1950 CONCORD AVENUE CONCORD, CA PREPARED BY SHAWN WILLIS

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1 MULTI-TENANT MIXED USE COMMERCIAL 1950 CONCORD AVENUE CONCORD, CA $795,000 PREPARED BY SHAWN WILLIS INCOME PROPERTY SERVICES 1343 Locust Street, Suite 204 Walnut Creek, CA Dre # Shawn@IPSrealestate.com Page

2 CONTENTS Contents... Page 2 Narrative... Page 3 Property Highlights... Page 4 Rent Roll... Page 5 Financial Analysis... Page 6 Comparables...Page 7-12 Rent Survey & Photos Rent Survey Map Sales Comparables & Photos Sales Comparables Map Neighborhood Aerial View... Pages 13 City Map... Page 14 Regional Map... Page 15 Copyright 2011 Income Property Services. All rights reserved. The information provided herein is for general purposes only and is subject to change without notice. Nothing contained herein is intended to a binding representation. The owner and broker make no representation as to the information contained herein, or as to the character, occupancy, or configuration of the property described herein. It is the responsibility of the prospective buyer to independently verify all of the information. Page 2

3 NARRATIVE The subject property is a two story, wood frame building completed in approximately 1979 in downtown Concord. The building has excellent visibility and identity along Concord Avenue and is located just blocks away from Bank of America headquarters, Concord BART, Park N Shop Shopping Center, John Muir Medical Center, Concord s Auto Row and Todos Santos Plaza & Park. The property offers easy access to Highways 4, 242 and I-680. The property is zoned DB, or downtown business district, per the City of Concord. This allows many different types of business uses and offers flexibility. There is a total population of 181,704 within a 3 mile radius and an average daytime population of 232,059. There are 97,611 households within a 3 mile radius and an average daily traffic count of 34,159 on Concord Avenue. The current owner operates The Old Hangout, a bar that has been a mainstay in downtown Concord since Family run and operated, the second generation to operate this business proposes a sale/leaseback of the property. The Seller proposes a 5 year lease at $3,000/month with a 5 year option, terms to be negotiated. The second floor offices have been occupied for the past 10 years by Blue Star Tattoo, who is expected to vacate in the fall of This creates the perfect owner/ user opportunity to own the building and occupy the second floor space. Page 3

4 PROPERTY HIGHLIGHTS ADDRESS 1950 Concord Avenue, Concord, CA BUILDING SQUARE FEET approximately 4,982 +/- LOT SIZE 8,226 s.f. /.189 Acres +/- YEAR BUILT 1979 APN THOMAS BROTHERS ZONING DESCRIPTION CONSTRUCTION ROOF HVAC UTILITIES PARKING 592F1 DB (downtown business) Two story, two-tenant retail/office building Wood frame Flat, tar & gravel Four (4) roof mounted units Separately metered for electricity; master metered for water and gas Seven on site parking spaces Page 4

5 RENT ROLL SUITE TENANT NAME APPROX. USABLE SQ. FT. % OF BLDG. CURRENT MONTHLY RENT CURRENT MONTHLY RENT/USF MOVE IN DATE EXPIRES NEXT RENT INCR. DATE NEXT RENT INCR. AMOUNT OPTIONS 1st Floor The Old Hang Out [1] 2,254 49% $3,000 $1.33 1/1/79 12/ [1] [1] One-5 year 2nd Floor Blue Star Tattoo 2,346 51% $2,970 $1.27 1/1/01 9/ N/A N/A None TOTALS 4, % $5,970 $1.30 [1] Seller operates The Old Hang Out and is proposing a sale/leaseback for 5 years with a 5 year option, negotiable terms Page 5

6 FINANCIAL ANALYSIS TENANTS SQUARE FEET CURRENT BASE RENTS RENT/ SQ FT CURRENT CAM PER S.F. The Old Hangout [1] 2,254 $3,000 $1.33 $0.00 Blue Star Tatoo [2] 2,346 $2,970 $1.27 $0.00 TOTALS 4,600 $5,970 $1.30 INCOME MONTHLY RENT $5,970 $0.00 ANNUAL RENT $71,640 $0.00 VACANCY/BAD DEBT 5.00% ($3,582) $0.00 GROSS RENT $68,058 $0.00 NNN Recapture $0 SUB TOTAL INCOME $68,058 $0.00 TOTAL INCOME $68,058 EXPENSES GROUNDS Tenant $0 INSURANCE Projected $2,300 PROPERTY TAXES % $8,624 LEVIES/ASSESSMENTS Actual $2,034 REPAIRS & MAINTENANCE Projected $2,300 REPLACEMENTS Projected $2,300 PG&E Actual $11,400 WATER Actual $1,320 TRASH Actual $3,180 PEST CONTROL Actual $948 TOTAL EXPENSES $34, $0.00 NET OPERATING INCOME $33,652 $0.00 DEBT SERVICE ($36,880) $0.00 CASH FLOW ($3,228) $0.00 PRINCIPAL PAY-DOWN $8,491 $0.00 TOTAL RETURN $5,263 $0.00 PRICE PER SQUARE FOOT $ PURCHASE PRICE $795,000 DOWN PAYMENT $318,000 40% PROPOSED NEW LOAN [3] $477,000 60% [1] Proposed sale/leaseback with The Old Hangout remaining under new lease [2] This space to be occupied by new owner or tenant [3] 6% rate, 25 year amortization - SBA financing may also be available Page 6

