Higuera Street, San Luis Obispo · 2021. 1. 7. · MELANGEM properties michelle borrero...
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M MELANGE properties michelle borrero [email protected] 1241 johnson avenue suite 303 san luis obispo, ca 93401 p 805 459 5289 f 805 512 9492 DRE lic # 01472639 presented by o Drive #44 $6,150,000 - 6,189 square feet - 100% Occupied - Class A Tenancy (American Riviera Bank) - Long Term Leases, with Annual 3% escalations - Extensive Construction (completed Oct 2019) - Excellently located at the Gateway to Downtown - High Visibility 1085 Higuera Street, San Luis Obispo
Transcript of Higuera Street, San Luis Obispo · 2021. 1. 7. · MELANGEM properties michelle borrero...
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MMELANGEp r o p e r t i e smichelle [email protected] johnson avenue suite 303san luis obispo, ca 93401p 805 459 5289f 805 512 9492DRE lic # 01472639
presented by
o Drive#44
$6,150,000
- 6,189 square feet- 100% Occupied- Class A Tenancy (American Riviera Bank)- Long Term Leases, with Annual 3% escalations- Extensive Construction (completed Oct 2019)- Excellently located at the Gateway to Downtown- High Visibility
1085 Higuera Street, San Luis Obispo
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Design+FinishSpecifications
• 13onsiteparkingspaces.Oneoftwoofficesindowntowncorewithparking• KebonyMelsomslatsidingimportedfromNorway,onbuildingexterior.Patenttimbermodificationprocess
thatisenvironmentallyfriendlyandcomeswithamanufacturer30yearguarantee.• Fiberopticdata• HandmilledeleveninchwidelonglengthFrenchoakflooringthroughout• ExpansivehandmadesteelwindowsalongsideboththeHigueraStreetandSantaRosaStreetviews• RichlyappointedbathroomswithTotofinishes.Floortoceilingtilesatalllocations• Riftsawnoakcabinetsandoakworkstations• Stainlessrefrigeratorscompletewithicemakersandfilteredwater.Drawerbeveragecenters• Caesarstonecountertops• PVCroofmembranewithweldedseamsand40yearwarranty• Individualgeneration,supply,andclimatizedsuites.NosharedHVAC.5totalzones• ViewsofthedowntownCorridorandpeaksoftheCoastalRanges• ExceptionalvisibilityonbusiestcornerintersectionofdowntownSanLuisObispo.• Smoothtexturedrywall• 8’doorsandstainlesshardware• Aluminumexteriorcladdingandinterioraccents• Historicalexposedreinforcedmasonry[brick]walls• Boardformconcretecastcolumns• Individualalarmandcamerasystems• Firesuppressionandfirealarms• DimmableLEDlightingthroughout.Nofluorescents• 10’CeilingsandZEROT-bar.Alldrywallhardlids• Framelessglassofficesuites• CaliforniaCoastalLiveOakspecimentreesandmanicuredroselandscaping• Newsidewalksandpubliclandscaping• Locatedincenterofprimedowntowndistrict.Walkingtoallamenities• Riftsawnoakmilledlumberaccents• 800AMPelectricalservice.Abundanceofpower• Newsewerlateralsandseparatedsewertoeachsuite• CONCRETEparkinglot• Satelliteandcabletelevision• Exposedhistoricaltimberceilings
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SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 13,579.52$ 162,954.24$ 2,998.80$ 35,985.60$ 35,985.60$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 7,613.02$ 91,356.22$ 1,681.20$ 20,174.43$ 20,174.43$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,315.19$ 51,782.22$ 996.78$ 11,961.31$ 11,961.31$ TOTAL 5,000.00$ 25,507.72$ 306,092.68$ 5,676.78$ 68,121.33$ 68,121.33$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 13,986.91$ 167,842.87$ 3,148.74$ 37,784.88$ 37,784.88$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 7,841.41$ 94,096.91$ 1,765.26$ 21,183.15$ 21,183.15$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,444.64$ 53,335.69$ 1,046.61$ 12,559.37$ 12,559.37$ TOTAL 5,000.00$ 26,272.96$ 315,275.46$ 5,960.62$ 71,527.40$ 71,527.40$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 14,406.51$ 