2035 white oak lane

2035 WHITE OAK LANE

0.68 Acre Lot | SANTA CLARA, CA 95051

OFFERING MEMORANDUM

E X C L U S I V E LY L I S T E D B Y

Jimmy Castellanos

Associate Investments

Direct: (408) 391-1777

Cell: (408) 483-5040

Fax: (408) 391-1710

[email protected]

License: CA 02024152

Joshua Johnson

Vice President Investments

Direct: (650) 391-1784

Cell: (650) 208-5282

Fax: (650) 391-1710

[email protected]


Kirk Trammell

Executive Managing Director Investments

Direct: (650) 391-1809

Cell: (650) 450-0920

Fax: (650) 391-1710

[email protected]


N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to

be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other

person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to

provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of

interest in the subject property. The information contained herein is not a substitute for a thorough due diligence

investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with

respect to the income or expenses for the subject property, the future projected financial performance of the

property, the size and square footage of the property and improvements, the presence or absence of contaminating

substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the

improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or

intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure

has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not

verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding

these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the

information provided. All potential buyers must take appropriate measures to verify all of the information set forth

herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016

Marcus & Millichap. All rights reserved.

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this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply

affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or

subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for

the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

2035 White Oak Lane

Santa Clara, CA 95051

ACTIVITY ID ZAB0010160

PROPERTY SUMMARY

2035 WHITE OAK LANE

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Listing Summary

Address 2035 White Oak Lane

Santa Clara, CA

Assessor’s Parcel Number 213-30-053

Site Size 29,838 SF

Price $5,000,000

Price/SF $167.57

Type of Ownership Fee Simple

INVESTMENT OVERVIEW

2035 WHITE OAK LANE

PROPERTY HIGHLIGHTS

Marcus & Millichap is pleased to present 2035 White Oak Lane to the San Francisco Bay Area real estate development community. This exceptionally well-located

development site is situated at a signalized intersection along Lawrence Expressway in Santa Clara. The property is bounded by Lawrence Expressway, Poinciana

Drive, and White Oak Lane. Surrounding land uses include multi-family housing to the south and west, and a 7-Eleven convenience store to the north, with single-

family residential beyond the store; the area to the east of Lawrence Expressway is developed with detached single-family residential uses.

The property currently has a zoning designation of Neighborhood Commercial and general plan land use of Neighborhood Commercial. However, the site is

surrounded by low- to medium-density residential uses and residential use conforms well to the surrounding land uses. The seller has done a preliminary

investigation into developing the site with medium-density residential use and discussed changing the zoning and general plan for the site with the city. The city has

been receptive to this proposal based on surrounding land uses, current demand for housing, and development patterns in the neighborhood. Buyer is responsible

for investigating potential uses of the site with the City of Santa Clara.

2035 White Oak Lane benefits from excellent access, proximity to supporting services, and short commute times to major employers. The site is located between

Central Expressway and El Camino Real on Lawrence Expressway; it is nearly equidistant between US Highway 101 and Interstate 280. In addition to being near

major traffic carriers, the site is close to bus stops along El Camino Real and is less than one mile from the Lawrence Caltrain station. The property is easy walking

distance to grocery stores, drug stores, restaurants, and other supporting retail services. The schools for the neighborhood are all within one-and-one-half miles of

the site.

Growth in the Silicon Valley economy over the past decade has led to a persistent shortage of housing and new supply is not able to meet demand. The median

home price in Santa Clara County has more than doubled over the past ten years; the average apartment rent is up 50% during the same period. In addition to the

limited supply of new inventory being added to the market, there is a substantial affordability gap preventing renters from moving to home ownership. There is

continued demand for all housing types: ownership, rental, market-rate, and affordable.

