Award Winning Trophy Asset in downtown Palo Alto

Award winning trophy asset in downtown Palo Alto

$30,000,000
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Overview & Financials

Penthouse Living + Class A Office Space in Downtown Palo Alto

 

636 Waverley Street in Palo Alto presents a rare opportunity, combining penthouse luxury living with Class A office space in the heart of downtown Palo Alto – the hub of Silicon Valley. Options are many – use the entire building as a live/work space for one owner and their business, rent part or all of the 4 levels – 2 residential and 2 Class A office floors, or use the top two penthouses as one living space and rent the commercial space. A 20-car garage, with numerous lifts, adds to the appeal for an avid car collector and/or for the commercial space.

 

The entire building is solar powered with net zero electricity, and the penthouses are wrapped with magnificent terraces presenting sweeping views in all directions. Each residence is sleek and modern with some walls in formed concrete plus entire walls of 10- or 12-foot glass that stack open without corner obstructions for truly seamless indoor/outdoor living – and a rare setting for urban entertaining. Finishes are all top-of-the-line with an open design for all public spaces and luxuriously appointed bedrooms and baths. The commercial space, with both floors currently rented by one tenant, is industrial chic with a fully open design, kitchenette, and two restrooms. The street-level space is also ideal for retail. Please inquire for the current rent roll.

 

With myriad possibilities of use, an AIA award-winning design, and a five-star location with a Walk Score of 94, this is indeed an opportunity not to be missed.

 

 

 

At a Glance

 

Fourth Floor Penthouse

●       3 bedrooms and 2-1/2 baths

●       2,591 square feet of interior space

●       837 square feet of terraces

 

 

Third-Floor Penthouse

●      2 bedrooms and 2 baths

●      1,879 square feet of interior space

●      1,949 square feet of terraces

 

Second-Floor Class A Office Space

●      Open-concept design plus 2 restrooms

●       4,051 square feet of rentable space

●       604 square foot terrace

 

Street-Level Class A Office Space

●      Open-concept commercial or retail space

●      1,123 square feet of rentable space

Garage

●      Secure indoor garage with security video

●      20 parking spaces, 19 on 5 lifts

● + 1 oversized van-accessible ADA space

 

 

General Building Features

●      10,299 total square feet (plus garage)

        o   5,477 square feet of living space

        o   4,820 square feet of commercial space

        o   3,390 square feet of outdoor terraces

●      Lot size of 5,277 square feet

●      Completed in 2017

●      Oversized, highly finished private elevator

●      Forced-air heating and air conditioning

●      Solar-powered electricity produces an annual surplus

●      All LED lighting

●      Fully sprinklered building with 24 hour fire alarm monitoring

 

 

 

Fourth-Floor Penthouse – Details

 

  • Private elevator access; 12-foot ceilings; formed concrete and smooth-finished interior walls; wood plank and natural stone tiled floors; carpeted bedrooms

  • Tremendous living and dining room area outlined entirely in 12-foot glass on two sides opening to front/side terraces; separate den/media alcove

  • All terraces have clear-glass railings for unobstructed views, fire pit and suspended heaters on front terrace, and built-in planters on rear terrace, also accessible from hallway

  • Arclinea walnut-finished kitchen cabinetry, including island, all topped in Vadara Calacatta Blanco marble-style quartz

  • Miele appliances include gas cooktop, oven, microwave, dishwasher, and built-in refrigerator

  • Primary bedroom suite, open customized closet area, and en suite bath with heated floors, curbless shower, free-standing tub, dual-sink vanity, and private bidet/commode room

  • Two bedrooms, each with direct access to a shared bath with dual-sink vanity and separate room with bidet, commode, and tub with overhead shower

  • Other features: half-bath; laundry area with Whirlpool washer/dryer; electronic blinds and operable fresh-air panels on most windows; distributed sound speakers; hallway door to rear terrace

 

Third-Floor Penthouse – Details 

 

  • Private elevator access; 10-foot ceilings; formed concrete and smooth-finished interior walls; wood plank and porcelain tiled floors; carpeted bedrooms

  • Tremendous living and dining room combination outlined entirely in 10-foot glass on two sides opening to front/side terraces; separate den/media area with side/rear terrace access

  • All terraces have clear-glass railings for unobstructed views, fire pit and suspended heaters on front terrace, and built-in planters on rear terrace, also accessible from hallway

  • Arclinea walnut-finished kitchen cabinetry, including island, all topped in Vadara Calacatta Blanco marble-style quartz

  • Miele appliances include gas cooktop, oven, microwave, dishwasher, and built-in refrigerator

  • Primary bedroom suite with rear terrace access, walk-through customized closet, and en suite bath with heated floors, curbless shower, dual-sink vanity, and free-standing tub

  • Second bedroom with direct access to dual-entry bath with tub and overhead shower

  • Other features: laundry area with Whirlpool washer/dryer; electronic blinds and operable fresh-air panels on most windows; distributed sound speakers; hallway door to rear terrace

 

 

Building Financials

Click here to Download

  RENT ROLL

 

 

Floor

Use

Tenant

RSF

Term

MonthlRent

Expenses

Comments

First & Second

Office

Sharecare Inc.

5,174

Expires 10/31/23

$45,000

NNN

Terrace – 604sf

Third Floor

Residential

Owner

1,879

None

$17,848**

 

Terrace-1,949sf

FourthFloor

Residential

Owner

2,591

None

$25,976**

 

Terrace – 837sf

Totals:

 

 

10,652*

 

$88,824

 

 

* Per building permit, total building size is 10,299 SF.  Due to measuring standards, there is an additional 353 square feet of leasable area.

** Market rent assumption

 

Click here to Download

INCOME & EXPENSES

 

INCOME

Proforma Income

Totals

Gross Potential Income

$1,065,888.00

 

Other Income (NNN expense payments by commercial tenant)

$113,138.50

 

Other Income (Electricity Rebate from solar panel production)

$600.00

 

Vacancy (3% est.)      

-$31,976.00

 

Effective Gross Income

$1,147,650.50

$1,147,650.50

EXPENSES

 

 

Current Property Taxes

$190,464.00

 

Property Insurance

$12,417.00

 

Property Management

$12,000.00

 

Gardening

$1,200.00

 

Common Area Maintenance

$4,320.00

 

Gas

$1,718.00

 

Refuse

$842.00

 

Water

$2,513.00

 

Sewer & Storm Drain

$803.00

 

TOTAL CURRENT EXPENSES

$226,277.00

$226,277.00

NET OPERATING INCOME

 

$921,373.50

Capitalization Rate based on current expenses: 3.1%

 

 

Notes:

  1. Per the commercial tenant’s triple net lease they pay 50% of expenses
  2. These rent levels and occupancies are subject to change without notice. There is no guarantee these rent levels will be achieved. When analyzing this property, the buyer should use income and expense levels that it thinks are appropriate and that will accurately reflect the manner in which it plans to operate the property.

 

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Exterior Photos

636 Waverley Street, Palo Alto

Second Floor Office Space

636 Waverley Street, Palo Alto

First Floor Office and Garage

636 Waverley Street, Palo Alto