Retail PropertyForSale andLease 640 National CityBoulevard · AvailableSF: 5,800 SF LeaseRate:...
Transcript of Retail PropertyForSale andLease 640 National CityBoulevard · AvailableSF: 5,800 SF LeaseRate:...
640 National City BoulevardNational City, CA 91950
7310 Miramar Road, Suite 450
PRESENTED BY:
rosanopartners.com
Retail PropertyFor Sale and Lease
Francisco Jimenez Senior Associate, Investment Sales Group CalDRE#01972920O: 858.633.1811 C: [email protected]
3PROPERTY INFORMATION
6AVAILABLE SPACES
13SALES COMPARABLES
17FINANCIAL ANALYSIS
19DEMOGRAPHICS
TABLE OF CONTENTS
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450
Confidentiality &Disclaimer
rosanopartners.com
ContentsAll materials and information received or derived from Rosano Partners, LLC itsdirectors, officers, agents, advisors, affiliates and/or any third party sources areprovided without representation or warranty as to completeness , veracity, oraccuracy, condition of the property, compliance or lack of compliance with applicablegovernmental requirements, developability or suitability, financial performance of theproperty, projected financial performance of the property for any party’s intended useor any andall other matters.
Neither Rosano Partners, LLC its directors, officers, agents, advisors, or affiliates makesany representation or warranty, express or implied, as to accuracy or completeness ofthe any materials or information provided, derived, or received. Materials andinformation from any source, whether written or verbal, that may be furnished forreview are not a substitute for a party’s active conduct of its own due diligence todetermine these and other matters of significance to such party. Rosano Partners, LLCwill not investigate or verify any such matters or conduct due diligence for a partyunless otherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUEDILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged toverify all information and to conduct their own inspections and investigations includingthrough appropriate third party independent professionals selected by such party. Allfinancial data should be verified by the party including by obtaining and readingapplicable documents and reports and consulting appropriate independentprofessionals. Rosano Partners, LLC makes no warranties and/or representationsregarding the veracity, completeness, or relevance of any financial data orassumptions. Rosano Partners, LLC does not serve as a financial advisor to any partyregarding any proposed transaction. All data and assumptions regarding financialperformance, including that used for financial modeling purposes, may differ fromactual data or performance. Any estimates of market rents and/or projected rents thatmay be provided to a party do not necessarily mean that rents can be established ator increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issuesin order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questionsshould be discussed by the party with a certified public accountant or tax attorney.Title questions should be discussed by the party with a title officer or attorney.Questions regarding the condition of the property and whether the property complieswith applicable governmental requirements should be discussed by the party withappropriate engineers, architects, contractors, other consultants and governmentalagencies. All properties and services are marketed by Rosano Partners, LLC incompliance with all applicable fair housing and equal opportunity laws.
LOCATION INFORMATION 9
Rosano Partners / Offering Memorandum
7310 Miramar Road, Suite 450 https://rosanopartners.com
Section 1
PROPERTYINFORMATION
PROPERTY OVERVIEW**ASSUMABLE SBA LOAN**No Prepayment Penalty**TERMS:$192,130 @ 5.65% 9 years left$280,487 @ 4.097% 13 years left
Rosano Partners is proud to exclusively present 640 National City Blvd,National City, CA 91950. Property is a partially occupied retail and officebuilding in the downtown redevelopment zone of National City. Built in1978 and renovated in the 1990’s. Tenants: Beauty Salon and Office Space
Part of Downtown Specific Plan Area adjacent to the downtown core isproposed for retail, entertainment or employment uses. These uses may bemixed either horizontal or vertically. VALUE ADD OPPORTUNITY. Great forinvestor to lease up, an owner-user opportunity, or to take advantage ofzoning and redevelop.
PERMITTED USES: Multi-Family, Commercial, Hospitality, Entertainment, Light Industrial, Auto-Repair Retail, and Office.
PROPERTY HIGHLIGHTS• Floor Area Ratio: 6:1 max/ 3:1 min
• Maximum Height: 250 ft.
