233 N Santa Cruz Avenue, Los Gatos, CA 95030
Commercial property
Sold January 2023
Listing Agent: David Propach (DRE #01926166) · Listing Office: But Simple, Inc. · Contact: (408) 202-7125 · Bought with: RECIP · MLS #ML81901729 · Source: CRMLS
About this commercial property
This incredibly RARE opportunity hasn't been on the market for 35 years. Long term TURNKEY cash generating asset offered at a VERY competitive 4.75% Cap Rate. 100% occupied single story medical office & retail building in the HEART of downtown Los Gatos' walkable shopping district. Comprising the ENTIRE southwest corner of North Santa Cruz and Bachman Avenues this LARGE property is surrounded by IMMENSELY popular destination shops and restaurants drawing people from ALL OVER the Silicon Valley. Grandfathered in GROUND FLOOR OFFICE SPACE (86% of building) with North Santa Cruz FRONTAGE and an UNHEARD OF 15 ON SITE parking spaces plus 7 MORE PURCHASED Los Gatos Public Parking District spaces. 4.5+ years remaining on the ABSOLUTE NNN lease of the office space. SIGNIFICANT future potential redevelopment play for these 2 adjacent parcels totaling 8,853 SF allowing over 5,300 SF total C-2 zoned building space. New owner has YEARS to BANK increasing cash flow during planning and entitlement.
Listing description from the January 2023 sale, as reported to CRMLS.
Sale history