Fremont, California · Centerville District
A turnkey medical institution on Fremont Boulevard.
A ±1,964 square foot medical spa building on 7,462 square feet of land, offered with the practice inside it — the equipment, the brand, and a file base of more than 20,000 patients built since 2012. The physician is retiring. One address, two ways to buy.
The real estate
$2,500,000
Building and land, fee simple
Equipment & goodwill
$1,000,000
The operating practice
Total acquisition
$3,500,000
Together or separately
01 — The opportunity
Built to be sold as a whole.
A medical spa is one of the few small businesses where the real estate is the business. Patients come to an address, park at it, and return to it for years. When the operator retires, that address becomes the most valuable thing on the balance sheet — and the hardest thing for a new owner to replicate.
This offering puts the building and the practice side by side, with the seller's asking prices kept separate and the evidence behind every claim laid out where a buyer can interrogate it. Nothing here is presented as verified that has not been verified.
The licence is already in the room
A medical use of record at this address, with the treatment rooms, plumbing, electrical, and layout a spa needs. Recreating that from a cold shell takes a year and a permit cycle.
A file base nobody has marketed to
More than 20,000 patients served since 2012. The website is offline and the campaigns behind a $3M revenue year have stopped. This is dormancy, not decline.
A seller with a reason to close
A physician in his seventies, retiring, with the practice already winding down. Motivated sellers close, and transition support is negotiable rather than theoretical.
02 — The property
1,964 square feet with a medical use already in place.
A single-story building from 1930, converted and fitted out as a medical spa, sitting on 7,462 square feet of land directly on Fremont Boulevard. Detached garage and on-site parking in a corridor where most neighbours are fighting for street stalls.
- Building
- ±1,964 SF
- Land
- ±7,462 SF / 0.17 ac
- Year built
- 1930
- Configuration
- Single story, street-front, converted residence on a commercial corridor
- Parking
- Detached 2-car garage plus on-site stalls and boulevard frontage
- Zoning
- Commercial corridor — official zoning letter pendingVerify
- Current use
- Medical spa of record, operating since 2012
- Last recorded sale
- $830,000 · May 2007
- 2025 assessed value
- $737,261 · 2025 tax roll
- 2025 property tax
- $9,230 · 2025
Building and lot figures from public records. Records for this parcel have been described differently over time (2 bed / 1.5 bath through 3 bed / 3.5 bath), consistent with successive remodels. Confirm the improvement count with the county and title.
Walkthrough · eight scheduled frames
Photography in progress
Street elevation
Straight-on from the boulevard, parked cars cleared, morning light
Signage & entry
Monument or facade sign, door, and the approach from the sidewalk
Reception & waiting
Wide, from the doorway, lights fully on
Treatment rooms
Each room, wide angle, table made, equipment in frame
Laser & device suite
Platforms powered on, serial plates visible if you want them shown
Back of house
Sterilisation, laundry, staff area, storage
Parking & access
Garage, stalls, alley or rear access, curb cut
Surrounding area
Neighbouring businesses, the train station, the approach from I-880
03 — The location
Fremont Boulevard is the address patients already know.
Centerville is one of Fremont's original town centres, and Fremont Boulevard is its spine. The corridor is a mix of long-tenured local retail, personal-services tenants, and new residential with ground-floor commercial — the exact profile of a walk-in aesthetic practice.
Fremont-Centerville station
ACE and Capitol Corridor service on the same boulevard, a short walk from the door — the same amenity the new Veranda retail condos three blocks north are selling on.
I-880 and the Peninsula
Direct arterial access north to I-880 and south through Centerville, with the Dumbarton and San Mateo bridges feeding a cross-bay patient base.
Medical cluster
Washington Hospital's campus and the surrounding physician and diagnostic corridor sit minutes away, so referral traffic and clinical staffing both stay local.
A city of 230,000
Fremont is the largest city in the East Bay's southern reach, with a dense, high-income, largely repeat-visit aesthetic medicine market.
A medical spa draws roughly a thirty-minute drive, not a thirty-foot walk. That radius from this address covers Fremont, Newark, Union City, Milpitas, and the southern East Bay — several hundred thousand households, and the patient file the seller built sits inside it.
04 — The practice
Ariba Medical Spa — established 2012, still the listing patients find.
Fifteen years of operating history in one location, built by a physician rather than a franchise. The retail menu, the review history, and the phone number all live at this address. That is what a buyer is actually acquiring under the goodwill line.
Digital footprint
- WordPress site (currently offline)
- Google Analytics
- Google AdSense
- Vimeo
- UserWay accessibility
The domain, analytics account, ad accounts, and both Google Business Profiles should be transferred at closing or re-established in the buyer's name. Confirm ownership of each before signing.
