BARRIOHAUS 1600 National Ave San Diego California 92113

Transcription

1 INVESTMENT OPPORTUNITY BARRIOHAUS 1600 National Ave San Diego California STROM COMMERCIAL

2 INVESTMENT OPPORTUNITY PRIME URBAN MIXED USE BARRIOHAUS: a mixed-use urban masterpiece, redeveloped by internationally renowned architect Graham Downes in This premier investment opportunity offers a buyer one of the most desirable creative office campuses in San Diego with a vibrant and stable tenant mix already in place. The four building project consists of two main office suites, four residences, a restaurant, retail space, warehouse, several smaller office suites and a 14,000sf secured parking lot. STROM COMMERCIAL REAL ESTATE 2

3 TABLE OF CONTENTS Introduction... 2 Property Summary... 4 Investment Summary... 5 Area Overview... 6 Site Plan... 7 Rent Roll... 8* Income Statement... 9 Tenant Profiles Anchor Tenant Lease Summary... 11* Comparable Properties Disclaimer Offering Broker Contact * Confidentiality Agreement Required STROM COMMERCIAL REAL ESTATE 3

4 PROPERTY SUMMARY Building Area Land Area +/-36,377 SF +/-41,800 SF Address (Building) Size (sf) Use 1600 National (Building A) 9,029 Creative Office Current Occupancy 100% Redeveloped Year th St. (Building B) 14,706 Creative Office, Residential National (Building C) 6,073 Retail, Restaurant, Catering Parking Fire Safety 46 Secure Spaces Fire Sprinklers 1622 National (Building D) 3,000 Warehouse / Creative Office 3,632 Common Area STROM COMMERCIAL REAL ESTATE 4

5 INVESTMENT SUMMARY Address Zoning HUD Zone and Regional Enterprize Zone Assumptions Max. Building Height National Ave. and th St. San Diego, CA Barrio Logan Planned District Yes 5% vacancy, property tax at 1.28% x Sale Price 35 feet not to exceed 2 stories Net Operating Income (January 2014 annualized) $485,095 Price $6,995,000 Cap Rate 6.93% Price PSF $192 Price PSF land $167 STROM COMMERCIAL REAL ESTATE 5

6 AREA OVERVIEW Gaslamp Quarter G Street East Village BarrioHaus is within walking distance to Petco Petco Park, the new City Library, the Gaslamp, San Convention Center Diego Convention Center, the $80 Million BARRIOHAUS Mercado del Barrio development with over 80,000sf of retail / grocery / restaurant space, San Diego Public Market and the 92,000sf San Diego Public Market. Harbor Dr. Situated in Barrio Logan, BarrioHaus is surrounded by one of the oldest and most culturally diverse urban neighborhoods in San Diego. From its historic beginnings in the late 19th century, to the vibrant mix of uses and people who live and work there today, this community is a living example of the change and evolution that have continuously shaped the City s cultural heritage, development patterns, economic opportunities and social fabric. Barrio Logan is nestled between Downtown San Diego to the north, Interstate 5 to the east, as well as the Unified Port of San Diego and Naval Base San Diego along San Diego Bay to the west and National City to the south. The community is approximately 1,000 acres. The Port of San Diego and Naval Station San Diego encompass 52 percent of the land area contained within the community planning area. The little hood that could (Barrio Logan) is a destination for foodies, art lovers and architecture renegades. - Riviera Magazine Jan Today Barrio Logan is experiencing a transition or even a renaissance of sorts with entrepreneurs Mercado del Barrio Cesar Chavez Park opening gathering places within a few blocks of Chicano Park places like Ryan Bros Coffee (1894 Main Street); Blueprint Café (1805 Newton Avenue); and the San Diego Public Market (1735 National Avenue). - The Coast News July 2013 The Barrio is evolving into the new creative community for Southern California architects, designers and craftsmen. - Ron Miriello, designer STROM COMMERCIAL REAL ESTATE 6

