17
914 WEST GRAND AVENUE, OAKLAND, CA 94607 CONFIDENTIAL OFFERING MEMORANDUM
914 WEST GRAND AVENUE, OAKLAND, CA 94607
CONFIDENTIAL OFFERING MEMORANDUM
New Eagle Real Estate Group, Inc. is pleased to present an urban infilled
development opportunity for a property located at 914 West Grand Avenue, Oakland California. The subject property is a
0.89 acre residential and commercial mixed-use development site (the “property”, “site” or “914 West Grand”). This is an
exceptional development opportunity for a fully-entitled, 115 residential condominium units with over 5,000 sq. ft. of
commercial space. “914 West Grand” is situated within the West Oakland Specific Plan area and just a mile away from both
the 19th
Street and West Oakland BART stations. Its proximity to various public transportations and the employment centers
of San Francisco makes it an ideal home for bay area residents. The property is perfectly situated to reap the benefits as
Oakland fulfills its promise as the “Brooklyn of Bay Area ”.
Oakland is the largest city and the county seat for Alameda County, California. It’s the epicenter of the Bay Area with
access to public transportation systems that can reach employment centers from San Francisco to San Jose, Berkeley,
Pleasanton and Walnut Creek. Along with its proximity to excellent public transportation systems, there is also immediate
access to 80, 880, 580, and 24 freeways, and — making “914 West Grand” an ideal location for residents to commute to
work.
Over the last few of years, several iconic companies have moved into Oakland from San Francisco: Worker’s Compensation
Insurance Rating Bureau of California, Brown & Toland, California Institute of Regenerative Medicine; Square, Inc., Fluid
Technology, and The Sierra Club (after 124 years in San Francisco, occupying more than 600,000 square feet of office
space with thousands of employees.
The creative nature of this development opportunity is well positioned in today’s market to take advantage of the tremendous housing demand in the bay area
EXECUTIVE SUMMARY
EMPLOYMENT OUTLOOK
The unemployment rate in California's East Bay remains near record lows, measuring 3% in the most recent data available. Preliminary reports for August show the metropolitan area adding 1,200 jobs. Year-over-year gains are around 1.8%, following July’s pace of 2% year-over-year growth, both of which are the strongest since late 2018.
The strongest nominal gains continue to be in the professional and business services sector, which added almost 10,000 jobs over the past 12 months, a gain of more than 5%. Traditional office users continue to be priced out of San Francisco and San Jose can find rent relief in the East Bay’s office market, helping to drive job growth in the sector.
Education and health services has been another source of strength, adding 7,300 jobs over the past year, a gain of nearly 3.8%. The strongest sector in terms of percentage gains has been construction, climbing over 7.5% in the past year by adding 5,800 new jobs. A significant build up in construction activity around the area has continued to push job growth within the sector. Construction employment growth may slow, as the number of construction starts have tapered off over the past year.
While the three previously mentioned sectors have been the East Bay’s strongest performers, gains have been relatively broad-based. Financial activities, government, trade and leisure and hospitality have all added jobs to the East Bay economy. The East Bay is less tech dependent than the rest of the Bay Area, allowing for gains across a wider spectrum of industries. (Source: COSTAR | SEPTEMBER 25, 2019)
“The East Bay is less tech dependent
than the rest of the Bay Area,
allowing for gains across a wider
spectrum of industries.”
Kaiser Permanente, Sutter Health alone employ roughly 20,000 jobs.
Square, Inc. has recently leased the entire office space in the Iconic Uptown Station Building which can accommodate 2000 employees, with the plan to bring an initial 1000 employees.
The Bay Area gained 100,900 jobs from May 2018 – May 2019 and 10,300 jobs during May 2019 alone – accounting for 53 percent of the jobs added statewide. (Mercury News). And between July 2019 and August 2019, the total number of jobs in the East Bay counties of Alameda and Contra Costa increased by 1,200 jobs to total 1,202,500. (State of California
September 20, 2019 EMPLOYMENT DEVELOPMENT).
THE SITE 914 West Grand Avenue: is prominently situated at the block of West Grand Avenue –
a location proximate to various demand drivers and transportation options in the area.
GROWTH MAP OF DOWNTOWN
Orange buildings - under construction
West Oakland
THE RENDERING
THE RENDERING
THE RENDERING
GROUND FLOOR
LEVEL 2
LEVEL 3 — 6
THE SITE
The site of City Venture development as of Jan 6, 2018
The site of City Venture development as of Feb 13, 2018
The site of City Venture development as of Apr 14, 2018
Comparables
630 Thomas L Berkley Way, Oakland, CA - Built 2009
Apt 601 873” 1 Bed / 1 Bath Sold: $660,000.00 on May 1, 2017 Listed: Off Market
Apt 518 1,168” 2 Bed / 2 Bath Sold: $760,000.00 on Jun 15, 2017 Sold: 16 days
Apt 818 1,164” 2 Bed / 2 Bath Sold: $950,000.00 on Feb 22, 2018 Listed: Off Market
Apt 710 1,435” 2 Bed / 2 Bath Sold: $875,000.00 on Mar 4, 2018 Listed: Off Market
Apt 712 1,435” 3 Bed / 2 Bath Sold: $1,150,000.00 on Oct 30, 2018 Listed: 9 days
Apt 714 1,419” 3 Bed / 2 Bath Sold: $1,139,000.00 on Nov 21, 2018 Listed: 2 days
Comparables
438 W. Grand Avenue, Oakland, CA - Built 2008
Apt 610 802” 1 Bed / 1 Bath Sold: $715,000.00 on Jan 4, 2019 Listed: 5 days
Apt 439 1,563” 2 Bed / 2 Bath Sold: $950,000.00 on Oct 12, 2017 Listed: 5 days
Apt 401 1,629” 2 Bed / 2 Bath Sold: $968,000.00 on Dec 14, 2018 Listed: 3 days
Apt 435 1,431” 2 Bed / 2 Bath Sold: $1,000,000.00 on May 4, 2018 Listed: 13 days
Apt 405 2,178” 3 Bed / 3 Bath Sold: $1,100,000.00 on May 24, 2016 Listed: 13 days
Apt 406 2,133” 3 Bed / 3 Bath Sold: $1,225,000.00 on Mar 28, 2019 Listed: 7 days
Information here has been secured from sources believed to be reliable but has not been
independently verified for accuracy or completeness. It is recommended you do your own due
diligence to verify source and accuracy prior to consummating any transaction.
New Eagle Real Estate Group, Inc.
5841 Geary Blvd. #200 San Francisco, CA 94121
WWW.NEWEAGELREG.COM — DRE: 02008542
CONFIDENTIAL OFFERING MEMORANDUM
Charlie Van
415.861.9068
DRE # 01494125
Mike Onufer
415.517.3599
DRE # 01755437
Certified Real Estate Investment Planning Specialist
National Commercial Real Estate Advisor