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▪ Vacant Development Site in a Rapidly Growing Area of Santa Clara

▪ Densely Populated Neighborhood with High Demand for Housing

▪ Adjacent Land Uses Include Multi-Family Residential and Convenience Retail

▪ Corner Location at a Signalized Intersection

▪ Excellent Access from Lawrence Expressway

▪ One-Half Mile to Shopping and Services Along El Camino Real

▪ Less Than One Mile to the Lawrence Caltrain Station

▪ Short Driving Distance to Major Employers: Apple, NVIDIA, Intel, Ericsson,

Applied Materials, ServiceNow, Intuitive Surgical, and Kaiser Permanente

LOCAL MAP

2035 WHITE OAK LANE

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2035 White Oak Lane

AMENITIES AND SERVICES MAP

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LOCAL AMENITIES AND SERVICES

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Grocery Stores Distance

1. Lucky Supermarket 0.5 Miles

2. Nob Hill Foods 0.6 Miles

3. Costco 1.0 Miles

4. Trinethra 0.9 Miles

5. Hankook 0.8 Miles

6. Safeway 1.6 Miles

Drug Stores Distance

7. Walgreens 0.9 Miles

8. Walgreens 1.8 Miles

9. Rite Aid 1.8 Miles

Schools Distance

10. Ponderosa Elementary School 0.8 Miles

11. Peterson Middle School 1.3 Miles

12. Wilcox High School 1.2 Miles

Transit Distance

13. VTA Bus Line 0.5 Miles

14. Caltrain 0.8 Miles

Parks Distance

15. Ponderosa Park 0.8 Miles

16. Machado Park 1.3 Miles

17. Braly Park 1.6 Miles

18. Bowers Park 1.6 Miles

19. San Tomas Aquino Creek Trail 1.8 Miles

Major Retailers Distance

20. Big Lots 0.5 Miles

3. Costco 1.0 Miles

21. Dollar Tree 1.4 Miles

22. Michaels 1.7 Miles

23. PetSmart 1.7 Miles

Restaurants Distance

24. Denny’s 0.5 Miles

24. Starbucks 0.5 Miles

25. Chili’s 0.7 Miles

26 Burger King 0.7 Miles

27. The Fish Market 0.7 Miles

28. KFC 0.8 Miles

29. Carl’s Jr. 0.9 Miles

30. California Pizza Kitchen 0.6 Miles

31. Jack in the Box 0.9 Miles

32. Wendy’s 1.6 Miles

33. Panda Express 1.6 Miles

34. Marie Callender’s 1.7 Miles

Banks Distance

27. Citibank 0.5 Miles

35. Chase 0.8 Miles

36. BBCN 0.8 Miles

37. Comerica Bank 1.6 Miles

38. Open Bank 1.4 Miles

39. Bank of America 1.6 Miles

2035 WHITE OAK LANE

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NEARBY RETAILERS

2035 WHITE OAK LANE

Walgreens

Walgreens

EMPLOYERS MAP

2035 WHITE OAK LANE

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RESIDENTIAL DEVELOPMENT POTENTIAL

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Unit Type No. Units Avg. Size Net Rentable Area

Studio 3 495 SF 1,485 SF

1BR 26 660 SF 17,160 SF

2BR 29 990 SF 28,710 SF

3BR 3 1,265 SF 3,795 SF

Total / Average 61 839 SF 51,150 SF

Residential Project Summary

Project Size 61 Units

Average Unit Size 839 SF

Number of Stories Four

Height 45 Feet

Parking Spaces 103

Parking Ratio 1.69 Per Unit

Ground Floor

Initial study prepared by BAR Architects (December 2019)

Seller and agent make no warranties regarding potential changes to the zoning designation and general plan for the site. Buyer is responsible for performing

their own investigation and consulting with the City of Santa Clara Community Development Department, Planning Division, regarding potential uses of the site.

RESIDENTIAL DEVELOPMENT POTENTIAL

2035 WHITE OAK LANE

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Initial study prepared by BAR Architects (December 2019)

Seller and agent make no warranties regarding potential changes to the zoning designation and general plan for the site. Buyer is responsible for performing

their own investigation and consulting with the City of Santa Clara Community Development Department, Planning Division, regarding potential uses of the site.

