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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
kiddermathews.com
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
Office Development Opportunity | 125 Aspen Drive, Martinez, CA
kiddermathews.com
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
Office Development Opportunity | 125 Aspen Drive, Martinez, CA
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
kiddermathews.com
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
Office Development Opportunity | 125 Aspen Drive, Martinez, CA
kiddermathews.com
PLAT MAP
Office Development Opportunity | 125 Aspen Drive, Martinez, CA
kiddermathews.com
Sales Comparables
Office Development Opportunity | 125 Aspen Drive, Martinez, CA
• 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
Property Type Office
Property Sub Type Office Building
Sale Date 11/03/2014
Sale Price $1,400,000 ($202.90/SF)
Building Size ±6,900 SF
Lot Size 0.50 Acres
Year Built 2004
2
520 Stanwell DriveConcord, California
Property Type Office
Property Sub Type Office Building
Sale Date 10/10/2014
Sale Price $4,390,000 ($182.64/SF)
Building Size ±24,036 SF
Lot Size 1.80 Acres
Year Built 1978
3
kiddermathews.com
1805 Arnold DriveMartinez, California
Property Type Office
Property Sub Type Office Building
Sale Date 06/04/2014
Sale Price $2,500,000 ($214.63/SF)
Building Size ±11,648 SF
Lot Size 0.62 Acres
Year Built 1982
4
1485 Treat BoulevardWalnut Creek, California
Property Type Office
Property Sub Type Office Building
Sale Date 07/03/2014
Sale Price $2,419,000 ($152.06/SF)
Building Size ±15,908 SF
Lot Size 0.32 Acres
Year Built 1984
5
1181 Boulevard WayWalnut Creek, California
Property Type Office
Property Sub Type Office Building
Sale Date 06/30/2014
Sale Price $1,499,000 ($234.22/SF)
Building Size ±6,400 SF
Lot Size 0.42 Acres
Year Built 1965
6
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• 400 TAYLOR BLVD
Pleasant Hill, CA 94523
• 2380 SALVIO STREET
Concord, CA 94520
• 1251 MONUMENT BLVD
Concord, CA 9450
• 2100 MONUMENT BLVD
Pleasant Hill, CA 94523
• 2299 BACON STREET
Concord, CA 94520
• 81 GREGORY LANE
Pleasant Hill, CA 94523
• 2425 EAST STREET
Concord, CA 945201
5
2
6
3
7
Lease Comparables
Office Development Opportunity | 125 Aspen Drive, Martinez, CA
4
1
27
6
5
3 4
Martinez
Concord
kiddermathews.com
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.
Property Description
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
Building Size ±62,946 SF
Property Sub-type Medical Office
1
1251 Monument BoulevardConcord, California
Space Available ±1,050-1,400 SF
Rental Rate $1.70 SF/Mo
Spaces 2
Building Size ±11,400 SF
Property Sub-type Office Building
2
SUITE #TOTAL SPACE AVAILABLE
RENTAL RATEMIN DIVISIBLE
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.
SUITE #TOTAL SPACE AVAILABLE
RENTAL RATEMIN DIVISIBLE
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
Space Available ±1,020-2,057 SF
Rental Rate Negotiable
Spaces 2
Building Size ±11,250 SF
Property Sub-type Medical Office
3
kiddermathews.com
2425 East StreetConcord, California
Space Available ±800-1,620 SF
Rental Rate Negotiable
Spaces 4
Building Size ±16,363 SF
Property Sub-type Medical Office
4
SUITE #TOTAL SPACE AVAILABLE
RENTAL RATEMIN DIVISIBLE
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.
SUITE #TOTAL SPACE AVAILABLE
RENTAL RATEMIN DIVISIBLE
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
Property Description
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
Space Available ±1,530-2,056 SF
Rental Rate $1.10-$1.11 SF/Mo
Spaces 2
Building Size ±12,814 SF
Property Sub-type Medical Office
5
kiddermathews.com
2100 Monument BoulevardPleasant Hill, California
Space Available ±625-2,057 SF
Rental Rate $1.25-$1.35 SF/Mo
Spaces 7
Building Size ±26,150 SF
Property Sub-type Medical Office
SUITE #TOTAL SPACE AVAILABLE
RENTAL RATEMIN DIVISIBLE
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
11 ±1,124 SF $1.25 SF/MO 1,124 SF 4,473 SF NNN Now
12 ±1,025 SF $1.25 SF/MO 1,025 SF 1,025 SF NNN Now
15B ±715 SF $1.25 SF/MO 715 SF 715 SF NNN Now
18 ±1,320 SF $1.35 SF/MO 1,320 SF 2,388 SF NNN Now
Property DescriptionProfessional offices for medical, dental, allied health professionals and other professionals such as accoun-tants and attorneys.
6
SUITE #TOTAL SPACE AVAILABLE
RENTAL RATEMIN DIVISIBLE
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
Rental Rate $1.95 SF/Mo
Spaces 1
Building Size ±15,000 SF
Property Sub-type Medical Office
7
kiddermathews.com
Office Development Opportunity | 125 Aspen Drive, Martinez, CA
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