For Sale Downtown Professional Office Building 4,500 SF Stand Alone Building San Luis Obispo, California Preston Thomas, SIOR 805.544.3900 office preston@rossetticompany.com BRE Lic. #01378821
Professional Office Building Larger Mid-century modern office building in Downtown San Luis Obispo. One block from the Downtown core. More on-site parking than the majority of Downtown office buildings. Has the flexibility to have multiple tenants. Can be individual offices or bullpen areas. Great natural lighting. Frontage on both Osos and Pacific Streets. Rare opportunity to own an office asset yards from the Downtown core, with significant on-site parking. Possible flagship office building for a company seeking a Downtown presence. Preston Thomas, SIOR
Site Data San Luis Obispo 1011 Pacific Street/ 1310 Osos Street San Luis Obispo, CA Price: $2,200,000 Corner of Osos Street and Pacific Street, Downtown San Luis Obispo Building size 4,500 rentable s.f. Parcel size 9,265 s.f. (per Assessor records) Built 1960 (per Assessor records) Two Floors APN 002-444-021 Zoning O (Office) 13 On-Site Parking Spaces Tenant Improvements: Significant office build-out on both levels Preston Thomas, SIOR
1 st Floor (2,250 SF) Reception Office Office Office Office Office Entry Waiting/ Reception Office/Work Area Conference Room/Office * All dimensions/walls and sizes are approximate. Buyer to verify all data. Preston Thomas, SIOR
2 nd Floor (2,250 SF) Work Area Office Office Office Office Office Coffee/Work Files Work Area * All dimensions/walls and sizes are approximate. Buyer to verify all data. Preston Thomas, SIOR
Preston Thomas, SIOR Downtown Map
Preston Thomas, SIOR
Preston Thomas, SIOR
Preston Thomas, SIOR
Preston Thomas, SIOR
Preston Thomas, SIOR
Location SUBJECT DOWNTOWN SLO Preston Thomas, SIOR
Location Preston Thomas, SIOR * Boundary lines are approximate.
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 larger office buildings with parking this close to the Downtown core. Flexibility in being multiple tenant suites. Iconic Mid-century design. 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.
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
San Francisco San Luis Obispo Downtown Los Angeles SUBJECT 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