SQUARE LOFTS - LoopNet · Guam as of November 3, 2018. Credit Rating: A-/Stable. Renewed 10 year...

BILL SHRADER+1 858 677 [email protected]

JOE BRADY+1 858 677 [email protected]

DAVID MAXWELL+1 858 677 [email protected]

UP Test. 1989S A N D I E G O

M I X E D - U S E W I T H N AT I O N A L C R E D I T T E N A N T R E S I D E N T I A L VA L U E A D D O P P O R T U N I T Y

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4 C S Q UA R E 034 2 8 C S T R E E T

T H E I N V E S T M E N T

4C Square Lofts is a mixed-use building located in the Core Neighborhood of downtown San Diego. The property boasts a long term credit tenant and 28 loft style residential apartments with value-add potential. With its prime location in one of the most recognizable destinations in Southern California and just steps away from the trolley that is expanding to UCSD and the UTC mall, Four C Square is well positioned for future success.

The heartbeat of every city lives in its downtown, and San Diego is no exception. Located only minutes from the airport, San Diego’s thriving urban center offers an abundance of options for accommodations, activities, dining and cultural attractions, all easily accessible by foot, bike, car or public transportation.

Steps from trolley, which is expanding to UCSD, UTC mall, and over 6M SF of office space

With its historic component and the attractive location, the building has tremendous upside potential in the 28 loft style residential units

Adjacent to California Theatre redevelopment

Ross Dress for Less has been at this location for 13 years and recently extended their lease for another 10 years

Highly desirable trade area and rare opportunity to acquire retail project of this size

Synergy with Gaslamp Quarter, Horton Plaza redevelopment, and booming East Village

Redesigned building exterior

Highlights

NEW FACADE - C ST

NEW FACADE - 4TH AVE

Value Creation

Long Term Covered Land

Play

Long Term Credit Tenant

Limited Supply

Synergy with Gaslamp Quarter

+ BoomingDowntown SD

4 C S Q UA R E 054 2 8 C S T R E E T

PRICE $18,995,000

LOCATION 428 C Street, San Diego, CA 92101

PROPERTY TYPE Mixed-Use Retail & Residential

PARCEL 533-533-04

RETAIL Ross: 10 yr lease | 27,500 SFOgawashi: 10 yr lease | 2,635 SF

RESIDENTIAL UNITS 28 loft style

YEAR BUILT 1931

STORIES 4

PROPERTY INTEREST Fee Simple

ALLOWED USES Hotel, short-term rentals, live/work, office, residential

BASE MIN & MAX FAR 6.0 - 10.0

MAX FAR THROUGH BONUS PAYMENT +5.0

BONUS FAR FOR SPECIFIC ENITIES AND/OR PARKS TDR 4.0

MAX FAR (WITH ALL INCENTIVES/BONUSES/TDR) 14.0

T H E O F F E R I N G

Z O N I N G / D E V E L O P M E N T

Retail Area

30,135 SF

Land Area

16,117 SF

Base Minimum & Maximum F.A.R. Maximum F.A.R. Through Bonus Payment

705 6th Ave - PAGE 1802 San Diego Municipal Code Chapter 15: Planned Districts(6-2017)

Ch. Art. Div.15 6 3 108

ZONINGINFORMATION

San Diego Municipal Code Chapter 15: Planned Districts(6-2017)

Ch. Art. Div.15 6 3 107

705 6th Ave - PAGE 1802 San Diego Municipal Code Chapter 15: Planned Districts(6-2017)

Ch. Art. Div.15 6 3 108

ZONINGINFORMATION

San Diego Municipal Code Chapter 15: Planned Districts(6-2017)

Ch. Art. Div.15 6 3 107

Area Developments | Proposed & Under Construction

3RD

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B STREET

A STREET

ASH STREET

C STREET - TROLLEY LINE

BROADWAY

F STREET

1 2

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6th & A1

7th & A2

450 B 3

The Rey Phase II4

California Theatre8

702 Broadway5

625 Broadway6

5th & C7

Horton Plaza9

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Building Area

Residential Lofts

54,845 SF

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T E N A N T O V E R V I E W

Financials & Rent Roll

Assumable Existing Loan

ROSS

OGAWASHI

RESID

ENTIA

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Ross Stores, Inc. is an S&P 500, Fortune 500 and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2017 revenues of $14.1 B. The Company operates Ross Dress for Less® (“Ross”), the largest off-price apparel and home fashion chain in the United States with 1,483 locations in 38 states, the District of Columbia and Guam as of November 3, 2018. Credit Rating: A-/Stable.

