37053 Cherry St.
Newark, CA 94560 ·
21,325 SF · Office For Sale
Cherry Street Plaza
|Building Size||21,325 SF||Building Class||B|
|Property Sub-type||Office Building||Year Built||1982|
|Property Use Type||Investment||Lot Size||41,830 SF|
|Cap Rate||6.46%||APN / Parcel ID||092-0050-013-00|
|Occupancy||96%||Parking Ratio||3.55 / 1,000 SF|
|Listing ID: 15117616||Date Created: 05/01/2007||Last Updated: 12/12/2007|
Cherry Street Plaza is a two-story office building with 21,325 rentable square feet of tenant space. Offered at $159/psf, this price is at the low end of comparable sales in Newark/Fremont. Built in 1982 of wood frame with stucco and a red-tiled roof, this two-story building is fully heated, air conditioned and fire sprinklered. The expenses are low for such a building because the on-site handyman provides security and building maintenance at a low rate. Common area carpeting is brand new. The rents are slightly below market and could be increased by a savvy buyer.
Cherry Street Plaza is located just into Newark, off of Thornton. It's proximity to Fremont and the Fremont Auto Mall make it ideal for auto dealers who require office space for their DMV license (no cars are sold or stored at building). Consequently, 50% of the tenants are auto dealers with this requirement because no other building takes small space auto dealers, paints two parking spaces and allows a sign in the window. These auto dealers rarely use the office space, pay rent regularly and provide a constant stream of referrals. This unique tenant mix accounts for a near constant 100% occupancy.
- On-going Strong Tenant Demand for Building
- Priced at low end of Comparable Sales
- Low Maintenance with On-site Handyman
- Good Submarket of Newark with Increasing Values
- 96% Leased
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