Investment Highlights

Transcription

1 FOR SALE 2995 MONUMENT BOULEVARD CONCORD, CA 5,803 SF 7-Eleven Anchored Strip Center Investment Highlights 7-Eleven anchored strip center Core Bay Area commercial asset located 0.5 miles away from downtown Concord Hard corner identity along busy Monument Boulevard (ADT: 37,000) 100% occupied Investment grade anchor accompanied by stable, local tenants 3-mile radius population of 148,097 & ASSOCIATES

2 CONTENTS 03 Investment Overview 04 Property Overview 05 Site Aerial 06 High Altitude Aerial 07 Site Plan 08 Photos 09 Parcel Map 10 Location Map 11 Rent Roll 12 Financial Analysis 13 Location & Market Analysis 14 Lease Comparables 15 Sale Comparables 16 Demographics & ASSOCIATES

3 Investment Overview Monument Boulevard is a multi-tenant retail strip center located in Concord, CA, a core San Francisco Bay Area market. The property consists of a 5,803 SF strip center comprised of four retail suites. The subject property is anchored by 7-Eleven, an investment grade tenant that has occupied the space for over 30 years. The 7-Eleven lease has nine years remaining in the primary term, with two additional five year options. The subject property s remaining three suites benefit from a stable tenant mix of local retailers. A prospective investor will have the opportunity to keep the tenant mix as-is or create value through upgrading the tenant mix with national retailers such as pizza chains, fast casual restaurants, financial services, etc. The subject property is located on the busy Monument Boulevard with an average daily traffic count of 37,000 vehicles. Located near multiple demand generators, this retail center also benefits from its close proximity to downtown Concord. 3 & ASSOCIATES

4 7-Eleven has occupied the space for over 30 years! Investment Property Summary Overview Monument Boulevard consists of a 5,803 SF retail strip center. The property is currently 100% leased. Address 2995 Monument Blvd, Concord, CA Total Land Area 24,486 SF / AC % Leased 100% Parcel # APN: Building Core 5,803 Bay SF Area Retail Center Site Conditions Improved Traffic Counts Monument Blvd: 37,000 ADT Cowell Rd: 19,010 ADT Access Signalized intersection Monument Blvd and Oakmead Dr Adjacent Uses Local market across Oakmead Dr. Residential to the rear. 4 & ASSOCIATES

5 G ALINDO ST 28,000 ADT Investment Site Summary Aerial 5 5 SITE MONUMENT BLVD - 37,000 ADT COWELL RD 19,010 ADT 5 & ASSOCIATES

6 T AD CLAYTON ROAD, BLVD CONCORD, CA MONUMENT CONCORD, CA R CO N CO VE DA 27 0,8 High Altitude Aerial Downtown Concord Bank of America Metroplex CLA YTO N RD 0 8,00 YT CLA - 33 T AD 2 DO ST LIN GA O D NR 4,96 Concord Police Department ADT SITE D U MENT B LV 242 COW 000 ADT -37, 680 M ON Sunvalley Shopping Center CLA YTO N RD - 33, 526 ADT & ASSOCIATES - 33, ELL RD - 19,0 10 A DT Scott Valley TNF Systron Donner 526 ADT 6

7 Site Plan & ASSOCIATES

8 Photos 8 8 & ASSOCIATES

9 Parcel Map 9 SITE Parcel #: Bldg SF: 5,803 Lot Ac/SF: 0.562/24,486 Use: Store Building Stories: 1 # of Units: 4 Year Built: 1987 Assessor s map Book 126, Page 17 Constra Costa County, California 9 & ASSOCIATES

10 Location Map 10 Area Map Location Map SITE SITE MAPS NOT TO SCALE. 10 & ASSOCIATES

11 Rent Roll 11 Tenant Rentable Area (SF) Monthly Rent (2018) Annual Rent (2018) Monthly Rent PSF (2018) Annual Rent PSF (2018) Lease Type Lease Eff. Lease Exp. Option Thru Comments Eleven 2,560 $10,000 $120,000 $3.91 $46.88 NNN 2/21/ /30/ /30/2036 Lease revised 1/22/2016. Rent increased to $11,000 on 12/1/2021, $12,100 on 12/1/2026 (1st option), and $13,310 on 12/1/2031 (2nd option). 7-Eleven also responsible for a share of NNN & PG&E expenses, see Analysis. Concord Sports 1,200 $2,800 $33,600 $2.33 $28.00 Gross 2/1/2011 1/31/2019 N/A Lease renewed on 1/30/2016 (final option) Yola's Beauty Salon 700 $2,000 $24,000 $2.86 $34.29 Gross 1/1/2012 1/31/2020 N/A Lease revised on 1/12/2015 Monument Grill 1,190 $3,105 $37,260 $2.61 $31.31 Gross 1/1/2013 1/31/2020 N/A Lease renewed on 1/31/2017 (final option) Total 5,650 $17,905 $214, BRANDON JOHN NORTON CUMBELICH t X101 CA-BRE Lic # BRANDON JOHN NORTON CUMBELICH & ASSOCIATES t Walnut Creek, X110 CA CA-BRE t Lic # f

