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One Medical to be purchased by Amazon 329 Primrose Rd

8,877 SF 100% Leased Retail Building Burlingame, CA 94010 $11,200,000 ($1,262/SF) 4.89% Cap Rate

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Investment Highlights

Amazon to acquire One Medical (NASDAQ: ONEM) for $3.9 billion.
USPS exercised its second 5-Year option, $5.26/SF NNN commenced on January 1st, 2020.

One Medical exercised its first 5-Year option, $4.989/SF NNN commencing October 1st, 2022.

Executive Summary

The subject property, 329 Primrose Road, is 100% occupied by One Medical on the top floor and the United States Postal Service (USPS) on the ground floor. The property is 8,877 SF building on a 5,250 SF parcel. The property is directly south of Highway 101, located half a block from Burlingame Avenue in Downtown Burlingame, with easy access to public transportation.
USPS has been a tenant since 2014 and exercised its second of three 5-year options commencing on January 1st, 2020. USPS is currently paying $5.26/SF NNN.
One Medical has been a tenant since 2012 and exercised its first 5-year option commencing on October 1st, 2022. One Medical’s rent in October will be $4.989/SF NNN.