moorpark Plaza 510 New Los Angeles Avenue Moorpark, CA Offering Memorandum

Transcription

1 moorpark Plaza 510 New Los Angeles Avenue Moorpark, CA Offering Memorandum

2 NON-ENDORSEMENT NOTICE NON-ENDORSEMENT NOTICE Marcus & Millichap Real Estate Investment Services, Inc. ( M&M ) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

3 exclusively listed: Exclusively listed by: OFFICES NATIONWIDE

4 summaryexecutive SUMMARY

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7 Unit Tenant SF % of SF Monthly Rent TENANT SUMMARY Rent / SF CAM Lease Start Lease End PF Rent PF $/SF downstairs Jax Pizza 3, % $5, $1.82 $2, /1/2014 8/1/2019 $5, downstairs Plexus Physical Therapy 1, % $2, $1.79 3/1/2014 3/1/2016 $2, downstairs Massage Therapy 1, % $2, $2.20 4/24/2012 1/1/2015 $2, downstairs Body By Design 1, % $1, $1.51 Month-to-Month $2, downstairs Shape-Up Nutrition 1, % $1, $ /1/2013 1/1/2016 $1, downstairs Orthodontist % $1, $1.72 4/1/2012 3/131/2017 $1, downstairs Subway % $2, $2.24 $ /23/ /23/2014 $2, downstairs Lalo's Mexican Restaurant 1, % $6, $3.13 6/1/2012 6/1/2015 $6, downstairs Party Shop 1, % $2, $1.73 1/14/2012 1/14/2015 $3, downstairs Animal Arts Grooming 1, % $2, $1.52 8/1/2014 8/1/2017 $2, downstairs Haircuttery 1, % $2, $2.18 $ /1/2013 2/28/2017 $2, downstairs Lawnmower Shop 1, % $2, $2.07 6/16/2011 5/31/2016 $2, downstairs UPS Store 1, % $1, $1.63 $ /28/2009 4/27/2015 $2, downstairs International Healthcare 1, % $1, $ /8/ /7/2016 $1, downstairs Moorpark Cleaners 1, % $3, $2.27 $1, /1/ /1/2017 $3, downstairs Coffee & Donuts 1, % $1, $1.10 $ /10/2011 2/9/2016 $1, downstairs 7-Eleven 2, % $5, $1.99 4/1/2008 3/31/2013 $5, downstairs Vacant 2, % $- $4, $1.85 downstairs Vacant 1, % $- $1, $1.50 downstairs Vacant 1, % $- $1, $1.50 upstairs Moorpark Chiropractor 1, % $2, $1.63 6/1/2013 6/1/2016 $2, upstairs Socal Spine Inc 1, % $1, $0.97 8/1/2014 8/1/2016 $1, upstairs Howard Mcclure Attorney 1, % $1, $1.11 $ /1/2014 1/1/2017 $1, upstairs Ace Driving School % $ $1.56 1/10/2011 1/9/2014 $ upstairs Vacant 2, % $- $4, $1.50 upstairs Vacant % $- $ $1.50 upstairs Check By check % $1, $1.74 9/1/2010 8/30/2015 $1, upstairs Vapor Smoke Shop 1, % $1, $ /1/ /1/2016 $1, upstairs Dr. Abrams Podiatry % $1, $1.20 $ /30/2015 $1, upstairs Insurance/Accounting % $1, $1.35 1/1/2015 1/1/2018 $1, upstairs Clearvision Tattoo % $1, $ /25/ /24/2015 $1, upstairs Dr. Toppers DDS % $1, $1.85 $ /11/ /10/2015 $1, retail pad Popeye's Chicken 2, % $6, $2.45 $1, /25/2010 9/24/2020 $6, retail pad Woodranch BBQ & Grill 4, % $13, $3.00 $2, /1/2002 4/29/2022 $13, retail pad Ventura approximate. County Buyer Credit must Union verify the information 2,520 and bears 4.53% all risk for any inaccuracies. $4, Any projections, $1.83 opinions, assumptions or estimates used herein 8/5/2014 are for example purposes only and do not $4, represent the current or TOTAL 53, % $87, $1.71 $103, $1.57

