1099 Foster Sq Ln Foster City, CA 94404

Property Details for 1099 Foster Sq Ln

Year built

2017

Lot size

1.65 lot acres

Property size

28,182 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Exceptional investment opportunity in Foster City, CA, presenting a stabilized, multi-tenant retail property encompassing 28,182 square feet across two single-story buildings constructed in 2017. This property, situated on a 1.65-acre lot, boasts a diverse tenant mix of 13 businesses, including prominent names like Starbucks, USPS, and India Cash & Carry. The property benefits from a strong average household income exceeding $240,000 within a one-mile radius, reflecting a highly affluent and desirable community. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $1,461,021, with a pro-forma NOI projected at $1,634,420. The asking price is $22,580,000, representing a current cap rate of 6.47% and a pro-forma cap rate of 7.24%. The property is zoned as PD - Planned Development District and features dedicated parking. The weighted average lease term (WALT) is 6.4 years, with no scheduled rollover until 2027. This offering includes a condominium interest and an additional 1,140 square foot development parcel. Suites range in size from 846 to 4,737 square feet, and the tenant base is comprised primarily of food and service-oriented businesses, minimizing the risk of tenant downsizing. The property's location within the highly sought-after Foster City market, known for its difficult-to-develop land, further enhances its investment appeal. The property's address is 1099 Foster Square Ln, Foster City, CA 94404. APN: 104-990-020, 104-960-020.

Location Insight

City

Foster City

County

San Mateo

State

California

Longitude

-122.268

Latitude

37.5592