For Sale: Restaurant & Office Building Grant Ave., Novato CA

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Duane Fields
5 years ago
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Floor Office Space w/ Usable Deck & Kitchenette City Parking in the Back Offering

1 New Price! Grant Ave., Novato CA Fully Equipped Restaurant Excellent Street Exposure Patio in Back 2nd Floor Office Space w/ Usable Deck & Kitchenette City Parking in the Back Offering Summary Asking Price: $1,895,000 $1,995,000 Price Per Sq. Ft.: $ psf Proforma CAP Rate: 4.48 % Total Building Sq. Ft.: 4,708 +/- sq. ft.

2 Building/Space Description: This historical building fronts Grant Avenue in downtown Novato. The building was rebuilt from the ground up in The ground floor (2,868 +/- sq. ft.) is the former Left Coast Depot Restaurant, and seats inside, with rear patio seating for an additional patrons. The rear door provides access to a City parking lot. The second floor (1,634 +/- sq. ft.) is a two-suite office with a bathroom, kitchenette and a usable deck. There are operable windows and good natural light. There is 206 +/- sq. ft. of common area. Location Description: This building is located in the core of Old Town Novato. High foot traffic. Ideally located close to restaurants, shops, businesses and in the next block is Whole Foods Market and Millworks, a 117-unit upscale townhouse and apartment project. Property Details: Assessor s Parcel #: Total Building Sq. ft.: 4,708 +/- sq. ft. Total Sq Ft of Land: 3,500 +/- sq ft Year Building Constructed: /- (Rebuilt in 2005) Parking: Street parking & rear City parking lot Stories: Two (2) Type of Construction: Wood Frame Roof Type: 4-ply Built Up Zoning Designation: CDR:D:H (Downtown Core Retail Historic District) Fire Sprinklers: Yes Heating & Air Conditioning: Yes Flood Zone Designation: Zone X (An area that is determined to be outside the 100- and 500-year floodplains)

Restaurant Furniture, Fixtures and Equipment: 2 hoods (one small and one large), a Salamander, walk-in Cooler, 2 6-burner stoves, 2 refrigerators (1 mid-size and 1 large-size), microwave, toaster, 3

4 Restaurant Furniture, Fixtures and Equipment: 2 hoods (one small and one large), a Salamander, walk-in Cooler, 2 6-burner stoves, 2 refrigerators (1 mid-size and 1 large-size), microwave, toaster, 3 coffee makers, ice machine, soda machine and assorted pots, pans and related equipment. The bar includes a refrigerator, cooler, beer machine and 6 stools. In the customer seating area there are 9 wood tables, 27 wood chairs, a boot bench (16) and a refrigerated display case. The patio area had 4 table and 8 chairs. A full list of furniture, fixtures and equipment is available. Sale Terms: Price: $1,895,000 ($ psf) Proforma CAP Rate: 4.48% Terms: Cash or cash to new financing. Possible 10% down payment for qualified buyer with SBA financing. Owner/User: The restaurant will be delivered vacant at close of escrow.

6 Proforma Rent Roll Unit Rentable Market Market Market Sq. Ft. Unit Type Sq Ft Rent/Mo. Rent/Yr. Rate/Sq Ft % 807 Ground Floor - Restaurant 2,868 $ 6, $ 77,436 $ % 809 Second Floor - Office 1,634 $ 3, $ 44,118 $ % Avrg. Total 4,502 $ 10, $ 121,554 $ %

7 Date 1/6/2016 Proforma Income and Expenses 100% Occupancy $ 10, X 12 $ 121, Less 5% $ (6,077.70) Effective Gross Annual Income $ 115, LESS EXPENSES Real Property Taxes (Base Rate)* $ (18,950.00) Ad Valorem Taxes $ (2,440.00) Insurance (actual) $ (3,500.00) Fire Sprinklers & Phone $ (900.00) Trash $ (800.00) Utilities (House Meter) $ (400.00) Maintenance & Repair $ (1,200.00) Landscape Maintenance $ - Miscellaneous $ - Replacement Reserves (2% EGI) $ (2,309.00) Total Expenses $ (30,499.00) NET OPERATING INCOME $ 84, *Sewer charge to be paid by restaurant occupant. (Estimated Sewer Charge is $5,221/yr.) Projected Expense Ratio 23% Sale Price CAP Rate $1,895, % Size: 4,708 sq.ft. Price psf: $ psf

8 Downtown Novato Click here to View in Google Maps GRANT AVENUE REICHERT AVENUE City Parking DE LONG AVENUE 10 Millworks

9 First Floor - Restaurant Restaurant Layout Entry Grant NOT Avenue TO SCALE Entry Floor Plan Not to Scale

10 Second Floor - Office Work Area Closet Bathroom Storage Kitchen Work Area Floor Plan Not to Scale Deck Grant NOT Avenue TO SCALE Entry

SBA 504 Loan Scenario Retail Building For Sale Scenario as of: 7/26/2017 Own the Business? Own the Building. Purchase Price $1,895,000 807-809 Grant Ave.

4210/ / 90% SBA 504 Financing Example Financing Package Amount Rate Term Amort Monthly Pymt Bank 1st Mortgage 50% $ 947,500 4.85% 10 Yrs 25 Yrs $ 5,457 SBA 504 2nd Mortgage* 40% $ 777,000 4.

11 SBA 504 Loan Scenario Retail Building For Sale Scenario as of: 7/26/2017 Own the Business? Own the Building. Purchase Price $1,895, Grant Ave., Novato, CA Improvements $0 Building Size 4,708 sf Other $0 Total Project Costs $1,895,000 Price per Sq. Ft. $ psf Property Contacts / / / 90% SBA 504 Financing Example Financing Package Amount Rate Term Amort Monthly Pymt Bank 1st Mortgage 50% $ 947, % 10 Yrs 25 Yrs $ 5,457 SBA 504 2nd Mortgage* 40% $ 777, % 20 Yrs 20 Yrs $ 5,025 Down Payment 10% $ 189,500 *Includes financed SBA fee of $19, % $2.23 PSF $ 10,482 Monthly Costs Adjusted Monthly Costs PSF Monthly PSF Monthly Mortgage Payments $2.23 $10,482 Total Monthly Payment $2.23 $10,482 Less Depreciation ($0.69) -$3,239 Total Monthly Payment $2.23 PSF $10,482 Total Adjusted Monthly Payment $1.54 PSF $7,243 Out of Pocket Expenses Cash Down Payment 10.0% $189,500 Estimated Bank Fees 1.0% $9,475 Total Cash Required $198,975 Invest in Your Future: Equity Over First 10 Years $1,500,000 $1,000,000 $500,000 EQUITY $ Assumptions: SBA rate is as of Jul '17. Actual rate is set at debenture sale. All fees and expenses are estimated and will vary by vendor. The following assumptions were made in the preparation of this sample. Please let us know if there are specific values you'd like to see. Bank rate, terms and fees are estimated and vary depending on lender. SBA Fee is estimated at 2.15% plus a $2,500 legal fee. Fees are financed. Operating costs, title and insurance are estimates. Equity is based on a 2.0% annual appreciation rate. Depreciation is estimated at an 80% bracket over 39 years. 90% LTV financing generally does not require additional collateral.

For Sale: Restaurant Building and Duplex

For Sale: Restaurant Building and Duplex 1625 Sir Francis Drake Blvd., Fairfax, CA Includes Restaurant Equipment Owner/User or Investor On-Site Parking Offering Summary Asking Price: $2,095,000 Price Per Sq. Ft.: $ 362 psf Proforma CAP Rate: