14812 EAST 14 TH. Urban Infill Redevelopment Multifamily Commercial SAN LEANDRO CALIFORNIA OFFERING MEMORANDUM. SA-3 Zoning ±0.

Transcription

1 14812 EAST 14 TH SAN LEANDRO CALIFORNIA OFFERING MEMORANDUM Urban Infill Redevelopment Multifamily Commercial SA-3 Zoning ±0.72 Acres

2 DISCLAIMER STATEMENT This Offering Memorandum ( Memorandum was prepared by Colliers International ( Colliers ) as part of Collier s efforts to market for sale the real property commonly known as East 14th Street (the Property ) in San Leandro, California. Colliers is the exclusive agent and broker for the owner of the Property (the Owner ). Colliers is providing this Memorandum and the material contained in it to prospective purchaser (each a Purchaser ) solely to assist Purchaser in determining whether Purchaser is interested in potentially purchasing all or part of the Property. Colliers is also providing this Memorandum and the material in it to Purchaser with the understanding that Purchaser will independently investigate those matters that it deems necessary and appropriate to evaluate the Property and that Purchaser will rely only on its own investigation, and not on Colliers, the Owner, or this Memorandum, in determining whether or not to purchase the Property. This Memorandum is a solicitation of interest only and is not an offer to sell, or a solicitation of an offer to buy, an interest in the Property. Owner expressly reserves the right, in its sole and absolute discretion, to reject any or all expressions of interest or offers to purchase the Property and expressly reserves the right, in its sole and absolute discretion, to terminate discussion with any potential Purchaser at any time with or without notice. Owner shall have no legal commitment or obligation to any party reviewing this Memorandum or making an offer to purchase the Property unless and until a written real estate purchase and sale agreement is executed by Owner and Purchaser. Nothing contained in this Memorandum may be construed to constitute legal or tax advice to Purchaser concerning the Property.

3 TABLE OF CONTENTS EXECUTIVE SUMMARY 1 PROPERTY SUMMARY 3 MARKET SUMMARY 5 DEVELOPMENT POTENTIAL 8 MAPS 11 AERIALS 15 EXCLUSIVELY OFFERED BY: CHRIS TWARDUS Senior Vice President chris.twardus@colliers.com CA License No TONY PARK Senior Vice President tony.park@colliers.com CA License No

4 EXECUTIVE SUMMARY Colliers International ( Colliers ), as exclusive broker, is pleased to offer for sale East 14th Street (the Property ), in the City of San Leandro, California. The Property consists of ±2,832 square feet of building improvements and ±31,342 square feet (±0.72 acres) of land. Enterprise Rent-A-Car Co of San Francisco, LLC currently operates a used car sales business on the premises with plans to vacate the Property by the second quarter of The Property is located in the Gateway District of San Leandro at the southern end of the city s East 14th Street Corridor East 14th Street is directly adjacent to the Historic BAL Theatre and abuts residential homes to the north and a commercial property and mobile home park to the south. The Property is zoned South Area 3 (SA-3) and has a general plan land use designation of Mixed Use Corridor (MUC) allowing for a variety of regional and community-serving uses up to a maximum height of 50 feet, including office, commercial, retail and residential (with CUP). The current SA-3 zoning code is being re-examined by the City of San Leandro to allow for increased floor-area-ratio (FAR) that corresponds to the 50-foot building height limit provided for in the city s general plan. PROPERTY HIGHLIGHTS > > Central Bay Area location with access to all major employment centers in San Francisco, East Bay, Peninsula and Silicon Valley. > > Close proximity to Bay Fair BART Station and Bayfair Center regional mall (1 mile away). > > Convenient freeway access to I-580 and I-880. > > Short driving distance to Downtown San Leandro and Oakland International Airport (10 to 15 minutes). > > 50-foot building height limit. > > Flexible SA-3 zoning allowing commercial and residential uses (with CUP). > > Located directly in front of AC Transit bus line #10 with service every 20 minutes to Bay Fair BART (5 minutes). 1 COLLIERS INTERNATIONAL

5 OFFERING SUMMARY PRICE $2,200,000 SITE AREA PROPOSED DEVELOPMENT +/-31,342 SF +/-0.72 Acres Multifamily residential DEVELOPMENT POTENTIAL 50 to 70 units (estimated) OFFERING TERMS East 14th Street is being offered for sale at an asking price of $2,200,000. All interested parties should base their offer on the Property in its as-is, where-is condition. Qualified purchasers will be provided access to online property information upon request. Time for development approvals may be considered. The Owner requests that all interested, qualified parties provide Colliers with a formal letter of intent outlining the terms and conditions under which Purchaser proposes to acquire the Property. In addition, a summary providing background information of the Purchaser, its principals and its transaction history, is requested E. 14TH STREET, SAN LEANDRO 2

