watermarke shopping center

Transcription

1 watermarke shopping center Value Add Northern california strip center 900 B Street, Marysville, CA For more info on this opportunity please contact: Gregg Steele gsteele@capitalpacific.com (415) CA BRE# Zeb Ripple zripple@capitalpacific.com (415) CA BRE# Dave Lucas dlucas@capitalpacific.com (415) CA BRE# Chris Kostanecki ck@capitalpacific.com (415) CA BRE# Chris Peters cpeters@capitalpacific.com (415) CA BRE#

2 VALUE ADD NORTHERN CALIFORNIA STRIP CENTER AT MAJOR INTERSECTION Investment Highlights Located on Ellis Lake at the intersection of Hwys 20 & 70, this well located property benefits from a lakeside setting while being located in the middle of town. Ellis Lake is a center piece for the city of Maryville. This very attractive building is highly visible with a daily traffic count of 27,500 cars. Priced to allow an active investor to maximize value by leasing the two vacant 1,500 sf spaces. Both have excellent visibility. Both suites are currently in vanilla shell condition and both have bathrooms installed and working. The vacant endcap was a former restaurant and had a hood installed prior. The lakeside patio allows outside dining with great ambiance. PRICE: $925,000 75% leased Cap: 6.19% 100% leased Cap: 9.26% RENTABLE SF... 6,000 SF Price/SF... $ LAND AREA Acres YEAR BUILT Investment Highlights Priced below replacement costs One end cap occupied by popular End Zone Bar & Grill Newer construction built in 2006 Enhanced architecture with split stone columns and lakeside terrace Location highlights Signalized intersection with easy access and great visibility Area tenants include Rabo Bank, Walgreens, CVS and Starbucks Lakeside location offers outside patio dining for restaurant and coffee shop Prominent monument sign Watermarke shopping center 2

3 Neighboring Tenants Easy Access and high visible location Area tenants include Rabo Bank, Walgreens, CVS, and Starbucks Located at the major signalized intersection of HWYs 20 & 70, where HWY 70 benefits from traffic counts in excess of 27,500 VPD 70 Marysville Charter Academy for the Arts Marysville High School Paragon Collegiate Academy WATERMARKE SHOPPING CENTER ENDZONE BAR & GRILL 14th Street TACOS JUANCHI S Market Street 20 E 12th Street 70 e Avenu 70 B Street E Street Covillaud Elementary Notre Dame School ILY 20 Colusa 10th Street 27,500 DA 20 5th Street SACRAMENTO 14th Thomas E Matthews Community School 70 et Stre t tree er S B Sutt t tree es ridg Watermarke shopping center 3

4 Income & Expense Actual 75% Leased* Fully Leased** Price: $925,500 $954,750 $984,000 Take Out Loan Capitalization Rate: 1.80% 6.19% 9.26% Proposed loan amount $639,600 Price Per Square Foot: $ $ $ Interest Rate 4.50% Down Payment 35% $323,925 $353,175 $382,425 Amortization 25 Year Loan Amount 65% $639,600 $639,600 $639,600 Due date 10 Year Total Leased (SF): 50.00% 3,000 4,500 6,000 Debt Service $42,661 Total Vacant (SF): 50.00% 3,000 1,500 - Monthly Debt Service $3,555 Total Rentable Area (SF): 6,000 6,000 6,000 Pre-Tax Cash Flow $48,444 INCOME P/SF Debt Coverage Ratio 2.14 Scheduled Rent $18.00 $54,000 $54,000 $54,000 Cash on Cash 14.96% Vacant Space at Market Rent $18.00 $27,000 $54,000 Principal Paydown (Year 1) $14,169 Estimated CAM Recovery $10.32 $30,946 $46,419 $61,892 Total Return $62,613 Adjacent Owners CAM Recovery $0.67 $2,000 $2,000 $2,000 Yield 19.33% EFFECTIVE GROSS INCOME $86,946 $129,419 $169,892 Market Vacancy Reserve (5%) ($8,495) **Lease Up Costs (Both Suites) ADJUSTED GROSS INCOME P/SF $86,946 $129,419 $161,397 Tenant Improvements ($15/sf) $45, EXPENSES Leasing Commission (25% of Y1) $13, Property Taxes (Actual 2014) -$3.11 ($18,671) ($18,671) ($18,671) Total Lease Up Costs $58, Ins-Property & Liability -$0.45 ($2,673) ($2,673) ($2,673) Gas & Electricity -$1.19 ($7,130) ($7,130) ($7,130) *Lease Up Costs (One Suite) Water & Sewer -$2.09 ($12,543) ($12,543) ($12,543) Tenant Improvements ($15/sf) $22, Parking Lot Cleaning -$0.91 ($5,483) ($5,483) ($5,483) Leasing Commission (25% of Y1) $6, Landscaping -$0.80 ($4,787) ($4,787) ($4,787) Total Lease Up Costs $29, Fire/Life Safety -$0.25 ($1,500) ($1,500) ($1,500) Trash Removal -$1.52 ($9,106) ($9,106) ($9,106) Management (2014 Actual) -$1.30 ($7,800) ($7,800) ($7,800) Capital Reserves ($0.10/sf) -$0.10 ($600) ($600) ($600) TOTAL OPERATING EXPENSES -$11.72 ($70,292) ($70,292) ($70,292) NET OPERATING INCOME $16,654 $59,127 $91,105 CASH FLOW &PROPOSED DEBT This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Watermarke shopping center 4

