ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. …pabloproperties.com/lassombras/OM - Las Sombras...
Transcript of ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. …pabloproperties.com/lassombras/OM - Las Sombras...
REDEVELOPMENT OPPORTUNITY IN HIGHLY AFFLUENT CITY OF PALM DESERT, CA
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The
recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap.
This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the
subject property.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Confidentiality Agreement
Pablo Rodriguez Senior Associate
Tel: (909) [email protected]
CA License: 01870757NV License: NV S. 0175422
Kevin BoeveSenior Vice President Investments
Tel: (909) [email protected]
CA License: 01247016
Neil NaranAssociate
Tel: (909) [email protected]
CA License: 02025512
TA B L E O F C O N T E N T S
EXECUTIVE SUMMARYExecutive Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
FINANCIAL OVERVIEWFinancial Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4-5Zoning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6-7Hotel Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
PROPERTY OVERVIEWSite Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Aerial Maps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-12Regional Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
MARKET OVERVIEWArea Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
COMPARABLESRecent Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17-18On Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19-20
DEMOGRAPHICSSummary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22-23
executive summary
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080546 2
Marcus & Millichap is pleased to present for sale the Las Sombras Village, a redevelopment opportunity in the highly sought after city of Palm Desert, California. The property includes 26,508 square feet of existing buildings that are currently vacant, allowing a saavy investor the opportunity to redevelop or retenant the current improvements and generate a high cash flow. The buildings are situated on a 2.64-acre parcel on Highway 111 that includes over 500 feet of frontage on the main highway.
The property is a portion of the Las Sombras Village at the south west corner of Highway 111 and is con-sidered to be one of the most prestigious and high traffic locations in the entire Coachella Valley. The property is currently zoned for PC-4 or General Commercial, which allows for a multitude of uses including retail, office, medical, restaurant and hospitality. The location benefits from being centrally located in the primary retail hub of the Coachella Valley and is located directly across Fred Waring Drive from the Desert Crossings. This center is is the largest power center in the entire Coachella Valley and maintains over 95 percent occupancy with tenants including Target, Bed, Bath & Beyond, Best Buy, Marshall’s, LensCrafters, TJ Maxx, Total Wine & More, ULTA Beauty, The Vitamin Shoppe, Island’s Restaurant, Famous Footwear, DSW Shoes, Petco, Pier 1 Imports, Port of Subs and Sports Authority. The Waring Plaza across the street on Highway 111 includes the PGA Superstore, Mens Wearhouse, Ross Dress for Less, and many more national tenants. The city of Palm Desert is notable for having the only Whole Foods Market in the entire Inland Empire and is a growing and vibrant retail market with high income demographics.
The city of Palm Desert is in Riverside County, California situated in the Coachella Valley and is approx-imately 14 miles east of Palm Springs and 122 miles east of Los Angeles. The city is home to the JW Marriot Desert Springs and Bighorn Golf Club and is considered to be one of the top golf and vacation destinations in the Western United States. The location boasts excellent demographics with over 40,000 residents in a three-mile radius with an average household income over $88,000.
overview
Significant Visibility With Over 500 Feet of Frontage on Highway 111
Prime Signalized, Hard Corner At Center of Valley’s Highest Traffic Corridor
Traffic Counts of 41,000 Cars Per Day on Intersection of Highway 111 and Painters Path | Traffic Counts of 42,000 Cars Per Day on Intersection of Highway 111 and Fred Waring Drive
Rare Opportunity For Variety of Development Either Incorporating the Existing Buildings or a Total Repurpose of The Highly Desirable Hard Corner
Gateway Location at The Entrance to The City of Palm Desert
PC-4 (planned commercial 4); General Commercial For Use of Restaurant, Hotel, Retail, Office, Medi-cal, and Entertainment
INVESTMENT HIGHLIGHTS
financial overview
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756 4
financial overviewLOCATION72-221 & 72-191 Highway 111Palm Desert, CA 92260
SITEThe subject property has frontage along Painters Path and Highway 111.
