150 N Wiget Ln - Office FOR SALE


Walnut Creek, CA 94598
$3,384,000 USD
770-209-1700
150 N Wiget Ln, Walnut Creek, CA for Sale
$3,384,000 USD
Office - FOR SALE
1/17
null | 7.5% Cap Rate

150 N Wiget Ln
Walnut Creek, CA 94598


HIGHLIGHTS

  • Single story brick built 2003, renovated 2018, new roof 2024
  • $87,474 annual renovation reimbursement paid to landlord through May 2029
  • 7.5% cap rate on 2025 projected net income
  • Term through 11/11/2033 / Firm term through 11/11/2028 with rent escalation last 5 years of term
  • Operating expense reimbursement and CPI formula increases
  • Increases of property taxes over a base year reimbursement

OVERVIEW

The single tenant leased office investment is a build to suit for the Social Security Administration serving as a field office. The 13,421 square foot single story brick building was constructed in 2003 with substantial renovation in 2018. The renovation work was comprised of HVAC upgrades, new offices and front interview areas and CAT 6 cable upgrades. A new roof was installed in 2024. The renovation costs plus interest are repaid to the landlord amortized over the lease term at $87,474 per year through May 2029. In addition to rent, the landlord is paid for operating expenses with an annual CPI formula increase and increases of property taxes over a base year. The lease term is through November 11, 2033 with firm term through November 11, 2028, after which the lease may be terminated early. A third party study reported only 2.82% of GSA leases are terminated early, and one reason is a lack of expansion space. The 2.2 acre site can accommodate expansion.

FOR SALE DETAILS

PRICE

$3,384,000 USD

PRICE/SF

$112 USD /SF

CAP RATE

7.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Shadelands Executive Center

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

C

YEAR BUILT

1979

SPRINKLERS

-

PARKING SPACES

105

LAND DETAILS

LAND ACRES

1.79 AC

LAND SF

77,972 SF

ZONING

BP-100

APN/PARCEL ID

143-040-044-8

ASK ABOUT THIS PROPERTY

Matthew LevinSVN Interstate BrokersMore Info
770-209-1700

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Matthew LevinSVN Interstate BrokersMore Info
770-209-1700

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.