Laser hair removal
The anchor of the retail menu and the largest share of repeat visits. Platform-agnostic, protocol-driven.
Injectables
Botox and neuromodulators, dermal fillers. Prescriber-dependent revenue that follows the medical director.
RF microneedling
Vivace-class radiofrequency microneedling, packaged in series. High margin, high equipment utilisation.
PRFM / PRP
Platelet-rich fibrin matrix for skin and hair restoration. Draws on the medical grade of the practice.
Facials & advanced skincare
The esthetician layer that fills the calendar between medical appointments and drives retail.
Body & wellness
Adjacent treatment menu supporting memberships and package pre-purchase.
Treatment categories are drawn from the practice's public listings and review history. An itemised service menu with current pricing, package liabilities, and outstanding prepaid treatments is part of the first data request — prepaid packages are a liability a buyer inherits.
05 — What is claimed, and what is proven
Every number here has a source. Only some have evidence.
None of the financial figures below have been audited or reviewed by a professional. They are the seller's representations and third-party estimates.
| Assertion | Source | What a buyer should request |
|---|---|---|
| 20,000+ patients served | Seller representation | Full PMS export with last-visit date, plus a count of patients active in the last 18 months |
| $3.0M annual revenue at peak | Third-party estimate, not audited | Three years of tax returns, P&Ls, and merchant processor statements |
| 11 employees | Directory listing | Payroll register and W-2s, split by provider vs. support |
| $1,000,000 equipment & goodwill | Seller asking price | Serialised equipment schedule with age, service logs, and a third-party appraisal |
| $2,500,000 real estate | Seller asking price | Appraisal, title, zoning letter, and Phase I ESA |
| Currently operating as a medical spa | Public listings | Current licences, medical director agreement, and four weeks of appointment records |
06 — Underwriting the ask
Two assets, two different tests of value.
The real estate is priced against replacement cost and rent. The practice is priced against cash flow. A buyer should not blend them, and a seller should not expect a buyer to. Here is both arithmetic, run openly.
The practice
$1,000,000Gold marker is the $1,000,000 asking price. Benchmarks from published 2026 med spa and main-street medical practice transaction data.
The real estate
$2,500,000The honest reading
At a 2.4% to 3.1% gross yield, this is not priced for a yield investor, and it will not appraise that way. It is priced for an owner-user: a medical group, a dermatology or dental practice, or the buyer of the spa itself, for whom replacing a lease at this address is worth more than a cap rate. That is a real and defensible buyer pool — it is simply not the same buyer as a net-lease fund.
The case for $2.5M
- Medical use of record — no entitlement or costly build-out to reach the same revenue capacity.
- 7,462 SF of land against a 1,964 SF building leaves expansion or rear-access potential.
- On-site and garage parking in a corridor where parking is the binding constraint.
- A boulevard address with transit, I-880 access, and a hospital cluster within minutes.
- A motivated seller with a stated reason to transact, which is worth a negotiation.
07 — Equipment & goodwill
What the second million actually buys.
An aesthetic practice's equipment depreciates quickly and its patient relationships do not. Used laser platforms resell for a fraction of purchase price; a fifteen-year file base and a working phone number can be worth more than every machine in the room. Price each line separately.
Representative device photography. A serialised inventory with photographs, purchase dates, and appraised values is required before any offer.
Aesthetic laser platforms
Diode, Nd:YAG, IPL — typically 50–60% of device value. Demand serial numbers, pulse counts, and service history.
RF microneedling & body devices
Vivace-class platforms and consumable handpieces. Consumables are a recurring-cost line, not an asset.
PRP / PRFM processing
Centrifuge, separation kits, and protocol documentation.
Treatment infrastructure
Beds, chairs, exam lighting, cabinetry, sterilization, laundry, LED and skin-care units.
Clinical inventory
Tox and filler stock is usually excluded or sold at cost — it is prescriber- and expiry-dependent.
Systems & software
Practice management / EMR, booking, phones, website and domain, POS. Every login must transfer.
The goodwill schedule
- Patient file base of 20,000+ records, with the right to notify
- The Ariba Medical Spa name, marks, and two Google Business Profiles
- The main phone number and its call history
- The domain, social accounts, and review history
- Trained staff — the injectors and estheticians hold the relationships
- The medical director relationship and prescriber protocols
Patient records in California follow the treating provider and require patient notice to transfer. Build the transfer protocol, the notice campaign, and the medical director agreement into the purchase agreement — not into a side letter.
10 — The market
What the neighbours are getting.
Four reference points a buyer will find in the first ten minutes of research. Better to put them here, with the reasoning, than to have them arrive as an objection later.
