owner/user restaurant condo for sale...metropolitan bay area and the silicon valley, palo alto is...

OWNER/USER RESTAURANT CONDO FOR SALE

JOSH SHUMSKYManaging [email protected] RE License #01883266

WAY N E K U M A G A IExecutive Managing [email protected] RE License #01136673O F F E R I N G M E M O R A N D U M

Do not disturb existing tenant. Contact brokers to schedule tour

DISCLAIMERNewmark Knight Frank (“Broker”) has been engaged as the exclusive agent for the sale of 151 S. California Avenue in Palo Alto, CA (the “Asset”). The Asset is being offered for sale in an “AS‐IS, WHERE‐IS,” condition and Property Owner (“Owner”), its employees and agents and Broker make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective investors of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of Owner. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Newmark Knight Frank as a registered prospective investor (“Prospective Investor”) or as investor’s broker (“Investor’s Broker”) for an identified Prospective Investor. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the Confidentiality Agreement for Purchasers furnished by Broker prior to delivery of this Offering Memorandum.

The enclosed materials are being provided solely to facilitate the Prospective Investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Broker or Owner or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither Broker nor Owner shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Asset. Prospective Investors are to make their own investigations, projections, and conclusions without reliance upon the material contained herein.

Owner reserves the right, at its sole and absolute discretion, to withdraw the Asset from being marketed for sale at any time and for any reason, or for no reason. Owner and Broker each expressly reserves the right, at its sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Asset and/or to terminate discussions with any entity at any time, with or without notice. This Offering Memorandum is made subject to omissions, correction of errors, change of price or other terms,prior sale, or withdrawal from the market without notice. Broker is not authorized to make any representations or agreements on behalf of Owner.

Owner shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Asset unless and until a binding written agreement for the purchase of the Asset has been fully executed, delivered, and approved by Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived.

By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Broker or Owner promptly upon request; (b) the recipient shall not contact employees or tenants of the Asset directly or indirectly regarding any aspect of the enclosed materials or the Asset without the prior written approval of Owner or Broker; (c) the recipient shall make no attempt to visit the Asset and/or grounds without the prior written approval of Owner or Broker; and (d) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Owner or Broker or as otherwise provided in the Confidentiality Agreement for Purchasers executed and delivered by the Prospective Investor to Broker.

Each Prospective Investor shall be responsible for any claims for commissions by any other broker or agent in connection with a sale of the Asset if such claims arise from acts of such Prospective Investor or its Investor’s Broker. Any Investor’s Broker must provide a registration signed by Prospective Investor acknowledging said broker/agent’s authority to act on its behalf.

If you have no interest in the Asset at this time, please return this Offering Memorandum immediately to:


WAY N E K U M A G A IExecutive Managing [email protected] RE License #01136673

THE OFFERING

Newmark Knight Frank, as exclusive advisor to Seller, is pleased to present the opportunity to acquire a rare owner user restaurant condominium at 151 S. California Avenue in Palo Alto, CA (the “Property”). This property in the heart of Palo Alto’s California Avenue is easily accessible to the affluent residential base within the immediate market and is walking distance to Caltrain.

This outstanding investment opportunity is ideal for a restauranteur or investor looking to acquire a property in the sought after Palo Alto market. For the owner user, this provides the ability to buy into a trade area that is on the national radar, with Michelin Star restaurants such as Baume (2 Star), Maum (1 Star), and Protégé (1 Star), among others.

INVESTMENT HIGHLIGHTS

Rare Owner/User Restaurant Condominium for Sale

Located on Palo Alto’s California Avenue Downtown District

Affluent Customer Base

Close to high quality dining, space is adjacent to Baume (Michelin 2 Star Restaurant)

Walking Distance to Caltrain

Proximate to Stanford University, Page Mill Rd Offices, and Dense Residential

DowntownMountain ViewSTATION

DowntownMenlo ParkSTATION

DowntownPalo AltoSTATION

Palo AltoCalifornia AveSTATION

DOWNTOWN, Palo Alto

RARE RESTAURANT CONDOMINIUM FOR SALE IN SILICON VALLEY151 S. California Ave is a ±3,500 S.F. existing restaurant space with patio. This space has signage at the corner of S. California Ave. and Park Blvd, and is directly across the street from Baume which is a Michelin 2 star restaurant. The California Avenue district is quickly becoming a foodie destination with a variety of cuisine represented. The affluent market has a focus on unique and quality culinary offerings, and provides strong support for the local restaurant scene.