SQUARE FOOTAGEThe building square footage is 26,508 square feet and the lot size is 2.64 acres.
ACCESSAccess is from Painters Path.
PARKINGProperty shares parking with the entire center - 200+ parking spaces
YEAR BUILTThe property was built in 1986.
TRAFFIC COUNTSIntersection of Highway 111 and Painters Path receives 41,000 ve-hicles per day. Intersection of Highway 111 and Fred Waring Drive re-ceives 42,000 vehicles per day.
ZONINGPC-4 (planned commercial 4); General Commercial for use of restau-rant, hotel, retail, office, medical, and entertainment
financial overview
5 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
current site descriptionNumber of Stories 1Ownership Fee Simple (Land & Improvements)Parking Shared Parking With Entire Center - 200+ Spaces
property overviewPrice $4,050,000Price/SF $35.35Parcel Size
Lot Size
Parcel 2 - 58,370 SF (1.34 Acres)Parcel 4 -56,192 SF (1.29 Acres)
114,562 SF (2.63 Acres)Year Built 1986
zoning: PC-4SetbackFront No Required Setback - 0’Rear 10’Sides 5’ParkingRetail & Mixed Use 3.25 Per 1,000 SFRestaurant 8 Per 1,000 SFHotel 1 Per 1 Hotel RoomEntertainment 3.25 Per 1,000 SFOffice 4 Per 1,000 SFBuilding MeasurementHeight, Max 35’Building Size, Max NoneSpecific Conditional Use Permit RequirementRetail & Mixed Use None, except grocery require change of zoningRestaurant NoneHotel NoneEntertainment NoneOffice None
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756 6
zoning
commercial/industrial/business land usesRegional commercial (C-R)
Community Commercial (C-C)
Resort/Hotel Commercial (C-R/H)
Mixed Use (MU) - Commercial/High Density (R-H) 10-22 du/ac
Office Professional (C-OP)
Office Professional (C-OP)/Medium Density (R-M) 4-10 du/ac
Office Professional (C-OP)/High Density (R-H) 1022 du/ac
Industrial - Business Park (I-BP)
Industrial - Light (I-L)
general construction zoning (PC-4)No Special Requirements for General Mixed Use or Redevelopment Required
Expected Standard Architecture Plan for the Architectual Review Commission
PC-4 Allows for the Use of General Retail, Restaurant, Hotel, and Entertainment. This zoning is not subject to grocery retail use which is none permitted use. A change of zone or amendment to the PC-4 zoning would be required for the change of Grocery Retail.
No requirement for CUP for another of the uses are required on either site.
New Palm Desert Highway 111 specific plan does not affect Tilted Kilt or Las Som-bras Redevelopment which are changes in setback and planning/architectural re-view
hotel proforma (AT STABILIZED YEAR 3)
RevPar $101.50OCC 70.00%ADR $145.00
Total Room Nights Sold 30,660Total Room Nights Available 43,800Number of Rooms 120
Room Revenue $4,445,700Gross Operating Profit (GOP) $2,398,980
EBITDA $1,928,671
hotel return summary (AT EXIT YEAR 5)
Project Cost $15,642,853
Cost/Room $130,357
NOI at Exit Year 5 $2,350,389
Cap Rate at Exit Year 10.00%
Net Income From Project (Operating Income to Date + Appreciation) $15,257,356
Market Value at Exit $23,503,893
Market Value Per Room $195,866
hotel redevelopment
7 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
hotel redevelopmentfinancial overviewBrand Boutique Branded Select ServiceNumber of Hotel Rooms 120Lot Size Required (AC) 1.34 AcresLot Size Required (SF) 58,370 SFLot Asking (SF) $32.00
Lot Price Amount $/RoomLot Price (Total) $1,867,853 $15,565
Hard Development CostsPre-Site & Development $150,000 $1,250Sitework - -Building $9,600,000 $80,000Signage Package $80,000 $667Franchise Fee $60,00 $500Technology $220,000 $1,833
FF&E $1,800,000 $15,000
OS&E $600,000 $5,000
Fund Control and Bank Fee $85,000 $708
Contigency $500,000 $4,167
Total Hard Development Cost $13,095,000 $109,125
Hard + Land $14,962,853 $124,690
Soft Development CostsStart Up Costs $200,000 $1,667
Development Fee $250,000 $2,083
Soft Costs (Prop Tax, Insurance) $150,000 $1,250
Other $80,000 $66y
Total Soft Development Cost $680,000 $5,667
Total Cost of Project $15,642,853 $130,356
Illustrated above is the development of a proposed 120-room nationally branded boutique hotel. Increasing demand for leisure in Palm Desert and surrounding Coachella Valley, the projected hotel should take advantage from local demand generators from surrounding music fesitvals to large corporate convention events. Current discussions with the City of Palm Desert are suportive of possible occupancy tax abatement and new direct access from Highway 111.
