5330 Pirrone Rd - Office FOR SALE


Salida, CA 95368
$9,709,000 USD
916-505-0524
5330 Pirrone Rd, Salida, CA for Sale
$9,709,000 USD
Office - FOR SALE
1/7
null | 8.5% Cap Rate

5330 Pirrone Rd
Salida, CA 95368


HIGHLIGHTS

  • 100% leased with excellent cash flow now and regularly scheduled rent increases
  • Attractive, modern, immaculately-maintained improvements
  • The premiere office property in North Modesto
  • Tight submarket with Class A/B+ vacancy of 4.4% and positive net absorption
  • All of the existing leases are NNN
  • Superb freeway visibility with signage available

OVERVIEW

Titillating headlines about high vacancy rates in core markets tend to overshadow other stories about emerging opportunities as many workers move to smaller, more affordable markets and companies adapt to work-from-home protocols. Assets in less-obvious markets are thriving on renewed growth driven by demographic changes, and they represent a superb opportunity for astute investors. 5380 Pirrone Road in Salida is one of those opportunities. The local office market has a Class A/B+ vacancy rate of 4.4%, no new speculative office construction, and economic barriers to entry. The Subject enjoys good cash flow and significant upside potential, a WALT of 2.76 years, and is realistically priced. The Central Valley office market remains comparatively stable in contrast with some of the larger urban office markets in Northern California. A lack of new development and on-going population growth have served to limit overall vacancy rates. Top tier assets, like the Subject, are the primary beneficiary of most new requirements and relocations as employers look to create a desirable workplace to attract and retain employees in the region. CBRE, Inc., as exclusive advisor, is pleased to offer this asset for sale. It is a freeway-facing, three-story office building totaling ±42,062 rentable sq. ft. This attractive, modern Class A property was constructed in 2008 and is 100% leased to three tenants. Two of the leases totaling 13,502 sq. ft. were signed in the middle of Covid and the tenants commenced their occupancies in October of 2022. The largest tenant, San Joaquin Valley College (SJVC) has occupied two floors since 2008. The asset is priced at $9,709,000 which equates to $231 per sq. ft. The price represents a 8.5% Year 1 capitalization rate on projected NOI as of September 1, 2025, including any scheduled rent increases. The Building sits on its own separate parcel within the Northpoint Office Towers campus and shares common area expenses with its neighbor.

FOR SALE DETAILS

PRICE

$9,709,000 USD

PRICE/SF

$231 USD /SF

CAP RATE

8.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Northpoint Office Towers - Building II

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

A

YEAR BUILT

2008

SPRINKLERS

-

PARKING SPACES

529

LAND DETAILS

LAND ACRES

3.21 AC

LAND SF

139,828 SF

ZONING

P-D

APN/PARCEL ID

136-35-34

ASK ABOUT THIS PROPERTY

Randy GetzCBRE, Inc.More Info
916-505-0524

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Randy GetzCBRE, Inc.More Info
916-505-0524

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