172,878.15$ 3,306.18$ 39,674.12$ 39,674.12$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 8,076.65$ 96,919.81$ 1,853.53$ 22,242.31$ 22,242.31$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,577.98$ 54,935.76$ 1,098.94$ 13,187.34$ 13,187.34$ TOTAL 5,000.00$ 27,061.14$ 324,733.73$ 6,258.65$ 75,103.77$ 75,103.77$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 14,838.71$ 178,064.50$ 3,471.49$ 41,657.83$ 41,657.83$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 8,318.95$ 99,827.41$ 1,946.20$ 23,354.42$ 23,354.42$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,715.32$ 56,583.83$ 1,153.89$ 13,846.71$ 13,846.71$ TOTAL 5,000.00$ 27,872.98$ 334,475.74$ 6,571.58$ 78,858.96$ 78,858.96$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 15,283.87$ 183,406.43$ 3,645.06$ 43,740.72$ 43,740.72$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 8,568.52$ 102,822.23$ 2,043.51$ 24,522.14$ 24,522.14$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 4,856.78$ 58,281.34$ 1,211.59$ 14,539.04$ 14,539.04$ TOTAL 5,000.00$ 28,709.17$ 344,510.01$ 6,900.16$ 82,801.91$ 82,801.91$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 15,742.39$ 188,908.63$ 3,827.31$ 45,927.76$ 45,927.76$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 8,825.57$ 105,906.90$ 2,145.69$ 25,748.25$ 25,748.25$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 5,002.48$ 60,029.79$ 1,272.17$ 15,265.99$ 15,265.99$ TOTAL 5,000.00$ 29,570.44$ 354,845.31$ 7,245.17$ 86,942.00$ 86,942.00$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 16,214.66$ 194,575.88$ 4,018.68$ 48,224.15$ 48,224.15$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 9,090.34$ 109,084.11$ 2,252.97$ 27,035.66$ 27,035.66$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 5,152.56$ 61,830.68$ 1,335.77$ 16,029.29$ 16,029.29$ TOTAL 5,000.00$ 30,457.56$ 365,490.67$ 7,607.43$ 91,289.10$ 91,289.10$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 16,701.10$ 200,413.16$ 4,219.61$ 50,635.35$ 50,635.35$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 9,363.05$ 112,356.63$ 2,365.62$ 28,387.44$ 28,387.44$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 5,307.13$ 63,685.60$ 1,402.56$ 16,830.76$ 16,830.76$ TOTAL 5,000.00$ 31,371.28$ 376,455.39$ 7,987.80$ 95,853.56$ 95,853.56$
SUITE TENANT NAMELEASE
COMMENCEMENTLEASE
EXPIRATIONORIGINAL
TERMEXTENSION
OPTION SECURITY DEPOSIT
LEASE INCOME (monthly)
LEASE INCOME (annual)
NNN INCOME (monthly)
NNN INCOME (annual)
NNN EXPENSE (annual)
Suite 100 American Riviera Bank - BRANCH 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 17,202.13$ 206,425.56$ 4,430.59$ 53,167.12$ 53,167.12$ Suite 110 American Riviera Bank - LOAN PRODUCTION 06/01/19 05/31/29 10-Year Four 5-Year Ext -$ 9,643.94$ 115,727.33$ 2,483.90$ 29,806.82$ 29,806.82$ Suite 120 Blue Marble Investments, LLC 11/01/19 10/31/24 5-Year One 5-Year Ext 5,000.00$ 5,466.35$ 65,596.17$ 1,472.69$ 17,672.30$ 17,672.30$ TOTAL 5,000.00$ 32,312.42$ 387,749.05$ 8,387.19$ 100,646.23$ 100,646.23$
RENT ROLL
RENT ROLL 2029
RENT ROLL 2023
RENT ROLL 2024
RENT ROLL 2025
RENT ROLL 2026
RENT ROLL 2027
RENT ROLL 2021
RENT ROLL 2022
RENT ROLL 2028
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Suite 100 3,198 51.67% 2,998.80$ Suite 110 1,794 28.99% 1,681.20$ Suite 120 1,197 19.34% 996.78$
GRAND TOTAL 6,189 100.00% 5,676.78$ 0.92$ NNN / SF
Annual MonthlyInsurance 3,000.00$ 250.00$
Property Taxes for 2020-2021 Roll Year 26,003.88$ 2,166.99$ Landscape & Parking Lot 13,800.00$ 1,150.00$
PG&E 900.00$ 75.00$ Water (Landscape) 1,800.00$ 150.00$
Garbage -$ -$ Tenants Pay DirectlyRepair & Maintenance 2,400.00$ 200.00$
Managmenet Fees 5,400.00$ 450.00$ Miscellaneous 900.00$ 75.00$
TOTAL NNN ESTIMATE 54,203.88$ 4,516.99$ 0.73$ NNN / SF
NOTE:NNN estimates are estimates only.