12 Financial Analysis Scheduled Base Rent $214, Estimated Reimbursed Expense Income 80% of PG&E Expenses (7-Eleven Tenant) $1, % of Other Operating Expenses (7-Eleven Tenant) $41, Estimated Reimbursed Expense Income $42, Estimated Operating Expenses PG&E $1, Common Area Maintenance $35, Management $14, Property Tax* $32, Property Insurance $9, Estimated Operating Expenses $93, Financial Analysis Summary 2018 Scheduled Base Rent $214, Estimated Reimbursed Expense Income $42, Estimated Operating Expenses ($93,881.00) Vacancy & Reserve Cost (5%) ($10,743.00) Net Operating Income $153, *Property tax based on reassessment after $2.5M sale & ASSOCIATES

13 Location & Market Analysis 13 The City of Concord Concord, adjacent to beautiful Mt. Diablo, and has a population of over 122,000 residents. Due to its location and size, Concord features a large selection of retail, restaurants, and entertainment, and serves many surrounding communities including Lafayette, Orinda, Walnut Creek, and Pleasant Hill. With a dynamic business core, Concord has created a strong, sustainable economy. A significant number of major corporations and technology companies such as Bank of America Technology Center, PG&E, and John Muir Health have chosen to locate in Concord, drawing on a well-educated workforce, employee amenities, and convenient location accessible by public transportation. Concord has maintained the steady growth of both its business and residential communities. The City provides ready access to San Francisco, Silicon Valley, the growing North Bay and Sacramento, as well as some of the world s leading universities. Business-friendly government policies, outstanding Class-A office space values, numerous industrial parks, and excellent transportation combine with favorable home prices, an educated workforce, a dynamic retail environment, and an enviable quality of life to make Concord a premier business location. 13 & ASSOCIATES

14 Lease Comparables 14 Subject # Tenant Location City Rentable SF Date Signed Base Rent Lease Comparables 1 Urgent I Care 3526 Clayton Rd Concord 1,200 03/16 2 Cheng Shau 2002 Salvio St Concord 2,000 06/15 $24.00 / NNN $24.00 / NNN Location Price Bldg 2995 Monument Blvd Concord, CA Unpriced 5,803 SF 3 Dunkin Donuts 4383 Clayton Rd Concord 2,000 01/ Available Freestanding Restaurant Bldg Strip Center Retail Space $48.00 / NNN 3399 Clayton Rd Concord 3,800 Asking Rent 3540 Clayton Rd Concord 1,090 Asking Rent $24.60 / NNN $19.20 / NNN Parcel Acre (24,486 SF) 7 Treat Plaza Center Retail Space 4475 Treat Blvd Concord 1,564 Asking Rent $27.00 / NNN 8 Clayton Plaza Retail Space 4436 Clayton Rd, #H Concord 1,500 Asking Rent $24.00 / NNN 9 Grocery Anchored Center 1853 Monument Blvd Concord 1,500 Asking Rent $33.00 / NNN 14 & ASSOCIATES

15 Sales Comparables 15 Subject # Location City Rentable SF Price Price Per SF Cap Rate Date Sold Grant St Concord 8,680 SF $1,550,000 $179/SF /22/ Clayton Rd Concord 4,170 SF $2,400,000 $552/SF /19/2015 Location Price 2995 Monument Blvd Concord, CA Unpriced Mohr Ln Concord 2,000 SF $1,000,000 $500/SF /19/2015 Bldg 5,803 SF Parcel Acre (24,486 SF) 15 & ASSOCIATES

16 Demographics 16 1 Mile 3 Mile 5 Mile Population 2017 Estimated Population 31, , , Projected Population 33, , , Census Population 28, , , Census Population 27, , ,223 Projected Annual Growth 1% 1% 1% Historical Annual Growth 1% 1% 1% 2017 Median Age Daytime Population (Age 16+) 21, , ,889 Households 2017 Estimated Households 10,748 54, , Projected Households 11,274 56, , Census Households 10,142 52,350 95, Census Households 10,074 52,169 94,576 Projected Annual Growth 2017 to % 1% 1% Historical Annual Growth 2000 to % 1% 1% Race & Ethnicity 2017 Estimated White 50.7% 62.2% 66.0% 2017 Estimated Black or African American 5% 4% 4% 2017 Estimated Asian or Pacific Islander 13% 15% 15% 2017 Estimated American Indian/Native Alaskan 1% 1% 1% 2017 Estimated Other Races 30% 18% 15% 2017 Estimated Hispanic 50% 29% 22% 1 Mile 3 Mile 5 Mile Income 2017 Estimated Average Household Income $76,021 $112,267 $130, Estimated Median Household Income $57,718 $86,671 $99, Estimated Per Capita Income $26,066 $41,347 $49,018 Education 2017 Estimated Elementary (Grade 0-8) 10% 5% 4% 2017 Estimated Some High School (Grade 9-11) 9% 6% 4% 2017 Estimated High School Graduate 25% 20% 17% 2017 Estimated Some College 23% 23% 22% 2017 Estimated Associates Degree Only 6% 8% 8% 2017 Estimated Bachelors Degree Only 19% 26% 29% 2017 Estimated Graduate Degree 8% 12% 15% Business 2017 Estimated Total Businesses 1,628 7,285 13, Estimated Total Employees 21, , , Estimated Employee Population per Business Estimated Residential Population per Business & ASSOCIATES

17 FOR SALE 2995 MONUMENT BOULEVARD CONCORD, CA 5,803 SF 7-Eleven Anchored Strip Center The information contained in this document has been secured from sources we believe reliable, but 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. & ASSOCIATES