Shopping Neighborhood

OfficeMax

2400 Las Positas Road, Livermore, CA 94550

Listing Price: $7,950,000

Cap Rate
6.79%
Gross SF
30,000
Rentable SF
30,000
Price/Gross SF
$265.00
Lot Size
2.94 acres
Year Built
2000

Investment Overview

Marcus & Millichap is pleased to present the OfficeMax center at Arroyo Plaza in Livermore. The property consists of a 30,000 Sq. ft. multi-tenant retail building, built in 2000, of which OfficeMax occupies 78%. It has been well maintained, with a stucco exterior, flat roof, and mature landscaping. There is ample parking, with approximately 170 spaces on the parcel the property is located on, or 5.67 per 1,000 Sq. ft. of gross rentable area.

OfficeMax has been a tenant at the property since its construction in 2000 and demonstrated its commitment to the location with a 5-year extension in the summer of 2019. The other tenants include a Verizon Wireless store, which has also been at the property for the last 19 years and which extended for another 3 years earlier in 2019. The third current tenant is the Blue Cave shop, which in 2017 exercised its 5-year option to extend its lease term. All the tenants are at below market rent leases, lowering the risk and creating an upside opportunity to a future owner. In addition, there are 1,993 Sq. ft. of currently vacant space, representing a value-add opportunity.

The property benefits from a great Bay Area retail location. It is situated directly on the N Livermore Avenue exit from highway 580, and has unobstructed visibility from the Highway as well. It is adjacent to Home Depot and Walmart in Arroyo Plaza, and other major retail in the area includes Kohls, Target, Ross, TJ Maxx, Joanns, BevMo, Safeway, Lucky, Lowes and other national retailers. The city of Livermore is growing rapidly and is currently the biggest city in the Tri Valley. Located only half an hour drive from Oakland and 45 minutes from San Francisco, Livermore is home to multiple research facilities, such as two of the DOE National Laboratories and i-GATE. According to the 2010 census, Livermore is the third highest income midsize city in the nation, behind only Newport Beach and Pleasanton (Livermores neighbor to the west).

The OfficeMax center is a well located property with established tenants and significant upside at a great location in one of the most desirable Bay Area markets.

Investment Highlights

  • Great Retail Location Next to Home Depot and Walmart
  • Direct Visibility and Access from Highway 580
  • Established Tenant at Below Market Rents
  • Rent Increases in All Leases
  • Upside Potential

Exclusively Listed By

Listing Price: $7,950,000

Cap Rate
6.79%
Gross SF
30,000
Rentable SF
30,000
Price/Gross SF
$265.00
Lot Size
2.94 acres
Year Built
2000

Investment Highlights

  • Great Retail Location Next to Home Depot and Walmart
  • Direct Visibility and Access from Highway 580
  • Established Tenant at Below Market Rents
  • Rent Increases in All Leases
  • Upside Potential

Investment Overview

Marcus & Millichap is pleased to present the OfficeMax center at Arroyo Plaza in Livermore. The property consists of a 30,000 Sq. ft. multi-tenant retail building, built in 2000, of which OfficeMax occupies 78%. It has been well maintained, with a stucco exterior, flat roof, and mature landscaping. There is ample parking, with approximately 170 spaces on the parcel the property is located on, or 5.67 per 1,000 Sq. ft. of gross rentable area.

OfficeMax has been a tenant at the property since its construction in 2000 and demonstrated its commitment to the location with a 5-year extension in the summer of 2019. The other tenants include a Verizon Wireless store, which has also been at the property for the last 19 years and which extended for another 3 years earlier in 2019. The third current tenant is the Blue Cave shop, which in 2017 exercised its 5-year option to extend its lease term. All the tenants are at below market rent leases, lowering the risk and creating an upside opportunity to a future owner. In addition, there are 1,993 Sq. ft. of currently vacant space, representing a value-add opportunity.

The property benefits from a great Bay Area retail location. It is situated directly on the N Livermore Avenue exit from highway 580, and has unobstructed visibility from the Highway as well. It is adjacent to Home Depot and Walmart in Arroyo Plaza, and other major retail in the area includes Kohls, Target, Ross, TJ Maxx, Joanns, BevMo, Safeway, Lucky, Lowes and other national retailers. The city of Livermore is growing rapidly and is currently the biggest city in the Tri Valley. Located only half an hour drive from Oakland and 45 minutes from San Francisco, Livermore is home to multiple research facilities, such as two of the DOE National Laboratories and i-GATE. According to the 2010 census, Livermore is the third highest income midsize city in the nation, behind only Newport Beach and Pleasanton (Livermores neighbor to the west).

The OfficeMax center is a well located property with established tenants and significant upside at a great location in one of the most desirable Bay Area markets.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower