FOREST AVE SAN JOSE FOR SALE- OPPORTUNITY KEVIN HERAVI CHRISTINA YANG Lic

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Branden Gaines
5 years ago
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2 0 2 0 FOREST AVE SAN JOSE KEVIN HERAVI FOR SALE OPPORTUNITY 4084578800

1 FOREST AVE SAN JOSE KEVIN HERAVI FOR SALE OPPORTUNITY kevin@healthmedrealty.com Lic CHRISTINA YANG christina@healthmedrealty.com Lic

Table of Contents 01 Investment Overview 02 Property Summary 03 Floor

express or implied is made as to the accuracy of the information

omissions, changes of price, rental or other conditions, withdrawal

2 Table of Contents 01 Investment Overview 02 Property Summary 03 Floor Plans 04 Aerial Map Disclaimer: No warranty or representation, express or implied is made as to the accuracy of the information contained herein, and the same is submitted subject to errors, omissions, changes of price, rental or other conditions, withdrawal without notice. 05 Zoning 06 Sales Comparables 07 Rent Roll FOREST AVE SAN JOSE

Investment Overview HealthMed Realty Inc is pleased to offer 2020 Forest Ave for sale. The property is a distinctive medical office asset in the desirable O Connor Hospital submarket.

3 Investment Overview HealthMed Realty Inc is pleased to offer 2020 Forest Ave for sale. The property is a distinctive medical office asset in the desirable O Connor Hospital submarket. It is located directly near O Connor Hospital, with easy access to 880 and 280 freeway interchanges, and the luxury amenities of Valley Fair Mall and Santana Row. The property benefits from flexible tenant rentroll with short term leases, allowing opportunity for either an owneruser to capture a medical office project in the West Valley, OR for an investor to attain market level rents for a nice income asset FOREST AVE SAN JOSE INVESTMENT OVERVIEW P1

2 0 2 0 FOREST AVE SAN JOSE Close Proximity to O Connor Hospital Flexible Owner/User or Investor Opportunity Close to Santana Row

4 FOREST AVE SAN JOSE Close Proximity to O Connor Hospital Flexible Owner/User or Investor Opportunity Close to Santana Row and Valley Fair Mall Easy Freeway Accessibility (280/880/17) Excellent Street Visibility & Ample Parking Monument Signage Available

Property Summary Property Address 2020 Forest Ave, San Jose, CA 95128 Site Summary County: Stories: Type: Building Size: Parcel Size: Year Built: Zoning: Parking: Santa Clara County / APN 27458027

5 Property Summary Property Address 2020 Forest Ave, San Jose, CA Site Summary County: Stories: Type: Building Size: Parcel Size: Year Built: Zoning: Parking: Santa Clara County / APN SingleStory, Multi Tenant Medical/Office +/ 6,764 square feet.55 acres 1961 Commercial Pedestrian District 22+ on street Lease Summary Tenants L.E.D. Options: Rent: Price: 3 Month Month Tennacies 60 Day Notice to Terminate None Existing Tenants are below market (Market rental rate $2.75 MG) Offered at $2,800,000 PROPERTY SUMMARY P2

6 Floor Plans Suite 1&2 Suite 3 Suite 4 Suites 18: +/ 6,764 square feet HALLWAY Suite 5 Suite 8 Suite 7 Suite 6 FLOOR PLANS P3

Aerial Map 280 Stevens Creek Blvd Moorpark Ave Westfield Valley Fair is one of the largest malls in Northern California. It consists of 273 stores and is adding 2 million sq.

Santana Row West Development Planned Development zone district for up to 970,000 square feet of office space, 29,000 square feet of retail space, reuse of the Century 21 Theater building.

7 Aerial Map 280 Stevens Creek Blvd Moorpark Ave Westfield Valley Fair is one of the largest malls in Northern California. It consists of 273 stores and is adding 2 million sq. ft with 100+ new stores, a 3000 parking space structure and outdoor eating area opening in Santana Row West Development Planned Development zone district for up to 970,000 square feet of office space, 29,000 square feet of retail space, reuse of the Century 21 Theater building. Valley Fair Winchester Blvd Winchester Blvd Forest Ave 280 Santana Row is one of Silicon Valley s most affluent shopping districts. Opening soon is a Class A Office that features over ± 291,000 SF at 700 Santana Row. Moorpark Ave Forest Ave Stevens Creek Blvd FOREST AVE SAN JOSE AERIAL MAP P4

Zoning The CP Commercial Pedestrian District is a district intended to support pedestrianoriented retail activity at a scale compatible with surrounding residential neighborhoods.

