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Views: 180 DOM: 415 Updated: 10.15.24 Posted: 11.02.23 Status: Active

Summary

Price $5,420,000
Built/Renov 1992
Tenant Bank of the Orient
Cap Rate 7.35%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 9,825
Lease Start 09-01-2023
#Units 8
Price/SF $551.65
Expiration 06-30-2033
Tenant Type Bank/Financial
NOI $398,364
R. Term 8.6
Ownership Fee Simple
Rent/SF $40.55
Increases 5.0%/1/yrs
Pop 5Mi 514,939
Lot/AC 2.24
Options 4/5yrs/5%
AHHI 5Mi $153,631

Lease Highlights

  • Bank of the Orient recently signed a new 8+ year lease with 4 (5-year) options to extend
  • The bank is transferring over $100M in deposits to this location from their nearby branch that will be closing
  • The lease features rare 5% annual rent increases
  • Strong intrinsic value in market where demand for real estate far exceeds supply

Location Description

This 5-unit condominium property, leased to Bank of the Orient, is prominently positioned at the junction of 9th Street and Franklin Street (6,344 VPD), and less than a quarter mile from the I-880 arterial (195,000 VPD). It is located within Pacific Renaissance Plaza, a high-end mixed-use development encompassing one and a half city blocks, featuring 250 residential condominium units, 68 prime...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Bank of the Orient
  • Guarantor:Corporate
  • Company:Orient Bancorporation
  • # Units:8
  • Stock:Private

About Tenant

Bank of the Orient (Orient Bancorporation) is a full-service community bank with international presence. They provide private and commercial banking services, primarily in the San Francisco Bay...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 47,933 280,673 527,328
2023 Total Population : 43,785 268,020 514,930
2023 Employed Civilian Pop : 24,358 153,336 283,288
2023 Total Businesses : 5,860 15,776 26,108
2023 Average Household Income : $ 119,259 $ 144,363 $ 153,631
2023 Total Consumer Spending : $ 2274 M $ 14232 M $ 27269 M
2023 Median Age : 42 40 38
2023 Total Households : 21,962 115,158 207,872
2023 Pop Age 25+: Bachelor's Degree : 12,053 68,247 121,186
2023 Average Home Value : $ 830,430 $ 1,175,438 $ 1,239,344
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Franklin St 11th St 2005 6,344 0.04 mi
Webster St 10th St 2012 8,160 0.05 mi
10th St Webster St 2005 1,387 0.06 mi
11th St Webster St 2012 7,210 0.07 mi
Franklin St 9th St 2005 5,461 0.07 mi
10th St Harrison St 2006 18,900 0.07 mi
Webster St 9th St 2011 10,690 0.07 mi
8th St Webster St 2011 7,310 0.09 mi
11th St Franklin St 2005 5,311 0.09 mi
Franklin St 11th St 2012 5,420 0.10 mi

Listing Broker

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