PROPERTY SUMMARY

Address 151 S. California Ave. Palo Alto, CA

Neighborhood California Avenue

County Santa Clara

APN 124-37-043

Lot Size (SF) ±4,512 SF

Current Use Restaurant

Parking 3 dedicated stalls

82

SITE AERIAL - PROXIMITY TO STANFORD

C A L I F O R N I A A V E

P A R K B L V D


DOWNTOWNMOUNTAIN VIEW

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SITE AERIAL - VIEW TOWARDS GOOGLE/MOUNTAIN VIEW

DOWNTOWNPALO ALTO

STANFORDSHOPPING

CENTERPALO ALTO

HIGH SCHOOLTOWN & COUNTRY

VILLAGE



P AR

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PA

RK

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A L MA S T

SITE AERIAL - STANFORD/TOWN & COUNTRY VILLAGE/DOWNTOWN PALO ALTO

PROPERTY AERIAL - FRONT OF BUILDING

SIGNAGE AVAILABLE

CALIFORNIA AVE

PARK BLV

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CALIFORNIA AVE RESTAURANT CO-TENANCY



THE BAY AREA AT YOUR FINGERTIPS151 S. California Ave. represents a unique opportunity for a Caltrain adjacent site, serving both customers and employees. In today’s tight employment market, access to mass transit is a key differentiator when determining where an individual will want to work. With easy access to the Bay Area as a whole via Caltrain (and Bart with a transfer at Millbrae Station), this opportunity provides a clear competitive advantage when hiring new staff.

to San Francisco56 minutes35 minutes

T

Travel time via

SFO

ravel time T

MILLBRAETRANSITCENTER

/

San Francisco SOMA

Downtown San Mateo

Downtown Redwood City

Downtown Palo Alto

Downtown Mountain View

Downtown Sunnyvale

Downtown San Jose

Caltrain Travel Time: Sunnyvale - San Francsico Baby Bullet: 54 Minutes

Sunnyvale - Downtown San Jose Baby Bullet: 15 Minutes

to Downtown San Jose

SPACE PLAN

GALLERY

PARCEL MAP


ATHERTON

MENLOPARK

CAMPBELL

CUPERTINO

LOS ALTOS

LOS ALTOSHILLS

MILPITAS

MOUNTAINVIEW

PALO ALTO

SAN JOSE

SARATOGA

SUNNYVALE

SANTACLARA

ShorelinePark

237

85

85

280

280

680880

87

82

17

LOCATION MAP

CITY OF PALO ALTO INFORMATION

COLLEGE degree:

82.50%

Total Employees:

78,569

VALUE:

$2,100,000

EDUCATION

BUSINESS

MEDIan HOME VALue

No High School Diploma: 2.60%High School Graduate: 4.80%Some College, No Degree: 6.80% Bachelor’s/ Grad/ Prof Degree: 82.50%

Total Businesses: 7,734

key facts median householdincome:

$165,987Population: 66,770Median Age: 41.10

unemployment rate:

1.30% (MAY 2019)

EMPLOYMENT

The largest group

$200,000+ (41.9%)

The smallest group

≤ $25,000 (2.0%)

INDICATOR > $200,000$150,000 - $199,999$125,000 - $149,999$100,000 - $124,999$75,000 - $99,999$50,000 - $74,999$35,000 - $49,999$25,000 - $34,999$15,000 - $24,999$10,000 - $14,999< $10,000

