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695 De Long Ave

Novato, CA 94945

$2,995,000

Office For Sale  •  11,262 Sq Ft

Property Details

  • Property Type Office
  • Total Building Size 11,262 Sq Ft
  • Lot Size 0.57 ac
  • Building Class C
  • Year Built 1985
  • Cap Rate 3.46 %
  • Tenancy Multiple
  • Zoning PD
40 Transit Score
56 Walk Score

Description

Marcus & Millichap is pleased to exclusively present to investors and business owners the opportunity to acquire the fee simple interest in 695 De Long Avenue in Novato, California. The offering is an approximately 11,262 square-foot office building featuring two above-grade floors and a useable basement. Located immediately off the Highway 101  northbound De Long Avenue offramp, the subject property provides excellent freeway access and visibility. 695 De Long is 97 percent leased by eight tenants, the majority of which are individuals or small businesses 1-3 people in size and on terminable month-to-month leases. Four tenants with 29% of the rentable area are terminable with written notice and the largest tenant, Imperial Construction, who is leasing 68% of the rentable area, has already vacated and has expressed interest in terminating the lease before their December 2019 lease expiration date. Depending on the prospective purchaser’s desire, there is a probability to deliver the property on a path to vacancy.

Highlights

Strong visibility from Highway 101 with 23,310 vehicles per day
Ample off-street parking with 3.55/1,000 SF (40 Surface Spaces)
Owner/user or investment potential
Easily demisable for owner-occupied space and leasable area
Usable partially subterranean space for owner or tenant storage

Property Flyers

Financial Summary

Cap Rate: 3.46 %

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 40
Type: Surface
Included in Rent: Yes
Vincent Schwab 415-625-2171 Marcus & Millichap Inc
Vincent Schwab 415-625-2171 Marcus & Millichap Inc