Listed by Keegan & Coppin Co. Santa Rosa, Keegan & Coppin Co. Petaluma
$5,750,000
3201 Cleveland Ave. & 799 Piner Rd.
Details
APN 015-700-012
Property Type Retail, Office
Sub Type Storefront, Creative Office
Square Footage 46,000
Net Rentable (SqFt) 46,000
Cap Rate 5.16%
NOI $288,332
Tenancy Multi
Lease Type NNN
Pro-Forma Cap Rate 7.73%
Pro-Forma NOI $540,488
Price per SqFt $125
Year Built 1967+/- & 1979 & 1990
Year Renovated 2019
Stories 2
Acreage 1.660
Zoning CG – General Commercial District
Parking Spaces 70 spaces
Parking Per SqFt 1.52
Multi-Tenant - Retail & Office Investment
Marketing description
This recently renovated, state-of-the-art commercial property offers a unique blend of highly visible retail spaces and professional office suites. The firstfloor houses three esteemed long term anchor tenants while the secondfloor (elevator and stairway access) is made up primarily of recently updated small office suites, common kitchen, restrooms, conference rooms and lobby. Additional opportunity for value-add for the unfinished second-floor retail/ office/flex spaces.
Investment highlights
- Prominent two-story commercial retail/office building with direct visibility from highway 101
- Building size is approximately 46,000+/- rentable square feet (44,580+/- sf per county records).
- Parcel size is 72,309+/- square feet/1.66+/- acres.
- Built in 1967+/- & 1979 (county records) - expanded and remodeled buildings in the 1990’s and in 2019 due to the fires, which affected a portion of the building.
- Recent capital improvements include – roof TPO overlay (2018 & 2019), painted exterior of building (2023), exterior ADA upgrades, elevator upgrades, and 1st floor remodel in PBK (2020-2021), and 2nd floor office remodel and décor (2020-2021). the building has fire sprinklers throughout.
- Concrete block construction with floor to ceiling storefront windows on both the first and second floors. Steel framing at the front portion of the building.
- Approximately 67% of the building is leased to approximately 15 tenants.
- The retail leases on the first floor are a mix of NNN and modified gross and the office leases on the second floor are modified full service.
- Located on one of the main corridors in Santa rosa.
- Pride of ownership property & well maintained
- Value add opportunity – potential to lease vacancies & shell spaces & increase income
- Secure cash flow diverse and strong tenant mix
- Appealing tenant improvements
- Varied selection of floor plans
- A variety of lease terms
- Premier bath & kitchen (PBK), a division of pace supply, anchors the largest triple net lease, demonstrating substantial investment in tenant improvements.
- Electrical: Multiple lighting types - LED, fluorescent; 1,000 AMP Total, 3 Phase Power / 120 208 Volt
Listing Contacts
Listed by Keegan & Coppin Co. Santa Rosa, Keegan & Coppin Co. Petaluma
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$288,332.00
$24,027.67/mo
Valuation Metrics
0
DSCR
5.01%
Cap Rate
5.01%
ROI
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