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CC 08-25-2022 Item No. 1. 21801 Stevens Creek Blvd._Written CommunicationsCC 08-25-2022 Item No. 1 21801 Stevens Creek Boulevard Written Communications From:Lisa Warren To:Darcy Paul; Liang Chao; Hung Wei; Jon Robert Willey; Kitty Moore; Christopher Jensen; Matt Morley Cc:HousingCommission; Pamela Wu; pamw@cupertino.org; Kerri Heusler; City Clerk Subject:City Council Special Meeting of August 25, 2022 Item 1 land acquisition Date:Wednesday, August 24, 2022 6:05:31 PM CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. In recent months, a thoughtful Cupertino resident brought a few others together to discuss the possibility and strategy of having the City be pro- active in looking for a site that is well suited for housing that would be 100% affordable, and purchase land for that very purpose. As we so often see, cities cannot force developers to ‘produce’ on their parcels. I have been periodically searching for good opportunities for sites that may be a suitable fit for this resident’s vision. I saw the listing at 21801 Stevens Creek Boulevard, which includes the nearby parking area, and I believe it to be a good candidate. I spoke to Mayor Paul about this specific property and what I see as a potentially great site for the city to own, and to partner with an affordable housing group who would assist in developing it appropriately. I very much appreciate Mayor Paul bringing it forward, and for recognizing the urgency. I think that this Council can continue the great work it is doing thinking through the big issues and addressing real problems honestly and effectively by doing what can be done to purchase this property. Although it is not clear on the August 25th agenda, I understand that the city has no intention to mask the idea that this is for potential affordable housing. In a recent conversation with Mayor Paul, he indicated to me that he confirmed that he can legally and publicly say that this is for considering affordable housing. It would be great if this council could get behind the idea of using existing funds and resources to support much needed affordable housing. My hope is that these negotiations are approved, go well, and the City will take the next step to invite appropriate entities to make a positive difference. Repurposing the existing building would be my preference if it is at all possible. This could save ‘land fill’ and, potentially, time so that homes of this type would be available sooner rather than later, and not dependent on a ‘for profit developer’. Thank you all. Lisa Warren INVESTMENT HIGHLIGHTS Rare Owner User Oppor tunity | Entire 2nd Floor can be made available for an Owner User 12 units ranging from 300 SF – 942 SF | Average unit size of 527 SF Includes a separate 4,370 SF lot with 8 parking spaces on Mann Drive | Total of 30 parking spaces Sellers are currently occupying the 2nd floor for their Tutoring Service "Creekside Enrichment" Fully Sprinklered Extremely strong demographics with household incomes in excess of $200,107 in a 1-mile radius EXECUTIVE SUMMARY Rare Owner User Oppor tunity, the entire 2nd story can be made available for an Owner User. Sellers are currently using the 2nd floor for their Tutoring Service “Creekside Enrichment ”, which specializes in tutoring High School and Middle School students. 12 units ranging from 300 SF – 942 SF, average unit size of 527 SF. The entire 1st floor is 100% leased with an average gross rent of $3.60 SF. Includes a separate 4,370 SF lot with 8 parking spaces on Mann Drive | Total of 29 parking spaces. The building is fully sprinklered and also includes a full at tic which is currently being used for storage. The proper ty is strategically positioned on the corner of Stevens Creek Blvd & Mann Drive. Easy access to Highway 85 and Highway 280. The proper ty is in one of the highest barrier to entr y markets in the Silicon Valley. Ex tremely strong  Freestanding Office | Owner User Oppor tunity | 21801 Stevens Creek Blvd 8,616 SF | 47% Leased | Of fice Building | Cuper tino, CA | $6,950,000 ($807/SF)  Print Help PROPERT Y FACTS Sale Type Investment or Owner User Proper ty Type Office Proper ty Subtype Medical Building Size 8,616 SF Building Class B Year Built 1981 Price $6,950,000 Price Per SF $807 Percent Leased 47% Tenancy Multiple Building Height 2 Stories Typical Floor Size 4,308 SF Slab To Slab 8’ Building FAR 0.59 Land Acres 0.33 AC Oppor tunity Zone No demographics with household incomes in excess of $200,107 in a 1-mile radius AT TACHMENTS OM (21801 Stevens Creek Blvd, Cuper tino)   Freestanding Office | Owner User Oppor tunity | 21801 Stevens Creek Blvd 8,616 SF | 47% Leased | Of fice Building | Cuper tino, CA | $6,950,000 ($807/SF)  Print Help TRANSPORTATION COMMUTER R AIL COMMUTER R AIL WALK SCORE ® Very Walkable (72) BIKE SCORE ® Ver y Bikeable (73)   Map data ©2022 Google   Aerial   Freestanding Office | Owner User Oppor tunity | 21801 Stevens Creek Blvd 8,616 SF | 47% Leased | Of fice Building | Cuper tino, CA | $6,950,000 ($807/SF)  Print Help YOU MAY ALSO LIKE COMMUTER R AIL AIRPORT PROPERT Y TAXES  Sunny vale Commuter Rail (Caltrain)13 min drive 5.4 mi Lawrence Commuter Rail (Caltrain)15 min drive 8.3 mi San José International Airpor t 19 min drive 10.1 mi San Francisco International Airpor t 40 min drive 30.8 mi Oakland International Airpor t 52 min drive 39.5 mi Parcel Number 326-19-1 19 Improvements Assessment $938,557 Land Assessment $1,483,606 Total Assessment $2,422,163  Freestanding Office | Owner User Oppor tunity | 21801 Stevens Creek Blvd 8,616 SF | 47% Leased | Of fice Building | Cuper tino, CA | $6,950,000 ($807/SF)  Print Help COVER 8,616 SF 2 Story Multi-Tenant Office Building For Sale Rare Owner User Opportunity DAVID TAXIN Partner +1 408 966 5919 dtaxin@moinc.net JEREMY AWDISHO Vice President +1 650 814 4510 jeremy@moinc.net 21801 Stevens Creek Blvd, Cupertino TABLE OF CONTENTS 21801 Stevens Creek Blvd Cupertino, CA DAVID TAXIN Partner +1 408 966 5919 dtaxin@moinc.net Lic. 00983163 INVESTMENT ADVISORS JEREMY AWDISHO Vice President +1 650 814 4510 jeremy@moinc.net Lic. 02064232 PG 3: INVESTMENT OVERVIEW PG4: INVESTMENT HIGHLIGHTS PG 5: EXTERIOR PHOTOS PG 6: INTERIOR PHOTOS PG 7-8: AERIAL PHOTO PG 9: DEMOGRAPHICS INVESTMENT OVERVIEW OFFERING PRICE: $6,950,000 BUILDING AREA: 8,616 Square Feet PARCEL NUMBER (APN): 326-19-119 & 326-19-120 LAND AREA: 0.43 Acres | 18,860 Square Feet ZONING:Planned Development “P”(CN,ML,RES 4-12)SPECIFIC PLAN: Monta Vista Specific Plan INVESTMENT HIGHLIGHTS Rare Owner User Opportunity Entire 2nd story can be made available for an Owner User •Sellers are using the 2nd floor for their Tutoring Service “Creekside Enrichment”, which specializes in tutoring High School and Middle School students •The entire 2nd floor can be made available for an Owner User •12 units ranging from 300 SF –942 SF, average unit size of 527 SF •The entire 1st floor is 100% leased with an average gross rent of $3.60 SF •Includes a separate 4,370 SF lot with 8 parking spaces on Mann Drive | Total of 30 parking spaces •Building is fully sprinklered •Full attic used for storage Strategically Positioned on the Corner of Stevens Creek Blvd &Mann Drive •Easy access to Highway 85 and Highway 280 •The property is in one of the highest barrier to entry markets in the Silicon Valley. Extremely strong demographics with household incomes in excess of $200,107 in a 1-mile radius PHOTOS PHOTOS AERIAL AERIAL Subject PropertyIncluded Parking Lot Stevens Creek Blvd DEMOGRAPHICS 2022 SUMMARY 1-MILE 5-MILE 10-MILE Population 16,796 379,541 1,031,716 Households 5,801 141,090 389,905 Average Household Size 2.9 2.7 2.6 Owner Occupied Housing Units 3,533 75,227 199,164 Renter Occupied Housing Units 2,102 63,834 186,815 Median Age 41.7 40.2 39.3 Median Household Income $193,268 $170,336 $148,509 Average Household Income $200,107 $187,953 $172,449 DAVID TAXIN Partner +1 408 966 5919 dtaxin@moinc.net Lic. 00983163 INVESTMENT ADVISORS JEREMY AWDISHO Vice President +1 650 814 4510 jeremy@moinc.net Lic. 02064232 21801 Stevens Creek Blvd Cupertino, CA