The property consists of five industrial flex buildings containing approximately 80,000 square feet on 4.1 acres. The buildings are at 929, 933 and 935 Washington Street, 1650 Industrial Road and 990 Bayport Avenue adjacent to U.S. Highway 101 in Silicon Valley, provide five grade-level loading positions and parking for 159 cars. The property is 86% leased to three tenants with 38% expiring in April 2027. The estimated stabilized cap rate is 5.7%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.

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