OFFERING MEMORANDUM Vacancies Occur
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RARE OPPORTUNITY TO OWN OR LEASE A FREE STANDING CUPERTINO OFFICE BUILDING MEMORANDUM 10121 MILLER AVE 10121 CUPERTINO, CA OFFERING OFFERING SUMMARY - 3 PROPERTY INFORMATION Property Highlights - 5 Physical Description - 6 Parcel Map - 7 AREA OVERVIEW Cupertino Overview - 9 Demographics - 11 Amenities Map - 13 Vallco Town Center - 14 Notable Companies & Places of Interest - 16 MARKET OVERVIEW Comparable Lease Transactions - 18 Comparable Sale Transactions - 20 DISCLAIMER & CONFIDENTIAL MEMORANDUM - 18 TRANSACTION GUIDELINES - 19 Offering Summary 10121 Miller Avenue is a two story, elevator served, ±12,995 RSF office building currently demised into 4 suites with rentable areas between ± 1,578-5,497 RSF serviced by ±39 on 10121 site surface parking stalls. The property is extremely well located in the heart of Cupertino providing its owner with the security of sustained occupancy and steady revenue due to retention of long-term tenants and the building’s ability to attract new tenants when MILLER AVE vacancies occur. OFFERING MEMORANDUM 3 Property Highlights ¢ Address: 10121 Miller Ave, Cupertino ¢ Rentable Size: 12,995 RSF ¢ Land Area: ±34,212 SF ¢ Zoning: OA Professional/ Commercial Office ¢ Stories: Two ¢ Year Built/Renovated: 1982 / 2008 ¢ Occupancy: Partially Leased ¢ Parking: 3.6/1000 ¢ Market Rent: $3.65 - 3.85 MG ¢ Parcel Number: 369-07-001 10121 MILLER AVE PROPERTY INFORMATION 5 10121 MILLER AVE PROPERTY INFORMATION Parcel Map APN: 369-07-001 Physical Description > FOUNDATION & STRUCTURE > HVAC The Building features a Individual suites are concrete slab-on-grade serviced by dedicated by foundation. H.V.A.C. units with individual The structure has dimensional temperature controls wood (conventional joist type construction) floor and roof > ELECTRICAL framing, and was structurally The building is serviced by reinforced during the 2008 an 00-amp, 120/240-volt, Property renovation. 3-phase, 4-Wire system located on the > DOORS ground floor. The system has 10121 The property’s entrance is a single meter sub-panels for immediately accessed from the each suite. on site, surface parking area, MILLER AVE each suite has its own private > UTILITIES entrance Electricity: Pacific Gas & Electricity (PG&E} > WINDOWS Water/Sewer: City of San Jose Both the ground and 2nd & County of Santa Clara floors feature large, aluminum framed glass windows. > SECURITY Building serviced by FLS > ROOF Sprinkler System, Tenants TPO (Thermoplastic Polyoefin) provide any additional Roofing Membrance installed security services. 20008 > CELL TOWER > CEILINGS & FLOORS On site cell tower annual Both the ground and second income $33,400, Lease floor feature accoustical- expires 2032. dropped ceilings and carpeted floor coverings 7 10121 MILLER AVE FLOOR PLANS SUITE 102 SUITE 205 SUITE 101 SUITE 200 LEVEL 1 LEVEL 2 1" - 20'-0" 1" - 20'-0" 9 10121 MILLER AVE AREA OVERVIEW Cupertino Overview Cupertino is a city in California’s Silicon Valley. Known as the headquarters of Apple, it’s also home to parks like trail-lined Rancho San Antonio Open Space Preserve, with a working farm. Fremont Older Open Space Preserve has equestrian routes. The McClellan Ranch Preserve is a former horse ranch with a nature museum. Set in a stately late-1800s mansion, the California History Center has regional history displays. 11 10121 MILLER AVE, CUPERTINO, CALIFORNIA, 95014 10121 MILLER AVE AREA OVERVIEW Demographics 10121 MILLER AVE, CUPERTINO, CALIFORNIA 2020 DEMOGRAPHIC REPORT 1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS TOTAL POPULATION 22,826 221,008 474,143 WORKERS 14,665 104,804 264,520 RESIDENTS 13,757 120,904 258,783 2020 EMPLOYEES % OF DAYTIME POPULATION 51.6% 46.4% 50.5% 2020 RESIDENTS % OF DAYTIME POPULATION 48.4% 53.6% 49.5% 2020 HOUSEHOLDS 8,600 84,068 186,940 2020 FAMILIES 6,640 60,839 128,029 AVERAGE HOUSEHOLD INCOME $197,460 $192,763 $184,462 13 This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2021. All rights reserved. Data source: ESRI, HERE 10121 AMENITIES MAP 1 4 MILLER AVE 1. Lawrence Teaspoon HECHAA W FREMONT AVE EL CAMINO REAL AREA OVERVIEW Expressway Plaza Mitsuwa Marketplace Taco Bell 21 Lucky Daiso Trader Joe’s 3 Big Lots Paris Baguette HSBC Bank 5 2 Shan The Homedepot Starbucks 12. Shoppes at Mori Kitchen Denny’s Homestead Subway Tacos The King David Togo’s CVS 20. DeAnza Blvd and 2. Grandview Plaza Super Burrito Stevens Creek Blvd Beque Korean Grill Round Table Pizza Target 16 Kabila Sweets Wingstop Staples Obok Noodle Plus Philz Coffee Toco Tea Bay