An annual audit will be performed and tenants will be refunded or invoiced to actual costs.
COMMON AREA&
NNN CALCULATION
NNN ESTIMATE FOR 2021
Suite Square
Feet Common Area %
Monthly NNN Estimate
NNN COLLECTIONS IN 2021
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Monthly Annual Cap Rate ValueLease Income 25,507.72$ 306,092.68$
NNN Income 5,676.78$ 68,121.33$ NNN Expenses 5,676.78$ 68,121.33$
Vacancy Loss 765.23$ 9,182.78$ Unreimburseable NNN's (Due to Vacancy Loss) 170.30$ 2,043.64$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 24,322.19$ 291,866.26$ 4.75% $6,150,000.00
Monthly Annual Cap Rate ValueLease Income 26,272.96$ 315,275.46$
NNN Income 5,960.62$ 71,527.40$ NNN Expenses 5,960.62$ 71,527.40$
Vacancy Loss 788.19$ 9,458.26$ Unreimburseable NNN's (Due to Vacancy Loss) 178.82$ 2,145.82$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 25,055.95$ 300,671.38$ 4.89% $6,150,000.00
Monthly Annual Cap Rate ValueLease Income 27,061.14$ 324,733.73$
NNN Income 6,258.65$ 75,103.77$ NNN Expenses 6,258.65$ 75,103.77$
Vacancy Loss 811.83$ 9,742.01$ Unreimburseable NNN's (Due to Vacancy Loss) 187.76$ 2,253.11$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 25,811.55$ 309,738.60$ 5.04% $6,150,000.00
Monthly Annual Cap Rate ValueLease Income 27,872.98$ 334,475.74$
NNN Income 6,571.58$ 78,858.96$ NNN Expenses 6,571.58$ 78,858.96$
Vacancy Loss 836.19$ 10,034.27$ Unreimburseable NNN's (Due to Vacancy Loss) 197.15$ 2,365.77$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 26,589.64$ 319,075.70$ 5.19% $6,150,000.00
Monthly Annual Cap Rate ValueLease Income 28,709.17$ 344,510.01$
NNN Income 6,900.16$ 82,801.91$ NNN Expenses 6,900.16$ 82,801.91$
VALUE
2023
2024
2025
2021
2022
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Vacancy Loss 861.28$ 10,335.30$ Unreimburseable NNN's (Due to Vacancy Loss) 207.00$ 2,484.06$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 27,390.89$ 328,690.65$ 5.34% $6,150,000.00
Monthly Annual Cap Rate ValueLease Income 29,570.44$ 354,845.31$
NNN Income 7,245.17$ 86,942.00$ NNN Expenses 7,245.17$ 86,942.00$
Vacancy Loss 887.11$ 10,645.36$ Unreimburseable NNN's (Due to Vacancy Loss) 217.36$ 2,608.26$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 28,215.97$ 338,591.69$ 5.51% $6,150,000.00
Monthly Annual Cap Rate ValueLease Income 30,457.56$ 365,490.67$
NNN Income 7,607.43$ 91,289.10$ NNN Expenses 7,607.43$ 91,289.10$
Vacancy Loss 913.73$ 10,964.72$ Unreimburseable NNN's (Due to Vacancy Loss) 228.22$ 2,738.67$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 29,065.61$ 348,787.28$ 5.67% $6,150,000.00
Monthly Annual Cap Rate ValueLease Income 31,371.28$ 376,455.39$
NNN Income 7,987.80$ 95,853.56$ NNN Expenses 7,987.80$ 95,853.56$
Vacancy Loss 941.14$ 11,293.66$ Unreimburseable NNN's (Due to Vacancy Loss) 239.63$ 2,875.61$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 29,940.51$ 359,286.12$ 5.84% $6,150,000.00
Monthly Annual Cap Rate ValueLease Income 32,312.42$ 387,749.05$
NNN Income 8,387.19$ 100,646.23$ NNN Expenses 8,387.19$ 100,646.23$
Vacancy Loss 969.37$ 11,632.47$ Unreimburseable NNN's (Due to Vacancy Loss) 251.62$ 3,019.39$
Capital / Owner Reserve $250.00 3,000.00$ Net Operating Income 30,841.43$ 370,097.19$ 6.02% $6,150,000.00
NOTE: ABOVE REFLECTS THE FOLLOWING3% Vacancy Loss
$250.00 Monthly Capital / Owner Reserve$6,150,000.00 List Price
2028
2029
2026
2027
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Design + Finish SpecificationsRent RollCommon Area & NNN CalculationValueProject Site Plan
