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Office Warehouse

Mountain View Flex Building

2284 Old Middlefield Way, Mountain View, CA 94043

Listing Price: $5,800,000

Cap Rate
3.72%
Gross SF
12,720
Price/Gross SF
$455.97
Lot Size
0.90 acres
Year Built
1970
Rentable SF
12,720

Investment Overview

2284 Old Middlefield Way is a 12,780 square foot multi-tenant flex building situated on a 0.895-acre site in Mountain View, California. The building has 16 tenant suites that average approximately 800 square feet in size. Several of the spaces have been combined into larger tenant suites and the building is currently leased to 11 tenants. The contract rent for the property averages $1.41 per square foot per month, triple net. Market rents range from $2.00 per square foot for larger spaces to $2.50 per square foot for smaller spaces, providing significant future upside in net operating income. Nearly 50% of the space rolls to market in the next year and more than 18% expires in the following year. None of the tenants have renewal options, which gives the buyer an opportunity to raise rents in the at lease expiration. Access to the property is excellent, with two highway interchanges within one-half mile of the building. An interchanges with US Highway 101 is located to the north of the building at Rengstorff Avenue; there is also an interchange with US Highway 101 at Old Middlefield Way, to the east of the property. The property is located in northwest Mountain View near the border of Palo Alto. Major employers in the area include Google, Microsoft, Samsung, Symantec, Intuit, and Synopsis. Google is the largest employer in Mountain View and their campus is less than one mile north of the site. The area around the Google campus will be transformed in the coming years through the implementation of the North Bayshore Specific Plan. This plan calls for up to 7,000 new residential units, 1.3 million square feet of new office space, 285,000 square feet of retail and entertainment space, and 34 acres of open space.

Investment Highlights

  • 100% Occupied Multi-Tenant Flex Building
  • Significant Income Upside with Below Market Leases
  • Near-Term Lease Rollover; Tenants Do Not Have Renewal Options
  • Recent Improvements Include a New Roof and New Sealcoat on Parking Lot
  • Excellent Access to US Highway 101 and State Highway 85
  • Less Than One Mile to Google's Headquarters

Exclusively Listed By

Office Warehouse

Mountain View Flex Building

Listing Price: $5,800,000

Cap Rate
3.72%
Gross SF
12,720
Price/Gross SF
$455.97
Lot Size
0.90 acres
Year Built
1970
Rentable SF
12,720

Investment Highlights

  • 100% Occupied Multi-Tenant Flex Building
  • Significant Income Upside with Below Market Leases
  • Near-Term Lease Rollover; Tenants Do Not Have Renewal Options
  • Recent Improvements Include a New Roof and New Sealcoat on Parking Lot
  • Excellent Access to US Highway 101 and State Highway 85
  • Less Than One Mile to Google's Headquarters

Investment Overview

2284 Old Middlefield Way is a 12,780 square foot multi-tenant flex building situated on a 0.895-acre site in Mountain View, California. The building has 16 tenant suites that average approximately 800 square feet in size. Several of the spaces have been combined into larger tenant suites and the building is currently leased to 11 tenants. The contract rent for the property averages $1.41 per square foot per month, triple net. Market rents range from $2.00 per square foot for larger spaces to $2.50 per square foot for smaller spaces, providing significant future upside in net operating income. Nearly 50% of the space rolls to market in the next year and more than 18% expires in the following year. None of the tenants have renewal options, which gives the buyer an opportunity to raise rents in the at lease expiration. Access to the property is excellent, with two highway interchanges within one-half mile of the building. An interchanges with US Highway 101 is located to the north of the building at Rengstorff Avenue; there is also an interchange with US Highway 101 at Old Middlefield Way, to the east of the property. The property is located in northwest Mountain View near the border of Palo Alto. Major employers in the area include Google, Microsoft, Samsung, Symantec, Intuit, and Synopsis. Google is the largest employer in Mountain View and their campus is less than one mile north of the site. The area around the Google campus will be transformed in the coming years through the implementation of the North Bayshore Specific Plan. This plan calls for up to 7,000 new residential units, 1.3 million square feet of new office space, 285,000 square feet of retail and entertainment space, and 34 acres of open space.

Exclusively Listed By

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