For Sale Prime Downtown Professional Office Condo 2,024 SF Office Space San Luis Obispo, California Preston Thomas, SIOR 805.544.3900 office preston@rossetticompany.com BRE Lic. #01378821
Professional Office Condo Prime Downtown professional office condo. High exposure office condo located in the southern portion of Downtown. Convenient location, close to the freeway and walking distance to Downtown core. Newer build-out includes reception area, 6 offices, conference room and kitchenette. Nicely appointed and modern office space. On-site parking. Great signage exposure. Perfect for an office user seeking retail exposure. Owner may carry back a 1 st Trust Deed with 25% down at market terms. Preston Thomas, SIOR
San Luis Obispo 444 Higuera Street, Ste 100 San Luis Obispo, CA Price: $1,100,000 Corner of Higuera and Carmel Street, Downtown San Luis Obispo Suite size 2,024 rentable s.f. 1 st Floor-Condominium Built 1993 (per Assessor records) One Floor APN 002-511-024 Zoning CR Commercial Retail 7 Parking Spaces Lease: Lease to State of California (California State Assembly) for $4,800/Month, full service gross (Landlord covers all utility/janitorial expenses). 120 day notice to vacate by either party. Expires 4/30/21. Build-Out: Significant office build-out with numerous hard offices. High cost to replicate these TI s in today s marketplace. Preston Thomas, SIOR Information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Driveway Kitchenette Signage (great exposure to Higuera traffic) Office Reception Office Higuera Street Office Office Office Office Conference Room * Plan approximate. Buyer to verify all data. Preston Thomas, SIOR
Preston Thomas, SIOR
Strengths The property is well-located steps to the San Luis Obispo Downtown core. Located in a constrained office market with very little new office product coming to market, due to lack of commercial land and high construction costs. There are very few office condos with parking in the Downtown area, especially with street exposure. Significant office build-out, with numerous hard offices, high TI replacement cost. As modern an office condo as you will find in Downtown San Luis Obispo. San Luis Obispo, recently named the Happiest City in America, is located halfway between Los Angeles and San Francisco on historic Highway 1. A tourist destination, San Luis Obispo enjoys year-round sun, a warm Mediterranean marine climate, a world-class wine region (Edna Valley) and an award winning Downtown, all within a few miles of the ocean. A vibrant college town, San Luis Obispo is home to California Polytechnic University (Cal-Poly) with 20,000 +/- students and has one of the highest rates of college educated residents in the state.
Location DOWNTOWN SLO SUBJECT Preston Thomas, SIOR
Preston Thomas, SIOR Location
Preston Thomas, SIOR Information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
San Luis Obispo Market Overview Job growth in San Luis Obispo has traditionally outpaced that of the nation, as tourism and higher education provide the San Luis Obispo metro area with an economic safety net. Over the past four years, the metro job count has improved by 11.4% versus 6.8 % nationally. San Luis Obispo s concentrated leisure and hospitality industry, a segment that tends to outperform the overall economy during periods of expansion, is the primary driver of this job growth. Additionally, San Luis Obispo is a strong driver in higher education with Cal Poly San Luis Obispo. The university and its 20,000 students represent a steady source of growth, as well as a stabilizer during economic downturns. These twin pillars should keep San Luis Obispo on an upward trajectory over the forecast. The data indicates that vacancy is low in the San Luis Obispo office market, (5.3% office vacancyⁱ) as compared to other office markets across the U.S. (11.3%) and select markets in California, including San Francisco (6.8%) and Los Angeles (11.6%). Office vacancy in San Luis Obispo has trended downward since 2010, coinciding with the economic recovery. This is expected to continue into the foreseeable future as there is a shortage of commercial land and high construction costs for new office product as well as a surging demand for tech oriented businesses who want to locate or expand in the City/County due to it pleasant quality of life and cheaper cost of living versus other coastal California areas. ⁱ From San Luis Obispo County 2016 Economic Forecast
Downtown San Francisco SUBJECT San Luis Obispo Los Angeles SUBJECT Demographics 1-Mile 5-Mile 7-Mile 2010 Census Households 1,416 20,885 23,724 2015 Est. Households 1,472 21,583 24,450 2020 Proj. Households 1,535 22,471 25,399 2015 Est. Avg. HH Income $71,261 $76,283 $77,711