Corporate leaseslow rent / 7% Cap3601 Ming Avenue, Bakersfield, CA 93309
[ www.CapitalPacific.com ]
lumber liquidators& Hustler Hollywood
RentABle SF . . . . . . . . . . . . . . . 15,000 SF
PRiCe PeR SF . . . . . . . . . . . . . . . $211
lAnd AReA . . . . . . . . . . . . . . . 0 .97 Acres
YeAR RenovAted . . . . . . . . . . 2015
AveRAge Rent . . . . . . . . . . . . $15 .18/SF
AReA ASking RentS . . . . . . . $20-24 .00/SF
PRICE: $3,171,071CAP: 7.00%
Listing TeamContact Info
Dave Lucasdlucas@capitalpacific .com | (415) 274-7390CA BRE# 01389761
John Andreinijandreini@capitalpacific .com | (415) 274-2715CA BRE# 01440360
PROperty Summary
Capital Pacific collaborates . Click here to meet the rest of our San Francisco team .
[ Surrounding area retail]low REnt StRiP CEntER | 2
long term upside - lumber liquidators is paying 45% less rent than the most recent lease signed with hustler HOllywood
PRoPeRtY highlightS
over 1 .5 million square feet of retail immediate area- this includes the Home Depot, Macy’s, target, Apple Store, Ross, t .J . Maxx, a movie theatre, and countless others within a 3 block radius
Huge traffic counts and highway visibility; over 140,000 vehicles per day on i-99 and 41,000 vehicles per day on Ming Avenue
Fungible box building
new roof with 20 year warranty, electrical, HVAC, and parking lot
luMBeR liquidAtoRS - CoRPoRAte leASe
Record 2014 revenues of over $1 billion
8-year initial term with two five-year options that have 10% rental increases
landlord responsible for roof and structural components
tenant responsible for common area maintenance, repairs, maintenance, and replacement of all interior non-structural components, and HVAC
Below market rent - great intrinsic value
Store is open
huStleR hollYwood - CoRPoRAte leASe
10-year initial term with two five-year options; 10% increases every five years throughout the initial term and options
landlord responsible for roof and structural components
tenant responsible for common area maintenance, repairs, maintenance, and replacement of all interior non-structural components, and HVAC
core characteristics
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aerial
Stin
e Ro
ad
new
Stin
e Ro
ad
gosf
ord
Road
white lane
Stockdale highway
Ming Avenue
99
58
58
vAlleY PlAZA
Ming ARound the CoRneR
HUSTLERSTOCKDALE COUNTRY CLUB
SUNDALE COUNTRY CLUB
louise Sandrini elementary
Stine elementary
laurelglen elementary
Sing lum elementary
old River elementary
hart elementary
Christa McAuliffe
elementary
Stockdale elementary
quailwood elementary
Charles h. Castle elementary
oJ Actis Jr. high School
tevis Jr. high School
Fred l. thompson Jr. high School
west high School
the MARketPlACe
BAKERSFIELD CITY CENTER
99
41,118 DAILY
140,000DAILY
huge tRAFFiC CountS: oveR 140,000 vPd on i-99 And oveR 41,000 vPd on Ming Ave.
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AREA RETAILERS INCLUDE
TARgET, AppLE STORE, MACY’S,
THE HOME DEpOT, ROSS, T.J.
MAXX AND MANY OTHERS
Area Retailers
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income & expense
PRICE $3,171,071
Price Per Square Foot: $211 .40
Building Size (SF): 15,000
Capitalization Rate: 7 .00%
lot Size (Acres) 0 .97
STABILIZED INCOME Per Square Foot
Rent $14 .80 $221,975
LESS Per Square Foot
taxes nnn $0 .00
insurance nnn $0 .00
total operating Expenses $0 .00
EQUALS NET OPERATING $221,975
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
rent roll
tenAnt inFo leASe teRMS Rent SuMMARY
Tenant Name Sq. Ft. Lease Start
Lease Expiration
Current Rent
Monthly Rent
Monthly Rent/FT
YearlyRent/FT
lumber liquidators (Corporate) 8,500 5/26/2016 5/31/2023 $104,975 $8,747 .91 $1 .03 $12 .35
option 1 6/1/2023 5/31/2028 $9,621 .06 $1 .13 $13 .58
option 2 6/1/2028 5/31/2032 $10,583 .16 $1 .25 $14 .94
Hustler Hollywood (Corporate) 6,500 3/1/2016 3/31/2021 $117,000 $9,750 .00 $1 .50 $18 .00
4/1/2021 3/31/2026 $10,725 .00 $1 .65 $19 .80
option 1 4/1/2026 3/31/2031 $11,797 .50 $1 .82 $21 .78
option 2 4/1/2031 3/31/2036 $12,977 .25 $2 .00 $23 .96
Current Totals: 15,000 $221,975 $18,498 $1.26 $15.18
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site plan
Ming Avenue
PYlon Sign
HUSTLER
Site PlAn keY
PARCEl outlinE:
lAnD AREA: 0 .97 ACRES
BuilDing AREA: 15,000 SF
ingRESS/EgRESS:41,118 DAILY
This site plan is a rendering that has been created based on sources we believe to be reliable, however we make no representations or warranties, expressed or implied, as to the accuracy of the rendering. Buyer must verify the information and bears all risk for any inaccuracies.