6 PROPERTY SUMMARY GENERAL ADDRESS East 14th Street San Leandro, California SERVICES POLICE City of San Leandro APN S 77E FIRE City of San Leandro EXISTING BUILDING IMPROVEMENTS ±2,832 square feet WATER East Bay Municipal Utility District (EBMUD) SITE AREA SITE CONFIGURATION ±31,342 square feet ±0.72 acres Rectangular SEWER TRASH City of San Leandro Alameda County Industries (ACI) SITE TOPOGRAPHY Flat STORM DRAINAGE City of San Leandro CURRENT USE Used Vehicle Sales GAS & ELECTRIC Pacific Gas & Electric PERMITTED USES Office, Commercial, Retail, Residential (with CUP) 3 COLLIERS INTERNATIONAL

7 AERIAL OVERVIEW GATEWAY DISTRICT SUBJECT SITE Hesperian Blvd. BAY FAIR TOD SPECIFIC PLAN AREA INTERSTATE CALIFORNIA 880 Downtown Hayward E. 14TH STREET, SAN LEANDRO 4

8 MARKET SUMMARY San Leandro is centrally located in the San Francisco Bay Area s Inner East Bay submarket between Oakland and Hayward. Covering 15 square miles, San Leandro has a population of more 90,000 consisting of 29% Caucasian, 32% Asian/Pacific Islander, 40% Hispanic/Latino, 14% African American, and 11% Other. Median household income is slightly over $67,000 with 2.74 persons per household. Residents in San Leandro are well-educated with more 28% having a Bachelor s Degree or higher. Unemployment is 3.1% and homeownership is 54%. As of September 5, 2018, the median home sales price in San Leandro is $689,500, or $498 per square foot, having risen 11.2% year-overyear and 70.8% over the last five years (trulia.com). San Leandro is well-known for its quiet, well-defined neighborhoods with charming and unique older houses on tree-lined streets. San Leandro has a temperate climate with an average temperature of 62 degrees and average rainfall of 19 inches per year. Since 2015, the City of San Leandro has the fastest broadband in the nation with over 18 miles of fiber optic network capable of transmitting at up to 10Gbit/s. As of the second quarter of 2018, the San Leandro/San Lorenzo industrial market consists of 27.5 million square feet of industrial space with a vacancy of 2.1% (Colliers International). MARKET FACTS > > Median home sale price appreciation of 11.2% over last year and 70.8% over last five years. > > Population of more than 90,000. > > 28% with bachelor s degree or higher. > > 54% homeownership. > > $689,500 ($498 per SF) median home sales price. > > $67,000 median household income. > > Low 3.1% unemployment rate. 5 COLLIERS INTERNATIONAL

9 SAN LEANDRO HIGHLIGHTS > > #3 of 4,804 Most Diverse Suburbs in America. > > Fastest broadband in the nation with over 18 miles of fiber optic network. > > Centrally located in the San Francisco Bay Area with access to all major employment centers. > > Easy commuter access to San Francisco and Downtown Oakland with two BART Stations. > > Temperate climate with average temperature of 62 degrees. San Leandro Largest Employers East Bay Largest Employers COMPANY Employees COMPANY Employees San Leandro Unified School District 1,380 Kaiser Permanente Medical Group 1,032 City of San Leandro 582 Ghiradelli Chocolate Company 487 San Leandro Hospital 460 OSIsoft 364 Costco Wholesale 358 BCI Coca-Cola Bottling Co. 325 Wal-Mart 323 Paramedics Plus LLC 295 *City of San Leandro, 2015 Kaiser Permanente 34,398 Sutter Health 10,184 Tesla 10,000 Safeway Northern California Division 9,373 John Muir Health 6,484 Chevron Corp. 5,252 PG&E Corp. 5,100 Wells Fargo & Co. 5,089 United Parcel Service (UPS) 4,500 Workday Inc. 3,135 *San Francisco Business Times E. 14TH STREET, SAN LEANDRO 6

10 PROPERTY PHOTOS Property Frontage looking southeast Parking Lot looking southeast Building Facade Parking Lot looking west 7 COLLIERS INTERNATIONAL

