Listed by Marcus & Millichap - Seattle
$3,839,000
Franklin Square Retail (Santa Clara)
Details
Property Type Retail
Sub Type Restaurant, Shopping Center
Square Footage 8,114
Net Rentable (SqFt) 8,114
Cap Rate 6.4%
NOI $245,708
Occupancy 100%
Tenancy Multi
Brand/Tenant Mountain Mike’s Pizza, Vampire Battle Mansion Tattoo and Piercing
Lease Type NNN
Rent Bumps Yes
Price per SqFt $478
Class A
Year Built 1976
Year Renovated 2021
Acreage 0.200
Zoning Commercial Mixed Use
Investment Type Stabilized
Tenant Credit Franchisee
Ground Lease No
Ownership Fee simple
Santa Clara Univ. Retail - 100% Occupied - New Roof & HVAC
Marketing description
Marcus & Millichap is proud to offer for sale fee simple
ownership of 1290 Franklin Mall located in Santa Clara,
California, situated just blocks from Santa Clara University. The
four-tenant retail center is offered to investors fully occupied
and providing a steady diversified income stream from various
service-oriented tenants. Mountain Mike’s Pizza, Vampire
Battle Mansion Tattoo and Piercing, Sam and Roy’s Barber,
and Franklin Cleaners all have noteworthy track records of
operating at Franklin Mall, catering to their customer base of
local residents and university students. Franklin Mall spans just
over 8,000 square feet and is made up of four suites with all
tenants operating on passive lease structures.
Santa Clara, California is located in the heart of the Silicon
Valley, home to almost 4 million residents. Santa Clara has
the oldest university in California in Santa Clara University
with enrollment over 8,600 students. Santa Clara is also home
to the San Francisco 49ers at Levi’s Stadium and California’s
Great America Amusement Park, which spans 112 acres
and has operated since 1976. Companies headquartered
in Santa Clara include Advanced Micro Devices, Agilent
Technologies, Applied Materials, Arista Networks, Chegg,
Intel, McAfee, Nvidia, OmniVision Technologies and Veritas
Technologies. Santa Clara also owns and operates Silicon
Valley Power, an electric utility serving over 55,000 residences.
The average household income in Santa Clara exceeds
$140,000.
Investment highlights
- 100% Occupied Retail Center with Service Oriented Tenant Mix – Pizza, Tattoo, Barber and Cleaners Offer Stable and Diversified Income Stream
- Located Within Blocks of Santa Clara University – 8,600 Students Enrolled
- Franklin Mall Located in High Population Density Market – Over 622,000 Residents Within 5 Miles of Subject Property
- Recent Capital Improvements to Building Include New Roof and New HVAC Units
- Passive Management Structure – City of Santa Clara Maintains All Landscaping, Sidewalks and Common Areas within the Development
- Barber Shop and Franklin Cleaners Both Recently Executed 5 Year Extension
- Improved Zoning: From Commercial Mixed Use (50 ft. maximum height) to Downtown Zoning (59 ft. maximum height)
Listing Contacts
Listed by Marcus & Millichap - Seattle
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$245,708.00
$20,475.67/mo
Valuation Metrics
0
DSCR
6.4%
Cap Rate
6.4%
ROI
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