1380 El Cajon Boulevard El Cajon CA 92020 - The...
Transcript of 1380 El Cajon Boulevard El Cajon CA 92020 - The...
619.577.4558 | [email protected]
619.577.4557 | [email protected]
1380 El Cajon Boulevard ● El Cajon ● CA 92020
BRE # 01971891
1380 El Cajon Boulevard ● El Cajon ● CA 92020
CONFIDENTIALITY AGREEMENT
The material contained in this Offering Memorandum is confidential and for the purpose of considering the purchase of the Real Estate described
herein. It is subject to the terms and provisions of the Confidentiality Agreement signed by the recipient of this material, and is not to be used for
any purpose or made available to any other person without the express written consent of The Heritage Group, Inc. (“Broker”).
This Offering Memorandum was prepared in July 2017, by Broker solely for the use of prospective purchasers of 1380 El Cajon Blvd, El Cajon, CA
92020 (the “Real Estate”). Neither Broker, Owner nor any of their respective officers, employees or agents, make any representation or warranty,
express or implied, as to the completeness or the accuracy of the material contained in the Offering Memorandum or any of its contents, and no
legal commitments or obligations shall arise by reason of this package or any of its contents.
Prospective purchasers of the Real Estate are advised (i) that changes may have occurred in the condition of the Real Estate since the time of this
Offering Memorandum or the financial statements therein were prepared and that (ii) all financial projections are provided for general reference
purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Broker
and the Owner and, therefore, are subject to material variation.
Prospective purchasers of the Real Estate are advised and encouraged to conduct their own comprehensive review and analysis of the Real Estate.
The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Real Estate. The Owner and Broker expressly reserve the
right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Real Estate, and expressly reserve the right, at their
sole discretion, to terminate discussions with any entity at any time with or without notice.
This Offering Memorandum is confidential. By accepting the Offering Memorandum, you agree (i) that you hold and treat the Offering
Memorandum and its contents in the strictest confidence, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii)
that you will not disclose the Offering Memorandum or any of its contents to any other entity without the prior written authorization of Broker, and
(iv) that you will not use the Offering Memorandum in any fashion or manner detrimental to the interest of the Owner or Broker.
The i for aio set fourth herei has ee re ei ed y us fro sour es e elie e to e relia le, ut e ha e ade o i depe de t i esigaio of the a ura y or o plete ess
of the i for aio a d ake o represe taio ith respe t thereto. The a o e is su ited to errors, prior sale or lease, ha ge i status or ithdra al ithout oi e.
1380 El Cajon Boulevard ● El Cajon ● CA 92020
PURCHASE PRICE: $5,100,000
Property Offering: Class A, Multi-tenant Medical / Office Building
Address: 1380 El Cajon Boulevard, El Cajon, CA 92020
Total Square Feet: 16,108
Occupancy: 86%
Land Area: 1.14 AC
Assessor's Parcel Number: 487-770-07
Year Built: 2006
Zoning: C1 - Commercial
Parking: 79 Parking Stalls (5 spaces / 1,000 SF)
Year 1 NOI: $307,522.73
Capitalization Rate: 6.03%
EXCLUSIVELY LISTED BY:
619.577.4558 | [email protected] BRE # 00867784
619.577.4557 | [email protected] BRE # 00928868
610 W. Ash Street, Ste. 1503 San Diego, CA 92101 BRE # 01971891
1380 El Cajon Boulevard ● El Cajon ● CA 92020
PROPERTY OVERVIEW
The Heritage Group, as agent for the Seller, is pleased to offer for sale 1380 El
Cajon Boulevard, (the "Property"), a commercial property located in the City of
El Cajon, California, in East San Diego County.
1380 El Cajon Boulevard is a two-story, Class-A, multi-tenant office building
suitable for high-end office and medical tenancies. The Property was
developed in 2006 sparing neither expense nor attention to detail in faithful
adherence to the American Craftsman style. Superior-quality materials were
utilized throughout. Interior millwork and wainscoting were artisan crafted.