11 DEVELOPMENT POTENTIAL GENERAL PLAN DESIGNATION Mixed Use Corridor (MUC) ZONING South Area 3 (SA-3) MAXIMUM BUILDING HEIGHT 50 feet MAXIMUM BASE FAR (CURRENT) 1.00 MAXIMUM BASE + BONUS FAR (CURRENT) 1.40 (with Planning Commission approval) MAXIMUM PROPOSED FAR (FUTURE) To be determined (with PD zoning) 1.5 spaces per Studio Unit RESIDENTIAL PARKING REQUIREMENT COMMERCIAL PARKING REQUIREMENT MINIMUM SETBACK REQUIREMENTS 1.5 spaces per 1-Bedroom Unit 1.75 spaces per 2-Bedroom Unit 2.5 spaces per 3-Bedroom Unit No parking, if less than 5,000 square feet 2 spaces per 1,000 square feet None MINIMUM SITE LANDSCAPING 5% of Site Area DEVELOPMENT POTENTIAL 50 to 70 units (estimated) E. 14TH STREET, SAN LEANDRO 8

12 FLOOR PLANS HISTORIC BAL THEATRE 8' - 0" 175' - 0" 27' - 0" PROPERTY LINE SINGLE FAMILY RESIDENCES 10' - 7" 183' - 0" 33' - 0" 36' - 0" 36' - 0" 18' - 8" 33' - 0" 26' - 4" 22' - 0" OPEN SPACE 4,867 SF 36' - 2" 36' - 2" 27' - 9" 43' - 6" RESIDENTIAL LOBBY 785 SF RETAIL 1,508 SF RETAIL 1,524 SF TRASH EGRESS MECH. STACKERS 95 PARKING SPACES STACKERS STACKERS TANDEM PARKING FOR 2BD UNITS STACKERS DOG RUN 143' - 7" 133' - 1" 31' - 1" 35' - 4" 33' - 8" 32' - 11" SF 822 SF SF SINGLE SF FAMILY RESIDENCES SF 705 SF 36' - 3" STUDIO SF 452 SF 695 SF SF CIRCULATION SF OPEN SPACE 2,392 SF SF STUDIO SF STUDIO SF SF SF AMENITY 494 SF 26 1,237 SF SF 33 1,048 SF SF 11 1,089 SF 35' - 5" PUMP 34' - 0" 15' - 10" 27' - 0" 24' - 0" 24' - 0" 58' - 2" 22' - 0" Ground Floor JACKSON HEWITT TAX SERVICE SCHEME 2 PD - GROUND FLOOR PLAN EAST 14TH STREET 0 20' 40' Second Floor 9/20/2018 SCHEME 2 PD - SECOND FLOOR PLAN EAST 14TH STREET 9 COLLIERS INTERNATIONAL

13 DAYLIGHT PLANE DAYLIGHT PLANE SF SF SF SF SF SF 144 STUDIO SF 450 SF CIRCULATION STUDIO SF 450 SF SF AMENITY SF 164 1,237 SF 163 1,048 SF SF DAYLIGHT PLANE SF SF SF SF SF SF STUDIO SF 450 SF CIRCULATION STUDIO SF 450 SF SF AMENITY SF 186 1,237 SF OPEN SPACE 2,661 SF 40' - 0" DAYLIGHT PLANE SF STUDIO SF SF SF SF SF 162 1,089 SF SF STUDIO SF SF SF SF SF Third Floor 27' - 0" Fourth Floor SCHEME 2 PD - THIRD FLOOR PLAN EAST 14TH STREET 0 20' 40' 9/20/2018 SCHEME 2 PD - FOURTH FLOOR PLAN EAST 14TH STREET E. 14TH STREET, SAN LEANDRO 10

14 MAPS REGIONAL MAP 11 COLLIERS INTERNATIONAL

15 AREA MAP E. 14TH STREET, SAN LEANDRO 12

16 LOCATION MAP 13 COLLIERS INTERNATIONAL

17 LOCATION AERIAL E. 14TH STREET, SAN LEANDRO 14

18 AERIALS 15 COLLIERS INTERNATIONAL

19 14812 E. 14TH STREET, SAN LEANDRO 16

20 Bayfair Center Hesperian Bancroft East 14th St 17 COLLIERS INTERNATIONAL

21 San Francisco Downtown Oakland Oakland Airport EAST 14 TH STREET Bayfair Center E. 14TH STREET, SAN LEANDRO 18

22 EXCLUSIVELY OFFERED BY: CHRIS TWARDUS Senior Vice President CA License COLLIERS No INTERNATIONAL TONY PARK Senior Vice President CA License No COLLIERS INTERNATIONAL 1999 Harrison Street, Suite 1750 Oakland, CA Accelerating success.