please do not disturb tenants - loopnet · property summary address 35 w. main street, los gatos ca...

Offering Memorandum

3 5 W E S T M A I N S T R E E T | L O S G AT O S , C A L I F O R N I A

PLEASE DO NOT DISTURB TENANTS

CONTACT:

100% Leased Investment For Sale

Dion Campisi, SIORSenior Vice President+1 408 282 [email protected]. No. 01321946

Yuri Sergunin, CCIMVice President, Investments+1 650 391 [email protected]. No. 01908322

J.J. TaughinbaughVice President, Investments+1 650 391 [email protected]. No. 01413305

OFFERING MEMORANDUM | 35 W. MAIN STREET, LOS GATOS | CA

Confidentiality & Disclaimer Statement

All property showings are by appointment only.Please consult a listing agent for more details.

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 Colliers International and Marcus & Millichap and should not be made available to any other person or entity without the written consent of Colliers International and 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. Colliers International and Marcus & Millichap have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, th efuture 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 Colliers International and Marcus & Millichap have not verified, and will not verify, an of the information contained herein, nor has Colliers International and Marcus & Millichap conducted any investigation regarding these matters and make 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.




LISTING AGENTS:

Property SummaryAddress 35 W. Main Street, Los Gatos CA 95030

Land Use Commercial

Building Size 5,129 SF

Year Built 1988

Lot Area 8,276 SF (0.19 Acres)

Parcel Number 529-01-026

Number of Units 4

Offering Summary

Price $4,900,000

Cap Rate 3.9%

NOI $190,728

Executive SummaryLOCATION

Colliers International along with Marcus & Millichap is pleased to present a unique opportunity to acquire a 100% leased retail and office building. The property is ideally situated on Main Street in downtown Los Gatos. The town of Los Gatos is an executive community, which offers a small com-munity atmosphere with a walkable, historic downtown filled with Michelin Star restaurants, cafes, galleries, and boutiques.

INVESTMENT HIGHLIGHTS

• Heart of downtown Los Gatos on Main street.

• 100% Occupied.

• Mixed use leased investment.

• Prime Retail Location

• Excellent Occupancy performance.

• Ideal for a 1031 Trade.

• Strong Daytime pedestrian traffic.

• Close to Amenities and Highway 17.

Aerial Video


https://youtu.be/-6-cWkm8N2U

SITE PLAN

WEST MAIN STREET

PARK AVENUE


35 WEST MAIN ST

DANCING YOGA

45 WEST MAIN ST

MANAZ

55 WEST MAIN ST

ATHLETIC PERFORMANCE

UPPER FLOOR18 PARK AVENUE

FORE PROPERTY COMPANY


Tenant Mix

Monthly Rent RollUNIT ADDRESS GROSS

RENTNN OP.

EXP. NN RENT NN LEASERATE PSF

EST. ADD’L LL EXP.

EST. ADD’LLL EXP.(MANAZ)

NOI

18 Park Ave $4,879 $753 $4,126 $2.96

35 West Main St $4,867 $632 $4,235 $3.62

45 West Main St* $5,248 - $5,248 $4.00 $18,500

55 West Main St** $5,425 $765 $4,660 $3.72

TOTALS $20,419 $2,150 $18,269 $3.56 $10,000 $18,500 $190,728

Annual Rent RollUNIT ADDRESS GROSS

RENTNN OP.

EXP. NN RENT NN LEASERATE PSF

EST. ADD’L LL EXP.

EST. ADD’LLL EXP.(MANAZ)

NOI

18 Park Ave $58,548 $9,036 $49,512 $35.52

35 West Main St $58,404 $7,584 $50,820 $43.44

45 West Main St* $62,976 - $62,976 $48.00 $18,500

55 West Main St** $65,100 $9,180 $55,920 $44.64

TOTALS $245,028 $25,800 $219,228 $42.90 $10,000 $18,500 $190,728

UNIT ADDRESS TENANT SF LEASE EXPIRATION DATE

RENEWAL OPTIONS

18 Park Ave Fore Property Company 1,394 2/28/2022 3 Years

35 West Main St Dancing Yoga 1,170 10/14/2023 5 Years

45 West Main St* Manaz 1,312 3/31/2025 5 Years

55 West Main St** Athletic Performance 1,253 12/31/2020 3 Years

TOTALS 5,129

Actual vs. Pro Forma

UNIT ADDRESSACTUAL NNN

RENTAL RATE (PSF)PRO FORMA NNN

RENTAL RATE (PSF)

