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936 Dewing Ave 8,780 SF 100% Leased Office Building Lafayette, CA 94549 $5,000,000 ($569.48/SF) 5.70% Cap Rate
Investment Highlights
- Outstanding Downtown Lafayette location within easy walking distance to BART (and amenities)
- Multi-family residential zoning offers future redevelopment potential
- Diminishing office supply as many Lafayette office property are being redeveloped to residential
- Condominium map in place (4 separate condos) offering the option to sell off portions of the Property
- Stable income from existing tenants
- Affluent community with average household incomes exceeding $220,000 in a 3-mile radius
Executive Summary
Heritage Square (“Property or “Project”) in Lafayette, California - one of the San Francisco Bay Area’s premiere boutique communities. Located at 936 Dewing Avenue, the Project consists of three wood-framed office buildings divided into four commercial condominiums and situated on 5 parcels totaling 0.67 acres of land.
Heritage Square benefits from an outstanding location in downtown Lafayette within easy walking distance to BART and a variety of retail and service amenities. The Property’s zoning designation is Multi-Family Residential – District A, calling for a potential density of up to 35 units per acre.
The Property is currently 99 percent leased to 14 tenants with just one small vacancy. The majority of the tenants are on month to-month or short-term leases providing
maximum flexibility for an owner/user to occupy. With strong occupancy diversified amongst many tenants, Heritage Square offers stable cash flow with future upside
potential through redevelopment.
Heritage Square benefits from an outstanding location in downtown Lafayette within easy walking distance to BART and a variety of retail and service amenities. The Property’s zoning designation is Multi-Family Residential – District A, calling for a potential density of up to 35 units per acre.
The Property is currently 99 percent leased to 14 tenants with just one small vacancy. The majority of the tenants are on month to-month or short-term leases providing
maximum flexibility for an owner/user to occupy. With strong occupancy diversified amongst many tenants, Heritage Square offers stable cash flow with future upside
potential through redevelopment.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
8,780 SF
Building Class
B
Year Built
1945
Price
$5,000,000
Price Per SF
$569.48
Cap Rate
5.70%
NOI
$284,966
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
4,390 SF
Slab To Slab
10’
Building FAR
0.45
Lot Size
0.45 AC
Zoning
MRO - MRA- Multi-Family Residential – District A
Parking
30 Spaces (3.25 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Courtyard
- Skylights
- Kitchen
- Central Heating
- Natural Light
- Hardwood Floors
- Yard
- Air Conditioning
- Balcony
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Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
50/100
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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