THE BOARDWALK. A Value-Add Opportunity West Florida Avenue Hemet CA OFFERING MEMORANDUM

Transcription

1 THE BOARDWALK OFFERING MEMORANDUM A Value-Add Opportunity West Florida Avenue Hemet CA PREPARED BY: JANET KRAMER, JD, CRX Senior Vice President (951) janetk@cbcsocalgroup.com CalBRE # STEVE CASTELLANOS Senior Associate (951) stevec@cbcsocalgroup.com CalBRE # JAY BRUN Senior Vice President (951) jayb@cbcsocalgroup.com CalBRE # One BetterWorld Circle Suite 301 Temecula, California P: (951) F: (951) SC

2 OFFERING SUMMARY LOCATION The Boardwalk West Florida Avenue Hemet, CA OFFERING SUMMARY OFFERING PRICE: Confidential ASSUMPTIONS: $2,288,000 - Red Robin, ±5,500 SF, lease expires 2023, $143,000/year NOI at 6.25% $2,150,400 - Fitness 19, ±7,740 SF, lease expires 2025, $134,400/year NOI at 6.25% $1,700,000 - ($ PSF), ±6,665 SF Fully Fixturized Restaurant (former Mimi s Cafe) $706,000 - ($ PSF), ±5,040 SF Multi-Tenant Pad Building (raw shell condition) $2,690,000 - ($13.00 PSF), ±4.75 AC Vacant Land OCCUPANCY: ±13,240 TOTAL EXISTING ±24,945 SF BUILDING AREA: TOTAL LAND AREA: ±245,910 SF (9.43 AC) 2

3 AERIAL OVERVIEW Latham Avenue Proposed Phase II N. Gilmore Street Shops Fully Fixturized Restaurant (Former Mimi s Cafe) W. Florida Avenue 3

4 SITE PLAN Proposed Phase II Proposed NAP ±5,040 SF Shell Fully Fixturized Restaurant (Former Mimi s Cafe) 4

5 PARCEL MAP ±0.46 AC ±0.96 AC ±1.25 AC ±1.83 AC ±0.95 AC ±0.65 AC ±1.05 AC ±1.12 AC 5

6 TENANT PROFILES 8 parcels Red Robin $144,000 NOI Lease Expires in 2023 Fitness 19 $133,000 NOI Lease Expires in 2023 RED ROBIN Founded in Seattle, Washington 1969 WEBSITE OWNERSHIP MARKET CAP REVENUE CORP HEADQUARTERS # OF LOCATIONS The Snyder Group $981.9 M $1.25 B Greenwood Village, Colorado FITNESS 19 Founded in Glendale, Arizona 2003 WEBSITE OWNERSHIP REVENUE CORP HEADQUARTERS West Valley Fitness $3.17 M (est.) Yakima, Washington Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks licensed to Coldwell # Banker OF LOCATIONS Commercial Affiliates. Each Office 120 is Independently Owned and Operated. 6

7 THE BOARDWALK AREA OVERVIEW SITE Angie s Diner treet es Gilmor W. Florida Avenue S. San derson Kirby Street Avenu e W. Florida Avenue W. Acacia Avenue 7

8 Sanderson Avenue State Street Warren Road THE BOARDWALK AREA OVERVIEW W. Esplanade Avenue SITE Florida Avenue SITE Demographics 1 Mile 3 Miles 5 Miles Population 2017: 16, , ,174 Population 2021 (Est): 17, , ,257 Daytime Employee Population: 4,734 25,196 30, Average HH Income: $36,014 $50,223 $54,701 Traffic Counts Florida S. Gilmore Street 42,529 ADT (Est 2017) Source: Esri March

9 RESIDENTIAL DENSITY LEGEND Proposed Population Sectors POPULATION SECTORS Sector Population 1 3,543 1, ,516 2, , ,337 3, ,995 5, ,645 4, , ,353 4, , ,113 1, ,671 2,285 Total 76,893 27,445 Source: Derrigo Demographic Studies ,077 Hemet Valley Mall SITE 432 Hemet Auto Mall

10 AREA OVERVIEW Information for the City of Hemet State California County Riverside Mayor Linda Krupa Incorporated January 20, 1910 Website Source: wikepedia.org & cityofhemet.org 2017 Population Total Population: 84, Top Schools Top School API 2017 Weather Average High 87 90,000 Total Population 88,764 No. of Households: 31,174 No. of Families: 19,960 Median Age: 40 Average HH Size: 2.6 Average HH Income: $50,280 Source: ESRI Elementary: Harmony 853 Middle: Dartmouth 778 High: Hemet 758 High Schools Grad % Hemet High School 93% Source: greatschools.org & murrietak12.ca.us Average Low 54 Precipitation 9.8 Source: weathercurrents.com 88,000 86,000 84,000 82,000 80,000 78,657 84,009 78,000 76,000 74, Est. Source: ESRI 10

11 CONFIDENTIALITY AGREEMENT The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Coldwell Banker Commercial SC and should not be made available to any other person or entity without the written consent of CBC-SC. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. CBC-SC has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, CBC-SC has not verified, and will not verify, any of the information contained herein, nor has CBC conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein Coldwell Banker Commercial is a registered trademark licensed to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Each Offices Independently Owned and Operated Except Offices Owned and Operated by NRT Incorporated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks licensed to Coldwell Banker Commercial Affiliates. Each Office is Independently Owned and Operated. All information contained herein has been obtained from sources deemed reliable. However, no warranty or guarantee is made as to the accuracy of the information. 11