For Sale: Owner/User Opportunity

Transcription

1 200 Washington Street, Petaluma, CA WellKnown Anchor Tenant Two Tenants 21 Parking Spaces Vaulted Ceilings Close to Historic Downtown Offering Summary Price: $2,950,000 Price Per Sq. Ft.: $ Total Building Sq. Ft.: 6,150 +/ CAP Rate Current: 4.7% 1/12/18

2 Property Details: Nearest Cross Street: Keller Street Tax Assessor s Parcel #: Building Size: 6,150 +/ sq. ft. Land Size: Approximately 29,000 +/ sq. ft. Parking Spaces: 21 spaces Zoning: MU2 (Mixed Use 2) Year Built: / Stories: One Construction: Masonry Block Roof Type: Tile and Modified Bitumen Foundation: Concrete Slab Fire Sprinklers: No Heating & Air Conditioning: Yes Electrical and Mechanical: 400 amp and 100 amp panels HVAC 4 package units on roof Flood Zone Designation: Zone X (An area that is determined to be outside the 100 and 500year floodplains) Financial Terms: (415) Price: Financing: $ 2,950,000 ($ psf) SBA with 10% down may be possible

3 Property Description: 200 Washington Street, constructed in 1976 as an bank branch, is a well designed building, currently occupied by a bank and small financial services company. The building has two inviting entrances, an ATM machine and a dual drivethrough location. The bank interior has a vaulted ceiling, teller area, staff lounge, two restrooms, executive office and one large open space. There are two doubledoor entrances, one at each end of the building. Onsite parking includes 21 parking spaces. The parking area could be restriped and to add some spaces with the elimination of one drive through. There is monument signage in front of the building at the corner of Keller St. and Washington St. The traffic count, supplied by the City of Petaluma, is approximately 15,036 cars per day as of The building is constructed of masonry block. The roof type is tile with an equipment well protected with modified bitumen. Location Description: This property is located on Washington Street at the intersection of Keller Street, close to the historic downtown Petaluma. The area is populated with antique and design stores, popular restaurants, bookstores and other retail establishments including Copperfield s Books. The area also has apartments, singlefamily homes and a hotel.

4

5 City Description: Petaluma is a city in Sonoma County, California, part of the North Bay subregion of the San Francisco Bay Area, located 37 miles north of San Francisco. Its population was 57,941 according to the 2017 Census. Petaluma is desirable to many renters and investors, as it is one of the most charming areas in Sonoma County. Petaluma has a picturesque, historical downtown with restaurants, wine bars and shops. Petaluma Economy: The City of Petaluma, California, has a seasonally unadjusted unemployment rate was 3.3% in June 2015, lower than Sonoma County (4.3%), California (6.2%) and the nation (5.5%) for the same month. Median household income is up in Petaluma, growing, between 2000 and 2015, by 22% to $75,655. Looking into 2020, this growth is expected to continue, with median income rising to $85,773, an increase of around 13% from And Petaluma s taxable sales show signs of rebounding with a gain of 12% in This gain is consistent with strengthening economic activity across Sonoma County. The commercial real estate marketing is strong. Retail vacancy rates in Petaluma have followed a steady decline since 2011 and leveled off around 3.8% in the second quarter of The office vacancy rates have significantly declined since their peak of 41.5% in early 2010 and the industrial vacancy rates have fallen since their peak of 18.7% in the first quarter of Currently, the office and industrial vacancy rates in Petaluma are 12.9% and 5.7% respectively.

6 Rent Roll: Unit Tenant Name Rentable Sq Ft Current Monthly Rent Current Rent/ Sq Ft Sq. Ft. % Lease Start Lease Expires 1 WestAmerica Bank 5,179 $ 11, $ % 5/1/ Financial Planners 971 $ 1, $ % 5/1/2018 6,150 $ 13, $ 2.13 Option Option Terms Other Notes NNN Gross

7 Annual Property Operating Statement: Gross Scheduled Income $ 13, X 12 $ 156, Less Vacancy (5%) $ (4,709.22) Effective Gross Annual Income ("EGI") $ 152, LESS EXPENSES Real Property Taxes 83% reimbursed) $ 5, Insurance (actual less 83% reimbursed) $ Management (2.5% of EGI) $ 3, Maintenance & Repairs (1.5% of EGI less 83% reimbursed) $ Replacement Reserves (1% of EGI) $ 1, Total Expenses $ 12, Projected Expense Ratio 8.2% Sale Price CAP Rate $2,950, % Size: 6,150 sq.ft. Price psf: $ psf NET OPERATING INCOME $ 139,786.70

8 Downtown Petaluma Click here to View in Google Maps 200 Washington Street

9 Retail Sales Comparables: Auto Center Dr SOLD Petaluma, CA Sale Date: Sale Price: Price/SF: 01/29/2016 Bldg Type: $1,650,000 Full Value Year Built/Age: $ RBA: Sonoma County RetailAuto Dealership Built 2003 Age: 13 2,825 SF Pro Forma Cap Parcel No: Actual Cap Rate: Comp ID: Sale Conditions: Sale Leaseback Research Status: Full Value Baywood Dr Bank of Marin SOLD Petaluma, CA Sale Date: Sale Price: Price/SF: 08/31/2016 (183 days on mkt) Bldg Type: $2,100,000 Confirmed Year Built/Age: $ RBA: Sonoma County RetailBank Built 1984 Age: 32 3,450 SF Pro Forma Cap 5.90% Parcel No: Actual Cap Rate: 5.40% Comp ID: Sale Conditions: Investment Triple Net Research Status: Confirmed Petaluma Blvd SOLD Petaluma, CA Sale Date: Sale Price: Price/SF: 06/07/2017 (79 days on mkt) Bldg Type: $1,325,000 Confirmed Year Built/Age: $ RBA: Sonoma County RetailStorefront 4,480 SF Pro Forma Cap Parcel No: Actual Cap Rate: Comp ID: Sale Conditions: Deferred Maintenance Research Status: Confirmed Petaluma Blvd N SOLD Petaluma, CA Sale Date: Sale Price: Price/SF: 01/16/2018 (126 days on mkt) Bldg Type: $1,250,000 Confirmed Year Built/Age: $ RBA: Sonoma County RetailStorefront Built 1927 Age: 91 4,268 SF Pro Forma Cap Actual Cap Rate: Comp ID: Research Status: Confirmed Parcel No: Sale Conditions:

10 Medical/Office Sales Comparables: Lynch Creek Way SOLD Petaluma, CA Sale Date: Sale Price: Price/SF: 04/05/2016 (252 days on mkt) Bldg Type: $4,300,000 Confirmed Year Built/Age: $ RBA: Sonoma County Class B OfficeMedical Built 1991 Age: 25 7,778 SF Pro Forma Cap Actual Cap Rate: Comp ID: Research Status: Confirmed Parcel No: Sale Conditions:

11 Floor Plans Not to Scale

12 For Sale: Owner/User Opportunity