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[ Surrounding area retail]
Hustler Hollywood is an upscale, modern boutique dedicated to providing a sophisticated shopping experience for its customers . Hustler’s mission is to provide a bright and spacious retail store filled with premium apparel and accessories in a stylish, comfortable setting . the first Hustler Hollywood opened in 1998 on the famed Sunset Strip in west Hollywood . there are stores across the country and expansion continues .
with more than 350 locations, lumber liquidators is north America’s largest specialty retailer of hardwood flooring . the company features more than 400 top quality flooring varieties, including solid and engineered hardwood, bamboo, cork, laminate, and vinyl plank . Additionally, lumber liquidators provides a wide selection of flooring enhancements and accessories to complement, install, and maintain your new floor . Every location is staffed with flooring experts .
2014 Revenue$1.05 Billion
net inCoMe $63.3 Million
tenants
*Call Agent for Financial details*very Strong Corporate guaranty
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2015 HOUSEHOLD INCOMES
pOpULATION
TOp EMpLOYERS IN BAKERSFIELD
demographics & regional map
Employer # of Employees*County of Kern 7,475the giumarra Companies 4,200grimmway Farms 3,500Bolthouse Farms 2,000*Approximate
loS AngElES
SAn FRAnCiSCo
BAKERSFiElD 1 HR 42 Min110 MilES
4 HR283 MilES
luMBER liquiDAtoRS
& HuStlER
1-Mile 3-Mile 5-Mile
2010 19,690 143,150 301,5762015 20,093 146,698 316,1352020 20,669 151,858 332,463
1-Mile 3-Mile 5-Mile
Average $46,267 $56,243 $62,281
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ABout BAkeRSField
Bakersfield is located in Southern California at the end of the San Joaquin Valley in Kern County . the city is 110 miles north of los Angeles and about the same distance south of Fresno . the Bakersfield population is around 350,000, making it the 9th largest city in California and the 52nd largest in the country .
Bakersfield is the focal point of the Bakersfield-Delano MSA, which is coextensive with Kern County . in 2010, it had a population of 839,631, making it the 62nd largest metropolitan area in the u .S .
Bakersfield has a very diverse economy . Kern County produces the most oil and is the fourth most productive agricultural county in the country . other industries include natural gas and other energy extraction, aerospace, mining, petroleum refining, manufacturing, distribution, food processing, and corporate/regional headquarters .
Several companies have moved to Bakersfield because of its inexpensive land and access to the rest of America, as well as its international ports in both los Angeles and oakland . other companies have opened regional offices and non-oil/agricultural businesses because of Bakersfield’s and Kern County’s business friendly policies, such as having no local utility or inventory taxes . Products manufactured in the city include: ice cream (world’s largest ice cream plant), central vacuums, highway paint, and stock racing cars .
9th largest city in california
location
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A unique HUMANRESULTS-DRIVEN client experience
the CAPitAl PACiFiC exPeRienCe - ouR dAilY CoMMitMent to ouR ClientS
[ www.CapitalPacific.com ]
ChRiS koStAneCki ck@capitalpacific .com | (415) 274-2701 CA BRE# 01002010
John AndReinijandreini@capitalpacific .com | (415) 274-2715 CA BRE# 01440360
[ Copyright © 2015 Capital Pacific llC ]
Capital Pacific collaborates . Click here to meet the rest of our San Francisco team .
ChRiS PeteRS
dAve luCAS
ZAndY SMith
JACk nAvARRA
ZeB RiPPle
Joe CACCAMo
gRegg Steele
kARlA ZenS
[ Surrounding area retail]
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