SBWMA to Acquire Real Property in San Carlos, CA
Belmont City Council Meeting
September 12, 2023
Current SBMWA Staff Office Overview
Located at San Carlos Library
Tenant since 2006
2,429 square feet
Monthly rent of $5,618
Lease term ends on June 30, 2024
Lease will not be renewed
Search for New Office Space
Executive Director spent 18 months searching for properties with the following criteria:
Workspace to accommodate current staff
Space for SBWMA Board and Technical Advisory Committee (TAC) meetings Easy access to parking
Located near public transit
Close proximity to Shoreway Environmental Center (SEC)
Favorable lease/purchase rates
Compliance with Title 24 and ADA requirements
Rental Property Search
Dozens of rental properties were researched and found to be unsuitable.
Cost Comparison Based on Rental Property Research
Current Office Space
Market Comparable Properties
Monthly Rent
$5,618
$10,931 - $15,789
$/Square Foot/Per Month
$2.31
$4.50 - $6.50
Purchase Property - Wheeler Plaza
1245 San Carlos Avenue, San Carlos, CA
Meets all criteria
2,841 square feet
Listed for sale at $1,988,000
Walnut St
Laurel St
San Carlos Ave
El Camino Real
Financial Analysis
Commissioned HF&H to perform cost analysis of office purchase versus lease Purchasing gives a 30-year cost savings of 25% (or $1,416,098)
Process and Decision Making—To date
Questions or Comments
Joe La Mariana
Executive Director
[email protected]
(650) 759 - 1172