sale price $400,000 office development opportunity 125 ......grayson creek preserve. • the i-680...

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Sale Price $400,000

Office Development Opportunity | 125 Aspen Drive, Martinez, California

Micheal Tobin Kidder MathewsSenior Vice [email protected] | LIC # 00414723

Tyler SheldonProEquity Asset [email protected] | LIC #01200193

Aspen D

rive

Brown Drive

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Table of Contents

1. Executive Summary

2. Property Description

3. Area Overview

4. Sales Comparables

5. Lease Comparables

6. Financial Summary

Office Development Opportunity | 125 Aspen Drive, Martinez, CA

The information contained in the following Marketing

Brochure is proprietary and strictly confidential. It is intended

to be reviewed only by the party receiving it from Kidder

Mathews and should not be made available to any other

person or entity without the written consent of Kidder

Mathews.

This Marketing Brochure has been prepared to provide

summary, unverified information to prospective purchasers,

and to establish only a preliminary level of interest in the

subject property. The information contained herein is not a

substitute for a thorough due diligence investigation. Kidder

Mathews has not made any investigation, and makes no

warranty or representation, with respect to the income or

expenses for the subject property, the future projected

financial performance of the property, the size and square

footage of the property and improvements, the presence or

absence of contaminating substances, PCB’s or asbestos,

the compliance with State and Federal regulations, the

physical condition of the improvements thereon, or the

financial condition or business prospects of any tenant, or

any tenant’s plans or intentions to continue its occupancy

of the subject property. The information contained in this

Marketing Brochure has been obtained from sources

we believe to be reliable; however, Kidder Mathews has

not verified, and will not verify, any of the information

contained herein, nor has Kidder Mathews conducted any

investigation regarding these matters and makes no warranty

or representation whatsoever regarding the accuracy or

completeness of the information provided. All potential

buyers must take appropriate measures to verify all of the

information set forth herein.

This information has been secured from sources we believe

to be reliable. We make no representations or warranties,

expressed or implied, as to the accuracy of the information.

References to square footage or age are approximate.

Recipient of this report must verify the information and bears

all risk for any inaccuracies.

kiddermathews.com

Executive SummaryKidder Mathews and ProEquity as exclusive advisors are

pleased to offer for sale 125 Aspen Drive, a well-located

Office or MOB development site in Martinez, California.

OVERVIEW

• Zoned Office (O-1)

• Situated between two fully occupied professional

service office buildings.

- Law firm anchored office building (North)

- Medical office building (South)

• Fortune 500 tenants in immediate area –

Hertz / Caterpillar

• The property is situated just south of Highway 4 and

immediately adjacent to Interstate 680 in Contra Costa

County.

• Aspen Drive is a quiet, office and professional service

corridor off of busy Pacheco Boulevard, protected by

Grayson Creek preserve.

• The I-680 and Highway 4 East Bay transit corridor

provides ease of access to the nearby communities of

Walnut Creek, Pleasant Hill and Concord.

INVESTMENT SUMMARY

Sale Price $400,000 ($29/PSF)

Land Area ±19,602 SF

Floor-to-Area Ratio (FAR) 0.7

Total Developable SF ±13,721

Office Market Rents (market estimate)

-Anchor tenants (5k SF): $21 PSF/YR FSG-Office tenants (1-2k SF): $18 PSF/YR FSG


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PROPERTY OVERVIEW

Property Address 125 Aspen Drive, Martinez, CA

APN 125-140-005

Total Lot Area ±19,602 SF (.045 acres)

Zoning Q-1

Height Maximum of 2 1/2 stories or 35 FT

Density Maximum coverage permitted is 35% of total loat area

Estimated Buildable Area ±13,721 SF

Property Description


ZONING ANALYSIS

Permitted Uses The property is zoned for professional offices, medical offices or similar commercial use

PARKING

Office One space per each 250 SF of gross floor area

Medical One space per each 250 SF of gross floor area, plus one space per doctor/dentist