Sushi Starbucks Bank of America 12 3. Buttitta Plaza 13. Stevens Creek Paris Baguette Shu’s Central The Habit Burger Grill Tong Soon Garden McDonald’s Whole Food Dae Bak Bill’s Café Panera Bread N WOLFE RD 6 Yewon Rice Bakery Supercuts Ike’s Sandwiches HOMESTEAD RD 15 Main Street Cupertino Chase Bank N DE ANZA BLVD 4.Bowers Plaza Safeway 21. El Camino and 17 7 Pani Puri Company New Tandori Café Larance Expy Taj Mahal Imports Total Wine & More The Fish Market Bahgalore Café Marshells CitiBank Aappa Kadai Starnucks Burger King 280 Hankook Supermarket 5. Slavich Plaza 14. Park Lane Plaza Best Western 10121 Seoul Gom Tang CVS Vons Chicken Dollar Tree Burger King Cherry Orchard Inn 10121 Big Mug Coffee Gaku Tanto Park Lane Lounge House of Pho 6. Super Kyo-po Plaza Rama V Sweet Potato Stall Khan Shabu shabu ChiMek 15. Mariposa Shopping & BBQ MILLER AVE Baskin-Robbins Center Starbucks MILLER AVE JX Cuisine CVS US Bank McDonald’s Safeway 22. Orchard Farms 8 9 10 Misoya Starbucks Shopping Center STEVENS CREEK BLVD N WOLFE RD STEVENS CREEK BLVD Wells Fargo Bank Safeway 20 7. Cupertino Village Popeyes Chase Bank 13 MILLER AVE 99 Ranch Market Taco Bell Wells Fargo Bank 18 24 11 Joy Luck Palace Stan’s Donut IHOP Fantasia Coffee & Tea Sumiya Kizuna Ten Ren Tea Fuhi Huoshao Mod Pizza 16.Kiely Plaza Teatop JSJ Street Kitchen Togo’s 280 Tofu Plus 7-Eleven 23. Westgate Center The Moo Bar Target 8. Portal Plaza Korean Spring Trader Joe’s Chuck E Cheese To Bang Smart & Final JOANN Fabrics Kami Korean Kitchen Sprouts Farmers The Marketplace L’epi D’ or Bakery Marketing MILLER AVE Azuma Japanese 17. Homestead Square Petco 19 Cuisine hopping Center AMC Saratogo Rite Aid Gen Korean BBQ 9. Main Street US Bank N FOOTHILL BLVD Mod Pizza Cupertino Safeway Taco Bell 22 14 Alexander’s Steakhouse Michaels Buffalo Wild Wings Lazy Dog Starbuchs Popeyes HaiDiLao Hotpot Fish’s Wild Oren’s Hummus Chipotle 24. The Marketplace Philz Coffee YAYOi Galpao Gaucho 85C Bakery Café Chase Bank Brazilian Target Daiso Japan CVS Marukai Market SARATOGA AVE 18. Cali Mill Plaza SAN TOMAS EXPY T4 Park Yogurtland LAWRENCE EXPY Boiling Paoint Le Boulanger One Pot Shabu Shabu Happy Lemon US Bank 10. Stephens Plaza Parkview Kitchen & Gyu-kaku Japanese Harbor Freight Tools Spirits BBQ Paper Moon Coffee Co Pho Ha Noi House of Falafel Yum Noodles Bed Bath & Beyond 19. South DeAnza Blvd 11. Mizuwa Plaza CVS 85 Shauway 99 Ranch Market Clover Bakery & Café Chipotle PROSPECT RD Tomisushi Restaurant Aqui Cupertino 23 15 10121 MILLER AVE AREA OVERVIEW UNDER DEVELOPMENT ¢ 2,402 residential units, both for sale and for rent, serving a wide range of household types and lifestyles, 50 percent of which will be affordable to low and very low income levels. ¢ 400,000 square feet of retail and entertainment uses, including space for a new state-of-the-art AMC Theatres, and innovating entertainment, which will restore Vallco as the vibrant retail scene it was 30 years ago. ¢ 1,810,000 square feet of office space, in order to make the project economically viable and for the City’s long-term fiscal health. ¢ An unprecedented rooftop community park with accessible walking and jogging trails. ¢ Innovative gateway architecture and urban design features, including destination town center plazas, promenades and car-free 10121 spaces, which will give visitors an unforgettable sense of arrival and create dynamic venues for community events and gatherings, 1 Min making the Vallco Town Center the new social heart of Cupertino. Walk MILLER AVE 17 10121 MILLER AVE AREA OVERVIEW Cupertino & West Valley Market Overview Cupertino, incorporated in 1955, is one of Santa Clara County’s most famous cities owing to one of the most notable tenants in Silicon Valley, Apple Inc. Located approximately 10 miles west from San Jose Mineta International Airport, and 8 miles south of Mountain View, it is widely considered the “heart” of Silicon Valley. Its population of approximately 60,000 has a median household income of $172,000, 228% above the California average, likely owing to the large tech presence both in and around the city borders. Cupertino’s office building base is approximately 7.2 MSF, with 4.4 MSF that figure comprised of Class A office space. While this may seem like a large market, as of December 2020, Apple controls 3.7 MSF of that Class A figure, leaving just 16% of it available to other tenants. As such, it is one of the most competitive markets in Silicon Valley, with a single‐digit availability rate for the last 35 quarters. Current availability in Cupertino is 6.8%, up from 4.9% in 2019 and 1.3% at the end of 2018.