Development Opportunity (Mixed-Use, Retail, Office, Multifamily) 1555 & 1557 W San Carlos and 45 & 65 N Buena Vista Ave | San Jose, CA
Sale Proposal presented by: Mary Alam Senior Associate O: (415) 358-2111 M: (415) 297-5586 F: (415) 354-3501 [email protected] CA BRE #01927340 Table of Contents
04 Section 1 Property Information
15 Section 2 Location Information
20 Section 3 Sale Comparables
26 Section 4 Demographics
29 Section 5 About the Company Confidentiality & Disclosure Agreement
The information contained in the following Investment Summary is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from NAI Northern California Investment Real Estate Brokerage and should not be made available to any other person or entity without the written consent of Broker. This Investment Summary 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. Broker 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 improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue occupancy of the subject property.
The information contained in the Marketing Brochure has been obtained from sources we believe to be reliable; however, Broker has not verified, and will not verify, any of the information contained herein, nor has Broker conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential purchasers must take appropriate measures to verify all of the information set forth herein.
3 PROPERTY INFORMATION 1 1 PROPERTY INFORMATION Executive Summary
Property Summary Sale Price $2,436,525
Lot Size (SF) 20,825
GLA (SF) 4,318
Price per SF (Land) $117
Addresses APN GLA Lot Size (SF) Lot Dimensions
0 W San Carlos 274-15-015 - 6,450 75 X 86ft
1555-1557 W San Carlos 274-15-151 1,568 3,000 40 X 75 ft
45 & 65 N Buena Vista Ave 274-15-150 2,750 11,375 90.28 X 126 ft
Property Overview
NAI Northern California is pleased to present an exceptional opportunity to acquire prime San Jose, CA land for redevelopment on the busy intersection of W. San Carlos & N Buena Vista Ave. The zoning is commercial/ pedestrian and under the new West San Carlos Urban Village plan, the permitted height limit will be 85 feet with mixed-use retail/ residential or office encouraged. This is a developers dream.
The subject property consists of 3 parcels totaling approximately 20,825 SF. There are 2 boarded up homes onsite @ 45 & 65 N Buena Vista Ave, a lot with a 1,568 SF building (auto dealership office), and an adjoining parking lot.
www.nainorcal.com 5 1 PROPERTY INFORMATION Parcel Map
www.nainorcal.com 6 1 PROPERTY INFORMATION
Property Details
1555 & 1557 W San Carlos
Property Highlights • Large 0.47 Acre lot feasible for a mixed use development • Zoned CP with 85 foot height limit and 0.5 up to 3.0 FAR • Located within the W San Carlos Urban Village Plan with multiple new developments nearby • Major Demographics of 250,000 people within a 3 mile radius • Silicon Valley location with easy access to major freeways including 880, 680, 101 and 17 • Close proximity to downtown San Jose, San Jose State University and many schools, retailers and medical facilities • Located 5 miles from the planned 86 acre new Apple campus
www.nainorcal.com 7 1 PROPERTY INFORMATION
Zoning and Area Vision
Zoning* • The zoning is currently CP = Commercial Pedestrian • The West San Carlos Urban Village Plan is being drafted right now. It will be approved early-mid 2016. Mixed-use residential/retail or office on bottom will be permitted • .5 FAR Limit, 85 foot height limit, can be up to 3.0 F.A.R after the initial requirements are met
West San Carlos Urban Village The West San Carlos street corridor is located in western San Jose running between Highway 880 / 17 and Downtown San Jose. Having been developed as a major suburban car-oriented arterial roadway in the 1950s and 1960s, West San Carlos Street acts a prime connecting route to Downtown San Jose. Many of the low intensity car-oriented land uses and mid-century modern architectural elements still exist and are now becoming intermixed with more current developments that have started to redefine the area
*Interested parties should independently verify this information with the San Jose planning department.
www.nainorcal.com 8 1 PROPERTY INFORMATION
Zoning and Area Vision
Urban Village Boundaries The West San Carlos Urban Village extends along West San Carlos Street from roughly Highway 880 / 17 to Sunol Street and includes a portion of Bascom Avenue from Olive Avenue to Scott Street.
www.nainorcal.com 9 1 PROPERTY INFORMATION Property Photos
www.nainorcal.com 10 1 PROPERTY INFORMATION Property Photos
www.nainorcal.com 11 1 PROPERTY INFORMATION
Nearby Developments
www.nainorcal.com 12 1 PROPERTY INFORMATION
Nearby Developments
www.nainorcal.com 13 1 PROPERTY INFORMATION Site Map
www.nainorcal.com 14 LOCATION INFORMATION 2 2 LOCATION INFORMATION About San Jose, CA San Jose is the 3rd largest city by population in California, the 10th largest by population in the United States, and the county seat of Santa Clara County. San Jose is the largest city within the Bay Area and the largest city in Northern California. According to the United States Census Bureau, the city has a total area of 180.0 sq mi, of which 3.4 sq mi (1.91%) is water.