Potential 4-Story Hotel120 Rooms
Retail Redevelopment Parcel
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756 8
hotel buildingNumber of Stores 4Ownership Fee Simple (Land & Improvements)Zoned Commercial
PARCEL 4
PARCEL 2
property description
10This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
site plan
92.69
166.97
208.83
25
4.3
0191.
36
1511
0.7
1
53.67
L=82.78
5
L=88.78
140
35.8
8
L=102.46
17.4
615
.63
204.34
3
PARCEL 4:1.29 Acres (56,192 SF)
PARCEL 2:1.34 Acres (58,370 SF)
11 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
71,200+
POPULATION
$96,500+AVG HOUSEHOLD
INCOME
5 YEARPOPULATION GROWTH
HIGHWAY 111 - 37,034 CPD
6%
desert crossing shopping center
PAINTERS PA
TH - 4,060 CPD
demographics within a five mile radius:
6%
demographics within a five mile radius:
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
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desert crossing shopping center
town center square shopping center
bump & grind trail
71,000 Visitors Use Trail Annually
13 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
Fred Waring Drive
Highway 111
Pain
ters
Pat
h
market overview
15 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
State Route 111 is a state highway in the U.S state of California. It is the main north/south state highway and retail corridor through the Coachella Valley, a part of the Colorado Desert in the southeastern corner of the state and famous as a resort destination. It runs from the U.S-Mexico border crossing to Interstate 10 at White Water. Highway 111 links virtually every desert resort city in the Coachella Valley.
HIGHWAY 111area overview
Palm Springs14 Miles
Los Angeles122 Miles
San Diego130 Miles
Newport Beach116 Miles
43,400+Employees
67,620+Residents
(Within Five- Mile Radius of Subject Property)
9,950+Enrolled Students (College of the Desert)
34,000+Households
(Within Five- Mile Radius of Subject Property)
$98,017Average Household Income
$1.6BTotal Economic Impact
Browse your favorite luxury labels and chic boutiques, savor gourmet cui-sine by the Coachella Valley’s top chefs, and wander through an array of art galleries set against a scenic backdrop in this gem tucked in the heart of Palm Desert. The street has 250-plus retailers including top interna-tional retailers such as St. John, Gucci, and Burberry.
EL PASEO DRIVE
Palm Desert
Palm Desert is the geographic center of the Coachella Valley, a fast-growing region of southern California that comprises nine cities. Palm Desert has evolved into a vibrant small city that today is the educational, retail, and cultural hub of the Valley. Whether you come here to spend a weekend or a lifetime, you’ll never run out of things to explore – including plenty of free activities. With an abundance of resources available to residents, Palm Desert is also a great place to call home.
