3440 & 3450 Pacheco Blvd is a two-building, ±29,400 SF small-bay multi-tenant industrial project on ±1.95 acres in Martinez, at the center of the Contra Costa industrial corridor. The property is offered at $5,500,000, or $187 per square foot.
The project is demised into thirteen separately leasable units of 1,500 to 2,400 SF, plus one 8,080 SF office and warehouse suite. Building A (3440) is ±16,800 SF across five bays; Building B (3450) is ±12,600 SF across eight bays. Clear height runs 15' to 17'. Every suite has a grade-level roll-up door facing a shared drive aisle, and both buildings are served by fenced storage yards of ±3,500 and ±3,000 SF. Zoning is L-I, Light Industrial.
WHAT MAKES THIS DIFFERENT
Twelve of the thirteen suites are leased to six local operators, several in occupancy since 2017–2019. Suite B-8, 1,800 SF, is vacant and available for immediate occupancy.
Every lease in the project expires between now and December 2027. None carries a contractual rent escalation, a tax pass-through, or a renewal option, so rents are flat through term and reset entirely at rollover. Across the leased space, in-place rent averages $0.99/SF/month gross against a market of $1.73 — a 75% spread that a buyer captures on their own timeline rather than inheriting someone else's mid-term.
The going-in yield on the rent roll as it stands is 3.72%. Year 1 (2027), when five of the six leases reset and both available bays re-let, projects to 6.28%. Year 2, the first full year at market, projects to 8.91%. Full underwriting, assumptions and a five-year cash flow are available in the offering memorandum.
Small-bay product of this size is effectively no longer built in central Contra Costa. New construction chases large-format distribution, while the 1,500–2,400 SF bay with a roll-up door and yard access is held for decades and rarely trades. Bays that accommodate automotive and equipment-service users — drive-in access, floor drainage, adequate power, a municipal use permit — are scarcer still.
At $187/SF the offering is 69% of the $7,952,933 insured replacement cost of the two buildings, a basis that does not depend on any rent assumption.