After it was recently developed this year, a 27,019 square foot office building in Apple Valley is up for sale. According to a property listing from Hanley Investment Group, the property is up for sale with an asking price of $15.45 million, or approximately $571 per square foot.
Situated on 2.72 acres at 18818 Outer Highway 18 N, the property is solely occupied by the County of San Bernardino and utilized for the government’s Behavioral Health services. Property records show that the building currently is owned by an entity linked to San Gabriel-based Commstar5 LP.
According to the offering document, the county has 42 departments and agencies staffed by over 25,000 public service professionals, delivering a wide spectrum of vital services, ranging from public safety and health to economic development and recreation. The county’s annual budget surpasses $8.6 billion. The Department of Behavioral Health serves to provide critical mental health and substance use disorder services to county residents.
With its tenancy, the property currently has an average net operating income of $888,570. The building hosts a lease that commenced in February of 2023 and extends until February 2038. A five-year renewal option is also included in the lease.
The building is situated within a trade area populated by approximately 309,520 individuals across Adelanto, Apple Valley, Hesperia and Victorville. Since the turn of the century, the population has surged by 67 percent. Within a five-mile radius of the site, residents have on average an annual household income of $78,300.
“The County of San Bernardino is home to more than 2.23 million residents and is expected to grow to 2.6 Million by 2048. located in the southern portion of the State of California and in the Inland Empire, it is the 14th most populous County in the US and America’s largest county by area. comprised of 24 incorporated cities the County of San Bernardino is nearly the size of the state of Virginia covering an incredible 201,105 square miles,” the listing states.
