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2251 Grant Road Los Altos, California Table of Contents OFFERING MEMORANDUM OWNER/USER OPPORTUNITY CORE MULTI-TENANT OFFICE BUILDING 2251 GRANT ROAD LOS ALTOS, CALIFORNIA TABLE OF CONTENTS CONFIDENTIALITY & DISCLAIMER 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 Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. 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. Marcus & Millichap 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, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. ACTIVITY ID: ZAB0010638 2251 GRANT ROAD, LOS ALTOS, CA TABLE OF CONTENTS 04 16-17 Executive Summary Floor Plans 05 18-19 Investment Highlights Rent Roll - Operating Data 06-11 21-22 Property Photos City - Silicon Valley Overview 12-14 23 Major Employers - Maps Demographics EXCLUSIVELY LISTED BY KIRK TRAMMELL | Executive Managing Director Investments | Office (650) 391-1809 | [email protected] | CA DRE #01038657 JOSHUA JOHNSON | First Vice President Investments | Office (650) 391-1784 | [email protected] | CA DRE #01930127 DAVID CUTLER | First Vice President Investments | Office (650) 391-1753 | [email protected] | CA DRE #01514751 FOR ALL OF OUR AVAILABLE LISTINGS, PLEASE VISIT: WWW.TRAMMELLGROUPMM.COM EXECUTIVE SUMMARY 2251 GRANT ROAD LOS ALTOS, CA 94024 SALE PRICE $4,350,000 Proforma CAP Rate 5.27% Gross Building Area 5,458 SF Site Size 19,550 SF Year Built 1978 Occupancy 100.0% Number of Suites Six Number of Floors Two Assessor's Parcel Number 318-16-008 Zoning CN - Neighborhood Commercial Attractive Population and Easy Access from Income Demographics Close Proximity to Interstate 280, Highway $264,029 Average House- Major Employers 85 & Foothill Expressway hold Income Within 1-Mile 4 2251 GRANT ROAD, LOS ALTOS, CA INVESTMENT HIGHLIGHTS ► Incredible Street Frontage Along Foothill Expressway and Grant Road ► Comprised of Six Units Ranging in Size from 208 to 2,490 Square Feet ► Incredible Repositioning Opportunity with All Leases Terminating at the End of 2020 ► 29 Dedicated Parking Spaces on Private Owned Lot ► Easy Access to High Tech Companies such as Google, Apple, LinkedIn, Samsung, Juniper Networks, Lockheed Martin, NetApp, Symantec and Sutter Health ► Walking Distance to Amenities such as Trader Joe’s, Lucky Supermarket, Wells Fargo, Starbucks, CVS Pharmacy ► Less than 1/4 Mile from Interstate 280 and Highway 85 Interchange 2251 GRANT ROAD, LOS ALTOS, CA 5 PROPERTY PHOTOS 6 2251 GRANT ROAD, LOS ALTOS, CA PROPERTY PHOTOS 2251 GRANT ROAD, LOS ALTOS, CA 7 PROPERTY PHOTOS AMPLE PARKING 29 DEDICATED SPACES 8 2251 GRANT ROAD, LOS ALTOS, CA PROPERTY PHOTOS 2251 GRANT ROAD, LOS ALTOS, CA 9 PROPERTY PHOTOS 10 2251 GRANT ROAD, LOS ALTOS, CA PROPERTY PHOTOS 2251 GRANT ROAD, LOS ALTOS, CA 11 PREMIER HIGH-TECH CENTER Palo Alto SUBJECT PROPERTY Mountain View Sunnyvale Santa Clara SUBJECT PROPERTY San Jose N Cupertino REGIONAL AND LOCAL MAP SUBJECT PROPERTY N 2251 GRANT ROAD, LOS ALTOS, CA 13 PARCEL MAP ASSESSOR’S PARCEL NUMBER : 318-16-008 14 2251 GRANT ROAD, LOS ALTOS, CA Repositioning Opportunity with Suites Available Starting 2021 102 PERSIAN DRIVE, SUNNYVALE, CA 15 FLOOR PLANS SUITE “A” SUITE “B” SUITE “C” *Floor plans are representative only and not to be relied upon by Buyer. 16 2251 GRANT ROAD, LOS ALTOS, CA FLOOR PLANS SUITE “F” SUITE “H” SUITE “G” *Floor plans are representative only and not to be relied upon by Buyer. 