5 Rent Roll Trade Name Unit # Sq. Ft. Percent of GLA Lease Start Lease Expiration Monthly Base Rent Monthly Rent/SF Annual Rent/SF Annual Rent Rent Increase End Zone Bar and Grill A 3, % 8/1/ /31/2018 $4, $1.50 $18.00 $54, Increase 5/1/ /31/2018 $5, $1.75 $21.00 $63, Increase Option 1/1/ /31/2023 $6, $2.00 $24.00 $72, Option 1/1/ /31/2028 $6, $2.32 $27.82 $83, Annual 3%Increase during options Annual 3%Increase during options Vacant (Former merchandise store) B 1, % 7/15/ /30/2018 $2, $1.50 $18.00 $27, vanilla shell with bathroom Vacant (Former Restaurant) C 1, % 8/1/2012 7/31/2017 $2, $1.50 $18.00 $27, vanilla shell with hood & bathroom Current Totals: 6, % Monthly Rent $9, Annual Rent $54, Occupied 3, % Proforma Rent $54, Vacant 3, % This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Watermarke shopping center 5

6 Photos benefits from a lakeside setting while being located in the middle of town benefits from a lakeside setting while being located in the middle of town Watermarke shopping center 6

7 Site Plan Site Plan Key Parcel outline: Land Area: 32,234 SF Building Area: 2,622 sf Ingress/Egress: BOAT RAMP 10th Street LAKE ELLIS BOAT RAMP TACOS JUANCHI S NAP 20 NAP B Street 70 VACANT VACANT END ZONE BAR AND GRILL 20 9th Street 70 Watermarke shopping center 7

8 Site Plan Watermarke shopping center 8

9 Regional Map Sacramento, CA Traffic counts in excess of 27,500vpd on B St Yuba city 5 Min 1.8 Miles 47 Min 42 Miles Yuba city Watermarke Shopping center Sacramento San Francisco Bay Area Watermarke shopping center 9

10 Location & Demos Marysville, CA Overview Marysville, California is the county seat of Yuba County and is a mere two miles outside of Yuba City. Marysville is strategically located where Highways 70 and 20 intersect, and is served by two railroad lines, two highways, a regional airport, a public bus line, and is the center of a broad agricultural and outdoor recreation area. Yuba City has a population of 64,925. As the principal city of the Yuba City Metropolitan Statistical Area, Yuba City has a total population of 164,138 (the 21st largest metropolitan area in CA). Yuba City has the largest dried fruit processing plant in the world, Sunsweet Growers Incorporated., one of the city s top employers. Being a small town, retail and healthcare make up the largest sectors of the economy. Some other notable employers are: the Geweke Auto Group, Hilbers Incorporated, SharpeSoft, and Jaeger Construction. Farming is also incredibly important in the county. The city is known for its large Sikh community - one of the largest in the United States and the Punjab state of India. Each year, thousands of Sikhs attend the Sikh parade, a 4.5 mile-long parade. In 2008, an estimated 80,000 people attended the event, now considered one of the largest gatherings in Northern California. New investments, such as the Cal-Trans improvements along State Highway 99 and State Highway 20 and the redevelopment of Yuba City s downtown Plumas Street into a destination shopping district, have established Yuba City as a regional hub. Population 1-Mile 3-Mile 5-Mile ,111 58, , ,214 60, , ,365 61, , Household incomes 1-Mile 3-Mile 5-Mile Average $40,766 $48,798 $58,715 Median $29,988 $36,877 $44,000 Top Employers in Marysville Employer # of Employees* Fremont-Rideout Health Group 1,850 Yuba City Unified School District 1,316 Sutter County 970 Sunsweet Growers 670 *Approximate Watermarke shopping center 10

11 A unique HUMAN RESULTS-DRIVEN client experience The capital pacific experience - our daily commitment to our clients [ ] Gregg Steele gsteele@capitalpacific.com (415) CA DRE#: chris kostanecki ck@capitalpacific.com (415) CA DRE#: chris peters cpeters@capitalpacific.com (415) CA DRE#: dave lucas dlucas@capitalpacific.com (415) CA DRE#: zeb ripple zripple@capitalpacific.com (415) CA DRE#: Copyright 2015 [Capital Pacific Real Estate Brokerage Company]