Retail Income Property with Mixed-Use Development Potential for Sale 1250 Mendocino Avenue, Santa Rosa, CA

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Kerry Brooks
5 years ago
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Regional Retail Location Across from Santa Rosa Junior College & High School Near McDonalds, Safeway Marketplace, Taco Bell, CVS Pharmacy, and a new Chic-Fil-A Current Income is $13,000± / Mo / Gross

1 FEATURES 0.97 Acre Parcel with an 8,850± sf Income Producing Tenant, plus Multi-Residential Development Potential on Excess Land 8,850± sf Freestanding Retail Building (former grocery store) High Traffic Regional Retail Location Across from Santa Rosa Junior College & High School Near McDonalds, Safeway Marketplace, Taco Bell, CVS Pharmacy, and a new Chic-Fil-A Current Income is $13,000± / Mo / Gross - tenant is mo/mo ($1.47 psf/gross) Mixed-Use Zone: General Commercial (Mendocino Ave) and R-3-15 Zoning (Slater St) Market Value Rent is ±$ ±$2.25 psf/nnn or $16,815/mo/nnn OVERALL OFFERING PRICE: $3,400,000 CG Parcel with Existing Building: $3,000,000 R-3-15 Parcel value with multiresidential development potential: $400,000 Dino D Argenzio, Partner Erlina Othman, Agent 1355 N Dutton Ave., Santa Rosa, CA (707) Cell: (707) Fax: (707) Lic #s: , DArgenzio@keegancoppin.com, erlina.othman@keegancoppin.com The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

INVESTOR OR USER SPACE Retail or Offices w/ Multi-Family Development Site ADDRESS 1250 Mendocino Avenue Santa Rosa, CA AP# 180-590-004 CURRENT BUILDING 8,840± sf (on approximately 0.

5% on proforma rental value before excess land value R-3-15 Excess multi-family land value at $400,000 CURRENT INCOME $156,000 / Year / Gross ZONING CG (Retail) & R-3-15 Res.

2 INVESTOR OR USER SPACE Retail or Offices w/ Multi-Family Development Site ADDRESS 1250 Mendocino Avenue Santa Rosa, CA AP# CURRENT BUILDING 8,840± sf (on approximately 0.97 acre parcel) CAP RATE 5.5% on proforma rental value before excess land value R-3-15 Excess multi-family land value at $400,000 CURRENT INCOME $156,000 / Year / Gross ZONING CG (Retail) & R-3-15 Res. DESCRIPTION OF PREMISES - FEATURES Total site area is approximately 0.97 acre. ½ is zoned Retail (CG) and ½ is zoned R-3-15 units per acre. Current tenant rent is $156,000/yr gross income (which is $1.46 psf/gross). With same tenant since The site could be improved or further developed with multifamily access land on Slater St. The existing building fronting on Mendocino Avenue is a month/month rental to Meissner Sewing Machine store. The front portion of the site is zoned CG (General Commercial) and can accommodate retail services, food or combination of uses. The current building was originally market/grocery store, and may have additional sewer & water use credits. (To be verified) DESCRIPTION OF LOCATION -RETAIL AREA Employment Base Traffic Count Junior College Population Average Income 58,000 people in 1 ½ miles 45,000 cars/day on Mendocino Avenue 35,000 day students (21,000 night students) 125,000 people - 2 1/2 miles $85,000/year/family NEARBY AREA BUSINESSES CVS Big Lots Taco Bell Wheel Works McDonald s Plato s Closet Exchange Bank Starbucks Juice Shack Safeway CVS Pharmacy SRJC Dutch Bros Coffee The site has north and south bound traffic access on Mendocino Avenue, excellent signage and visibility. It is in the path of traffic generators with turning lane both north and south. This site is adjacent to McDonald s and Dutch Bros Coffee; the site has cross access over the adjacent parking area and signalized corner with customer access from both sides of the rear access delivery area. LEASE TERMS AND INCOME (See Income Proforma) * Existing Retail Building is worth $1.95- $2.25 psf/nnn/mo Dino D Argenzio, Partner Erlina Othman, Agent 1355 N Dutton Ave., Santa Rosa, CA (707) Cell: (707) Fax: (707) Lic #s: , DArgenzio@keegancoppin.com, erlina.othman@keegancoppin.com The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

Dino D Argenzio, Partner Erlina Othman, Agent 1355 N Dutton Ave., Santa Rosa, CA 95401 (707) 528-1400 Cell: (707) 483-4783 Fax: (707) 524-1419 Lic #s: 00754303, 01985519 DArgenzio@keegancoppin.