2251 GRANT ROAD, LOS ALTOS, CA 17 RENT ROLL LEASE LEASE SUITE TENANT SIZE (SF)* % OF TOTAL LEASE TYPE ANNUAL RENT MONTHLY RENT RENT PSF START EXPIRATION A Ross Brook 240 4.4% Dec-13 Dec-20 Full Service $6,060.00 $505.00 $2.10 B Maxval Group 2,864 52.5% Dec-14 Dec-20 Full Service $88,488.00 $7,374.00 $2.57 C Dr. Morvari Ahi 736 13.5% Jan-15 Dec-20 Full Service $29,604.00 $2,467.00 $3.35 F Maria Klein 345 6.3% Nov-13 Dec-20 Full Service $11,760.00 $980.00 $2.84 G Michael Ahi 427 7.8% Aug-18 Dec-20 Full Service $14,304.00 $1,192.00 $2.79 H Dr. Keely Rollings 845 15.5% Sep-17 Dec-20 Full Service $34,020.00 $2,835.00 $3.35 Total 5,458 100.0% $184,236.00 $15,353.00 $2.81 Occupied 5,458 100.0% *ALL REFERENCES TO INDIVIDUAL SUITE SQUARE FOOTAGE ARE AN ESTIMATE AND ARE NOT TO BE RELIED UPON. SQUARE FOOTAGE ESTIMATES ARE GROSS SQUARE FEET INCLUSIVE OF COM- MON AREAS. 18 2251 GRANT ROAD, LOS ALTOS, CA OPERATING DATA Current Rent and All Units at Vacant Space at Market Market Rent* Total $ PSF Total $ PSF Rental Income $184,236 $33.76 $229,236 $42.00 Expense Reimbursement $0 $0.00 $96,480 $17.68 Effective Gross Income $184,236 $33.76 $325,716 $59.68 Real Estate Taxes $53,984 $9.89 $53,984 $9.89 Property Insurance $1,297 $0.24 $1,297 $0.24 Electricity $10,664 $1.95 $10,664 $1.95 Water $1,551 $0.28 $1,551 $0.28 Trash Removal $4,883 $0.89 $4,883 $0.89 Repairs & Maintenance $3,033 $0.56 $3,033 $0.56 Janitorial $6,000 $1.10 $6,000 $1.10 Landscaping $2,040 $0.37 $2,040 $0.37 Management Fee (4.0%) $0 $0.00 $13,029 $2.39 Total Operating Expenses $83,451 $15.29 $96,480 $17.68 Net Operating Income $100,785 $18.47 $229,236 $42.00 Price $4,350,000 $797.00 $4,350,000 $797.00 Capitalization Rate 2.32% 5.27% * Market rent, NNN reimbursement, and expenses are estimates 2251 GRANT ROAD, LOS ALTOS, CA 19 CENTRALLY LOCATED AND EASILY ACCESSIBLE SUBJECT PROPERTY 20 102 PERSIAN DRIVE, SUNNYVALE, CA CITY OVERVIEW Sacramento ABOUT LOS ALTOS, CALIFORNIA San Francisco LOS ALTOS, CA Silicon Valley Los Altos is located approximately 37 miles south of San Francisco and borders the cities of Palo Alto and Mountain View. These three cities are in the heart of the Silicon Valley, an area that is unparalleled in innovation and business success. The immediate area is home to world class companies, including Google, Hewlett-Packard, Facebook, Apple, Cisco, Intel, Oracle, eBay, Netflix, Tesla Motors, LinkedIn, Yahoo, and many more. While technology plays the central role in the local economy, the area is not entirely dependent on the technology sector. The healthcare sector is a major employer, as is the educational sector. El Camino Hospital, Palo Alto Medical Foundation, Stanford Hospitals and Clinics, and the U.S. Department of Veterans Affairs all have major hospital facilities nearby. In addition, Stanford University is a major employer and contributes to the high profile and desirability of this community. This area has a well-educated population, with more than 80 percent of the workforce in Los Altos having obtained a bachelor’s degree or higher. The high educational attainment of the local population is reflected in the high income of residents. The median household income in the city is estimated at $219,252 and the per capita income is estimated at $108,373. This highly affluent community boasts an abundance of highly educated, politically aware, and culturally sophisticated residents who complement the innovative businesses in the surrounding region. Los Altos is easily accessible from other communities in Silicon Valley; Interstate 280, State Highway 85, and U.S. Highway 101 all provide access to the area. Interstate 280 runs along the south side of Los Altos, between San Francisco to the north and San Jose to the south, while State Highway 85 connects Los Altos with the communities of Cupertino, Saratoga, Campbell, and Los Gatos to the southeast. U.S.
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