Pittsburg Towne Center

Transcription

1 FOR SALE Pittsburg Towne Center 2931 Railroad Ave * PRICE REDUCED * Resurgent Growth Area $143/SF Below Replacement Cost Low or Modest Rents New Freeway Expansion to 8 Lanes New BART Station at Railroad Avenue CONTACT EXCLUSIVE AGENT Jim Roessler Jim@RoesslerInvestmentGroup.com (415) CA DRE This brochure with the information it contains is given with the understanding that all negotiations relating to the purchase of the property described shall be conducted through Roessler Investment Group. The information contained herein while not guaranteed, has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. We bear no liability for any errors, inaccuracies or omissions. We make no representations or warranties that the premises are free of environmental hazards.

2 PROPERTY INFORMATION Asking Price: $11,800,000 Capitalization Rate: 6.15% Cost per Square Foot: $143 Building Area: Land Area: 82,746 SF 5.75 Acres Date Constructed: 1974 (Renovated 2003) Major Tenants: Dollar Tree La Superior Super Market Enterprise Rent-A-Car Walgreens (not a part) Mobil Oil (not a part)

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4 NOT INCLUDED IN SALE NOT INCLUDED IN SALE

5 RESURGENT GROWTH AREA Pittsburg Home Prices and Values (source from Zillow Home Value Index) The median house value in Pittsburg is $424,900. Pittsburg home values have gone up 11.3% over the past year and Zillow predicts they will rise 9.5% within the next year. The median list price per square foot in Pittsburg is $280 which is lower than the San Francisco Metro average of $497. The median price of homes currently listed in Pittsburg is $429,900 where the median price of homes that sold is $417,800. Pittsburg CA Home Prices & Home Values / Zillow Freeway Expansion Highway 4 through Pittsburg and Antioch was recently expanded to eight (8) lanes with four (4) lanes in each direction and with additional lanes for on-ramps and off-ramps which has significantly reduced commute congestion. BART Expansion BART was recently extended to East Pittsburg and Antioch with a BART station at Railroad Avenue, approximately ½ mile North of the Towne Center. In conjunction with widened Highway 4, this should significantly improve the commute to and from Pittsburg.

6 La Superior Supermarket La Superior Supermarket is a Hispanic supermarket chain with nine (9) existing supermarkets located between Sacramento and Pittsburg. La Superior recently installed new lighting in this store and is a solid performer in gross sales. Railroad Avenue Specific Plan (source: Pittsburg City Planning) The City of Pittsburg has approved the Railroad Avenue Specific Plan which is intended to facilitate transit-oriented development through an increase in the intensity and density of development in the subject area, to improve the pedestrian, bus, bicycle and other linkages between the BART Station and the surrounding community, and to develop design and development standards that will facilitate a vibrant pedestrian friendly mixed-use neighborhood. The Towne Center is located in the Railroad Avenue Specific Plan. Demographics 1 Mile 3 Miles 5 Miles Population 20,779 52,840 71,368 Average Household Income $60,331 $66,102 $67,475

7 PROFORMA (7/11/2018) INCOME Minimum Rent $ 857,952 Reimbursements: CAM $ 152,080 (1) (2) Tax $ 125,676 (1) Insurance $ 13,994 (1) Admin Fee (10% CAM) $ 14,000 Vacancy (3%) < $ 35,211 > Total Income $ 1,128,491 EXPENSES Common Area Maintenance $ 197,900 Real Estate Tax $ 153,450 (3) Insurance $ 17,087 Management Fee (3%) $ 33,855 Total Expenses $ 402,292 NET OPERATING INCOME $ 726,199 FOOTNOTES (1) Gross Leases: - New Fashion 7,500 SF - Cost Rite Furniture 7,500 SF 15,000 SF 82,733 SF = 18.1% or 81.9 % reimbursement (2) Dollar Tree has stop on CAM costs. Estimate $10,000 CAM leakage. (3) Real estate taxes based on sale. Existing real estate taxes are $111,637.

8 PITTSBURG TOWN CENTER 7/11/2018 TENANT ANALYSIS * DO NOT DISTURB TENANTS * TENANT SF AREA MO. RENT RATE MOVE IN DATE TERM EXP. DATE RENTAL INCREASES OPTIONS REIMB. CAM TAX INS Laundromat 2,184 2, /3/17 10 yrs 4/31/27 (1) 2-5yr(1) T T T --- Mi Salvador Rest 2,496 3, /1/09 10 yrs 10/31/19 1/1/19 $3,400/mo none T T T 10% Bay Star Fashion 7,500 5, /27/06 mo/mo mo/mo none none L L L Cost Rite Furniture 7,500 4, /1/08 mo/mo mo/mo none none L L L La Superior Market 26,706 21, /1/04 15 yrs 9/4/19 none 2-5 yr (10%) T T T 10% Dollar Tree 21,250 7, /1/00 20 yrs 7/31/20 none (2) T T T 5% Chicago Pizza 2,700 3, /1/17 5 yrs 8/31/22 (3) 1-5 yr (3) T T T 10% Rice Wine Liquors 2,400 4, /15/96 mo/mo mo/mo none none T T T 10% El Chico Restaurant 960 2, /4/07 mo/mo mo/mo none none T T T 10% Atlantic Nail Salon 900 1, ` 9/1/11 mo/mo mo/mo none none T T T 10% Filipino Market 2,600 3, /2/04 mo/mo mo/mo none none T T T 10% Best Hair Cuts 550 1, /1/91 mo/mo mo/mo none none T T T 10% Enterprise Rent-a-Car 1,411 2, /1/99 10 yrs 6/30/19 none none T T T 10% Bling s Jeweler 600 1, /23/03 mo/mo mo/mo none none T T T 10% Subway 1,200 2, /1/03 15 yrs 7/31/23 none (4) T T T 10% Angels Cleaners 1,789 3, /19/03 5 yrs 1/31/19 none none T T T 10% Water Kiosk /1/92 mo/mo mo/mo none None TOTALS 82,746 sf $71,496 avg.86 x 12 $857,952 FOOTNOTES (1) 5/1/22 $3, (3) 9/1/18 $3, (4) 8/1/23 $2,700 Options: 9/1/19 $3, /1/28 $2,860 5/1/27 $3, /1/20 $3, /1/33 $3,000 5/1/32 FMV 9/1/21 $3, Options: (2) 8/1/20 $8, /1/22 $3, /1/25 FMV 9/1/23 $3, /1/24 $3, /1/25 $4, /1/26 $4, Admin Fee

9 SITE PLAN BAY FASHION COST RITE FURNTURE LAUNDRY MI SALVADOR NOT A PART MOBIL GAS NOT A PART

10 MAPS Pittsburg Towne Center Pittsburg Towne Center