For Sale
$16,000,000

4637 Chabot DrPleasanton, CA 94588

74,508 SF Medical Office Building, Pleasanton

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional three-story, 74,508 square foot medical office building in Pleasanton, California, presents a compelling investment opportunity. Located at 4637 Chabot Dr, 94588, in Alameda County, this 21-suite property boasts a strong 87.5% occupancy rate, recently bolstered by a significant lease in Q3 2024. The building, constructed in 1984 with a steel frame, features a current cap rate of 7.13%, projected to reach 7.85% within the next year based on existing contracts. Significant recent improvements include new AC compressors and boilers, along with approximately $5 million in tenant improvements over the past five years, including a $2 million upgrade to suite #200, which was recognized as a CoStar deal of the third quarter in 2022. The majority of the remaining vacant space is market-ready, with the largest suite already benefiting from a substantial $2 million tenant improvement package. Three new leases were signed in the second quarter of 2023. The property sits on a 4.03-acre lot and enjoys a convenient location, within walking distance of the Gateway Shopping Center and its numerous restaurants. The asking price is $16,000,000.

Highlights

  • Largest ground floor vacancy leased Q3 2024, increasing occupancy to 87.5%.
  • Year 2 projected cap rate of 7.85% based on existing contracts.
  • 21-suite, 3-story medical office building with steel frame construction.
  • Three new leases signed in Q2 2023.
  • Convenient location, walkable to Gateway Shopping Center with numerous restaurants.
  • Recently installed new AC compressors and boilers.

Property Details for 4637 Chabot Dr

Property type
Office properties, Medical offices
Square Feet
74,508 SF
Year Built
1984
Stories
3
Lot Size (sq. ft)
175,547 SF

Location Insight

City
Pleasanton
County
Alameda
State
California
Latitude
37.6924388
Longitude
-121.9006395
4637 Chabot Dr, Pleasanton, California

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4637 Chabot Dr
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