3 Dino D Argenzio, Partner Erlina Othman, Agent 1355 N Dutton Ave., Santa Rosa, CA (707) Cell: (707) Fax: (707) Lic #s: , DArgenzio@keegancoppin.com, erlina.othman@keegancoppin.com The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

4 Dino D Argenzio, Partner Erlina Othman, Agent 1355 N Dutton Ave., Santa Rosa, CA (707) Cell: (707) Fax: (707) Lic #s: , DArgenzio@keegancoppin.com, erlina.othman@keegancoppin.com The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

SIZE 42,250± sf land parcel zoned in sections, (CG) General Commercial and R-3-15 Multi-Family Development CG ZONING: Click Here R-3-15 ZONING: Click Here and: Click Here DESCRIPTION OF IMPROVEMENTS

5 SIZE 42,250± sf land parcel zoned in sections, (CG) General Commercial and R-3-15 Multi-Family Development CG ZONING: Click Here R-3-15 ZONING: Click Here and: Click Here DESCRIPTION OF IMPROVEMENTS 8,840± sf freestanding retail use building currently rented since 2005 to Meissner Sewing Machines. SITE DESCRIPTION Flat parcel fronting Mendocino Avenue to the West with dual zoning: Mendocino Avenue frontage is General Commercial zone; fronting Slater Street to the East is R-3-15 zone. PARKING RATIO Retail zone parking plus undeveloped land fronting Slater Street. POWER 200 AMP 3-Phase Power TELECOM Tenant ASSESSMENTS None MECHANICAL Three (3) existing five (5) ton HVAC units, two (2) of which installed in One (1) installed in ROOF New roof installed Jan Duro-Last roof. Title 24 compliant and 15 year transferable warranty. Dino D Argenzio, Partner Erlina Othman, Agent 1355 N Dutton Ave., Santa Rosa, CA (707) Cell: (707) Fax: (707) Lic #s: , DArgenzio@keegancoppin.com, erlina.othman@keegancoppin.com The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

6 PROPERTY: Location: Price Price/psf $3,000,000 $ Size: Aprx. 8,850 sft Building Cap Rate 4.47% Proforma Cap Rate 6.70% Description: Apr 42,000 sft parcel with aprx sft former groccery. Current Rent Proforma Rent 1/2 parcel Zoned Commercial, 1/2 parcel Zoned R-3-15 Multi Family. Annual NOI $134,000 $202,150 Annual Debt Service ($176,755) Site: Aprx 42,000 Annual Cash Flow $191,530 Zoning: CG and R-3-15 (Excess Land) Cash Flow % 6.70% ANNUAL OPERATING DATA Current Rent Projected Rent Loan Data Scheduled Net Income $156,000 $212,400 Plus Reimbursement $0 $47,520 Down Payment $750,000 Less Vacancy $0 ($6,200) Annual Adjusted Income $156,000 $253,720 Loan Amount $2,650,000 Less Expenses -$22,000 ($4,050) Annual NOI $134,000 $202,150 Interest Rate 4.50% Less Annual Debt Service $0 Cash Flow Amortization (Yrs) 25 Cash Flow % 4.47% 6.70% Debt Service ($176,755) SCHEDULED INCOME Annual Expenses Current Leases Proforma Leases Current and Projected (P) Lessee Approx. SF Rent/SF Monthly Rent Lease Exp. Rent/SF Monthly Rent Taxes $15,000 $1.48 $13, $2.00 $17, Insurance $4,000 $0.00 $0.00 Maintenance $3,000 $0.00 $0.00 Utilities $0.00 $0.00 Common Area $0.00 $0.00 Reserves $0.00 $0.00 Management $0.00 $0.00 Other Total: 0 $13, $17, Total Expenses $22,000 Annual Scheduled Annual Projected Annual Monthly x 12 $156,000 Monthly x 12 $202,150 Reimbursements REMARKS: $3,400,000 offering price includes excess land portion Zoned for R-3-15, with aprx. $400,000 allocated for vacant Multi Family Land Development Zoned R The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