18 Park Ave 2.80 3.50

35 West Main St 3.46 3.65

45 West Main St* 2.82 3.65

55 West Main St** 3.56 3.65

TOTALS 3.10 3.61

ACTUAL NOI $190,728

PRO FORMA NOI $222,342

ACTUAL CAP RATE 3.9%

PRO FORMA CAP RATE 4.5%

*gross lease (lease ends Mar 2020 with an option to renew for 5 years)**current proposed lease renewal terms at current NNN rate - new lease to be effective 1/1/2020


Sale Comparables

Address 55 W Main StreetLos Gatos, CA 95030

SF 3,550

PPSF $1,197

Total Sale $4,250,000

Sale Date 11/19/2018

Address 22 S Santa Cruz AveLos Gatos, CA 95030

SF 4,916

PPSF $1,093

Total Sale $5,375,00

Sale Date 8/13/2019

PARCEL MAP


Demographics - Demographic, Income Profile35 W Main St, Los Gatos, California, 95030 Produced by Colliers InternationalRing buffer: 1 - 3 mile radius Latitude: 37.2219

Longitude: -121.9827

Summary Census 2010 2019 2024Population 32,136 33,936 34,888Households 12,798 13,308 13,613Families 8,871 9,281 9,527Average Household Size 2.48 2.52 2.53Owner Occupied Housing Units 9,028 9,294 9,586Renter Occupied Housing Units 3,770 4,014 4,027Median Age 45.6 48.6 49.1

Trends: 2019 - 2024 Annual Rate Area State NationalPopulation 0.55% 0.67%Households 0.45% 0.62%Families 0.52% 0.62%Owner HHs 0.62% 0.79%Median Household Income 1.44% 2.99%

2019 2024Households by Income Number Percent Number Percent

<$15,000 537 4.0% 434 3.2%$15,000 - $24,999 360 2.7% 277 2.0%$25,000 - $34,999 387 2.9% 309 2.3%$35,000 - $49,999 519 3.9% 429 3.2%$50,000 - $74,999 1,061 8.0% 979 7.2%$75,000 - $99,999 1,067 8.0% 1,063 7.8%$100,000 - $149,999 1,734 13.0% 1,755 12.9%$150,000 - $199,999 1,779 13.4% 1,964 14.4%$200,000+ 5,865 44.1% 6,403 47.0%

Median Household Income $174,369 $187,280Average Household Income $228,737 $249,120Per Capita Income $89,490 $96,968

Census 2010 2019 2024Population by Age Number Percent Number Percent Number Percent

0 - 4 1,563 4.9% 1,443 4.3% 1,537 4.4%5 - 9 2,185 6.8% 1,809 5.3% 1,855 5.3%10 - 14 2,299 7.2% 2,230 6.6% 1,993 5.7%15 - 19 1,957 6.1% 2,138 6.3% 1,922 5.5%20 - 24 1,027 3.2% 1,618 4.8% 1,488 4.3%25 - 34 2,231 6.9% 2,705 8.0% 3,552 10.2%35 - 44 4,437 13.8% 3,275 9.7% 3,447 9.9%45 - 54 5,878 18.3% 5,238 15.4% 4,524 13.0%55 - 64 4,312 13.4% 5,603 16.5% 5,665 16.2%65 - 74 2,981 9.3% 4,067 12.0% 4,534 13.0%75 - 84 2,100 6.5% 2,493 7.3% 2,974 8.5%

85+ 1,165 3.6% 1,315 3.9% 1,397 4.0%Census 2010 2019 2024

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 25,486 79.3% 25,110 74.0% 24,632 70.6%Black Alone 261 0.8% 287 0.8% 297 0.9%American Indian Alone 91 0.3% 91 0.3% 91 0.3%Asian Alone 4,332 13.5% 6,088 17.9% 7,284 20.9%Pacific Islander Alone 61 0.2% 61 0.2% 62 0.2%Some Other Race Alone 515 1.6% 556 1.6% 576 1.7%Two or More Races 1,390 4.3% 1,744 5.1% 1,945 5.6%

Hispanic Origin (Any Race) 2,319 7.2% 2,504 7.4% 2,637 7.6%Data Note: Income is expressed in current dollars.

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023.

August 16, 2019

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Contact us:

colliers.com/siliconvalley

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). ©2019. All rights reserved.

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