Description

5859 Foothill Blvd is a retail center for sale at 5859 Foothill Boulevard in Oakland, CA. Built in 2018, the Property has 26,842 SF of gross leasable area, with 14,250 SF of former Walgreens space on offer for lease or an owner-user.

The center occupies 1.69 acres at the signalized corner of Foothill Boulevard and Seminary Avenue. Frontage on those streets and Bancroft Avenue gives retailers multiple approaches to the Property, while 72 parking spaces serve customers across the tenant mix. Current occupants include It’s A Grind/Pizza Factory, Metro by T-Mobile, Taj Alyemen, Mother’s Choice Nutrition, Total Wireless and a Bank of America ATM. An on-site Oakland Police Department substation adds a visible civic presence. CN-3 zoning and the former Walgreens space make the lease-up a central part of the buyer’s plan.

The intersection places the center within a trade area of over 47,500 residents within 1-mile. Northeastern University’s Oakland campus is 1 mile away, and I-580 is 2.5 miles from the Property. The former Walgreens space gives a buyer a substantial retail format in an area where the nearest national grocer is approximately 1.9 miles away. That combination of neighborhood access, existing tenants and unleased space defines the opportunity more clearly than a fully occupied center would.

The asking price is $4,750,000, or $176 PSF. At 47% occupancy, the Property generates $273,060 in NOI at a 5.75% cap rate; stabilized figures are $581,840 in NOI and a 10.75% cap rate. The sale is of the leasehold interest under a City of Oakland ground lease running through December 2082, with two options to purchase the land. For an investor or owner-user, the decision centers on the former Walgreens space and the ground lease structure.