7 CONCORD OFFICE RENTAL COMPARABLES SUBJECT PROPERTY 1950 Concord Avenue 1849 Willow Pass Road 1875 Willow Pass Road 2118 Willow Pass Road 2343 Almond Avenue 2380 Salvio Street 2600 Park Avenue 2nd Floor office space, excellent downtown location and visibility Free parking, janitorial, secured access, close to I-680 and Highway 242 Downtown Concord, 3rd floor available, newly renovated building & grounds. Office over retail, full kitchen, elevator, close to BART & freeway Medical complex, zoned mix use, free standing house, near John Muir Medical Newly renovated, separately metered, signage, lease with purchase option Medical office building near Mt Diablo Medical, no CAM, low maintenance, near I-680 $1.27/sq. foot 2,346 sq. feet $1.03-$1.65/s.f. 580 to 7,037 s.f. $1.85/square foot 5,682 square feet Divisible to 1,500 s.f. $1.10/square foot 4,223 square feet Divisible to 2,370 s.f. $1.70/square foot 1,700 square feet $$1.50-$1.60/s.f. 648 to 5,015 s.f. $1.10-$1.35/s.f. 864 to 5,000 s.f. Page 7

8 CONCORD OFFICE RENTAL COMPARABLE PHOTOS 1849 Willow Pass Road 1875 Willow Pass Road 2118 Willow Pass Road 2343 Almond Avenue 2380 Salvio Street 2600 Park Avenue Page 8

9 CONCORD RETAIL RENTAL COMPARABLES 1950 Concord Avenue 1665 Willow Pass Road 1758 Willow Pass Road 1825 Sutter Street 1827 Willow Pass Road 2304 Willow Pass Road 1st Floor retail / restaurant space, excellent downtown location and visibility Fantastic location in vibrant retail center, near BART and new downtown developments Free standing building, formerly Wells Fargo, storage, 2 restrooms, exclusive parking Community shopping center, strong traffic count, formerly IT/ Computer Repair. High visibility in front of signalized intersection, next to major shopping center Stand alone building, great development opportunity, mixed use or office, high visibility $1.33/square foot 2,254 square feet $1.55/square foot 4,500 square feet $1.75/square foot 1,500 to 3,265 s.f. $1.50/square foot 1,234 to 3,295 s.f. $1.65/square foot 4,640 square feet $1.50/square foot 1,000 to 4,656 s.f. Page 9

10 CONCORD RETAIL RENTAL COMPARABLE PHOTOS 1665 Willow Pass Road 1758 Willow Pass Road 1825 Sutter Street 1827 Willow Pass Road 2304 Willow Pass Road Page 10

11 CONCORD RETAIL/COMMERCIAL SALES COMPARABLES ADDRESS SALE PRICE SQUARE FEET COST/ SQ. FT. CAP BUILT SALE DATE COMMENTS 1801 Willow Pass Road $2,700,000 15,125 $ N/A Broadway Street $310,000 1,468 $ N/A Clayton Road $1,299,999 7,228 $ N/A Galindo Street $970,000 5,402 $ N/A / / In Escrow In Escrow Retail building in Park N Shop center acre site with strong identity. Believed to be owner/user purchase and financing information N/A. Vacant building, purchased by investor to renovate and re-tenant. Corner location in downtown Concord close to HWY 242/4 with parking..69 acre lot, 6-bay auto service with offices and meeting rooms. New roof, carpeting and interior paint. Owner will carry financing and also available for lease at $.95/sf NNN Additional 2,875 s.f. basement. Renovated building on.38 acre site. Signalized intersection with parking. REO sale and building is approximately 60% occupied. AVERAGES $1,276,250 7,306 $ N/A Page 11

12 SALES COMPARABLE PHOTOS 1801 Willow Pass Road 1515 Broadway Street 4746 Clayton Road 1300 Galindo Street Page 12

13 NEIGHBORHOOD AERIAL VIEW SUBJECT PROPERTY 1950 Concord Avenue Concord, CA Page 13

14 CITY MAP SUBJECT PROPERTY 1950 Concord Avenue Concord, CA TODOS SANTOS PLAZA AUTO ROW PARK N SHOP BRENDEN THEATER Page 14

15 REGIONAL MAP SUBJECT PROPERTY 1950 Concord Avenue Concord, CA Page 15