7 SITE PLAN Floorplans available upon request Building A Building B 1. Floor Building B 2. Floor Building C Building D Communal 1. Floor Communal 2. Floor Parking 9029 SF 6387 SF 8319 SF 6073 SF 2937 SF 3445 SF 187 SF SF STROM COMMERCIAL REAL ESTATE 7

8 RENT ROLL JANUARY 2014 Confidentiality Agreement Required, please Michele Weeks to complete the form. STROM COMMERCIAL REAL ESTATE 8

9 INCOME STATEMENT January Annualized Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ANNUAL INCOME Units 54,222 54,222 54,222 54,222 54,222 54,222 54,222 54,222 54,222 54,222 54,222 54, ,659 Parking 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 34,020 NNN Income 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 24,168 TOTAL INCOME 59,071 59,071 59,071 59,071 59,071 59,071 59,071 59,071 59,071 59,071 59,071 59, ,847 VACANCY (est 5%) 2,954 2,954 2,954 2,954 2,954 2,954 2,954 2,954 2,954 2,954 2,954 2,954 35,442 OPERATING EXPENSES Prop Mgr 3% 1,684 1,684 1,684 1,684 1,684 1,684 1,684 1,684 1,684 1,684 1,684 1,684 20,202 Property Taxes (1.28% x $7MM) 7,461 7,461 7,461 7,461 7,461 7,461 7,461 7,461 7,461 7,461 7,461 7,461 89,532 Insurance ,500 Utilities - Gas&Electric 1,10 1 1,10 1 1,10 1 1,10 1 1,10 1 1,10 1 1,10 1 1,10 1 1,10 1 1,10 1 1,10 1 1, ,206 Utilities - Water 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 Utilities - Trash ,450 Security Janitorial ,000 Misc ,800 Advert/Market/Leasing Legal & Acctg & Tax ,800 Repairs/Maint ,000 Maintenance Reserves ,800 TOTAL EXPENSES 15,693 15,693 15,693 15,693 15,693 15,693 15,693 15,693 15,693 15,693 15,693 15, ,310 NET OPERATING INCOME 40,425 40,425 40,425 40,425 40,425 40,425 40,425 40,425 40,425 40,425 40,425 40, ,095 STROM COMMERCIAL REAL ESTATE 9

10 TENANT PROFILES 9 TOTAL TENANTS INCLUDING: CAFÉ VIRTUOSO Cafe Virtuoso started in 2007 and is known to be one of the elite coffee roasters in San Diego. They roast and wholesale their beans from this facility as well operate a café for the public. They occupy 3,800 sf of retail, production and office space. INVISIBLE CHILDREN Invisible Children is one of the most high profile non-profits in America. Founded in 2004, they had over $15,000,000 in cash as of their last report. Their 2012 Kony campaign has over 98 million views on YouTube and was the fastest growing viral video of all time. They currently occupy 18,000 sf of office, warehouse and storage space. SUSHI ON A ROLL Sushi on a Roll is San Diego s most sought after sushi caterer for more than 17 years. The first of its kind in San Diego and the longest in business, Sushi on a Roll hosts groups onsite and offsite. They occupy 3,500sf of catering and restaurant space. 10

11 ANCHOR TENANT LEASE SUMMARY Confidentiality Agreement Required, please Michele Weeks to complete the form. STROM COMMERCIAL REAL ESTATE 11

12 COMPARABLE PROPERTIES SALE LEASE 1603 Main St Logan Ave Logan Ave th St. Warehouse Building of 90,000 sf (Strip Center) Building of 13,414 sf Suite A Suite L Sold on 9/20/2013 Sold on 5/1/2013 Size: 5,500sf Size: 2,409 sf Sold for $16,610,000 Sold for $3,850,000 Price/SF: $2.27psf + utilities Price/SF: $1.85psf+utilities Price/SF: $ Price/SF: $ % annual increases 3% annual increases Built in 1962 Cap Rate: 6.78% Lease Date: 3/1/12 Lease Date: 11/1/12 Parking Spaces: 50 Built in 1989 Lease Term: 3 years Lease Term: 7 years Proximity to Subject: 3 blocks Parking Spaces: 29 Proximity to Subject: 1 block Proximity to Subject: 3 blocks Proximity to Subject: 4 blocks STROM COMMERCIAL REAL ESTATE 12