VALUE 41.9%11.9%

6.1%6.9%8.2%8.1%4.5%3.2%3.9%2.0%3.5%

≤ $20

0,000

$150,000 -

$199,9

99

$125

,000 - $1

49,999

$100,000 -

$124

,999$7

5,000 - $99,9

99$50,000 -

$74,999

$35,000 -

$49,999

$25,000 -

$34,999$1

5,000 - $24

,999$1

0,000 - $1

4,999< $

10,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

HOUSEHOLD BY INCOME

Located 35 miles south of San Francisco and 14 miles north of San Jose, Palo Alto is a community of approximately 67,082 residents. Part of the San Francisco Metropolitan Bay Area and the Silicon Valley, Palo Alto is located within Santa Clara County and borders San Mateo County. The City’s boundaries extend from San Francisco Bay on the east to the Skyline Ridge of the coastal mountains on the west, with Menlo Park to the north and Mountain View to the south. The City encompasses an area of approximately 26 square miles, of which one-third is open space. Palo Alto is strategically located and easily accessible to major surface routes, including Interstate 280, Highway 101, Highway 84 - the Dumbarton Bridge and Highway 92 - the Hayward-San Mateo Bridge. Air transportation is easily accessible by bus, automobile or shuttle service to San Francisco, San Jose and Oakland international airports. Within the City, commuter rail transportation is conveniently located and the Palo Alto stop is one of the most used in the Caltrain system. Alternative transportation options include numerous bike paths throughout the City and an internal shuttle service is also available.

The City of Palo Alto is more than 100 years old, and is named after a majestic 1000 (not 250) year old coastal redwood tree along San Francisquito Creek, where early Spanish explorers settled. The blend of business and residential areas anchored by a vibrant downtown defines Palo Alto’s unique character. A charming mixture of old and new, Palo Alto’s tree-lined streets and historic buildings reflect its California heritage. At the same time, Palo Alto is recognized

worldwide as a leader in cutting-edge technological development. This exciting mix of tradition and innovation makes Palo Alto an extraordinary place in which to operate a business. Unique among California cities, Palo Alto is a full-service municipality that owns and operates its gas, electric, water, sewer, refuse and storm drainage services at very competitive rates for its customers.

As befits the City known as “Birthplace of the Silicon Valley,” the City has developed a 31-mile dark fiber ring for ultra-fast Internet access. Complementing its exciting and innovative business community, Palo Alto’s residents are highly educated, politically aware and culturally sophisticated. An abundance of local pride and numerous neighborhood organizations contribute to Palo Alto’s charming historic and upscale commercial and residential areas. Characteristic of Palo Alto is the care taken to protect open space and parkland. Palo Alto has a remarkable number of City-owned parks for its size (36 at last count) and nearly one-third of its 26 square miles is open space. Palo Alto’s San Francisco Bay location and natural environment offer the opportunity to enjoy bird and aquatic life in a natural habitat. Proximity to Stanford University with its cultural and educational offerings add to the vibrance, innate charm and beauty of Palo Alto.

Distinctive in every way, Palo Alto offers its business community a diverse and exciting environment in which to work and live.


ABOUT PALO ALTO

The distributor of this communication is performing acts for which a real estate license is required. The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 20-0186 • 02/20

245 Lytton Ave #150, Palo Alto, CA 94301

TRANSACTION GUILDELINES


WAY N E K U M A G A IExecutive Managing [email protected] RE License #01136673


151 S. California Ave is being offered without a list price. The bid date will be communicated to approved investors at a future date.Investors should rely on their own assumptions and base their offer and pricing on the “As-Is, Where-Is” condition of the Property and the site.

Newmark Knight Frank Capital Markets (NKF) is available to assist prospective investors with their review of the offering.Such offers should, at a minimum, include:

► Purchase price► Source of capital, both equity and debt, for the transaction► Amount of money deposits and timing► Detailed schedule of the due diligence and requisite approval process► Closing timeframe

owner/user restaurant condo for sale...metropolitan bay area and the silicon valley, palo alto is...

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