• Average 24-Hour Traffic Volume
- National City Blvd: 14,600 Cars
- 8th St: 18,600 Cars
PROPERTY SUMMARY
Available SF: 5,800 SF
Lease Rate: $1.25 - 1.50 SF/yr (MG)
Lot Size: 0.13Acres
Building Size: 5,800 SF
Year Built: 1978Ren. 1990’s
Zoning: Downtown Specific Plan
EXECUTIVE SUMMARY
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450 rosanopartners.com
• Part of Downtown Specific Plan Area
• Corner Lot of National City Blvd
• Lots of Upside in Rents
• Plenty of Street Parking
PROPERTYADDRESS: 640 National City Blvd
National City, CA 91950
555-052-04-00
5,800 SF
Downtown Specific Plan
1978 Ren. 1990’s
2
APN:
GLA:
ZONING:
YEAR BUILT:
NUMBER OF STORIES:
FOUNDATION:
PROPERTY DETAILS
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450 rosanopartners.com
Concrete & raised wood sub-floor
Flat compositionROOF
25’
59.1
’
73.1
’
46.5’ 46.5’
59.1
’
8’
6’
Partial Basement Entrance through rear
SUITE TENANT SIZE (SF) LEASE TYPE LEASE RATE
Suite 130 Available 1,200 SF Modified Gross $1.25 - $1.50SF/yr
LEASETYPE
TOTAL SPACE
LEASE TERM
LEASE RATE
1,200 SF
Negotiable
$1.25 - $1.50SF/yr
AVAILABLE SPACES
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450 rosanopartners.com
Modified Gross1,200 SF of retail space. Used to be a check cashing/pay day loan. Includes storefront, two offices, storage and bathroom.
SUITE TENANT SIZE (SF) LEASE TYPE LEASE RATE
Suite 119-120 Available 1,551 SF Modified Gross $1.25 - $1.50SF/yr
AVAILABLE SPACES
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450 rosanopartners.com
LEASETYPE
TOTAL SPACE
LEASE TERM
LEASE RATE
Modified Gross
1,551 SF of Retail or Office Space
Negotiable
$1.25 - $1.50SF/yr
Multiple small retail or office space connected by a hallway that leads to the street. Room size ranges from 120-200 SF. Rooms can be connected or space can be opened up to create larger space depending on tenant and terms of lease agreement.
SUITE TENANT SIZE (SF) LEASE TYPE LEASE RATE
Suite 220 (Entire 2nd Floor) Available 2,749 SF Modified Gross $1.25 - $1.50SF/yr
AVAILABLE SPACES
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450 rosanopartners.com
LEASETYPE
TOTAL SPACE
LEASE TERM
LEASE RATE
Modified Gross
2,749 SF
Negotiable
$1.25 - $1.50SF/yr
2,749 SF of office space available, entire second floor. Two entry ways, one from the outside stairs, another from first floor hallway. Space can be divided but prefer one or two tenants to take all space. Renovations are in process, will be left as shell office space. Depending on terms tenant improvements can be done. Includes bathroom.
Rosano Partners / Offering Memorandum
7310 Miramar Road, Suite 450 https://rosanopartners.com
Section 2
LOCATIONINFORMATION
MAP & DESCRIPTION
640 NationalCity BoulevardNational City, CA91950
Property is located on the corner of National City Blvd and 7th Street with easy access to 5 freeway, the busiest freeway in San Diego. National City Boulevard sees some of the highest levels of transportation and pedestrian traffic in the county. The cross street recorded 14,600 car in "Average 24-Hour Traffic Volume." While the cross street a block from the property, 8th and National City Blvd, recorded about 18,600 cars. A two minute drive to the west gets you to San Diego Bay. A little less than 1.2 miles south gets you The Mile of Cars on Mile of Cars Way. On National City Blvd you will find Southwestern Community College, and multiple restaurants and retail businesses. Around the corner you can find Bank of America, Union Bank, Bayview Tower Condominiums, Walmart Supercenter, and various hotels like the Ramada, Rodeway Inn, Cassia Hotels, and Howard Johnson Hotel. Population consists of mostly White Hispanic, Asian & Pacific Islander communities.
7310 Miramar Road, Suite 450 rosanopartners.com
DESCRIPTIONNational City is the second oldest city in San Diego County with a population of about 60,000. It's centralized location and mature transportation network makes it attractive for both residents and businesses.Caught between Downtown SanDiego just 5 miles north and theworld's busiest land bordercrossing, San Ysidro, CA, 10miles south. The City is centrally located, within 20minutes travel time of over 1.4million people. This accessibilityis comparable to Downtown SanDiego's.
