Boutique Lafayette Office Property
99% Leased Boutique Office Project, Lafayette, CA
Marketing description
Opportunity to acquire Heritage Square (“Property or “Project”) in Lafayette, California - one of the San Francisco Bay Area’s premiere boutique communities. Located at 936 Dewing Avenue, the Project consists of three wood-framed office buildings divided into four commercial condominiums and situated on 5 parcels totaling 0.67 acres of land.
Heritage Square benefits from an outstanding location in downtown Lafayette within easy walking distance to BART and a variety of retail and service amenities. The Property’s zoning designation is Multi- Family Residential – District A, calling for a potential density of up to 35 units per acre.
The Property is currently 99 percent leased to 14 tenants with just one small vacancy. The majority of the tenants are on month to-month or short-term leases providing maximum flexibility for an owner/user to occupy. With strong occupancy diversified amongst many tenants, Heritage Square offers stable cash flow with future upside potential through redevelopment.
Investment highlights
» Outstanding Downtown Lafayette location within easy walking distance to BART (and amenities)
» Condominium map in place (4 separate condos) offering the option to sell off portions of the Property
» Multi-family residential zoning offers future redevelopment potential
» Stable income from existing tenants
» Diminishing office supply as many Lafayette office property are being redeveloped to residential
» Affluent community with average household incomes exceeding $220,000 in a 3-mile radius
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