Windows, doors and common area fixtures were sourced from the Black
Forest region of Germany. The Property’s design is reflective of iconic San Diego craftsman structures, from The Lodge at Torrey Pines to historic
residences such as The Marston House. This office building is truly
“one-of-a-kind” and could not be replicated in today’s stifling regulatory environment. With a 5/1000 ratio, surface parking is plentiful. A lower-level,
elevator-served garage provides reserved/secured parking.
Site location is superb, with views south to Mt. Helix and east to the
Cuyamacas. The Property is strategically proximate to major arterials, with
direct access to the 8 and 125 freeways and easy connections to the 94, 52
and 67 freeways to all points south, west and north.
1380 El Cajon Boulevard ● El Cajon ● CA 92020
INVESTMENT HIGHLIGHTS
One-of-a-Kind Acquisition Opportunity
Unmatched Craftsman Design with Superior Finishes
Ground Floor Leased to Sharp Healthcare
Strategic Location on Grossmont Summit
Highly Visible Location with Direct Access to Interstate 8
Covered Parking with 5/1,000 SF Ratio
1380 El Cajon Boulevard ● El Cajon ● CA 92020
DEMOGRAPHIC SUMMARY
158,356
2017 Estimated Population
(3-Mile Radius)
$93,031
Average Household Income
(1-Mile Radius)
8,222
Number of Businesses
(3-Mile Radius)
25,500
Average Daily Traffic
Costar 7 Data
1380 El Cajon Boulevard ● El Cajon ● CA 92020
FIRST FLOOR SITE PLAN Approx. 7,927 SF - 100% Leased to
Vaulted Entrance
Floor pla is ot to s ale; for refere e purposes o l
1380 El Cajon Boulevard ● El Cajon ● CA 92020
SECOND FLOOR SITE PLAN Approx. 2,282 SF AVAILABLE
SUITE 212 J2X Legacy Advisors
SUITE 216 CalFiduciary Services
SUITE 208 Cabrera & Associates
Vaulted Entrance
SUITE 201 NTC Construction
SUITE 220 AVAILABLE
Floor pla is ot to s ale; for refere e purposes o l
1380 El Cajon Boulevard ● El Cajon ● CA 92020
RENT ROLL
TENANT UNIT LEASE TYPE APPROX. SF MONTHLY RENT ANNUAL RENT PSFY
100 + Electricity 7,927 $20,610 $247,322* $31.20
NTC Construction 201 + Electricity 747 $1,681 $20,169 $27.00
Cabrera & Associates 208 + Electricity 1,505 $2,634 $31,605 $21.00
J2X Legacy Advisors 212 + Electricity 1,796 $3,861 $46,337 $25.80
CalFiduciary Services 216 + Electricity 1,851 $3,640 $43,680* $23.64
Available 220 + Electricity 2,282 $5,135 $61,614 $27.00
TOTAL: 16,108 $89,791 $450,727 $28.00
*Su je t to ase ear operai g e pe se i reases/rei urse e ts
1380 El Cajon Boulevard ● El Cajon ● CA 92020
LEASE DETAILS
TENANT UNIT LEASE
COMMENCEMENT
CUURENT
RENT/MONTH
LEASE
EXPIRATION
RENT
INCREASES NOTES
100 December 2006 $20,169 11/30/2020 2.25%
annually
One (1) five-year option,
with 3% annual increases
NTC Construction 201 December 2016 $1,681 8/30/2019 Negotiable -
Cabrera & Associates 208 January 2013 $2,634 12/31/2018 14.25%
(January 1, 2018) -
J2X Legacy Advisors 212 May 2013 $3,861 4/30/2018 - -
CalFiduciary Services 216 February 2016 $3,640 2/28/2022 3.5%
annually
One (1) five-year option,
with 3.5% annual increases
Available 220 - - - - -
1380 El Cajon Boulevard ● El Cajon ● CA 92020 CASH FLOW ANALYSIS
UNIT # TENANT SQ. FOOTAGE LEASE EXP. RENT/SF RENTAL RATE ANNUAL PSFY
100 Sharp Rees Stealy 7,927 11/30/2020 $2.60 $20,610.20 $247,322.40 $31.20
201 NTC Construction 747 8/31/2019 $2.25 $1,680.75 $20,169.00 $27.00
208 Cabrera & Associates 1,505 12/31/2018 $1.75 $2,633.75 $31,605.00 $21.00