Palm Desert is a city in Riverside County, California, United States, in the Coachella Valley, approximately 14 miles east of Palm Springs and 122 miles east of Los Angeles. In the past couple of years, Palm Desert has seen more residents become “full-timers,” mainly from the coasts and urban centers of California, who have come for both affordable and high-valued home prices. Major employers of the city is JW Marriot Desert Springs Gold Resort, Universal Protection Services, Guthy-Renker, Walmart, Macy’s, and Marriott Desert Springs Villas.
Distance To From Property
comparables
5
1
26
recent sales
43
17 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
key
1st Street & Allen Avenue1st Street & Allen Avenue, Cathedral City, CA
Subject: Los Sombras Development72-221 & 72-191 Highway 111, Palm Desert, CA
71265 Highway 11171265 Highway 111, Rancho Mirage, CA
78611 Highway 11178611 Highway 111, La Quinta, CA
78613 Highway 11178613 Highway 111, La Quinta, CA
1
2
3
4
79840 Highway 11179840 Highway 111, La Quinta, CA
5
Indio Towne CenterJackson Street - Pad 900, Indio, CA
6
Average Price per Square Foot ( $28.03)
1 2 34
5 6
recent salesADDRESS SALES PRICE PRICE/SF LAND LOT SIZE
CLOSE OF ESCROW COMMENTS
1st Street & Allen AvenueCathedral City, CA 92234
$4,838,000 $27.22 1.34 Acres 04/08/2016 Parcel located on corner of Allen Avenue in prime downtown Cathedral City with high demand traffic along Highway 111.
71265 Highway 111Rancho Mirage, CA 92270
$1,500,000 $28.94 1.19 Acres 05/25/2012 Located neighboring the River Premier Shopping Center and along Highway 111 receiv-ing 70,000 VPD. Property developed into brand new Audi car dealership.
78611 Highway 111La Quinta, CA 92253
$4,100,000 $24.13 3.90 Acres 12/30/2015 Property is located on hard corner with outparcel to AlDI shopping center and adjacent to Hobby Lobby, Kohls, Ross, and neighboring several others such as Lowe’s, Target, Stein Mart, and several national retail tenants.
78613 Highway 111La Quinta, CA 92253
$2,100,000 $35.52 1.36 Acres 08/24/2015 Located neighobring Home Depot and within sharing center as Smart & Final and 99 Cents Only store. Property sits along Highway 111 with 65,000 VPD. Property was developed into retail.
79840 Highway 111La Quinta, CA 92253
$900,000 $25.83 0.80 Acres 10/18/2013 Property is located on the high trafficked Jackson Street with Interstate 10 visbility. In-terstate 10’s traffic counts are 120,000 VPD. Property is located on corner with national tenants and adjacent to Super Target that was managed by Regency Centers.
Indio Towne CenterJackson Street - Pad 900Indio, CA 92203
$837,000 $26.51 0.72 Acres 05/13/2016Property is managed and being sold by Regency Centers. Good visibility and accessibil-ity from Interstate 10. Located in East Coachella Valley receiving 19,000 vehicles per day off of Jackson Street into Regency Center.
AVERAGE PRICE/SF LAND $28.03
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
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Subject: Los Sombras Development72-221 & 72-191 Highway 111, Palm Desert, CA
1
2
Average Price per Square Foot ( $25.02)
on market
4
3
key
70270 Highway 11170270 Highway 111, Rancho Mirage, CA
Subject: Los Sombras Development72-221 & 72-191 Highway 111, Palm Desert, CA
71955 Highway 11171955 Highway 111, Rancho Mirage, CA
Highway 111 & Dune Palms RoadHighway 111 & Dune Palms Road, La Quinta, CA
42560-A Jackson Street - Pad 60042560-A Jackson Street - Pad 600, Indio, CA
1
2
3
4
19 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
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Subject: Los Sombras Development72-221 & 72-191 Highway 111, Palm Desert, CA
on marketADDRESS SALES PRICE PRICE/SF LAND
DAYS ON MARKET LOT SIZE
PROPOSEDUSE COMMENTS
70270 Highway 111Rancho Mirage, CA 92270
$1,550,000 $32.06 1,035 Days 1.11 Acres CommercialProperty located along Country Club Drive and drawn for 2-tenant retail building.
