SITE 959 HORNBLEND. Redevelopment or Owner/User Opportunity

Transcription

1 SITE 959 HORNBLEND Redevelopment or Owner/User Opportunity

2 FOR SALE OR LEASE For Sale: $2,450,000 For Lease: $2.95/SF/MO NNN Fully fixturized restaurant in the heart of Pacific Beach

3 TABLE OF CONTENTS PROPERTY DESCRIPTION Property Details...5 For Lease Summary...6 For Sale Summary... 7 AREA INFORMATION Zoning Map...8 Plat Map...9 Community Disclaimer...12 FOR INFORMATION STEVE AVOYER savoyer@flockeavoyer.com License ID: ASHLEY TIEFEL atiefel@flockeavoyer.com License ID:

4 RENDERINGS Rendering and illustrations are artist s impressions only and cannot be regarded as representations of facts. They are provided for conceptual and informational purposes only. The Landlord has not vetted the suitability, feasibility of these designs. 4

5 PROPERTY DETAILS ADDRESS 959 Hornblend Street, San Diego, CA PROPERTY DESCRIPTION The property has many strengths including an estimated $1.25M renovation in 2007 (includes a complete earthquake retrofit, installation of sprinklers, extensive interior) and exterior tenant improvements, HVAC, ADA compliance, and creation of an outside patio. In addition, the property has virtually no deferred maintenance and importantly has had an ABC Type 47 license and an entertainment permit on the premises for over 40 years. Buyer/Lessee shall obtain ABC Type 47 liquor license and entertainment permit at their own expense for the premises. DEMOGRAPHICS 1 Mile 3 Miles 5 Miles Daytime Population (2016) 9,342 33, ,577 Residential Population (2016) 24,693 76, ,744 Residential Population (2021) 25,672 80, ,777 Number of Households 12,952 36, ,013 Number of Businesses 1,553 4,105 12,257 Median HH Income $71,186 $76,464 $68,847 Average HH Income $96,022 $110,637 $98,927 Median Age *Demographics are derived from Census, 2016 Estimates and 2021 Projection. Additional information available upon request. PROPERTY SUMMARY This is a rare opportunity to acquire a landmark property in the San Diego neighborhood of Pacific Beach with bar/restaurant ownership possibility. This investment opportunity is located at 959 Hornblend Street San Diego, CA and consists of a 5,400 sf fully remodeled restaurant & sport/nightclub. Within the last 7 years, the building has undergone an estimated $1.25M in improvements including the installation of fire sprinklers, earthquake retrofitting and several high end improvements to enhance the customer s experience. In highly desirable Pacific Beach, this turn-key restaurant and nightclub has had a Type 47 ABC Liquor License and Entertainment Permit for over 40 years in this location. Please note, however, that the seller will not allow a liquor license contingency as a condition of sale. The restaurant is fully functional with a grease trap, ventilation hood and is currently licensed by the Department of Environmental Health. The building also boasts high ceilings, a DJ booth which is conducive to a sports bar/ nightclub/beach bar. Fixtures are in place with S.S. class 1 hood, fire suppression system, long draw draft beer system, 2 walk-in coolers and 1 walk-in freezer. 5

6 FOR LEASE 6 Building Size: ±5,400 SF Rent: $2.95 per SF NNN (Tenant to pay taxes, insurance and maintenance) Tenant to provide landlord $275,000 for current infrastructure, TI s and FF&Es Term: 10-year (Owner will consider longer lease)

7 FOR SALE Year Built 1953 Zoning Fire Sprinkler System Earthquake Retrofitted Outside Patio Liquor License - History of Type 47 ** License & Entertainment Permit on Premises for 40+ Years CC-4-2 Yes Yes ±300 SF ** Assessor Parcel Number Type of Ownership Fee Simple Offering Price ** $2,450,000 Building Size* ±5,400 SF Lot Size ±6,251 SF # of Buildings 1 Topography Flat ** Seller will not allow a liquor license contingency as a condition of sale * Square footage includes upstairs office & outside patio *Buyer to verify all square footages SITE GRAND AVENUE GARNET AVENUE HORNBLEND MISSION BOULEVARD 7

8 SITE CC-4-2 is intended to accommodate development with high intensity, strip commercial characteristics and permits a maximum density of 1 dwelling unit for each 1,500 square feet of lot area 8

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10 Epicenter of Sun & Fun Buzzing with activity every day, Pacific Beach is filled with locals and tourists alike. This beach life epicenter is popularly known for entertainment, dining, nightlife and shopping. 10

11 THE COMMUNITY Pacific Beach is a beach community situated in the City of San Diego that boosts a 12 month, 22 hours per day busy business period. During the 9 month school season, many students from UCSD, USD, Point Loma Nazarene and SDSU flock to Pacific Beach for its desirable shopping, restaurants and vibrant nightlife. When school is out, many tourists from Orange, Los Angeles, Riverside and San Bernardino Counties and Arizona make their way to Pacific Beach to enjoy the laid-back atmosphere. Many vacation homes, condos, hotels, motels and timeshares within walking distance. According to PacificBeach.org, Pacific Beach has over 7 million tourist visit each year. Pacific Beach also is home to Crystal Pier, a famous surf and fishing spot that is walking distance from the subject property. The commercial real estate market of Pacific Beach has beaten most neighborhoods across the U.S. The average CAP Rate for retail buildings has been in the low 5% range. Currently, there is only one other single tenant NNN retail building for sale with an asking CAP Rate of 5.10%. Pacific Beach ranks as one of San Diego s premiere retail corridors with bar/ restaurant tenants paying an average of $5.08 SF. PACIFIC BEACH & MISSION BEACH Like an eternal spring break, Mission Beach and Pacific Beach are the gathering place of San Diego s 20 something crowd. Along the 3-mile oceanfront boardwalk, you ll find funky surf shops, beach bars, restaurants and nightclubs. You can also find a variety of upscale resorts and family hotels scattered along the coast. And be sure to visit Mission Beach s iconic Belmont Park amusement park and entertainment center for a ride on the Giant Dipper roller coaster or to test your surfing skills at the Wave House. 11

12 DISCLAIMER Flocke & Avoyer Commercial Real Estate ( FA ) has been retained as an exclusive advisor to the Seller for the sale of 959 Hornblend, San Diego, CA This Offering has been prepared by FA for use by a limited number of parties and does not purport to provide a necessarily complete summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by FA, the Owner, and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and FA, therefore, are subject to variation. No representation is made by FA or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, FA, Owner, and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omission from, this Investment Offering or any other written or oral communication transmitted or made available to the recipient. This Offering does not constitute a representation that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the package. Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser. 12 Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors. Owner and FA each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this Offering or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and its legal counsel, and any conditions to Owner s obligations thereunder have been satisfied or waived. FA is not authorized to make any representations or agreements on behalf of Owner. This Offering and the contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein are called the Contents ), are of a confidential nature. By accepting the package, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the package or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or FA, (iv) not use the package or any of the contents in any fashion or manner detrimental to the interest of Owner or FA, and (v) to return it to FA immediately upon request of FA or Owner. If you have no further interest in the Property, please return this Investment Offering forth with. All information regarding this property is deemed to be reliable, however, no representation, guarantee or warranty is made to the accuracy thereof and is submitted subject to errors, omissions, change of price or withdrawal without notice.

13 SITE 959 HORNBLEND Redevelopment or Owner/User Opportunity