Broadway Square 10 Maple St 9,982 SF 100% Leased Office Building Sonoma, CA 95476 $3,610,000 ($361.65/SF) 4.03% Cap Rate

The subject offering represents a rare and unique opportunity to acquire a mixed-use asset located in a barriers-to-entry market with attractive, demonstrable upside.
This offering is comprised of two mixed-use office/retail buildings situated on a single parcel and located on one of the most traveled arterials in the town of Sonoma, California. Upside of this investment is achieved through effective management, lease-up of available square footage, and completion of lot line adjustment(s) to allow each structure to be positioned on its own parcel.
Built in 2007, 10 Maple Street is arguably the most attractive office property in the town of Sonoma. Each floor is separately metered for electricity, the service for which is supported by an array of roof-mounted solar panels with proprietary meters and other equipment. The entry lobby features a soaring ceiling that spans the full height of the three-story building with a chandelier lighting fixture cascading from the lobby’s ceiling down to the top of the first level. Equally impressive is the ADA compliant glass-walled elevator that allows passengers to look out onto the adjacent streetscape as they travel to their selected floor. There are multiple ADA compliant common area restrooms on each floor. Finishes such as the suspended drop ceiling, flooring, and other improvements in the common areas and tenant spaces are class-leading. Seven tenant spaces total approximately 9,982 square feet of gross leasable area. The total gross square footage of the overall building is estimated to be 12,930 square feet. The 39 on-site parking spaces are augmented by ample on-street parking spaces directly in front of and adjacent to both buildings. Ingress and egress to and from the subject property is easy and convenient via two, double-wide curb cuts onto Maple Street, and First Street.
The perfect complement to 10 Maple Street is its sister property on this parcel, 641-651 Broadway Street. This historically significant property was constructed in 1928 and has the charm and aesthetic of a vintage Wine Country cottage. The property enjoys a high-impact, high-visibility location on the hard corner of Broadway and Maple Streets. The improvements are predominantly single-story with a small partial second level. Estimated gross leasable area of the building is 4,734 sq. ft., with additional common areas of approximately 156 sq. ft. on the upper level, and 645 sq. ft. on the ground level for a total approximate gross building area of 5,535 sq. ft. The Broadway Street façade and yard area of the property are dominated by a massive tree whose large trunk is encircled by bench seating. The parklike setting is a valuable amenity for employees and visitors alike.
The two properties represent a very attractive opportunity for the value-add investor. The condensed repositioning model in this offering is based upon conservative lease rates for both office and retail uses. Completing a lot-line adjustment will create two separate parcels and provide ideal flexibility by maximizing the values of these two vastly different assets and selling them individually to access development profit.