8 Zoning The CP Commercial Pedestrian District is a district intended to support pedestrianoriented retail activity at a scale compatible with surrounding residential neighborhoods. This district is designed to support the goals and policies of the general plan related to Neighborhood Business Districts. The CP Commercial Pedestrian District also encourages mixed residential/ commercial development where appropriate, and is designed to support the commercial goals and policies of the general plan in relation to Urban Villages. This district is also intended to support intensive pedestrianoriented commercial activity and development consistent with general plan urban design policies. ZONING P5

Sales Comparables Bldg Size Site Size Sale Sale Sale

Comments 1 2100 Forest Ave 16,022 61,675 Nov16 $6,250,000

San Jose 1972 Multitenant medical office building.

San Jose 1983 (near O'Connor) Multitenant medical office

Purchased by an investor; Older asset with deffered

4 1961 Pruneridge Avenue 4,431 14,375 Sep13 $1,750,000

9 Sales Comparables Bldg Size Site Size Sale Sale Sale Picture No. Location Year Built Date Price Price/S.F. Comments Forest Ave 16,022 61,675 Nov16 $6,250,000 $390 San Jose 1967 Multitenant medical office building sold to investor Moorpark Ave 10,230 40,600 Jun18 $4,150,000 $405 San Jose 1972 Multitenant medical office building Moorpark Ave 25,056 32,144 Jan16 $8,600,000 $343 San Jose 1983 (near O'Connor) Multitenant medical office building. Purchased by an investor; Older asset with deffered maintnance 70% occupied Pruneridge Avenue 4,431 14,375 Sep13 $1,750,000 $395 Santa Clara 1964 (near O'Connor) Multitenant medical office building purchase by an dentist/ investor; Saratoga Ave ,761 Aug16 2,680,000 $493 Owner user sale San Jose 1998 SALES COMPARABLES P6

10 Rent Roll RENT ROLL Unit 1& Total Tenant Available JUSTINA AZCUETA, DDS Available XIAO HONG WU Available Available HUNGKWONG WONG SF ,764 $/SF $1.84 $1.70 $1.91 Rent $1,246 $1,415 $1,829 $4,490 *Leases are Modified Gross, Tenants pay utilities and janitorial. Landlord pays NNN s, water and trash. Term mo/mo mo/mo mo/mo RENT ROLL 2018 P7

11 Pro Forma Rent Roll PROFORMA Unit 1& Tenant Pro Forma JUSTINA AZCUETA, DDS Pro Forma XIAO HONG WU Pro Forma Pro Forma HUNGKWONG WONG SF $/SF $2.75 $2.50 * $2.75 $2.50 * $2.75 $2.75 $2.50 * Rent $5,407 $1,690 $2,057 $2,080 $2,057 $2,294 $2,400 Term mo/mo mo/mo mo/mo Total Pro Forma *Existing Tenant Rent Adjusted to $2.50/SF MG 6,764 $17,984 Income Income: Total Gross Income $ $ 215,808 Expenses: Property Tax (Adj. $2.8M) Insurance Landscaping Water/Sewer PG&E/House meter Trash Management 3% of Gross Repairs & Maint Total Expenses $ $35,000 $4,100 $3,600 $1,550 $1,760 $2,640 $6,474 $3,500 58,624 NET OPERATING INCOME $ 157,184 Net Operating Income Pro Forma Cap Rate $58,624 $157, % PRO FORMA RENT ROLL P8

12 KEVIN HERAVI Lic FOREST AVE SAN JOSE CHRISTINA YANG christina@healthmedrealty.com Lic

Five of the six units have kitchenettes. Pricing Reduction - $4,950,000.

Five of the six units have kitchenettes. Pricing Reduction - $4,950,000. VIEW ONLINE colliers.com/siliconvalley FOR SALE 197 East Hamilton Avenue CAMPBELL, CA On the market for the first time, a rare freestanding two story office building located on Hamilton Avenue in Campbell