Renewed 10 year termExpires 01/31/294-5 year options

Annual Bumps:Year 5: 5%Year 10: 18%Year 15: 7.6%Year 20: 7%Year 25: 6.6%

Expires 09/30/211-5 year option @ FMVAnnual Bumps: $200/yr

Potential to upgrade apartments, live/work, or short term rentals.

Opened in fall 2012, Ogawashi anchors itself as the latest dining establishment in the Gaslamp Quarter. Anchored by craft beers, both local, Japanese, and other international offerings, it proves to be one of the more unique beer lists that matches well with sushi. Hand-crafted cocktails and an impressive sake list make this an immediate hot spot for creative libations.

28 loft style residential units with unbelievable ceiling heights and large windows. Each unit has A/C, a kitchen, full bath, and some have hardwood flooring. Washer and dryers are provided on each floor.

Overview Terms

Overview Terms

Overview Terms

SPACE SF % TYPE MONTHLY RENT PSF

ANNUAL RENT

PRO-FORMA YR 5 PSF

PRO-FORMA ANNUAL YR 5

PRO-FORMA ANNUAL YR 10

Ogawashi - 1100 Fifth Ave 2,635 5% Gross $2.62 $82,844 $3.25 $102,765 $113,042

Ross - 428 C St. 1st floor and Basement

27,500 50%

NN - Tenant pays 50% of Taxes and Insurance

$1.77 $584,375 $1.85 $610,500 $721,875

Residential - 2nd/3rd Floor 24,710 45% Gross $1.87 $554,492 $2.30 $681,996 $750,196

54,845 100% $1.86 $1,221,712 $1,349,215 $1,395,261 $1,585,112

3% Residential Vacancy $16,635 $20,460 $20,460 $22,506

Gross Income $1,205,077 $1,328,756 $1,374,801 $1,562,606

2018 Expenses ($224,153) ($224,153) ($246,568) ($271,225) 2% Op Ex growth YOY

Less: Property Taxes* ($106,372) ($106,372) ($106,372) ($106,372) *half of total property

taxes

NOI: $891,187 $1,018,690 $1,042,321 $1,207,515

Pricing In Place Yr 2 with Resi Bumps Yr 5 Yr 10

$18,995,000 4.69% 5.36% 5.49% 6.36%

LOAN MATURITY DATE

EXT I/OEXPIRATION

FIXED RATE EXPIRATION

INTEREST RATE

LOAN AMOUNT

CURRENT BALANCE LENDER LOAN

SERVICER

CURRENT MONTHLY PAYMENT

10/05/24 N/A 11/05/2019 Loan Maturity 4.38% $5,000,000 $5,000,000Nationwide Life Insurance Company

NorthMarq $18,250.00

Assumption Fee - Not to exceed 1% Assumption

Until 10/05/19 5% Prepay Assumptions made are for illustrative purposes. Buyer to verify any and all information provided.

4 C S Q UA R E 094 2 8 C S T R E E T

Louis Bank of Commerce

Sale Date: 10/17/16

Bldg SF: 23,600 SF

Sale Price: $7,100,000

Price Per SF: $301

Year Built: 1999

Property Type: Mixed-Use

William Penn Hotel

Sale Date: 12/01/17

Bldg SF: 31,011 SF

Sale Price: $10,540,000

Price Per SF: $339

Year Built: 1914

Property Type: Hotel

801-823 5th Avenue

Sale Date: 11/30/18

Bldg SF: 25,000 SF

Sale Price: $13,150,000

Price Per SF: $526

Year Built: -


Yuma Building

Sale Date: 05/31/18

Bldg SF: 6,950 SF


Price Per SF: $742

Year Built: 1869


Marin Building

Sale Date: 03/07/16

Bldg SF: 10,732 SF


Price Per SF: $419

Year Built: 1908


5th & C

Sale Date: 01/29/18

Bldg SF: 20,000 SF


Price Per SF: $213

Year Built:


The Haven

Sale Date: 10/25/17

Bldg SF: 4,692 SF


Price Per SF: $533

Year Built: 1923

Property Type: Multi-Family

The Billboard Lofts

Sale Date: 02/23/17

Bldg SF: 17,061 SF


Price Per SF: $503

Year Built: 2003

Property Type: Multi-Family

Marston Building

Sale Date: Pending

Bldg SF: 49,549 SF

List Price: $7.75M - $9.38M

Price Per SF: $157 - $190

Year Built: 1896


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S A L E S C O M P A R A B L E S