Third and Fourth FloorsSecond Floor

RESIDENTIAL MARKET STATISTICS

2035 WHITE OAK LANE

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Sunnyvale Class A Multi-Family Residential

Vacancy Rate 4.9%

Average Studio Rent $2,936

Average 1BR Rent $3,211



Average Studio Rent PSF $4.30

Average 1BR Rent PSF $3.93



Source: Costar (Q1 2020)

Santa Clara Class A Multi-Family Residential

Vacancy Rate 4.5%

Average Studio Rent $2,836




Average Studio Rent PSF $4.86




Source: Costar (Q1 2020)

Santa Clara Attached Single-Family Residential

Closed Sales 56

Average Days on Market 34

Average Price $878,067

Median Price $790,000

Median Price PSF $714

Source: Santa Clara County Association of Realtors (Q 2019)

Sunnyvale Attached Single-Family Residential

Closed Sales 57


Average Price $1,093,429

Median Price $1,084,000



Santa Clara County Attached Single-Family Residential

Closed Sales 945


Average Price $859,760

Median Price $785,000



CURRENT ZONING SUMMARY

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Zoning / Land Use

General Plan Land Use Neighborhood Commercial

Zoning Designation Neighborhood Commercial

Purpose The purpose of the Neighborhood Commercial

district is to accommodate, at convenient

locations, those limited commercial uses which

are necessary to meet basic shopping and

service needs of persons residing in surrounding

areas. The district is intended to be applied within

urban service areas to commercial areas

designated in a corresponding manner by the

applicable city general plan.

Permitted Uses Clothing stores, pharmacies, grocery stores,

delicatessens, hardware stores, liquor stores,

restaurants, bookstores, barber shops, beauty

parlors, banks, clothes cleaning, launderettes,

professional offices, nurseries and preschools,

studios and instructional facilities, massage

establishments

Site Development Standards

Minimum Lot Size 10,000 SF

Maximum Lot Size 80,000 SF

Minimum Lot Width 80 Feet

Front Yard 15 Feet

Rear Yard Abutting Residential 20 Feet

Street Side Yard 15 Feet

Side Yard Abutting Residential 10 Feet

Height Limit 35 Feet

Maximum Coverage None

Marcus & Millichap has made no investigation of the permitted or potential uses of

the subject property. Buyer is responsible for performing their own investigation

and consulting with the City of Santa Clara Community Development Department,

Planning Division, regarding potential uses of the site.

Parking Requirements

Business, Professional, Financial, Banks, Real Estate Offices 1 Per 300 SF

Retail, Shops, and Services 1 Per 200 SF

Restaurants, Bars, and Taverns 1 Per 200 SF

Nursery, Preschool 1 Per Classroom

MAJOR DEVELOPMENT PROJECTS

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MAJOR DEVELOPMENT PROJECTS

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No. Status Type Size Developer