The city is generally divided into the following areas: Downtown San Jose, Central, West San Jose, North San Jose, East San Jose, and South San Jose. Many of these regions were originally unincorporated communities or separate municipalities that were later annexed by the city. Important landmarks in San Jose include Children’s Discovery Museum of San Jose, History Park at Kelley Park, Cathedral Basilica of St. Joseph, Plaza de César Chávez, Dr. Martin Luther King, Jr. Library, Mexican Heritage Plaza, Rosicrucian Egyptian Museum, Lick Observatory, Hayes Mansion, SAP Center at San Jose, Hotel De Anza, San Jose Improv, San Jose Municipal Stadium, Spartan Stadium, Japantown San Jose, Winchester Mystery House, Raging Waters, Circle of Palms Plaza, San Jose City Hall, San Jose Flea Market, Oak Hill Memorial Park, and The Tech Museum of Innovation.
The large concentration of high-technology engineering, computer, and microprocessor companies around San Jose has led the area to be known as Silicon Valley. As the largest city in the valley, San Jose has billed itself “the capital of Silicon Valley.” Area schools such as the University of California, Berkeley, University of California, Santa Cruz, San Jose State University, San Francisco State University, California State University, East Bay, Santa Clara University, and Stanford University pump thousands of engineering and computer science graduates into the local economy every year. San Jose lists many companies with 1,000 employees or more, including the headquarters of Adobe, Altera, Brocade Communications Systems, Cadence Design Systems, Cisco Systems, eBay, and Xilinx, as well as major facilities for Becton Dickinson, Ericsson, Hewlett-Packard, Hitachi, IBM, Kaiser Permanente, KLA Tencor, and Qualcomm, and Samsung. San Jose is home to the San Jose Sharks of the NHL, the San Jose Earthquakes of Major League Soccer, as well as the San Jose SaberCats of the Arena Football League.
Rail service to and from San Jose is provided by Amtrak (the Sacramento–San-Jose Capitol Corridor and the Seattle–Los-Angeles Coast Starlight), Caltrain (commuter rail service between San Francisco and Gilroy), ACE (commuter rail service to Pleasanton and Stockton), and a local light-rail system connecting downtown to Mountain View, Milpitas, Campbell, and Almaden Valley, operated by the Santa Clara Valley Transportation Authority (VTA). Historic streetcars from History Park operate on the light rail lines in downtown during holidays. The San Jose area has a large freeway system, including three Interstate freeways and one U.S. Route.
www.nainorcal.com 16 2 LOCATION INFORMATION Location Map
www.nainorcal.com 17 2 LOCATION INFORMATION Aerial Map
www.nainorcal.com 18 2 LOCATION INFORMATION
Retail Map
www.nainorcal.com 19 SALES COMPARABLES 3 3 SALES COMPARABLES
Sale Comparables
1 5
2 3 4 7
6
www.nainorcal.com 21 3 SALES COMPARABLES
Sale Comparables
Bldg Lot Price Closing Property Address Price Sqft Size per SF (Lot) Date SUBJECT PROPERTY $2,436,525 4,318 20,825 $117 Average of Comparables $4,142,857 3,313 48,323 $100 1 824-826 N Winchester Blvd $6,500,000 N/A 43,560 $149 FOR SALE San Jose, CA 2 1800 W San Carlos St $2,950,000 2,364 25,264 $117 FOR SALE San Jose, CA 2,364 SF Retail Auto Dealer & .58 AC Land Parcel 3 1570-1574 W San Carlos St $3,350,000 4,140 31,774 $105 FOR SALE San Jose, CA
Corner Lot; Zoned Flex & Urban Village Residential. (Mixed Use)
4 1470 W San Carlos St $2,150,000 2,548 16,988 $127 FOR SALE San Jose, CA
Zoned CN, Neighborhood Commercial. Ideal for Mixed-use Redevelopment
5 437 W San Carlos St $3,250,000 N/A 30,753 $106 FOR SALE San Jose, CA
Great frontage on W. San Carlos, Excellent Freeway Access
6 1030 Lincoln Ave Sold $850,000 N/A 10,454 $81 San Jose, CA 9/25/2015 Zoned Commercial Pedstrian; Located in the Heart of Willow Glen on Lincoln Ave. 7 800 W San Carlos St Sold $9,950,000 4,200 179,467 $55 San Jose, CA 12/19/2014 The existing structure will be demolished and replaced with 315 residential units and 23,548 square feet of retail space.
