For Sale: Office Condominium

Transcription

1 4302 Redwood Hwy., Ste. 100, San Rafael Owner/User Opportunity High Ceilings Freeway Frontage Excellent On-Site Parking Offering Summary Asking Price: $695,000 Price Per Sq. Ft.: $363 psf Building Sq. Ft.: 1,913 +/- sf 3/23/18

2 Building/Space Description: Attractive end unit office condominium with 4 built-in private offices, 1 large conference room, reception, kitchen, and restroom. The entire office is hard wired for telephone and data. There is abundant parking. Property Description: Vineyard Business Center is a 50-unit Office/Industrial Condominium project developed in The project contains a mixture of 9 office-only condominiums and 41 office/warehouse condominiums. The office only condominiums are in the buildings which front Redwood Highway. No auto repair, machine shops, or other heavy industrial or noxious uses are permitted in the project. Location Description: This property is conveniently located in Central Marin, near the Northgate Mall and Marin County Civic Center, with easy access to both to Highway 101 and Interstate 580.

3 Property Details: Assessor s Parcel #: Total Available Square Feet: 1,913+/- sq. ft. Total Square Feet of Land: Condominium unit Year Constructed: /- Parking Ratio: 3:1000 sq ft for the project, all unassigned Type of Construction: Concrete Tilt-up Roof Type: Built up Bitumen Zoning/Permitted Uses: PD (Planned Development 1828) Permitted Uses: Professional, administrative and general offices and related uses. Fire Sprinklers: Yes Heating & Air Conditioning: Yes Flood Zone Designation: Zone X (500-year) An area inundated by 500-year flooding; an area inundated by 100-year flooding with average depths of less than 1 foot or with drainage area less than 1 square mile; or an area protected by levees from 100-year flooding. Owner Association Dues: The dues for 2018 are $518.38/month, and include fire/hazard insurance for the building shell. The Associate also bills for water using a sub-meter. Each unit pays for trash separately. Financial Terms: The space is currently occupied by Seller s business who will lease-back for days from COE. Sale Price: Financing: $695,000 ($ psf) All cash to seller. Financing with a 10% down payment is possible for an owner/user who qualifies for Small Business Administration (SBA) financing.

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5 Entrance Entrance

6 BRE#: Click here to View in Google Maps

7 Separate Entry Office Office Open Work Area Bathroom Conference Room Kitchenette Office Reception Office Floor Plan Not to Scale Entry

8 SBA 504 Loan Scenario 4302 Redwood Hwy., Ste. 100, San Rafael, CA Own the Business? Own the Building. Building Purchase Price $695,000 Improvements $0 Equipment $0 Other $0 Total Project Costs $695,000 40% Bank Loan SBA 504 Loan Loan Structure Bank 1st Mortgage 50% $347,500 SBA 504 2nd Mortgage 40% $287,000 Down Payment 10% $69,500 Total Project with Fees % $704,000 50% 10% Injection 90% SBA 504 Financing Example Loan Amount Rate Term Amort Monthly Pymt Annual Pymt Bank 1st Mortgage $ 347, % 10 Yrs 25 Yrs $ 2,134 $ 25,607 SBA 504 2nd Mortgage* $ 287, % 20 Yrs 20 Yrs $ 1,880 $ 22,558 *Includes financed SBA fee of $9,000 Total Financing $ 634, % $ 4,014 $ 48,165 Assumptions: Bank rate, terms and fees are estimated and will vary depending on approval. SBA rate is as of Mar '18. Actual rate is set at debenture sale. SBA Fee is estimated at 2.15% plus a $2,500 legal fee. All SBA fees are financed in the 504 loan. 90% LTV financing generally does not require additional collateral. Related costs including appraisal and environmental reports, escrow closing costs (including insurance and legal closing costs) and other soft costs may be included in the loan.