1 Under Construction Detached Single-Family 58 Homes Trumark Homes

2 Completed Multi-Family 825 Units The Irvine Company

3 Completed Attached Single-Family 34 Homes Classic Communities

4 Under Construction Multi-Family / Single-Family 741 Units Olympic Residential Group

5 Under Construction Affordable Multi-Family 144 Units Abode Services

6 Under Construction Attached Single-Family 83 Homes Toll Brothers

7 Under Construction Attached Single-Family 988 Homes SummerHill Homes / Toll Brothers

8 Proposed Multi-Family 328 Units Westlake Urban

9 Under Construction Office 173,472 SF Bayview Development

10 Under Construction Multi-Family 520 Units Greystar

11 Under Construction Office 755,144 SF Intuitive Surgical

12 Proposed Office / R&D 1,213,000 SF Intuitive Surgical

13 Under Construction Office / R&D 172,740 SF Sares Regis / Fortinet

14 Under Construction Attached Single-Family 62 Homes Dividend Homes

15 Proposed Multi-Family 158 Units Prometheus

16 Proposed Assisted Living 90 Units Sunrise Senior Living

17 Under Construction Hotel 127 Rooms Swenson Development

18 Proposed Multi-Family / Single-Family 138 Units De Anza Properties

19 Under Construction Hotel 162 Rooms Intermountain Hotels

20 Proposed Attached Single-Family 128 Homes SummerHill Homes

21 Proposed Attached Single-Family 30 Homes 4Terra Investments

22 Under Construction Multi-Family 108 Units St Anton Communities

23 Under Construction Multi-Family 476 Units Essex Property Trust

24 Proposed Commercial 108,600 SF Essex Property Trust

25 Proposed Multi-Family 66 Units De Anza Properties

26 Proposed Attached Single-Family 48 Homes Hayden Land Company

27 Under Construction Attached Single-Family 58 Homes KB Homes

28 Proposed Affordable Multi-Family 65 Units Freebird Development Company

29 Under Construction Office 1,440,600 SF NVIDIA

30 Under Construction Office 486,074 SF The Sobrato Organization

31 Under Construction Office 230,500 SF MDY Properties

32 Under Construction Multi-Family 1,840 Units The Irvine Company

33 Completed Commercial 1,862,000 SF The Irvine Company

AREA OVERVIEW

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The subject is located in the city of Santa Clara, the ninth largest city in the San Francisco Bay

Area. As of 2019, the city had an estimated population of 128,181 residents and 48,394

households. The median income in the city of Santa Clara was estimated at $123,438 in 2019,

making it one of the most affluent cities in the region. Additionally, the city of Santa Clara has

a well-educated workforce. More than 55% of the population over the age of 25 has a

bachelor's degree or higher, compared with 27% nationally.

As with most cities in the San Francisco Bay Area, growth in the city of Santa Clara is

constrained by the lack of vacant land. New development consists primarily of redevelopment

of low density sites to higher intensity uses. The city has promoted high-density development

in certain areas through the use of specific plans. Growth in the city will be focused along El

Camino Real, near the Lawrence Caltrain station, in the Tasman East area, and in downtown.

The technology sector dominates the local economy and has been the most significant driver

of growth in the region for the past 50 years. Major employers in Santa Clara include Applied

Materials, Intel, Advanced Micro Devices, Avaya, and Catalyst Semiconductor. The city has

also been influenced by the growth of major technology firms that are headquartered in Silicon

Valley, such as Apple, Cisco, Alphabet (Google), Facebook, Hewlett-Packard, and Oracle.

Many residents of Santa Clara are employed at these firms, which are either headquartered

nearby or have large facilities that are a short commute from the city. The healthcare and

education sectors also play a major role in the economy. Santa Clara University and Kaiser

Permanente are two of the top ten employers in the city.

The city is well-connected with an extensive and adequate transportation network that

includes several freeways, expressways, public transportation, and convenient access to an

international airport. The major freeways in Santa Clara include US Highway 101, Interstate

280, and State Highway 237; these freeways all generally run in an east-west direction

through the city. Lawrence Expressway and San Tomas Expressway provide major north-

south access between these freeways and El Camino Real is the major commercial

thoroughfare that runs through the heart of the city. Santa Clara Valley Transportation

Authority provides bus and light rail service in the city and Caltrain is a commuter rail system

that provides access to communities between San Jose and San Francisco. Norman Y.

Mineta San José International Airport is located just east of the city; the airport is served by

major airlines with over 300 commercial flights daily.

