• Coggeshall Mansion is For Sale

    One of our readers sent me a real estate flyer about the Coggeshall Mansion. I was going to post it in my "Where to Build a School" column, but decided it would be just too ridiculous of an idea; however, I want to share the fact that you can own a piece of historic downtown Los Gatos.

    The history of the Coggeshall Mansion is interesting, to say the least.
    The house was originally built for Mary G. Coggeshall, a wealthy widow with two children. According to Alastair Dallas, "Once a grand home, one of many along N. Santa Cruz Ave., the Coggeshall Mansion was built in 1891 and converted into the Place Mortuary in 1917. When it re-opened as the Chart House restaurant in 1976, the bar in the back was called the Embalming Room. After the Chart House closed, the restaurant was known as Trevese from March 2007 to Fall 2009..." Now, Palacio inhabits the mansion.

    Hooked on Los Gatos has a 1949 flyer depicting the Place Funeral Home. You can check it out HERE. In fact, many of the locals swear the mansion is haunted.


    All of the following information can be found on LoopNet:

    Pride of Ownership Retail Investment | Los Gatos

    115 N. Santa Cruz Avenue, Los Gatos, CA 95030



    • Price: $4,900,000
    • Building Size: 7,300 SF
    • Price/SF: $671.23
    • Property Type: Retail
    • Property Sub-type: Free Standing Bldg
    • Property Use Type: Net Lease Investment with 10+ years left on lease
    • Cap Rate: 5.14%
    • Occupancy: 100%
    • Tenancy: Single
    • Lot Size: 0.41 AC
    • Find Out More...

    Last Verified 4/10/2012 Listing ID 17515215

    Highlights

    • Iconic Historic Building - One of Los Gatos' Most Well Known Landmarks
    • Irreplaceable Downtown Los Gatos Location
    • 100% Leased to Experienced Restaurant Operators
    • New 10 year Lease w/Scheduled Increases
    • Minimal Landlord Obligations
    • Recent Extensive Renovations


    Description

    The property, 100% occupied by the modern Mexican/Latin restaurant Palacio, is located in the historic Coggeshall Mansion at 115 N. Santa Cruz Avenue in Los Gatos, CA. Originally built in 1891, the property has undergone extensive renovation in the past 12 months. Once the home of the Chart House and Trevese restaurants, the Victorian mansion turned-restaurant is one of the town' s most well-known landmarks. The three story, approximate 7,300 square foot building sits on almost 18,000 square feet of land in the heart of downtown Los Gatos. This irreplaceable location boasts high foot traffic from some of the wealthiest residents in the Bay Area with average household incomes close to $200,000.
    The Property is located in the heart of the downtown Los Gatos shopping district on North Santa Cruz Avenue. The trade area is comprised primarily of high end residential and retail uses. This irreplaceable location boasts high foot traffic from some of the wealthiest residents in the Bay Area with average household incomes close to $200,000.

    Thank you to our readers for keeping me informed!
    Comments 3 Comments
    1. Unregistered's Avatar
      Unregistered -
      i don't know how this price compares to other commercial properties in the immediate area, but i would NOT want to own that building. since it is commercial, you are basically buying the ability to charge someone else rent. but, with this house, you have all the funky historical stuff to deal with, making upkeep costs much higher, and also more limiting in what you can do with the building. its the location of the building rather than its historical character that brings in patrons. furthermore, at this point, most of its original character has vanished as it has been constantly renovated under heavy use. i have to assume a similar train of thought is going through the mind of any buyer...i'd much rather have a sturdy concrete box like the renovated domas building...which can be economically adapted to new needs without all the historical fuss.

      to be blunt, nice victorians really aren't that rare on the west coast, and this one isn't even that nice after decades of heavy public use. were i to buy it, i'd want to pull it down and exploit all the wasted and rentable square footage taken up by the lawn. i mean, why does a commercial property need a lawn? its not a park, its not like i can take my kids there for a picnic when palacio is closed...its just wasted real estate once it gets zoned commercial
    1. Unregistered's Avatar
      Unregistered -
      It sounds as though the previous unregistered comment may have been made by someone on the town council... Especially the remark about the lawn. Who needs esthetics if it doesn't generate revenue?
    1. madhaus's Avatar
      madhaus -
      This was such an interesting find that I had to give it the Burbed treatment. Thanks for letting me use your article!
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