SANTA ROSA LOCATION DESCRIPTION Santa Rosa, California is the county seat of Sonoma County. It is the largest city in the North Bay Area and all of California s Wine Country.

As the largest city between Portland and San Francisco, Santa Rosa serves a four county region as the hub for technology and entrepreneurial businesses, retail, banking and employment.

7 SANTA ROSA LOCATION DESCRIPTION Santa Rosa, California is the county seat of Sonoma County. It is the largest city in the North Bay Area and all of California s Wine Country. The city of Santa Rosa is the North Bay s premier location and as a business and service hub, Santa Rosa is the economic engine that drives the region. As the largest city between Portland and San Francisco, Santa Rosa serves a four county region as the hub for technology and entrepreneurial businesses, retail, banking and employment. Santa Rosa has a dynamic and well-balanced economy, anchored by strengths in tourism, high-tech manufacturing and retail. Residents enjoy a superb quality of life while employers benefit from a skilled workforce. Santa Rosans have a deep appreciation for the arts, education, conscientious business development and quality living. The city of Santa Rosa offers a one-stop permitting process, easy access to Economic Development program staff and Community Development staff, collaborative partnerships with key business players; from our local chambers of commerce, the higher education institutes, brokers, benchmark industries, and community organizations to a global venture community, just to name a few. The city of Santa Rosa is conveniently located just 55 miles north of San Francisco via the Golden Gate Bridge. Santa Rosa is a main shopping hub for the surrounding neighborhoods near and along the 101 corridor, such as Petaluma, Rohnert Park, Windsor, Sonoma, Healdsburg, and Sebastopol. Santa Rosa has several prominent shopping districts, including Downtown, Santa Rosa Avenue, and Montgomery Village, offering a variety of general retail, boutique shops, dining, and entertainment. There are two regional shopping malls, Coddingtown Mall and Santa Rosa Plaza. Home to approx. 500,000 people, Sonoma County is a prime location for tourism as well as residence. Just a short drive from the San Francisco Bay Area, there are nine incorporated cities in the county, in addition to seventeen unincorporated areas. The city of Santa Rosa is the most populous area, home to approximately one-third of the county s population and was recently named as one of the nation s most livable communities by Partners for Livable Communities. Sonoma County s unemployment rate is one of the lowest in California and the county continues to show long-term job growth in the health care, hospitality and business service sectors. For the leisure, hospitality, educational and health services, which includes trade schools, social workers and health care professionals, has seen employment growth improve on a year-over-year basis. And business and professional services jobs have increased from a year earlier. In addition, new housing continues to increase throughout the county, while job growth and taxable sales also continue to rise. Dino D Argenzio, Partner Erlina Othman, Agent 1355 N Dutton Ave., Santa Rosa, CA (707) Cell: (707) Fax: (707) Lic #s: , DArgenzio@keegancoppin.com, erlina.othman@keegancoppin.com The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

8 The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

9 The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

10 The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

11 The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

12 The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

13 The above information, while not guaranteed, has been secured from sources we believe to be reliable. Submitted subject to error, change or withdrawal. An interested party should verify the status of the

Retail Income Property with Mixed-Use Development Potential for Sale 1250 Mendocino Avenue, Santa Rosa, CA

Retail Income Property with Mixed-Use Development Potential for Sale 1250 Mendocino Avenue, Santa Rosa, CA FEATURES $2,995,000 0.97 Acre Parcel with an 8,850± sf Income Producing Tenant, plus Multi- Residential Development Potential on Excess Land 8,850± sf Freestanding Retail Building (former grocery store)