Mid-County Multi Tenant Complex 830 Bay Ave Bureau 162 m² 100 % Loué À vendre Capitola, CA 95010 2 119 985 € (13 099,50 €/m²) Taux de capitalisation 3 %

830 Bay Avenue is a fully-occupied office building built in 1973 in 7 suites, each with individual gas and electric meters on a single water meter. Style is Spanish Revival architecture with stucco exterior and tile roof. Recent improvements include updates to the decks, roof and structural repairs done in 2018, and a slurry seal was put on the parking lot in 2015.
Immediate neighboring uses include a Gas Station/Car Wash, an Office Building, and a Hotel, with a Neighborhood Shopping Center in close proximity. The property is also convenient to Capitola Village, a popular beach town tourist destination.
Some of the suites have been combined for larger tenants, while others exist in their original floorplan. A copy of the current rent roll including square footage breakdowns for each suite is attached hereto summarizing the 7 tenancies, all with short-term Gross leases.
Total estimated area of the building is 6,180 SF on a 24,960 SF Parcel Zoned Community Commercial. The parcel is over-sized by 5,900 SF, with a total of 34 parking spaces on-site, compared to only 21 required under the 1:300 ratio for office use. This could indicate that additional development and/or lot split may be possible.
CAP RATE:
As-is (Current Income): ~3.0%
Stabilized (Pro Forma): ~4.0%
Adjusted (excluding surplus land): ~5.3%