WILLOW VIEW BUSINESS CENTRE PALM DESERT, CA

Transcription

1 WILLOW VIEW BUSINESS CENTRE PALM DESERT, CA MAGGIE MONTEZ Principal License # BRIAN WARD Principal License #

2 TABLE OF CONTENTS SECTION I - EXECUTIVE OVERVIEW Executive Summary... 4 Property Overview... 5 SECTION III - VALUATION Income & Expenses Rent Roll SECTION II - PROPERTY DESCRIPTION Property Description... 7 Property Photos... 8 Plat Map... 9 Aerial Page 2

3 SECTION I EXECUTIVE OVERVIEW

4 EXECUTIVE SUMMARY PRICE: $4,100, SQUARE FEET: 20,995 SF NET OPERATING INCOME: $195, Estimated for 2016 TENANTS: Reliance Hospice Care, Care Dimensions, Law Firm of Fiore Racobs Powers OCCUPANCY: Currently 81.4% Owner/User opportunity with 48% occupied by tenants. Page 4

5 PROPERTY OVERVIEW Introduction Willow View Business Centre, located at Country Club Drive in Palm Desert, California consists of approximately 20,995 SF in a two-story building. The offi ce building has ample parking and signage is available. This offi ce building was built in The property sits on a 1.34 acre parcel. In 2016, a second-fl oor prominent offi ce suite of 7,005 to 9,061 SF will be available for an owner-user looking to own their building with tenants occupying the majority of the fi rst fl oor. Property Highlights Strong medical/professional tenant mix Below replacement cost Attractive common areas Great Palm Desert location 2005 Construction Ample Parking Page 5

6 SECTION II PROPERTY DESCRIPTION

7 PROPERTY DESCRIPTION Property Description Address: Building Square Footage: Land Area: Parking: Construction Type: Stories: Number Of Buildings: Country Club Drive Palm Desert, CA 20,995 SF 58,370 Square Feet (1.34 acres) 4:1 Parking Ratio Wood Frame Two Stories One Building Assessor s Parcel Number: Zoning: Offi ce Professional Year Built: 2005 Restrooms: HVAC: Ingress/Egress: Common area restrooms on both fl oors. Two of the ground fl oor suites each have private restrooms Package Units Country Club Drive Page 7

8 PROPERTY PHOTOS FIRST FLOOR PLAN SECOND FLOOR PLAN Reliance AVAILABLE Care Dimensions Fiore, Racobs Powers Lobby AVAILABLE Lobby Page 8

9 PLAT MAP Page 9

10 AERIAL Subject Site WILLOW VISTA OFFICE PARK CORNERSTONE OFFICE PARK Palm Desert Oasis Manor Care Health Page 10

11 SECTION III VALUATION

12 INCOME & EXPENSES INCOME Current Pro Forma Base Rent Income 5% Vacancy Factor Monthly Annually Monthly Annually $24, $296, $24, $322, $(16,134.00) CAM Income $4, $58, $ $8, GROSS INCOME $29, $354, $25, $315, OPERATING EXPENSES Current Pro Forma Monthly Annually Monthly Annually Utilities $1, $12, $1, $12, Repairs & Maintenance $1, $20, $1, $20, Management $ $7, $ $5, Janitorial $1, $15, $1, $15, Gardening/Pest Control $ $8, $ $8, Taxes $2, $30, $4, $51, Telephone $ $2, $ $2, Insurance $ $3, $ $3, TOTAL EXPENSES $8, $100, $9, $119, NET INCOME $254, $195, Page 12

13 RENT ROLL Tenant Name Suite # Lease Start Vacant 101 1/1/16 12/31/19 1,820 Reliance 103 (/104) Care Dimensions 104 (105) Lease End SF Date SF 5/1/15 4/30/18 6,818 5/1/15 5/1/16 5/1/17 5/1/15 4/30/18 1,530 5/1/15 5/1/16 5/1/17 $ per SF 6, , Manor Care PKG 4/1/15 3/30/16 PKG 4/1/15 PKG per stall Fiore Racobs Powers RBF Consulting Vacant /1/14 8/31/17 1,766 9/1/15 9/1/16 1, Monthly Rent $7, $2, BASE RENT FUTURE RENTS CAM $7, $7, $2, $2, FUTURE CAM Base Year Pro- Rata Late Fees 5 days - 10% or $100 whichever is greater 5 days - 10% or $100 whichever is greater $ days - $150 10days - 18% annual interest $2, $2, $ $ $ % tenant does not have a base year 201 4/1/15 12/31/15 7,055 4/1/15 7, $12, $4, % 5 days - 7.5% or $100 whichever is greater. Tenant does not have a base year. Vacant 202 2,006 TOTALS $24, $4, $29, TOTAL MONTHLY RENT Storage used by RBF deducted from 104 total SF: 100 Not included in RBF's total SF Occupied SF: 17,169 (81%) Vacant SF: 3,826 (18%) Total SF: 20,095 Page 13

14 PROFORMA RENT ROLL Tenant Name Suite # Lease Start Lease End SF Date SF Vacant 101 1/1/16 12/31/19 1,820 1/1/16 1/1/17 1/1/18 Reliance 103 (/104) Care Dimensions 104 (105) 5/1/15 4/30/18 6,818 5/1/15 5/1/16 5/1/17 5/1/15 4/30/18 1,530 5/1/15 5/1/16 5/1/17 $ per SF 1, , , Manor Care PKG 4/1/15 3/30/16 PKG 4/1/15 PKG per stall Fiore Racobs Powers Vacant /1/14 8/31/17 1,766 9/1/15 9/1/ /1/16 12/31/20 7,055 1/1/16 1/1/17 1/1/18 1/1/19 1/1/20 Vacant 202 1/1/16 12/31/20 2,006 1/1/16 1/1/17 1/1/18 1/1/19 1/1/20 1, , , Monthly Rent $2, $7, $2, BASE RENT FUTURE RENTS CAM $2, $2, $7, $7, $2, $2, FUTURE CAM Base Year Pro- Rata Late Fees 5 days - 10% or $100 whichever is greater 5 days - 10% or $100 whichever is greater $ days - $150 10days - 18% annual interest $9, $2, $2, $2, $9, $10, $10, $10, $ $2, $2, $3, $ $ $ % tenant does not have a base year 5 days - 7.5% or $100 whichever is greater. Tenant does not have a base year. TOTALS $27, $27, TOTAL MONTHLY RENT Storage used by RBF deducted from 104 total SF: 100 Not included in RBF's total SF Occupied SF: 20,095 Vacant SF: 0 Total SF: 20,095 Page 14