SEC NILES ST & STERLING RD | BAKERSFIELD, CA $2,256,410 ...€¦ · Fresno, CA 93711...
Transcript of SEC NILES ST & STERLING RD | BAKERSFIELD, CA $2,256,410 ...€¦ · Fresno, CA 93711...
REPRESENTATIVE PHOTO
SEC NILES ST & STERLING RD | BAKERSFIELD, CA
$2,256,410 | 5.85% CAP
3
6
7
BAKERSFIELD, CALIFORNIA
8
7636 N Ingram Avenue, Suite 103Fresno, CA 93711
CA Broker License 02047928visintainergroup.com
BRETT VISINTAINER, CCIMCommercial Investment AdvisorPrincipal, Visintainer Group
bre�@visintainergroup.com559.890.0320 OFFICE559.916.0370 MOBILECA Agent License 01792092
JOHN KOURAFASCommercial Investment AdvisorVisintainer Group
[email protected] OFFICE559.259.0254 MOBILECA Agent License 02089371
EXECUTIVE SUMMARYInvestment HighlightsInvestment SummaryProperty Descrip�on
TENANT INFORMATIONRent RollTenant Profiles
LOCATION MAPArea Map
AREA OVERVIEWDemographicsCity Overview
NICK FRECHOUSenior Vice PresidentRetail California
[email protected] OFFICE559.999.3712 MOBILECA Agent License 01887999
7480 N Palm Avenue, Suite 101Fresno, CA 93711retailcalifornia.com
INVESTMENT SUMMARY
CAP RATE5.85%
PRICE PSF$1,188
$2,256,410TERMS
ICE HOUSE AMERICA WATER KIOSK FRANCHISEEIS ONE OF LARGEST IN COMPANY
There are over 3,000 locations in multiple countries, whilethis Franchisee has 31 operating today with 15 more in process.
LONG-TERM LEASE WITH INCREASESYoshinoya and Ice House America Water Kiosk signed new
10-year leases with 10% every 5 years.
YOSHINOYA HAS LARGE PRESENCE WORLDWIDEYoshinoya has over 3,000 locations worldwide,
with 107 in California and growing.
BRAND NEW CONSTRUCTIONYoshinoya is set to open December 2019 at this location.
Ice House America Water Kiosk Opens September 1, 2019.
NOI$132,000*
HIGH VISIBILITYHigh traffic counts along Niles Street with over 34,000 VPD.
SF1,800 Building
100 Water Kiosk
*Yoshinoya $120,000 & Ice House America Water Kiosk $12,000
1,800 SF
DRIVE THRU
100 SF
NILES STREET (29,411 VPD)
STER
LIN
G D
RIVE
(4,9
79 V
PD)
PROPERTY DESCRIPTION
ADDRESSSEC of Niles Street & Sterling Road
Bakersfield, CA 93306
APN135-202-04 and 135-202-05
TENANTSYoshinoya and Ice House America Water Kiosk
TOTAL BUILDING AREA1,800 SF Building and 100 SF Water Kiosk
LEASE TERM10 Years
LEASE COMMENCEMENTYoshinoya - Dec. 2019
Ice House America - Sept. 1, 2019
LEASE EXPIRATIONYoshinoya - 10 Years from Lease Commencement
Ice House America - Aug. 31, 2029
LANDLORD RESPONSIBILITIESNone
TENANT RESPONSIBILITIESProperty Taxes, Insurance, U�li�es,
Roof, HVAC, Structure, CAM
YEAR BUILT2019
REPRESENTATIVE PHOTO
RENT ROLL
YEAR ANNUAL MONTHLY
ICE HOUSE AMERICA
MO. PSF
1-5
6-10
11-15 (Option 1)
16-20 (Option 2)
21-25 (Option 3)
26-30 (Option 4)
$10,000
$11,000
$12,100
$13,310
$14,641
$16,105
$120,000
$132,000
$145,200
$159,720
$175,692
$193,261
$5.56
$6.11
$6.72
$7.39
$8.13
$8.95
YEAR ANNUAL MONTHLY MO. PSF
1-5
6-10
11-15 (Option 1)
16-20 (Option 2)
$1,000
$1,100
FMV
FMV
$12,000
$13,200
$10.00
$11.00
icehouseamerica.com
Ice House America has over 3,000 locations across the USA, Brazil, DominicanRepublic and other countries. IHA is the largest manufacturer and owner/operatorof ice vending machines in the world. They’ve produced 3,500+ ice vendingmachines and these collectively produce more than 1 billion pounds of high qualityice each year.
The tenant is a franchisee of Ice House America; they are one of the largestfranchisees with 31 water kiosks operating today and 15 more in process. Theyhave been operating machines in the Bakersfield area for over 6 years and havebeen running ice and water kiosks for over 15 in other parts of the country.
