Building A 2291 W March Ln 67,358 SF 94% Leased Office Building Stockton, CA 95207 $6,750,000 ($100.21/SF) 7.67% Cap Rate

Marcus & Millichap is pleased to present Quail Lakes Office Park, a 84.76% leased multi-tenant office park with a lakefront location along the desirable Quail Lake community in San Joaquin County. The property is comprised of a six building portfolio totaling approximately 67,358-square feet on a large 6.77-acre parcel connected by gated walkways and offered at a very attractive price of $99.80 per square foot at a cap rate of 7.62% on actual occupancy.
The property is leased to a wide range of 24 tenants including CPAs, property management, law firms, government affiliated services, and various professionals, many of whom have been at the property for a number of years. The diverse mix of tenants with staggered lease expirations provides excellent stability of income stream. The average suite is just slightly larger than 2,000-square feet, minimizing turnover and tenant improvement costs with landlord's typical tenant improvement responsibilities for new tenants of only carpet and paint.
The project is exceptionally located less than 0.5 miles away from Interstate 5 along West March Lane, one of the busiest retail corridors in the city of Stockton providing convenient access to many restaurants walking distance from the property. The property offers an excellent atmosphere for potential tenants due to its desirable location offering its tenants views of the lake, mature landscaping, and excellent parking, including four covered carport structures.
The offering is a rare opportunity to acquire a well-located stabilized "lakefront" multi-tenant office park at a very low entry point of only $99.80 per square foot reflecting the desire of realistic sellers to meet the market at an exceptional time for astute investors. The price provides for an exceptional in-place return of almost 8.0% on actual 84.76% occupancy, with opportunity for upside, and stability of income stream due to a desirable mix of tenants, low turnover costs due to small suite sizes.