2024 Projected Population 136,390

2019 Estimated Population 128,181

2010 Census Population 116,433

% Growth 2019-2024 6.4%

% Growth 2010-2019 10.1%

Median Household Income $123,438

Per Capita Income $61,819

Average Household Income $162,721

EMPLOYER # OF EMPLOYEES

Applied Materials 8,500

Intel Corporation 7,801

Advanced Micro Devices 3,000

California’s Great America 2,500

Avaya 2,000

Santa Clara University 2,000

City of Santa Clara 1,955

Kaiser Permanente 1,459

Macy’s 1,200

Catalyst Semiconductor 1,100

SANTA CLARA DEMOGRAPHICS

MAJOR EMPLOYERS

AREA DEMOGRAPHICS

2035 WHITE OAK LANE

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Source: © 2019 Experian

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2024 Projection

Total Population 41,832 253,265 563,260

▪ 2019 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Daytime Population

2019 Estimate 21,288 263,557 712,345

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2024 Projection

Total Households 16,183 97,648 219,068

▪ 2019 Estimate


Average (Mean) Household Size 2.58 2.59 2.54

▪ 2010 Census


▪ 2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2019 Estimate

$250,000 or More 13.25% 13.64% 15.28%

$200,000 - $249,999 10.01% 10.16% 10.94%

$150,000 - $199,999 16.87% 16.01% 16.40%

$125,000 - $149,999 11.36% 10.14% 9.87%

$100,000 - $124,999 11.58% 11.45% 10.63%

$75,000 - $99,999 9.34% 9.39% 8.83%

$50,000 - $74,999 9.02% 9.50% 9.25%

$35,000 - $49,999 5.95% 6.43% 6.18%

$25,000 - $34,999 4.43% 4.34% 3.91%

$15,000 - $24,999 3.49% 3.98% 3.78%

Under $15,000 4.70% 4.97% 4.93%

Average Household Income $167,348 $168,646 $176,664

Median Household Income $128,205 $124,881 $131,086

Per Capita Income $65,160 $65,186 $68,759

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population by Age

0 to 4 Years 7.52% 6.96% 6.58%

5 to 14 Years 11.25% 12.12% 11.94%

15 to 17 Years 2.55% 2.84% 3.02%

18 to 19 Years 1.47% 1.76% 2.04%

20 to 24 Years 4.69% 5.00% 5.43%

25 to 29 Years 9.02% 8.27% 8.21%

30 to 34 Years 11.64% 9.89% 9.50%

35 to 39 Years 10.15% 9.24% 8.75%

40 to 49 Years 13.95% 14.65% 14.77%

50 to 59 Years 11.60% 12.19% 12.53%

60 to 64 Years 4.71% 4.83% 4.87%

65 to 69 Years 3.54% 3.66% 3.66%

70 to 74 Years 2.89% 2.90% 2.91%

75 to 79 Years 2.02% 2.19% 2.18%

80 to 84 Years 1.43% 1.64% 1.64%

Age 85+ 1.57% 1.86% 1.97%

Median Age 35.85 36.65 36.81

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population 25+ by Education Level

2019 Estimate Population Age 25+ 28,081 169,306 377,037

Elementary (0-8) 2.76% 2.58% 2.60%

Some High School (9-11) 3.32% 3.89% 3.68%

High School Graduate (12) 12.32% 13.32% 12.21%

Some College (13-15) 14.10% 14.37% 13.92%

Associate Degree Only 6.85% 6.26% 5.89%

Bachelors Degree Only 30.06% 29.93% 30.04%

Graduate Degree 28.96% 28.47% 30.53%

AREA DEMOGRAPHICS

2035 WHITE OAK LANE

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www.MarcusMillichap.com

E X C L U S I V E LY L I S T E D B Y

Jimmy Castellanos

Associate Investments

Direct: (408) 391-1777

Cell: (408) 483-5040

Fax: (408) 391-1710

[email protected]


Joshua Johnson

Vice President Investments

Direct: (650) 391-1784

Cell: (650) 208-5282

Fax: (650) 391-1710

[email protected]


Kirk Trammell

Executive Managing Director Investments

Direct: (650) 391-1809

Cell: (650) 450-0920

Fax: (650) 391-1710

[email protected]


2035 white oak lane

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