ICE HOUSE AMERICA
YOSHINOYA yoshinoyaamerica.com
The first Yoshinoya restaurant was founded in Tokyo, Japan in 1899 and in 1979the brand expanded globally to the United States. Japanese-inspired cooking is theessence of their menu, featuring a wide array of rice bowls from their signatureGyūdon Beef Bowl® to grilled steak and teriyaki chicken.
Today, there are more than 3,000 Yoshinoya locations worldwide, serving morethan 500,000 delicious bowls daily. Their annual sales is approximately $1.7 billion. They have seen positive sales growth in the U.S. since 2013, achieving 7.3%growth in 2017. There are currently 107 locations in California with expansionplans of adding 7 more in the next 12 months and then 15 per year after that.Additionally, there are plans to add 12-15 locations in Arizona over the next fewyears.
SUBJECT PROPERTY
NILES STREET (29,411 VPD)
STER
LIN
G RO
AD (4
,979
VPD
)
1 MILE
DEMOGRAPHICS THREE MILE RADIUS FROM SUBJECT PROPERTY
TOTAL POPULATION
2019
2024 Projection
Annual Growth Rate
22,127
22,724
0.53%
42,809
44,182
0.63%
48,922
50,392
0.59%
HOUSEHOLDS (HH)
2019
2024 Projection
Annual Growth Rate
5,860
5,982
0.41%
12,507
12,859
0.56%
13,711
14,043
0.48%
MEDIAN AGE
2019
2024 Projection
28.4
29.6
29.0
30.1
28.1
28.7
AVERAGE HH INCOME
2019
2024 Projection
$61,082
$71,149
$53,454
$62,283
$54,048
$63,367
2 MILES 3 MILES
1 MILE 2 MILES 3 MILES
1 MILE 2 MILES 3 MILES
1 MILE 2 MILES 3 MILES
BAKERSFIELD | CALIFORNIA
Bakersfield is the 9th largest city in California with a population of 383,579
One of the fastest growing regions in the nation
Agriculture, manufacturing, petroleum extraction and refining
are the primary drivers for Bakersfield's economy
Generates 76 percent of the California’s oil supply
Richest and most productive agricultural county in the world,
grossing over $7 billion (2017)
Southern gateway to the Central Valley, nestled in Kern County
Equidistant between Fresno and Los Angeles - 110 miles to the
north and south respectively
Home to California State University, Bakersfield
Major employers include: ARB Inc., Bakersfield Memorial Hospital,
Bolthouse Farms, County of Kern, Grimmway Farms,
Giumarra Farms, Mercy Hospitals of Bakersfield, Sun World
Any information provided with this Offering Memorandum shall be considered strictly confidential at all times. As an express conditionof you receiving and reviewing this Offering Memorandum you agree to treat its contents confidential and to ensure that anyone youprovide this information, in whole or in part, agrees to keep the contents strictly confidential as well. We reserve the right to issueyou a recall notice, in which case you agree to return this information to us and to recover and transmit any copies you have furnishedto other parties, including prospective purchasers.
You also understand that the information in this Offering Memorandum is being provided in good faith and largely using informationprovided by our client or public resources, and that in no way do we verify or guarantee the ultimate accuracy of informationcontained herein, including without limitation: values of properties; square footage; zoning or land use; actual versus projected NOIfigures; the strength or intentions of any tenant; any condition of title; area tenants or tenant mixes; comparable sales; land bordersor boundaries; the existence or absence of any hazardous materials or substances; the topography or suitability of land for constructionor expansion; and/or the coverage, duties or limitations imposed by any CC&Rs, DDAs, REAs or otherwise.
You and your client’s due diligence (once in escrow) is the opportunity you have to complete a final verification of any informationyou determine is necessary for vetting the property or properties and you may not rely on information in this Offering Memorandum.
You also understand that this Offering Memorandum contains abbreviated or summary versions of key facts or data and are notintended to be comprehensive or all-inclusive list of information. No warranty or representation, expressed or implied, is made bythe owner, the agent, the broker of record or our company as to the accuracy of the information contained herein or any otherwritten or oral communications.
We expressly disclaim any liability connected with the information or other communications made in the course of listing, negotiating,escrow, closing or post-closing.
This Offering Memorandum is subject to modification, rescission, termination or withdrawal, with or without notice. It is not deemedto be an offer to sell any property. The property owner or owners shall have no legal commitment or obligation to any interestedparty reviewing this Offering Memorandum to accept an offer or respond to an offer.
DISCLAIMER AND DISCLOSURE AGREEMENT
7636 N Ingram AvenueSuite 103Fresno, CA 93711
visintainergroup.com
7480 N Palm AvenueSuite 101Fresno, CA 93711
retailcalifornia.com