3000 T Street

Description

3000 T Street is an approx. 7,880 SF two-story office building situated at the corner of 30th and T Streets, just adjacent to the Business 80 on/off ramps. The building is comprised of ten small office suites ranging from 300-1,800 SF. The property is currently 55% leased to six month-to-month tenants paying an average rent of $1.16 PSF fully serviced, which is about $.50 PSF less than market rent for comparable office space. The property is a true value-add office investment whereby rents and occupancy can be increased with cosmetic improvements and active leasing strategies. The property can also accommodate an owner-user in all or a portion of the building upon closing. The building is situated on a 12,800 SF lot that extends from T Street to Tomato Alley with 160 feet of frontage along 30th Street. The proposed 2040 General Plan would change underlying zoning to Residential Mixed Use with a FAR of 4.0, which would allow a 52,000 SF building on the site. Therefore, the property is also a unique covered land play whereby carry costs are offset by the existing office building rent until construction and debt costs will allow a new development on the entire site. Priced at $1,275,000 which is $161 PSF on the building and $99 PSF on the land