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Area Overview

Fremont

HillsboroughBurlingame

South San Francisco

Brisbane

Woodside

San Mateo

Hayward

Union City

Newark

San Leandro

Oakland

Alameda

San Francisco

Sausalito

TiburonMill Valley

Daly City

Pacifi ca

Half Moon

PACIFIC OCEAN

BerkeleyOrinda

Lafayette

Benicia

Vallejo

Richmond

El Cerrito

Hercules

El Sobrante

Rodeo

Crockett

Martinez

Walnut Creek

Danville

San Ramon

CastroValley

Dublin

EmeryvilleMARIN

COUNTY

SAN FRANCISCO COUNTY

CONTRA COSTA COUNTY

SOLANO COUNTY

ALAMEDACOUNTY

SANTA CLARACOUNTY

SAN MATEO COUNTY

Redwood City

Belmont

San Carlos

Foster City

AthertonPalo Alto

Mountain View

Los Altos

MenloPark

Concord

Pittsburg

Pleasant Hill

San Rafael

Larkspur

Greenbrae

San FranciscoInternational Airport

OaklandInternational Airport

Minetta San JoseInternational Airport

125 ASPEN DRIVE


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PLAT MAP


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Sales Comparables


• 820 ALHAMBRA AVENUE, #822

Martinez, CA 94553

• 1805 ARNOLD DRIVE

Martinez, CA 94553

• 742 ARNOLD DRIVE

Martinez, CA 94553

• 1485 TREAT BOULEVARD Walnut Creek, CA 94597

• 2520 STANWELL DRIVE

Concord, CA 94520

• 1181 BOULEVARD WAY Walnut Creek, CA 94595

1

4

2

5

3

6

1

2

3

4

5

6

Martinez

Concord

Pleasant Hill

Walnut Creek

Pacheco

kiddermathews.com

820 Alhambra Avenue, #822Martinez, California

Property Type Office

Property Sub Type Office Building

Sale Date 11/05/2014

Sale Price $870,000 ($117.52/SF)

Building Size ±7,403 SF

Lot Size 0.11 Acres

Year Built 1982

1

742 Arnold DriveMartinez, California




Sale Price $1,400,000 ($202.90/SF)


Lot Size 0.50 Acres

Year Built 2004

2

520 Stanwell DriveConcord, California




Sale Price $4,390,000 ($182.64/SF)


Lot Size 1.80 Acres

Year Built 1978

3

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1805 Arnold DriveMartinez, California




Sale Price $2,500,000 ($214.63/SF)


Lot Size 0.62 Acres

Year Built 1982

4

1485 Treat BoulevardWalnut Creek, California




Sale Price $2,419,000 ($152.06/SF)


Lot Size 0.32 Acres

Year Built 1984

5

1181 Boulevard WayWalnut Creek, California




Sale Price $1,499,000 ($234.22/SF)


Lot Size 0.42 Acres

Year Built 1965

6

kiddermathews.com

• 400 TAYLOR BLVD

Pleasant Hill, CA 94523

• 2380 SALVIO STREET

Concord, CA 94520

• 1251 MONUMENT BLVD

Concord, CA 9450

• 2100 MONUMENT BLVD


• 2299 BACON STREET

Concord, CA 94520

• 81 GREGORY LANE


• 2425 EAST STREET

Concord, CA 945201

5

2

6

3

7

Lease Comparables


4

1

27

6

5

3 4

Martinez

Concord

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SUITE #TOTAL SPACE AVAILABLE

RENTAL RATEMIN DIVISIBLE

MAX CONTIGUOUS

LEASE TYPE

DATE AVAILABLE

DESCRIPTION

3rd Floor ±3,141 SF $2.60 SF/Mo 3,141 SF 3,141 SF Now

Open space plus (6) private window offices of varying sizes. Contiguous with building amenityconference/media room.

303 ±2,066 SF $2.60 SF/Mo 2,066 SF 2,066 SF NowLarge open space with (2) private offices.


This is a 3-story Class A Medical Office building. Current tenants make this building perfectly suited for Oncol-ogy & Neurology practices. Building amenities include conference/media/class room, onsite building engineer, high speed fiber-optics, park-like setting with outdoor seating area, beautifully manicured landscaping and abundant 4/1,000 parking.

400 Taylor BoulevardPleasnt Hill, California

Space Available ±2,066-3,141 SF

Rental Rate $2.60 SF/Mo

Spaces 2


Property Sub-type Medical Office

1

1251 Monument BoulevardConcord, California



Spaces 2


Property Sub-type Office Building

2



MAX CONTIGUOUS

LEASE TYPE

DATE AVAILABLE

DESCRIPTION

3rd Floor ±1,400 SF $1.70 SF/Mo 400 SF 3,141 SF FS Now

260 ±1,050 SF $1.70 SF/Mo 2,066 SF FS Now

Property Description 11400 square foot Class B office building in Concord, CA.



