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1402 Monterey Hwy - School Campus 86,695 SF Specialty Building Offered at $29,500,000 in San Jose, CA 95110
INVESTMENT HIGHLIGHTS
- South of the San Francisco Bay, 3rd largest city in California, and 13th largest in the US.
- Proximate to top universities, including Santa Clara University and Stanford University.
- Conveniently located near Diridon Station, Highway 87, and Santana Row
- Home to many top tech companies, including Google, Apple, and Cisco Systems, and a leading hub for high-tech innovation.
- Offers a wide array of cultural, recreational, and educational opportunities.
EXECUTIVE SUMMARY
Developed in 2016, 1402 Monterey Hwy (the “Property”) is a 35-classroom, purpose-built educational property that boasts a layout capable of housing 1,230 students.
Located on 3.38 acres in Downtown San Jose, 1402 Monterey Hwy conveniently attracts students and staff from the greater San Jose area and adjacent communities.
There are two buildings located on the Property - the main education building is 76,750 square feet and the gymnasium/multi-purpose building is an additional 9,935 square feet for a total of 86,695 square feet. The gymnasium/multi-purpose building includes locker rooms, a dance and weight room facility, as well as abundant storage spaces. The balance of the Property encompasses an outdoor recreation/assembly area, parking for 188 cars, and a pick-up/drop-off lane.
The buildings sit on a 50-year ground-lease with the San Jose Unified School District (SJUSD) through February 1st, 2067, at a prepaid rate of $1 per year. In lieu of ground-lease payments, the purchase price shall reflect the remaining bond balance used for the development of the buildings and outdoor facilities. Acquisition of the fee ownership may be possible pursuant to an option contained in the governing ground lease.
The Property is being sold pursuant to the existing authorities of a court appointed receiver and sale will be subject to final court approval.
Located on 3.38 acres in Downtown San Jose, 1402 Monterey Hwy conveniently attracts students and staff from the greater San Jose area and adjacent communities.
There are two buildings located on the Property - the main education building is 76,750 square feet and the gymnasium/multi-purpose building is an additional 9,935 square feet for a total of 86,695 square feet. The gymnasium/multi-purpose building includes locker rooms, a dance and weight room facility, as well as abundant storage spaces. The balance of the Property encompasses an outdoor recreation/assembly area, parking for 188 cars, and a pick-up/drop-off lane.
The buildings sit on a 50-year ground-lease with the San Jose Unified School District (SJUSD) through February 1st, 2067, at a prepaid rate of $1 per year. In lieu of ground-lease payments, the purchase price shall reflect the remaining bond balance used for the development of the buildings and outdoor facilities. Acquisition of the fee ownership may be possible pursuant to an option contained in the governing ground lease.
The Property is being sold pursuant to the existing authorities of a court appointed receiver and sale will be subject to final court approval.
PROPERTY FACTS
| Price | $29,500,000 | Lot Size | 3.38 AC |
| Price Per SF | $340.27 | Building Size | 86,695 SF |
| Sale Type | Owner User | No. Stories | 2 |
| Sale Condition | Ground Lease (Leasehold) | Year Built | 2016 |
| Property Type | Specialty | Parking Ratio | 2.17/1,000 SF |
| Property Subtype | School | Opportunity Zone |
Yes
|
| Building Class | B | ||
| Zoning | PD - Planned Development (Combined Industrial/Commercial Base District) Operating Under Conditional Use Permit | ||
| Price | $29,500,000 |
| Price Per SF | $340.27 |
| Sale Type | Owner User |
| Sale Condition | Ground Lease (Leasehold) |
| Property Type | Specialty |
| Property Subtype | School |
| Building Class | B |
| Lot Size | 3.38 AC |
| Building Size | 86,695 SF |
| No. Stories | 2 |
| Year Built | 2016 |
| Parking Ratio | 2.17/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | PD - Planned Development (Combined Industrial/Commercial Base District) Operating Under Conditional Use Permit |
AMENITIES
- Air Conditioning
1 1
Walk Score®
Very Walkable (80)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $13,000,165 | |
| Land Assessment | $3,486,282 | Total Assessment | $16,486,447 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$3,486,282
Improvements Assessment
$13,000,165
Total Assessment
$16,486,447
CONTACTS
-
Michael Taquino -
Joseph Moriarty -
Kyle Kovac -
Matthew Mallers -
Jerome Fried -
CBRE
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1402 Monterey Hwy - School Campus
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