical office space along East Bidwell is in short supply, which supports strong leasing demand.

Folsom is one of the Sacramento region's most desirable suburbs, with an affluent, growing population and easy access to Highway 50.

Ken Turton, Jon Lang and Josie Jerde represent this offering. Please contact us for additional information or to arrange a tour.