SummerHill Homes Acquires Office In Palo Alto, CA For $27.5M
SOLD
$27,500,000
California
See Similar DealsOffice32,400 SF
Sold 10/25/2022
SOLD
SummerHill Homes Acquires Office In Palo Alto, CA For $27.5M
2850 West Bayshore Road, Palo Alto, California 94303, United States
See Similar DealsOffice32,400 SF
Sold 10/25/2022
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$848
Total Square Footage:32,400 SF
Transaction Type:Sale
The office property located at 2850 West Bayshore Road in Palo Alto, CA has been sold for a total price of $27,500,000. The transaction took place on October 25, 2022, and the property encompasses 2.4 acres.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $27,500,000
- Address: 2850 West Bayshore Road, Palo Alto, CA
- Market: Palo Alto, CA
- Asset Size: 2.4 acres
The buyer of the property is SummerHill Homes, represented by Robert Freed. Comerica Bank provided the loan for the transaction. The office space has a total size of 32,400 square feet, resulting in a price per square foot of $849.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,466,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$97,701.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$130,364.03
Annual Debt Service$1,564,368.36
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