8th and Alice
This space would be available for rent starting about January 1st.
- Address: 251 8TH ST, OAKLAND 94607
- Two blocks from Lake Merritt BART
- Four blocks from Broadway
- In Chinatown
- Small Chinese grocery on 1st floor and a bigger grocery one block away.
- Restaurant (Chinese?) on 1st floor.
- ~$8 entrees. Other people viewing the space say it's really good.
The space is being managed and leased out by Creative Development Partners.
The space has not been used in 15 years. Its last use was as a big sewing shop/factory (same as Noisebridge's space).
Info from original emails from CDP
We're working on a plan to do some much needed updating for a building with great bones, big old factory-style windows, wide-open floor plan, and unbeatable location and access. We've got up to 5,000sf (out of 10,000sf) of space remaining available and would love to find more folks like you to be part of this emerging cluster of cleantech and hardware startups. This space is ideal for growing startups who need their own space.
Not only is this location in the midst of one of the most vibrant neighborhoods in the Bay Area, in the immediate vicinity are startups like Fathom (http://studiofathom.com/), LightSail Energy (http://www.lightsail.com/), Blue Bottle Coffee HQ (http://www.bluebottlecoffee.com/), and Public Bikes (http://publicbikes.com/).
Incentives applicable at this location:
- The City of Oakland is offering business license and sales tax abatement as incentives
- The State of California's manufacturing equipment sale and use tax exemptions
- The State of California's California Competes income tax credit
- The State of California's New Employment Credit
The base rent would be $0.90/sf NNN. Because the upper floors of the building have been vacant for nearly 15 years we only have a rough estimate of the NNN charge as no more than $0.50/sf. Of course the actual NNN figure would be directly calculated based on actual costs. Our estimate is based on existing expenses and factoring in additional new expenses to maintain upgrades that will make this building suitable for hardware startups and hacker spaces: a material lift, added load on the passenger elevator, ADA access, a security system, and insurance for manufacturing-related use. Our goal is to get the NNN cost to about $0.25/sf/month.
In addition to being able to offer you a professionally-managed, great space in a wonderful neighborhood at a price that works for you, you should know that we're actively working on plans for a hardware startup incubator/accelerator in the vicinity (maybe even elsewhere in the building) that would offer graduates of Laney's Advanced Manufacturing program a chance to develop their ideas into businesses. Another related initiative we've been nurturing is a STEM/STEAM exploration center mashup with a hardware store.
This is to say, we're much more than the typical real estate brokers, landlords, or developers. We're active community builders and doers who are passionate about the work you're doing. And we're expert at figuring out how to make space and real estate deals work through creative and unique funding, financing and investments.
The floors will be redone and the freight elevator revived. If we don't care about that, then we could likely negotiate e.g. some period of free rent in exchange for not requiring those renovations. There have been some roof leakage (no mold as far as we could see) and those leaks will be fixed.
- Parcel number: 1-185-18
- Property tax: $4,440 secured + $4,597 supplemental = $8,997
- Assuming one floor is 1/3 of that tax: $2,999 yearly or $250 monthly
Building and fire insurance
We heard that the building/fire insurance for The Omni is only $500 a month. That seems _really_ low for such a big space. We need to get a quote, but for now let's assume $500 for one floor.
- Larger than 2nd floor
- Rooftop access
- Sink in main space
- Lots of natural light
- Three bathrooms
- One big enough that it could be made ADA accessible.
- Not ADA compliant but can possibly be grandfathered in as ADA compliant? Big enough for wheelchair to drive in and back out
- Freight elevator
- Currently not functioning, but will be put back in operation if leasers so desire.
- Floor plan total: 5,425 sqft
- Floor plan total minus elevator/stairways: maybe ~5,000 sqft
- Price: 90 cents per sqft nnn.
- Creative Development Partners IG cost estimate (on top of nnn): $0.25 to $0.50 per sqft
- Our IG cost estimate: $250 tax monthly + maybe $500 building/fire insurance monthly
- Total cost estimate with CDP: $5,750 to $7,000
- Total cost estimate with ours: $5,250
- Smaller than 3rd floor
- Acupuncturist has his office there + some space lost to shared hallway.
- Shared bathroom between acupuncturist and whoever leases the main space.
- Stair access to ground floor.
- No rooftop access.
- Accessible via stairs from 3rd floor
- Needs to be tested for structural integrity / leaks.
The CDP (leasers) will find out if the rooftop is usable. They are interested in making it a usable space. This would be an awesome space for outdoor events during the summer. Unfortunately no elevators go there and the stairs are narrow.