GEARHART’S GARAGE REAL ESTATE FOR SALE
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OFFERING MEMORANDUM GEARHART’S GARAGE REAL ESTATE FOR SALE 184 South Main Street, Lake Elsinore , CA 92530 WCI WEST COUNTY INVESTMENTS BOB KIRKPATRICK CA DRE: 00575633 951-704-9416 [email protected] JANET F. KRAMER, JD CA DRE: 01351570 951-600-8634 X702 [email protected] GARY WASHBURN CA DRE: 00705913 951-318-8542 [email protected]
Transcript of GEARHART’S GARAGE REAL ESTATE FOR SALE
OFFERING MEMORANDUM
GEARHART’S GARAGEREAL ESTATE FOR SALE184 South Main Street, Lake Elsinore, CA 92530
WCIWEST COUNTY INVESTMENTS
BOB KIRKPATRICKCA DRE: [email protected]
JANET F. KRAMER, JDCA DRE: 01351570951-600-8634 [email protected]
GARY WASHBURNCA DRE: [email protected]
TABLE OF CONTENTS | GEARHART’S GARAGE
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DESCRIPTION PAGE
The Opportunity/Offering Summary 3
Property Pictures 4
Aerial View/Plat Map 5
Property Locator & Aerial 6-7
Area Overview & Demographics 8-10
Regional Overview 11
OFFERING SUMMARY
Asking Price: $750,000
Address: 184 South Main Street, Lake Elsinore, CA 92530
Total Lot Size:±0.47 Acres
±20,473 Square Feet(per county records)
Total Building Size: ±13,580 Square Feet
Zoning: Commercial C-1(per the City of Lake Elsinore)
Assessor’s Parcel Number:
373-153-039(per county records)
2020 Real Estate Taxes $2,515.16 (1.03570%)(per county records)
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THE OPPORTUNITY | GEARHART’S GARAGE
THE OPPORTUNITY
SVN Insight Commercial Real Estate Advisors and West County Investments arepleased to present this rare opportunity to purchase land in Lake Elsinore’sHistoric Downtown District. The property is located on Main Street, the heart ofa major Southern California recreational destination and is just 20 miles fromthe Temecula Wine Country.
This site is Gearhart’s Garage, an automotive repair shop, which partially burneddown in February 2020. The ±1,322 SF front gas station was unimpacted andhas a small waiting room, two bays and a canopy. This may be appealing toautomotive collectors! The remaining portion of the rear garage is certifiedstructurally sound with room for 6 bays and a ±4,000 sf office building.
The fee-simple property is a single parcel of just under a half acre (0.47 ac), withapproximately 4,500 SF of buildable area. Zoning allows for a wide variety ofcommercial uses and the City is eager for redevelopment.
Gearhart’s Garage is offered for sale in its current, as-is condition.
THE OPPORTUNITY | GEARHART’S GARAGE
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AERIAL OVERVIEW & PLAT MAP | GEARHART’S GARAGE
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LOCATOR MAP | GEARHART’S GARAGE
City Distance
Los Angeles 86 miles
San Diego 58 miles
Riverside 42 miles
Irvine 64 miles
San Bernardino 50 miles
Los Angeles County San Bernardino County
Riverside County
San Diego County Imperial County
Orange County
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AERIAL OVERVIEW | GEARHART’S GARAGE
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3. Main Street Kitchen & Tap.x miles from property
4. Stadium Pizza.x miles from property
1. Lake Elsinore City Hall0.8 miles from property
2. Crescent Bath House 0.6 miles from property
.80 miles to I-15 freeway
.36 miles to Lake Elsinore
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AREA OVERVIEW | GEARHART’S GARAGE
LAKE ELSINORE CITY HISTORYLake Elsinore is a fast-growing suburban city located within the Elsinore Valley in Riverside County. The city encompasses more than half of Lake Elsinore, agiant freshwater lake with which it shares its name. As of 2018, Lake Elsinore was estimated to have a population of 68,000 residents, a significant increasefrom the 51,821 recorded in 2010.
The Elsinore Valley area which includes the location of today’s Lake Elsinore city is believed to have been home to several groups of Native American tribesprior to the arrival of the Europeans. Historic and archeological evidence shows that the Luiseño people were among the earliest groups of ingeniouspeople to live in the Lake Elsinore area. Juan Bautista de Anza and his expedition team which was tasked with mapping New Spain’s territory is said tohave overlooked the potential in the region surrounding Lake Elsinore during their exploration of Alta California in the late 1760s. It wasn’t until the late1790s that the area was discovered by a padre from one of the Spanish missions. The lake was a very popular camping area for the American traders,Mexican ranchers and thousands of emigrants who flocked the region during and after the California Gold Rush.
The Rancho La Laguna land grant was issued in 1844. The land changed hands several times between 1844 and 1883 when several partners bought theranch with the intention of turning it to a town. The development of the town started off on a high note following the construction of a railway stationwithin its premises. The town was officially incorporated under the name “Elsinore” in 1888. At its inception, the town was under the jurisdiction of SanDiego County but was later assigned to the newly formed Riverside County in 1893.
Although the town was frequented by many visitors who believed that the minerals spring around the lake had a therapeutic healing effect, the 1887construction of the Crescent Bath House doubled its reputation. By the early 1900s, several celebrities and famous Lake Elsinore, CA people beganincluding Bela Lugosi and Aimee McPherson had established residences in the town. In 1972, the town’s residents voted to change the name of the townfrom Elsinore to Lake Elsinore. In the period between 2000 and 2010, the city was one of the fastest-growing residential communities in California.Although it has since lost its laid-back charm, more and more people continue to be drawn to the city by its high livability and family friendliness.