71955 Highway 111Rancho Mirage, CA 92270
$1,950,000 $24.20 953 Days 1.85 Acres CommercialProperty located midblock from corner of Highway 111 and Magnesia Falls Drive. Property receives ap-proximately 48,000 vehicles per day.
Highway 111 & Dune Palms RoadLa Quinta, CA 92247
$1,900,000 $21.81 20 Days 2 Acres RetailParcel is located on the corner of Highway 111 and Dunes Palms. It receives approximately 40,000 ve-hicles per day. It is located mid-block from major intersection of Jefferson Street and Highway 111.
42560-A Jackson Street - Pad 600Indio, CA 92203
$1,245,816 $22.00 2,297 Days 1.30 Acres CommercialProperty is managed and being sold by Regency Centers. Good visibility and accessibilty from Interstate 10. Located in East Coachella Valley receiving 19,000 vehicles per day off of Jackson Street into the Regency Center.
AVERAGE PRICE/SF LAND $25.02
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
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demographics
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
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Demographic data © 2016 by Experian/Applied Geographic
5-mile radius of propertypopulationIn 2014, the population in the area was 71,290. The population has changed by 19.31% since 2000. It is estimated that the population in the area will be 75,814 five years from now, which represents a change of 6.34% from the currernt year. The current population is 48.15% make and 51.84% female. The median age of the population in the area is 58.0, compare this to the entire U.S. average which is 37.3. The population density in the area is 907.62 people per sqaure mile.
householdsThere are currently 35,879 households in the area. The number of households has changed by 24.11% since 2000. It is estimated that the numnber of households in the area will jbe 38,506 five years from now, which represents a change of 7.32% from the current year. The average household size in the area is 2.00 persons.
incomeIn 2014, the median household income for your selected geography is $54,411, compare this to the entire U.S. average which is currently $51,972. The median household income for your area has changed by 10.07% since 2000. It is estimated that the median household income in your area will be $64,547 five years from now, which represents a change of 19.29% from the current year.
The current year per capita income in your area is $48,682, compare this to the entire U.S. average, which is $28,599. The current year average household income in your area is $96,547, compare this to the entire U.S. average which is $74,533.
race & ethnicityThe current year racial makeup of your selected area is as follows: 84.69% White, 1.39% Black, 0.07% Native American and 3.02% Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander.
People of Hispanic origin are counted independently of race. People of Hispanic origin make up 20.83% of the current year population in your selected area. Compare this to the Entire US average of 17.13%.
housingIn 2000, there were 21,276 owner occupied housing units in the area and there were 7,631 renter occupied housing units in the area. The median rent at the time was $636.
employmentIn 2014, there are 43,955 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 66.02% of employees are employed in white-collar occupations in this geography, and 33.63% are employed in blue-collar occupations. In 2014, unemployment in this area is 7.25%. In 2000, the average time traveled to work was 20.9 minutes.
1 MILE
3 MILES
5 MILES
1723 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID X0080756
Subject Property
1 MILE 3 MILES 5 MILES2016 Population 4,410 41,700 71,2912016 Households 2,169 20,445 35,8792016 Average Household Size 2.16 2.03 2.012014 Daytime Population 5,967 28,186 43,955
2016 Owner Occupied Housing Units 51.20% 64.22% 70.16%2016 Renter Occupied Housing Units 48.80% 35.78% 29.87%2016 Vacant 24.55% 30.10% 32.42%
2016 Median Household Income $41,706 $49,490 $54,4122014 Per Capita Income $35,979 $43,316 $48,6822016 Average Household Income $72,751 $88,088 $96,548
Pablo Rodriguez Senior Associate
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CA License: 01870757NV License: NV S. 0175422
Kevin BoeveSenior Vice President Investments
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CA License: 01247016
Neil NaranAssociate
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CA License: 02025512