Please contact exclusive listing broker, Alex Kent, with any questions. 650-793-0541. Please do not disturb existing tenant or employees with any questions about the property or the listing.
A sale will require the seller coordinating a 1031 exchange into a real estate partnership with a group of investors.
5,590 sf not divisible. Existing restaurant tenant would like to extend their lease, we need to consider our options first.
No parking on-site. Easy 2 hour street parking, plus City parking for employees is only $75/month in the University Ave area. https://www.cityofpaloalto.org/Departments/Transportation/Parking/Employees
Current asking sale price = $6,500,000
$311,882.99 Annually / $25,990.25 Monthly / 5,600 sf = $4.65/sf NNN.
Current cams = $2,400 / month / 5,600 sf = $0.43/sf/month.
CD-C(GF)(P):
Retail, Restaurant, Liquor store. Personal service, trade school, church, studio, classes, school, day care, adult day care/nursing home, kennel, financial service office, business office*, medical office*, club, day care. CUP required: commercial recreation. Development: Hotel, multi-family residential. *public facing office might be permitted on the 1st floor depending on the use, otherwise as part of multi-story development.
Zoning Details:
CD-C(GF)(P)
https://codelibrary.amlegal.com/codes/paloalto/latest/paloalto_ca/0-0-0-78321#JD_Chapter18.18
PAMC 18.18 - See Table 1 for “CD Permitted and Conditionally Permitted Uses”
https://codelibrary.amlegal.com/codes/paloalto/latest/paloalto_ca/0-0-0-79270#JD_Chapter18.30B
PAMC 18.30(B) - See “Use Limitations and Site Development Regulations”
https://codelibrary.amlegal.com/codes/paloalto/latest/paloalto_ca/0-0-0-79295
PAMC 18.30(C) – See “Permitted Uses” & “Conditional Uses”
https://codelibrary.amlegal.com/codes/paloalto/latest/paloalto_ca/0-0-0-76370
PAMC 18.04 Definitions of various use categories
Anne Wilbur
Wilbur Properties