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AREA OVERVIEW | GEARHART’S GARAGE
THE TEMECULA VALLEY
Lake Elsinore is part of a fast-growing, 6-City affluent community - together with Temecula, Menifee, Wildomar, Canyon Lake, and Murrieta - representingclose to 500,000 people in Southwest Riverside County.
Located halfway between San Diego and the Eastern Los Angeles basin, and 45 minutes from the Southern California beaches, this well-planned suburbancommunity has been attracting, over the last 30 years, an ever-growing number of residents, originally drawned by the home affordability, the quality of theschools, and the popular wine Country.
Originally inhabited by different Indian tribes for hundreds of years before their contact with the Spanish missionaries, most of this area was acquired by theVail family, starting in 1904, to operate what became an 87,500-acre ranch. Through the mid-sixties the economy of the Temecula Valley centered around theVail ranch, before being sold in 1964 to the Kaiser Aetna partnership, which started a very ambitious master plan encompassing the entire valley. The area thenbecame known as Rancho California. The I-15 corridor between the Greater Los Angeles area and San Diego was completed in the early 1980s, and asubdivision land boom began. The 1990s brought rapid growth to the Temecula Valley. On October 27, 1999, the Promenade Mall opened in Temecula.
In 2001, the Pechanga Band of Luiseño Indians builtthe $262 million Pechanga Resort & Casinocomplex. Although it is not located within the citylimits, it is the Temecula Valley’s largest employer,with approximately 5,000 people employed. In2005, Temecula annexed the master-plannedcommunity of Redhawk, bringing the population to90,000.
Today, the Temecula Valley is home to more than500,000 residents, some of the best school districtsin Southern California, some of the most beautifulhomes in Riverside County, a multiple award-winningIndian casino, champion- ship golf courses, dozensof award-winning wineries and resortaccommodations, pristine trails and natural reserves,dozens of large sports facilities, and a growingnumber of employers. The Valley attracts more than3 Million tourists every year, with visitors spendingexceeding $1.1 Billion per year.
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AREA DEMOGRAPHICS | GEARHART’S GARAGE
# Employer # of Employees1 Lake Elsinore Unified School District 2,5982 M&M Framing 5003 Costco Wholesale 3114 Stater Bros. Markets 2935 Walmart 2506 Lake Elsinore Hotel & Casino 2307 Riverside County Dept. of Social Services 1668 Elsinore Valley Municipal Water District 1549 Home Depot 143
10 Target 135
State: CaliforniaCounty: RiversideMayor: Bob Magee
Website: lake-elsinore.orgTotal Population 67,582Total Daytime Population 60,211No. of Households 19,441Average Household size 3.46Median Household Income $75,387Median Age 31.9Median Net Worth $136,249Median Home Value $392,050Median Disposable Income $58,617
LAKE ELSINORE 2020 DEMOGRAPHICS
Source: ESRI
MAJOR EMPLOYERS
Total Businesses 1,926Total Employees 15,197Commuters with 7+ hours/week 19%Commuters driving alone to work 76.8%Education: Bach/Grad/Prof degree 20%Education – some college 34%Education – high school degree 29%Employment – white collar 57%Employment – blue collar 28%Employment – services 15%
Source: Wikipedia
LAKE ELSINORE BUSINESS & EDUCATION
Source: ESRI
Source: ESRI
KEY SPENDING FACTORS
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REGIONAL OVERVIEW | GEARHART’S GARAGE
SOUTH CORONA
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WINCHESTER
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MUSEUM
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TEMECULA WINE COUNTRY
TEMECULA VALLEY
HOSPITALPECHANGA
HOTEL & CASINO
DOS LAGOS
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MAJOR RETAIL1Corona Crossing2Shops at Dos Lagos3Outlets at Lake Elsinore4Temecula Promenade Mall
HISTORICAL4Old Town Temecula5Motte Historical Car Museum6SoCal Railway Museum7Perris Valley Historical Museum
LAKE RECREATION8 Canyon Lake9 Lake Elsinore10 Lake Perris11 Diamond Valley Lake12 Lake Skinner Park
RECREATION/ENTERTAINMENT12Tom’s Farms13Glen Ivy Hot Springs & Spa14Storm Baseball Stadium15Canyon Lake Country Club16Bear Creek Golf Club17Pechanga Resort & Casino18The Legends Golf Club19The Golf Club at Rancho CA20Mulligan Family Fun Center22Temecula Wine Country23Hot Air Balloon Rides24Menifee Lakes Country Club25DropZone Waterpark26Big League Dreams Perris
MEDICAL26Inland Valley Medical Center27Temecula Valley Hospital28Menifee Valley Medical Center29Loma Linda Medical Center
AIRPORTS30French Valley Airport31Perris Valley Airport
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PROMENADE MALL
LAKE ELSINORE
CANYON LAKE
WCIWEST COUNTY INVESTMENTS
JANET F. KRAMER, JD, CRRPMANAGING PARTNER
[email protected] DRE: 01351570
BOB KIRKPATRICKSENIOR ADVISOR
CA DRE: 00575633
GARY WASHBURNBROKER
CA DRE: 00705913
Exclusively Listed By:
