for sale $2,675,000€¦ · statistics price $2,675,000 ($65/sf) uilding size ±41,064 sf on 5...

42 N. SUTTER STREET

Stockton, California

FOR SALE $2,675,000

ELKS BUILDING Great investment opportunity in Down-

town Stockton’s emerging market!

This five-story mixed-use building is

four floors of office space above

ground-level retail.

The Elks Building sits on a busy down-

town corner across from the RTD bus

terminal, and surrounded by govern-

ment offices.

Many new development projects in the

works for adjacent blocks.

The Elks Building is 85% full; most rents

are currently below market. Lots of op-

portunity to increase income.

Call for more information about the

building, or the Stockton market.

www.cortco.com

Mahala Burns, Broker

Cort Companies

BRE# 01082668

(209) 235-5231

Edward Schmidt

Schmidt Property Group

BRE # 00884433

(415) 673-0218

[email protected]

Statistics

Price $2,675,000 ($65/SF)

Building Size ±41,064 SF on 5 floors

Lot Size 10,018 SF

APN 149-170-01

Zoning CD (Commercial Downtown)

42 N. SUTTER STREET


The Elks Building is located in the heart of the Downtown Stockton business district. The downtown is going through massive expansion efforts from both public and private sectors. As rents increase in the downtown, there is tremendous upside potential for this 41,064 SF building, priced well below replacement cost at $65/SF.

42 N. SUTTER STREET


42 N. SUTTER STREET


All information contained herein is deemed reliable, but has not been verified in any way by Brokers. Brokers make no representation or

warranty, express or implied, about the accuracy or completeness of any information provided. Buyer shall perform its own due diligence

and verify all information before purchasing.

ELKS

42 N. SUTTER STREET


Building Highlights

• Renovated mixed-use office and

retail building

• Desirable location on a busy

downtown corner

• Secure code access in Lobby

• ADA accessible entry

• Adjacent to City parking lots

• Surrounded by RTD bus hub, City

and County offices, and new Su-

perior Courthouse

• Interior courtyard for events and

office lunch gatherings

• 60+ restaurants in walking dis-

tance

• Easy Crosstown Freeway access to

I-5 and 99

42 N. SUTTER STREET


125 BRIDGE PLACE


CURRENT SCHEDULED INCOME

Base Rent 258,344.00

Reimbursements

HVAC 623.56

Utilities 51,477.46

Water & Sewer 544.42

TOTAL INCOME 310,989.44

TOTAL DIRECT EXPENSES 130,912.05

Net Operating Income (NOI) 180,077.39

Current CAP Rate 6.5%

CURRENT ESTIMATED EXPENSES

Property Taxes 18,000.00

Supplemental Property Taxes 20,006.18

Insurance 6,523.14

Janitorial Service and Supplies 6,377.00

Trash 2,701.44

Repairs and Maintenance 2,664.00

AT&T 1,680.00

Utilities (PG&E, Water, Sewer) 57,278.65

Elevator 8,004.47

Security 1,956.98

Building Super 5,720.19

TOTAL DIRECT EXPENSES 130,912.05

42 N. SUTTER STREET


125 BRIDGE PLACE


PROJECTED INCOME

Base Rent ($1.25 for GF, $.85/sf for offices) 441,051.60

Vacancy Factor (Estimated at 10%) (44,105.16)

Reimbursements

HVAC 623.56

Gas & Electricity 51,477.46

Water & Sewer 544.42

TOTAL PROJECTED INCOME 449,591.88

TOTAL PROJECTED DIRECT EXPENSES 167,023.65

Projected Net Operating Income (NOI) 282,568.23

Projected CAP Rate 10.56%

PROJECTED EXPENSES

Estimated Property Taxes 26,750.00

Supplemental Property Taxes 20,006.18

Insurance 6,523.14

Janitorial Service and Supplies 6,377.00

Trash 2,701.44

Repairs and Maintenance/Personnel 2,664.00

AT&T 1,680.00

Utilities (PG&E, Water, Sewer) 68,040.00

Elevator 8,004.47

Management fees (3% of total income) 14,320.44

Security 1,956.98

Building Super 8,000.00

TOTAL PROJECTED DIRECT EXPENSES 167,023.65

42 N. SUTTER STREET


42 N. SUTTER STREET


42 N. SUTTER STREET


The CAL-40 residential project was completed in July of

2016, one block east of the Elks Building. Two historic

buildings were joined and renovated into 40 modern apart-

ments; all apartments were filled within the first week.

After two decades of planning and design, the new

San Joaquin County Courthouse opened to the public

in August 2017.

Located one block west of the Elks Building, this 13-

story building with its surrounding artwork, fountain

and landscaping is a jewel, and is effectively a $300

million tenant improvement for the downtown busi-

ness community.

42 N. SUTTER STREET


Stockton has many things to be proud of, from its inventory

of historic downtown buildings to its sparkling waterfront.

Stockton has been home to the University of the Pacific since

1924. Stable neighborhoods of Victorian and Craftsman

homes and the charming Miracle Mile shopping center

The Gold Rush turned

Stockton into a supply

and transportation hub,

and began its transfor-

mation into a major

industrial center. Its

central location, deep

water port, and regional

airport provide easy access to the Bay Area and beyond.

With a population of over

300,000, Stockton is the 13th

largest city in California.

Stockton is the county seat of

San Joaquin County, with over

685,000 residents.

Downtown Stockton is undergoing a tremendous revitalization and its successes include a

baseball stadium, sports arena, waterfront hotel, civic marina and promenade, the Bob Hope

Theater and the 16-screen Cineplex and plaza. The Port of Stockton is the largest inland port in

California, and has a Foreign Trade Zone designation, deep water channel and 1,000 miles of

waterways. High prices in San Francisco and the Bay Area are creating a new migration of eco-

nomic refugees who are relocating to Stockton for its affordable real estate and relaxed life-

style. Museums, theaters, symphony, wine-tasting, and diverse cultures add to its charm.

S TO C K TO N , C A L I F O R N I A

for sale $2,675,000€¦ · statistics price $2,675,000 ($65/sf) uilding size ±41,064 sf on 5...

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