CC 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; [email protected]; 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 Opportunity | 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 Opportunity, 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 attic which is currently
being used for storage. The property is
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
Freestanding Office | Owner User Opportunity | 21801 Stevens Creek Blvd 8,616 SF | 47% Leased | Office Building | Cupertino, CA | $6,950,000 ($807/SF) Print Help
PROPERTY FACTS
Sale Type Investment or Owner User
Property Type Office
Property 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
Opportunity Zone No
demographics with household incomes in excess
of $200,107 in a 1-mile radius
ATTACHMENTS
OM (21801 Stevens Creek Blvd, Cupertino)
Freestanding Office | Owner User Opportunity | 21801 Stevens Creek Blvd 8,616 SF | 47% Leased | Office Building | Cupertino, CA | $6,950,000 ($807/SF) Print Help
TRANSPORTATION
COMMUTER RAIL
COMMUTERRAIL
WALK SCORE ®
Very Walkable (72)
BIKE SCORE ®
Very Bikeable (73)
Map data ©2022 Google
Aerial
Freestanding Office | Owner User Opportunity | 21801 Stevens Creek Blvd 8,616 SF | 47% Leased | Office Building | Cupertino, CA | $6,950,000 ($807/SF) Print Help
YOU MAY ALSO LIKE
COMMUTER RAIL
AIRPORT
PROPERTY TAXES
Sunnyvale Commuter Rail (Caltrain) 13 min drive 5.4 mi
Lawrence Commuter Rail (Caltrain) 15 min drive 8.3 mi
San José International Airport 19 min drive 10.1 mi
San Francisco International Airport 40 min drive 30.8 mi Oakland International Airport 52 min drive 39.5 mi
Parcel
Number 326-19-119 Improvements
Assessment $938,557
Land
Assessment $1,483,606 Total Assessment $2,422,163
Freestanding Office | Owner User Opportunity | 21801 Stevens Creek Blvd 8,616 SF | 47% Leased | Office Building | Cupertino, 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
[email protected]
JEREMY AWDISHO
Vice President
+1 650 814 4510
[email protected]
21801 Stevens Creek Blvd, Cupertino
TABLE OF CONTENTS
21801 Stevens Creek
Blvd
Cupertino, CA
DAVID TAXIN
Partner
+1 408 966 5919
[email protected]
Lic. 00983163
INVESTMENT ADVISORS
JEREMY AWDISHO
Vice President
+1 650 814 4510
[email protected]
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 Property
Included 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
[email protected]
Lic. 00983163
INVESTMENT ADVISORS
JEREMY AWDISHO
Vice President
+1 650 814 4510
[email protected]
Lic. 02064232
21801 Stevens Creek Blvd
Cupertino, CA
From: Tessa Parish
To: City Clerk; City Council; HousingCommission
Subject: 21801 Steven’s Creek Blvd possible acquisition Date: Thursday, August 25, 2022 5:48:52 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.
Honorable mayor and Council, today I am writing in support of possible acquisition of the property located at 21801 Stevens Creek Blvd. I would love to see Cupertino at the forefront of affordable housing innovating ideas.
Thank you,
Tessa
--
Tessa Parish
DRE#01158499
RHM Realty
www.ParishRealEstateGroup.com
408.396.8377
From: Liana Crabtree
To: City Council
Subject: written communication, 8/24/2022 Council Meeting, Agenda Item 1, "Consider the appointment of negotiators for the acquisition of real property located at 21801 Stevens Creek Boulevard, Cupertino" Date: Wednesday, August 24, 2022 4:14:40 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.
Honorable Mayor Paul, Vice Mayor Chao, Council Members Moore, Wei, and Willey:
Please include my letter as written communication for the 8/24/2022 City Council meeting, Agenda Item 1, "Consider the appointment of negotiators for the acquisition of real property located at 21801 Stevens Creek Boulevard, Cupertino".
I am writing in SUPPORT of the recommended action: Consider the appointment of Public Works Director Matt Morley and City Attorney Christopher D. Jensen as negotiators for the acquisition of the real property located at 21801 Stevens Creek Boulevard, and authorize the negotiators to negotiate with property owner ETNB Holding Co. LLC.
I hope the City will consider purchasing the real property located at 21801 Stevens Creek Boulevard for the purpose of acquiring the land for use for affordable housing, especially as subsidized housing where the City retains title to the land and a non- profit developer builds for-sale homes for people with low or moderate income or for- rent homes for people with intellectual disabilities and very low or extremely low income. To ensure that retail remains viable in the area, please consider retaining ground floor retail uses at the property.
To encourage the addition of more affordable housing located west of HWY 85, I hope the City will also consider advocating in favor more frequent service and longer service hours of VTA Route 51, which runs from Moffet Field/Ames Center to West Valley College. Route 51 traverses Cupertino by way of Foothill Blvd - Stevens Creek Blvd - De Anza Blvd to connect Cupertino residents to destinations in Mountain View, Los Altos, Saratoga, and West San José. Currently, The schedule for Route 51 is extremely limited, running once an hour Monday thru Friday only from approximately 7 am to 6 pm.
Sincerely,
Liana Crabtree
Cupertino resident