www.nainorcal.com 22 3 SALES COMPARABLES Sale Comparables 1 Address 824-826 N Winchester Blvd Price $6,500,000 Bldg Sqft N/A Lot Size (SF) 43,560 Price per SF (Lot) $149
2 Address 1800 W San Carlos Price $2,950,000 Bldg Sqft 2,364 Lot Size (SF) 25,264 Price per SF (Lot) $117
3 Address 1570-1574 W San Carlos Price $3,350,000 Bldg Sqft 4,140 Lot Size (SF) 31,774 Price per SF (Lot) $105
www.nainorcal.com 23 3 SALES COMPARABLES
Sale Comparables
4 Address 1470 W San Carlos Price $2,150,000 Bldg Sqft 2,548 Lot Size (SF) 16,988 Price per SF (Lot) $127
5 Address 437 W San Carlos Price $3,250,000 Bldg Sqft N/A Lot Size (SF) 30,753 Price per SF (Lot) $106
6 Address 1030 Lincoln Ave Price $850,000 Bldg Sqft N/A Lot Size (SF) 10,454 Price per SF (Lot) $81
www.nainorcal.com 24 3 SALES COMPARABLES
Sale Comparables
7 Address 800 W San Carlos Price $9,950,000 Bldg Sqft 4,200 Lot Size (SF) 179,467 Price per SF (Lot) $55
www.nainorcal.com 25 DEMOGRAPHICS 4 4 DEMOGRAPHICS
Demographics Report
www.nainorcal.com 27 4 DEMOGRAPHICS
Traffic Report
www.nainorcal.com 28 ABOUT THE COMPANY 5 5 ABOUT6 THEABOUT COMPANY THE COMPANY
A o AI
AI rin in r l a in r o rc o i i o i ion an ac i i ion r ic . S a ili an n in i ar allmar o o r r ic . r l i conn c in ro r i wi o r cl i li o in or . AI i o i ion r ic r l on ill an in i o o r ri nc am o ro ra mar in an a a r o rc mana m n ro ional . O r roc in wi an in rnal la nc m in a nifi cli n o c i wi mar in an al ra i . i la nc in a roc a in ol ollowin a
Com r n i Pro r Profil mar anal i com i i r i w an ca i al mar mmar Mar in Promo ional S ra D lo m n a r i in ir c mail mail H M fl r w li in an a lic r la ion ac ical o lin Sal Plannin E c ion a a a rofil anal i i n ifica ion o n wor conn c ion an ir c con ac wi an cl i li o r Cli n Comm nica ion comm nica ion o ro r ro ac i i r or an a Ma im m Pric r l i ca i ali a ion o mar namic o ac i a com i i i n iron m n in or r o ma imi al ric
AI oin o i r n ia ion in o r i o i ion r ic i ol m o ron r la ion i w a a li wi in i ional local r ional an na ional ri a i firm li com ani an own r in or . cr a an main ain a a a a o ro r an in or rofil a ncom a or olio ail an ac i i ion cri ria o na ionwi firm .
in orma ion a r an anal AI am allow o ili an fici nc o c nolo o rom l conn c o r in or an in i ional ar n r wi ro r i a corr on o ir ac i i ion r ir m n . O r cli n a acc o mor o or ni i an can ma a r an r ci ion arm wi ar in orma ion.
www.nainorcal.com 30 22 The world’s largest commercial real estate network.
55 Countries. 400 local offices. 5,000 local market leaders. All actively managed to work wherever you do.
NAI Northern California Real Estate Services
Advisory & Planning Multifamily Office Vacant Land Industrial Property Management
Marketing
101Commer California,cial Real Estate Services, Suite Worldwide. 850 San Francisco, CA 94111 nainorcal.com