We were pleased to represent the seller in the sale of this leased investment, which includes the physical building and a long term tenant in place.
The current gross annual income is apx. $175,600, with 2.5% annual increases, where the landlord is responsible for the property taxes and insurance, and the tenant pays for general building maintenance. The anticipated pro forma net income is approximately $134,814 and based upon the sales price at $2,950,000, the Cap Rate is approximately 4.5%. There are 5 years remaining on the current lease, with two 5-year options to renew at the then prevailing market lease rate. This was a nice diversification option with long term upside potential.
9,483 +/- square feet
22,527 +/- square foot lot
Leased Investment: $175,600 Gross Income, 4.2% Cap Rate
Sold for $2,950,000
To view additional photos, floor plan, a video tour and get additional information regarding, 490 Perry Court, Santa Clara, (CLICK HERE).
If you have any questions regarding this property, please reach out to us directly or your real estate agent.
About Us: Rick and Suzanne Bell are real estate agents with over 45 years combined experience in real estate home sales. Serving Los Altos, Los Altos Hills, Palo Alto, Mountain View and surrounding Silicon Valley communities, Rick and Suzanne deliver a diverse and unique skill set when assisting clients in the marketing of their homes.
Rick’s background in both commercial and residential real estate marketing, coupled with his personal experience in real estate investment and home renovation empowers Rick’s clients with creative, unique and practical solutions when preparing and marketing their homes for sale.
Having managed nearly 500 employees as a Nordstrom store manager, Suzanne’s background in leadership, problem solving & customer service provides for a very unique skill set in addressing the challenges often faced during a modern real estate transaction.