MAX CONTIGUOUS

LEASE TYPE

DATE AVAILABLE

DESCRIPTION

3 ±2,057 SF 2,057 SF 2,057 SF Now Build-to-suit

1 ±1,020 SF 1,020 SF 1,020 SF Now

Property DescriptionDirectly adjacent to John Muir Medical Center On and off freeway access. Generous TI allowances available.New ownership. Recent major project renovations.

2299 Bacon StreetConcord, California


Rental Rate Negotiable

Spaces 2



3

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2425 East StreetConcord, California

Space Available ±800-1,620 SF

Rental Rate Negotiable

Spaces 4



4



MAX CONTIGUOUS

LEASE TYPE

DATE AVAILABLE

DESCRIPTION

10 ±1,020 SF 1,020 SF 1,020 SF Now

14 ±1,620 SF 1,620 SF 1,620 SF Now

17 ±800 SF 800 SF 800 SF FS Now

18 ±918 SF 918 SF 918 SF FS Now

Property DescriptionDirectly adjacent to John Muir Medical Center. On and off freeway access. Generous TI allowances available.New ownership. Recent major project renovations.



MAX CONTIGUOUS

LEASE TYPE

DATE AVAILABLE

DESCRIPTION

301 ±2,056 SF $1.10 SF/Mo NNN Now

302 ±1,530 SF $1.11 SF/Mo NNN Now


Lease with purchase option will be considered. 12,813 square foot office/medical building. Each unit sepa-rately metered. Warm ShellFull exterior renovation, new landscaping, upgraded common areas. Full or partial floors available. Individual suite identity & building signage. Up to 5/1,000 parking available (3/1,000 onsite).Additional parking available in City Garage (one block).

2380 Salvio StreetConcord, California


Rental Rate $1.10-$1.11 SF/Mo

Spaces 2



5

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2100 Monument BoulevardPleasant Hill, California

Space Available ±625-2,057 SF

Rental Rate $1.25-$1.35 SF/Mo

Spaces 7





MAX CONTIGUOUS

LEASE TYPE

DATE AVAILABLE

DESCRIPTION

8 ±2,057 SF $1.25 SF/MO 2,057 SF 4,473 SF NNN Now

9 ±625 SF $1.25 SF/MO 625 SF 4,473 SF NNN Now

10 ±667 SF $1.25 SF/MO 667 SF 4,473 SF NNN Now



15B ±715 SF $1.25 SF/MO 715 SF 715 SF NNN Now


Property DescriptionProfessional offices for medical, dental, allied health professionals and other professionals such as accoun-tants and attorneys.

6



MAX CONTIGUOUS

LEASE TYPE

DATE AVAILABLE

DESCRIPTION

240 ±1,618 SF $1.95 SF/Mo Mod Net Now

Property Description Located at 81 Gregory Lane, Pleasant Hill.

81 Gregory LanePleasant Hill, California

Space Available ±1618 SF


Spaces 1



7

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Financial Summary

OVERVIEW

Development Square Feet 13,721

Lot Area 19,602

RENTAL REVENUE

RENTABLE AREA

STABILIZED MONTHLY RENT

STABILIZED ANNUAL RENT

Suite 1 ±6,861SF $3,800.00 $144,071

Suite 2 ±1,715 SF $2,572.50 $30,870

Suite 3 ±1,715 SF $2,572.50 $30,870

Suite 4 ±1,715 SF $2,572.50 $30,870

Suite 5 ±1,715 SF $2,572.50 $30,870

TOTAL POTENTIAL GROSS INCOME

±13,721 $14,090.00 $267,551

Less Vacancy 10% $26,755

NOI $240,795

Asking Price - Development Site $29 PSF $400,000

CAP RATE VALUE RANGE

6.00% $4,013,258 $292 PSF

6.50% $3,704,545 $270 PSF

7.00% $3,439,935 $251 PSF

Micheal Tobin Kidder MathewsSenior Vice [email protected] | LIC # 00414723

Tyler SheldonProEquity Asset [email protected] | LIC #01200193

VALUATION ANALYSIS

The study accounts for construction and development costs along with tenant improvement and developer profit margin.

The residual land value analysis is based off of the following median rent estimates. *Call to inquire further about specific analytics.

OFFICE MARKET RENTS (MARKET ESTIMATE)

Anchor Tenants (5k SF) $21 PSF/YR FSG

Office Tenants (1-2k SF) $18 PSF/YR FSG

Exclusively represented by

sale price $400,000 office development opportunity 125 ......grayson creek preserve. • the i-680...

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