37447 Fremont Blvd
New 2026 retail condominiums, 468–595 SF, three blocks north on the same boulevard
$547 – $672 / SF
Asking. Shell and turnkey units, walking distance to the Fremont-Centerville train station.
Public AVM range, this parcel
Redfin $1.27M · Homes.com $1.57M · Realtor.com $1.72M
$1.27M – $1.72M
Residential valuation models applied to a converted commercial parcel. Directional only.
ZIP 94536 market, October 2026
Median sale price, sale-to-list ratio, and days on market
$1.3M median
100.5% sale-to-list, 20 days on market. A seller's market in the surrounding residential stock.
40961 Grimmer Blvd, Fremont
±1,400 SF dental suite offered for lease
$2.95 / SF / mo
Medical-office rent benchmark, roughly $35 / SF per year. Frames the rent the address can carry.
Sources: public listing data and county records, retrieved November 2026. Comparable properties are not appraisals and none of these figures has been verified by a licensed appraiser for this offer.
09 — Ways to transact
Four structures, one address.
The seller has quoted the real estate and the practice as separate prices, which suggests either can be bought alone. Every option below should be confirmed in writing — this is a summary of possibilities, not the seller's formal terms.
The real estate only
Fee simple building and land, delivered vacant or with a short lease-back while the practice winds down. Priced for an owner-user who needs the address, not a yield buyer.
Fits — Medical groups, dental, dermatology, an owner-occupant expanding from a lease
The practice only
Equipment, patient file base, brand, phone numbers, and goodwill, with a negotiated lease at the property. Requires a California-licensed medical director of record.
Fits — An existing med spa operator or injector group adding a Fremont location
Both, as a going concern
The cleanest path: one closing, no lease negotiation, real estate and operating business acquired together. SBA 7(a) can finance owner-occupied real estate plus goodwill.
Fits — A first-time owner-operator or a retiring-physician successor
Seller carry, to be discussed
A retiring physician selling to a successor frequently carries a note. Terms are not published here and have not been confirmed by the seller.
Fits — Buyers who need a bridge while the practice is re-energised
Closing
Asset purchase of both, or separate escrows for real estate and business assets.
Financing
SBA 7(a) can cover owner-occupied real estate plus goodwill. Expect a full personal guarantee.
Transition
12–24 months of medical director support and staff retention is the norm. Get it in the contract.
08 — The diligence list
Twenty-eight documents that decide this deal.
Use this as a working list. Tick items off as the seller produces them — a seller who can deliver most of this quickly is a seller worth negotiating with.
0/28
Documents received
Corporate & licensure
Financial
Patient & clinical
Real estate
Equipment
People & marketing
11 — Straight answers
The questions buyers actually ask.
Answered without the sales language. If an answer here is not what you hoped for, that is the answer.
Public listings show the spa as operating, with two claimed Google profiles at this address. The website is down and the seller is winding down toward retirement. Current hours, staffing, and weekly appointment volume have not been independently confirmed and belong in the first data request.
The seller is in his seventies, retiring, and no longer marketing. The site is offline and the ad spend behind a $3M revenue line has stopped. That is the thesis of this offering: the fixed cost base and the patient file are in place, and the marketing that produced the peak is switched off rather than broken.
That is the seller's stated structure. Real estate at $2.5M and equipment and goodwill at $1M are quoted as two separate prices, which implies both are available on their own. Confirm in writing before you underwrite a single-asset purchase.
Patient records do not transfer like a mailing list. In California, records follow the treating provider and require patient notice, and any transfer has to satisfy HIPAA and the Medical Board. What transfers is the right to notify the file base, the phone numbers, the brand, and the review profiles, if the seller cooperates. Value these accordingly.
A medical spa in California operates under a physician. Injectables and lasers require a medical director of record, and the corporate practice of medicine doctrine usually means an MSO structure with a professional corporation. Budget for that structure and for the medical director agreement before you sign anything.
On revenue, $3.5M against a $3.0M peak is roughly 1.17x, inside the published med spa range but at the top of it. On the real estate alone, $1,273 per building square foot is well above new-construction retail condos on the same boulevard. The section above lays out both readings, and the honest answer is that the case rests on the practice's cash flow, which no buyer has seen yet.
12 — The acquisition portal
Request the package, or walk the building.
Tell us which part of the offering you are underwriting and what you need first. The package includes the public-record summary, the seller's asking-price breakdown, and the document request list. Financial statements are released only after a confidentiality agreement.
The asset
37553 Fremont Blvd, Fremont, CA 94536
The practice currently at the address
Ariba Medical Spa · (510) 894-0969
Asking
$2,500,000 real estate · $1,000,000 equipment & goodwill