King Street Properties Acquires Burlingame Office Building For $45.2M
SOLD
$45,200,000
California
See Similar DealsOffice300,000 SF
Sold 03/24/2022
SOLD
King Street Properties Acquires Burlingame Office Building For $45.2M
1499 Old Bayshore Highway, Burlingame, California 94010, United States
See Similar DealsOffice300,000 SF
Sold 03/24/2022
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$150
Total Square Footage:300,000 SF
Transaction Type:Sale
Located at 1499 Old Bayshore Highway in Burlingame, this office property recently changed hands in a sale transaction. The property spans over 300,000 square feet and is situated in the Burlingame market. The sale was completed on the 24th of March 2022.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $45,200,000
- Price per Square Foot: $150
King Street Properties, represented by Sonia Taneja, acted as the buyer in this transaction. They acquired the property for a total of $45,200,000. The purchase price translates to around $150 per square foot.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,410,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$160,586.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$214,271.06
Annual Debt Service$2,571,252.72
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