212 J2X Legacy Advisors 1,796 4/30/2018 $2.15 $3,861.40 $46,336.80 $25.80
216 CalFiduciary Services 1,851 2/28/2022 $1.97 $3,639.99 $43,679.88 $23.64
220 VACANT 2,282 $2.25 $5,134.50 $61,614.00 $27.00
$450,727.08
- $22,536.35 Less 5% Vacancy Factor
$428,190.73
PROPERTY EXPENSE AMOUNT
Taxes - Property $53,550.00
Insurance - F&L $4,629.00
Utilities - Electric $10,800.00
Utilities - Water $2,800.00
Services - Trash $1,900.00
Services - Gardener $4,300.00
Management Services $16,784.00
Fire Sprinkler $305.00
Elevator $1,900.00
Janitor $20,900.00
Window Cleaning $1,800.00
HVAC $1,000.00
$120,668.00
$307,522.73
6.03%
INC
OM
E
EX
PE
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ES
1380 El Cajon Boulevard ● El Cajon ● CA 92020
El Cajon, California
~ Fifth largest city in San Diego County
The City of El Cajon is located 15 miles due
east of San Diego, situated in a valley
surrounded by mountains. El Cajon was
incorporated as a city in 1912, and in 2012
voters opted to change its status to be a
chartered city. It covers approximately 14
square miles with a population of around
100,000.
The city is home to Parkway Plaza, an
indoor shopping center totaling over 1.3
million square feet, with over 170 stores
including Macy's, Best Buy, Sears and JC
Penney. El Cajon is home to several
award-winning schools and 3 of the top 10
employers in the city are school districts.
San Diego Metropolitan Area
San Diego is a major city in Southern
California, located approximately 120 miles
south of Los Angeles and adjacent to the
border with Mexico. It is the second largest
city in California and the eighth largest in
the United States. It is known for its mild
year-round climate, natural deep-water
harbor, extensive beaches and exceptionally
high quality of life.
The city has a long association with the U.S.
Navy and its economy is expected to
benefit from a strategic military shift as the
key defense hub for the Pacific Rim. This is
influenced by its deep-water port, with the
only major submarine and shipbuilding
yards on the West Coast. A renaissance in
technology development over the past 40
years has transformed the region with a
vibrant innovation economy. San Diego is a
recognized leader in biotech, telecom.,
micro processing and healthcare sectors
with long term growth forecasts. Tourism
remains a major economic driver for the
region and is poised for continued growth.
San Diego Office
~ East County Submarket
The East County Market for office boasts
one of the largest inventories in the county,
however, most of the stock is older, Class C
buildings. Most large office tenants in the
area are government employers, as the tech
companies tend toward the coastal cities.
Current submarket trends reflect low
vacancy rates (currently at 3.4%). East
County has few office developments under-
way, and a current Net Absorption of 32,000
SF in the last year.
619.577.4558 | [email protected] BRE # 00867784
619.577.4557 | [email protected] BRE # 00928868
BRE # 01971891 The i for aio set fourth herei has ee re ei ed y us fro sour es e elie e to e relia le, ut e ha e ade o i depe de t i esigaio of the a ura y or o plete ess
of the i for aio a d ake o represe taio ith respe t thereto. The a o e is su ited to errors, prior sale or lease, ha ge i status or ithdra al ithout oi e.