Overview

Description

Freestanding owner user or investor opportunity in Silicon Valley's highest barrier to entry market - Palo Alto.
Building to be delivered vacant.


The subject property sits on the west side of East Bayshore Road, one block southeast of Watson Court and two blocks from the Embarcadero Road exit on U.S. Highway 101, within the Bayshore district of the incorporated City of Palo Alto. The subject property backs to the U.S. Highway 101 right-of-way and has freeway visibility. The subject property sits across East Bayshore Road from the Baylands Nature Preserve which is an open space preserve with a walking trail and bicycle accessible via two close by pedestrian bike bridges over Highway 101.

Zoning is ROLM: allowing for Research, office, and limited manufacturing. Zoning allows for a variety of compatible commercial services such as banks and restaurants and residential or mixed-uses that would benefit from the proximity to employment centers. Other uses that may be included are educational institutions and child care facilities. General Plan designation is Research/Office Park.

According to the county assessor's records, the subject parcel contains 19,725 square feet (0.4528 acre) of land area. Under the Palo Alto Comprehensive plan designation of Research/Office Park the maximum allowed floor area ratio ranges from 30% to 50% of the lot size, depending on site conditions. For the 19,75-square foot subject site, allowed floor area thus would be in the range of 5,918 to 9,863 square feet.

High barrier of entry market in all of Bay Area. According to Bloomberg study, San Francisco and San Jose regions were ranked first and second in the country for regions likely to recover faster from the Pandemic.

Highlights

• First time available for purchase since 1991. Building was built as the Western Energy Building with 4,660 SF on one level with a solar system to electrify, 3 skylights, over tuckunder parking/partial basement level - 15 total on-site parking spaces (3.2 per 1,000)
• Seller is offering building at an 'As-is' value of $2,300,000 ($494 PSF) reflective of it's current condition.
• The T-Mobil cell tower lease easement has an estimated value of value of $1,315,000 based on an annual rent of $61,020, increasing to $74,016 July 1st 2022, and $90,312 July 1st, 2027 through June 30th, 2032.
• Highly visible from Highway 101 in the north bound direction with an annual daily traffic count of 215,000 (north).

Documents

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