Seminary Point

5859 Foothill Boulevard, Oakland, CA

$7,780,000

Price

8%

Cap Rate

$622,046

NOI

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Street
Map
Overview
Cap Rate
8%
NOI
$622,046
Building Size
26,840 sqft
Lot Area
1.69 acres
Occupancy
100%
Year Built
2017
Tenancy
Multiple
Description

Walgreen's anchored neighborhood shopping center in a dense, infill Oakland neighborhood. Seminary Point is strategically situated at the crossroads of three major Oakland streets - Seminary Ave, Foothill Blvd, and Bancroft Ave. The center is 100% leased with national tenants occupying 54% of the GLA. A long-term leasehold with ongoing option to purchase ground at $2.4 million – effectively serves as debt at 0.5% interest rate average (through 2037), and 2.3% average until the end of the ground lease.

Highlights
  • New construction shopping center completed in 2017
  • Fully-leased with diverse, daily-needs tenant mix, Walgreens (53% of GLA) has 14 years remaining at $1.61 per SF
  • All leases are NNN, including roof & structure (excluding Bank of America)
  • Ideally positioned to serve local neighborhood; 240K residents in 3-mile radius
  • Excellent visibility and access from three major Oakland thoroughfares - 27,997 average daily traffic counts at two signalized intersections
Documents
Title
SeminaryPoint_OaklandCA.pdf
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Location
Gallery