LOCATION MAPS
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450 rosanopartners.com
AERIAL MAP
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450 rosanopartners.com
Rosano Partners / Offering Memorandum
7310 Miramar Road, Suite 450 https://rosanopartners.com
Section 3
SALESCOMPARABLES
SALE COMPS
640 NationalCity BoulevardNational City, CA91950
SUBJECT PROPERTY
640 National City Boulevard | National City, CA 91950 540 National City Blvd | National City, CA 919150
Sale Price: $1,299,000 Sale Price: $2,400,000
Lot Size: 0.13 Acres Lot Size: 0.57 Acres
Year Built: 1978 Year Built: 1910
Building SF: 6,000 SF BuildingSF:
10,000 SF
Price PSF: $216.67 Price PSF: $240.00
Lot PSF: $232.56 Lot PSF: $96.66
Zoning: DowntownSpecific
Plan
1
710 E 8th Street | National City, CA 91950
$895,000
0.39 Acres
1980
3,600 SF
$248.61
$52.68
Sale Price:
Lot Size:
Year Built:
Building SF:
Price PSF:
Lot PSF:
2
$600,000
0.14Acres
2,689 SF
$223.13
$98.39
116-122 National City Blvd |National City, CA 91950
3
7310 Miramar Road, Suite 450 rosanopartners.com
Sale Price:
Lot Size:
Building SF:
Price PSF:
Lot PSF:
SALE COMPS SUMMARY
640 NationalCity BoulevardNational City, CA91950
SUBJECT PROPERTY PRICE BLDG SF PRICE/SF Pro Forma CAP
640 National City BlvdNational City, CA 91950 $1,250,000 5,800 SF $216.67 7.65%
SALE COMPS PRICE BLDG SF PRICE/SF CLOSED
1 540 National CityBlvdNational City, CA 91950
$2,400,000 10,000 SF $240.00 07/13/2018
2 710 E 8th StreetNational City,CA 91950
$895,000 3,600 SF $248.61 12/04/2017
3 116-122 National City BlvdNational City, CA 91950
$600,000 2,689 SF $223.13 01/17/2018
PRICE BLDG SF PRICE/SF
TOTALS/AVERAGES $1,298,333 5,430 SF $239.10
7310 Miramar Road, Suite 450 rosanopartners.com
SALES COMPARABLES
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450 rosanopartners.com
S. No. Address Sale Price $/SF
S 640 National City Boulevard $1,299,000 $216.67
1 540 National CityBlvd $2,400,000 $240.00
2 710 E 8th Street $895,000 $248.61
3 116-122 National City Blvd $600,000 $223.13$223.13$240.00 $248.61$215.52
S 321
Rosano Partners / Offering Memorandum
7310 Miramar Road, Suite 450 https://rosanopartners.com
Section 4
FINANCIALANALYSIS
7310 Miramar Road, Suite 450 rosanopartners.com
INVESTMENT OVERVIEW
PricePrice per SF Pro forma CAP RateCash-on-Cash Return (yr 1)
$1,250,000$215.52
7.65%8.3%
OPERATING DATA
Gross Scheduled Income Other Income (Billboard)Total Scheduled Income Vacancy CostGross Income Operating Expenses Net Operating Income Pre-Tax Cash Flow
$116,556$1,200
$117,756$3,533
$114,223$18,625$95,598
$39,114
FINANCING DATA- WITH ASSUMABLE LOAN
Down PaymentLoan Amount Debt ServiceDebt Service Monthly Principal Reduction (yr1)Total Return Before Taxes
$472,617$777,383
$56,484$4,707
$32,064$71,178 15%
FINANCIAL SUMMARY
640 NationalCity BoulevardNational City, CA91950
Rosano Partners / Offering Memorandum
7310 Miramar Road, Suite 450 https://rosanopartners.com
Section 5
DEMOGRAPHICS
POPULATION 1MILE 3 MILES 5 MILES
Total population 27,559 188,469 450,210
Median age 28.9 30.1 32.5
Median age (Male) 27.4 28.8 31.5
Median age (Female) 30.7 31.7 33.6
HOUSEHOLDS & INCOME 1MILE 3 MILES 5 MILES
Total households 7,241 51,550 143,157
# of persons per HH 3.8 3.7 3.1
Average HH income $42,058 $47,002 $59,089
Average house value $342,568 $391,424 $472,448
* Demographic data derived from 2010 US Census
DEMOGRAPHICS MAP & REPORT
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450 rosanopartners.com
1Mile 3Miles 5Miles
Total Population 27,559 188,469 450,210
Population Density 8,772 6,666 5,732
Median Age 28.9 30.1 32.5
Median Age (Male) 27.4 28.8 31.5
Median Age (Female) 30.7 31.7 33.6
Total Households 7,241 51,550 143,157
# of Persons Per HH 3.8 3.7 3.1
Average HH Income $42,058 $47,002 $59,089
Average House Value $342,568 $391,424 $472,448
* Demographic data derived from 2 0 1 0 US Census
DEMOGRAPHICS MAP
640 NationalCity BoulevardNational City, CA91950
7310 Miramar Road, Suite 450 rosanopartners.com
Presented by:
The information contained in this presentation is confidential, furnished solely for the purpose of a review by a prospective purchaser of the Property, and is not to be used for any other purpose or made available
to any other person without the express written consent of the Seller or Advisor. Prospective purchasers should also conduct their own due diligence, including, but not limited to, engineering and environmental
inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the Property or used in the construction of maintenance of the building(s) at the Property.
Francisco JimenezSenior Associate, Investment Sales GroupCalDRE #01972920
O: 858.633.1811 C: [email protected]
Rosano Partners
San Diego Office7310 Miramar Road, Suite 450 San Diego, CA 92126 www.rosanopartners.com
7310 Miramar Road, Suite 450 rosanopartners.com