HORTON PLAZA

PETCOPARK

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4

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3

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AVERAGE PRICE PSF | $410

BROADWAY

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MARKET ST

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Old City Hall - No Parking

Address: 664 Fifth Avenue

Units: 12

Occupancy: 100%

Avg Unit Size: 1,090 SF

Building SF: 13,083 SF

Avg Rent/PSF: $1,700/$1.56

Horton 4th Ave Apartments - No Parking

Address: 808 Fourth Avenue

Units: 99

Occupancy: 100%

Avg Unit Size: 689 SF


Avg Rent/PSF: $1,416/$2.06

Pioneer Warehouse Lofts - No Parking

Address: 311 Fourth Avenue

Units: 85

Occupancy: 94.12%



Avg Rent/PSF: $2,419/$2.33

Broadway Lofts - No Parking

Address: 1007 Fifth Avenue

Units: 84

Occupancy: 97.62%



Avg Rent/PSF: $1,879/$2.31

AVA Cortez Hill - Parking

Address: 1399 Ninth Avenue

Units: 292

Occupancy: 92.81%



Avg Rent/PSF: $2,065/$2.65

The Lofts at 655 Sixth - Parking

Address: 655 Sixth Avenue

Units: 106

Occupancy: 91.51%



Avg Rent/PSF: $2,100/$3.23

The Heritage - No Parking

Address: 1471 8th Avenue

Units: 230

Occupancy: 96.09%



Avg Rent/PSF: $2,408/$2.61

Current - Parking

Address: 1551 Union Street

Units: 144

Occupancy: 93.75%



Avg Rent/PSF: $3,249/$2.95

Allegro Towers - Parking

Address: 1455 Kettner Blvd

Units: 201

Occupancy: 94.03%



Avg Rent/PSF: $2,833/2.93

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A P A R T M E N T R E N T A L C O M P A R A B L E S

AVERAGE MONTHLY RENTAL PRICE | $2,160

AVERAGE MONTHLY PRICE PSF | $2.41

BROADWAY

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MARKET

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I N T H E P A T H O F D E V E L O P M E N T

7TH & MARKET

4TH & J

THE F11

11TH & BROADWAY

PARK & MARKET

EZABELLE

K1

PACIFIC HEIGHTS

THE REY7TH & A

6TH & A

SPIRE

BROADWAY BLOCK

CA THEATRE

MANCHESTER PACIFIC GATEWAY

450 B ST

820 BROADWAY

CARTE HOTEL

625 BROADWAY

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Hotel Rooms

16,208

Total Office SF10,265,767

Projected Convention Center Attendees

862,408

31,000Residential UnitsThe heartbeat of every city lives in its downtown, and San Diego is no

exception. Located only minutes from the airport, San Diego’s thriving urban center offers an abundance of options for accommodations, activities, dining and cultural attractions, all easily accessible by foot, bike, car or public transportation.

Where modern architecture and Victorian-Age buildings stand side-by-side, you’ll discover eclectic galleries, chic boutiques, trendy nightclubs, rooftop bars, gastropubs, craft beer hangouts and fine dining restaurants lining the streets.

T H E L O C A T I O N

Downtown San Diego

T R O L L E Y E X T E N S I O N

CLAIREMONT MESA

UNIVERSITY CITY

LA JOLLA

PACIFIC BEACH

LINDA VISTA

OLD TOWN

MISSION VALLEY

UPTOWN

DOWNTOWN

MIDWAY PACIFIC HWY CORRIDOR

CORONADO

OCEAN BEACH

MISSION BEACH

POINT LOMA

TERMINUS (WESTFIELD UTC)

OLD TOWNTRANSIT CENTER

SANTA FEDEPOT

The Mid-Coast Trolley will extend Blue Line Trolley service from Santa Fe Depot in Downtown San Diego to the University City community, serving major activity centers such as Old Town, UC San Diego, and Westfield UTC. Service is anticipated to begin in 2021.

The Mid-Coast Trolley will expand transportation capacity in the corridor to accommodate existing and future travel demand, particularly for peak-period commute trips. The project will provide an effective alternative to congested freeways and roadways for travelers and will result in fewer vehicle miles being traveled.

The population along the corridor is predicted to increase 19 percent by the year 2030, while employment is predicted to increase 12 percent.

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Redefine your commute.

BILL SHRADER+1 858 677 [email protected]. No. 01033317

JOE BRADY+1 858 677 [email protected]. No. 01908072

DAVID MAXWELL+1 858 677 [email protected]. No. 01465828

UP Test. 1989S A N D I E G O

M I X E D - U S E W I T H N AT I O N A L C R E D I T T E N A N T R E S I D E N T I A L VA L U E A D D O P P O R T U N I T Y

4CS Q U A R E

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SQUARE LOFTS - LoopNet · Guam as of November 3, 2018. Credit Rating: A-/Stable. Renewed 10 year...

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