13 OFFERING DISCLAIMER Strom Commercial has obtained the information used in this package from sources we deem reliable. We have no reason to doubt the accuracy of the information, but neither we nor the owner represent that the economic benefits projected here-in are fact, all offers to purchase should be based upon independent investigation, analysis, appraisal, and evaluation of all facts, circumstances, and material deemed to be relevant by purchaser. The information in this package may contain dated material. The information is supplied without warranty. An investor should not base a decision to purchase in whole or in part upon this analysis. He should rely on his own investigation and the advice of his own environmental, engineering and construction experts, legal counsel and tax consultants. HAZARD WASTE. Various materials utilized in construction of improvements of the property may contain materials that have been or may, in the future, be determined to be hazardous or undesirable and may need to be specially treated, specially handled, and/or removed from the property. Such items may be in above and below-ground containers on the property or may be present on or in soils, water, building components, and other portions of the property in areas that may or may not be accessible or noticeable. The Brokers in this transaction have no expertise with respect to the detection or identification of undesirable substances, hazardous materials, or toxic waste. Proper inspections of the property by qualified experts are an absolute necessity to determine whether or not there are any current or potential undesirable substances, hazardous materials or toxic waste problems related to the property. The Brokers in this transaction have not made, nor will make, any representation either express or implied, regarding the existence or non-existence of toxic waste, hazardous materials, or undesirable substances in or on the property. ZONING AND ORDINANCES. Buyer will conduct his own investigation whether or not city, county, state, historic site boards and federal laws and ordinances allow development of the Property and what Zoning and other governmental regulations and restrictions control the use of the Property and is not relying upon the representation of the Seller or Broker in this regard. STROM COMMERCIAL REAL ESTATE 13

14 OFFERING DISCLAIMER PHYSICAL ENVIRONMENTAL AND GEOLOGICAL INSPECTION. Buyer will inspect the subject Property prior to removing contingencies, including but not limited to, structural, plumbing, sewer-septic system, heating, electrical, built-in appliances, roof, soils, foundation, mechanical systems, air conditioners, (if any), possible environmental hazards such as asbestos, formaldehyde, PCB s, lead paint, radon gas, earthquake faults, the pooling of petro-chemical substances underground other substances of products, and geologic conditions. Buyer and Seller acknowledge that except as otherwise expressly stated herein, agent, agents and Seller, nor any other 3rd party, has not made any investigation, determination, warranty or representation with respect to any of the following: (a) the legality of the present or possible future use of this Property under and Federal State or local law; (b ) pending or possible future action by any governmental entity or agency which may affect the Property; the structural integrity of the improvements, and the presence or absence of fungi or wood destroying organisms; (d) the accuracy of completeness of income and expense information and projections, of square footage figures, and of texts of Leases, options, and other agreements affecting the Property; (e) the possibility that Leases, options, or other document exists which affect or encumber the Property and which have not been provided or disclosed by Seller, or (f) the presence or location of any hazardous materials on or about the Property, including, but not limited to, asbestos, lead paint, PCBs, other toxic, hazardous or contaminated substance, and underground storage tanks and earthquake faults; (g) income tax information; (h) past or future uses of the property. This document/ has been prepared by Strom Commercial for advertising and general information only. Strom Commercial does not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own inquiries as to the accuracy and information. Strom Commercial excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. STROM COMMERCIAL REAL ESTATE 14

15 Hans Strom, President Mike Morgan, Vice President Nate Bendetto, Vice President Strom Commercial Real Estate 624 Broadway, Suite 401 lic# lic# lic# San Diego, CA (p) (f)