8 PRICING & FINANCIAL ANALYSIS 510 New Los Angeles Avenue Moorpark, CA OFFERING SUMMARY Offering Price $15,950,000 Down Payment 40% / $6,380,000 CAP Rate 5.69% CAP Rate - Pro Forma 6.71% Gross Leasable Area (GLA) 55,573 SF Lot Size 203,175 SF Price/SF $ Year Built 1987 FINANCING FIRST TRUST DEED Loan Amount: $9,570,000 Loan Type: Proposed New Interest Rate: 4.0% Amortization: 30 Years VITAL DATA CAP Rate - Current 5.69% Net Operating Income - Current $908,180 Net Cash Flow After Debt Service 4.73% / $302,012 Total Return - Current 8.30% / $529,521 EXPENSES Income Current Pro Forma Real Estate Taxes $199,375 $199,375 Insurance $34,705 $34,705 Landscape $8,400 $8,400 Electrical $6,926 $6,926 Phone Line $1,500 $1,500 Elevator Repair $2,100 $2,100 Water & Sanitation $36,252 $36,252 Repairs & Maintenance $11,226 $11,226 Waste $33,212 $33,212 Alarm $720 $720 Pressure Washer $4,800 $4,800 TOTAL CAM $86,210 $86,210 Management Fee (% of EGI) 2.9% / $37, % / $37,000 TOTAL EXPENSES $376,216 $376,216 EXPENSES / SF $6.77 $6.77 ANNUALIZED OPERATING DATA Income Current Pro Forma Base Rent Occupied Space $1,045,789 $1,237,806 Gross Potential Rent $1,045,789 $1,237,806 Total Expense Reimbursements $238,607 $269,883 Gross Potential Income $1,284,396 $1,507,689 Vacancy / Collection Allowance 5.0% / $61,890 Effective Gross Income $1,284,396 $1,445,799 Total Expenses $376,216 $376,216 NET OPERATING INCOME $908,180 $1,069,583 Debt Service $606,168 $606,168 Debt Coverage Ratio Net Cash Flow After Debt Service 4.73% / $302, % / $463,415 Principal Reduction $227,509 $227,509 Total Return 8.30% / $529, % / $690,924

9 INVESTMENT OVERVIEW Marcus & Millichap is proud to announce being selected to exclusively market this highly promising, with tremendous upside asset, Moorpark Plaza, a 55,573 square-foot Shopping Center situated on 203,175 square feet of land, located at 510 New Los Angeles Avenue. Built in 1987, the Moorpark Plaza is a 83 percent leased, multi-tenant retail strip center. The majority of the tenants currently occupying the center have been at this location for over twenty years. This well performing asset is ideally located on the signalized southeast corner of New Los Angeles Avenue and Spring Road, in the highly affluent submarket of Moorpark California. The subject property benefits from this excellent location at a major intersection in the epicenter of an extremely strong retail corridor, with its proximity to numerous national credit retailers, and its ideal strip center layout, coupled with its convenient ingress egress to the center, which greatly compliments its seasoned tenant mix. In addition to its strategic neighborhood location, the subject property also benefits from it being nestled in between the booming metro areas of Thousand Oaks and Camarillo, which provide extremely strong demographics boosting an immediate surrounding average household income of better than $132,500, within a three mile radius. This active intersection of Moorpark boasts daily traffic counts of over 34,000 cars. In addition, the center benefits from high visibility, excellent monument signage, and the only 7-Eleven in the city. EXECUTIVE SUMMARY Investment Highlights 55,573 Square Foot Ventura County Shopping Center Currently 83 Percent Occupied 5.69 Percent CAP Rate on Current Occupancy Significant Upside Through Stabilization Strong and Seasoned Mix of National, Regional, and Local Credit Tenants Signalized Corner Location Multiple Single Tenant Retail Pads High Daily Traffic Counts Strong Immediate Demographics - Household Income North of $100,000 Multiple National Retailers in the Immediate Area Close Proximity to the 118 Freeway

10 RETAIL AERIAL AERIAL GLENOAKS BOULEVARD HUBBARD STREET HUBBARD STREET moorpark plaza

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14 recent sales RECENT SALES COMPARABLES

15 RENT COMPARABLES FOR LEASE MAP PROPERTY DESCRIPTION Subject Property COMPARABLES FINANCIAL ANALYSIS Recent Sales Subject Property West Los Angeles Avenue Telephone Road South Victoria Avenue MARKET OVERVIEW North Oxnard Boulevard Newbury Road West Los Angeles Avenue 15

16 SALES COMPARABLES RECENT SALES Average CAP Rate: 6.50% Average Price Per SF: $378.80

17 SALES COMPARABLES RECENT SALES West Los Angeles Avenue Moorpark, CA Close of Escrow: 12/3/2014 Year Built: 1985 Gross Leasable Area (GLA): 125,897 Sale Price: $27,250,000 Percent Down: 100% CAP Rate: N/A Price / SF (GLA): $ Lot Size: 1,302,008 SF Major Tenants Telephone Road Ventura, CA Close of Escrow: 10/3/2014 Year Built: 1986 Gross Leasable Area (GLA): 76,060 Sale Price: $23,250,000 Percent Down: 27% CAP Rate: 6.00% Price / SF (GLA): $ Lot Size: 263,974 SF Major Tenants South Victoria Avenue Oxnard, CA Close of Escrow: 10/31/2014 Year Built: 2008 Gross Leasable Area (GLA): 64,818 Sale Price: $19,000,000 Percent Down: 100% CAP Rate: 7.05% Price / SF (GLA): $ Lot Size: 246,985 SF

18 SALES COMPARABLES RECENT SALES North Oxnard Boulevard Oxnard, CA Close of Escrow: Major Tenants2/11/2015 Year Built: 1988 Gross Leasable Area (GLA): 64,421 Sale Price: $17,600,000 Percent Down: 40% CAP Rate: 7.13% Price / SF (GLA): $ Lot Size: 238,273 SF Newbury Road Newbury Park, CA Close of Escrow: 7/22/2014 Year Built: 2004 Gross Leasable Area (GLA): 39,774 Sale Price: $13,500,000 Percent Down: 100% CAP Rate: 7.96% Price / SF (GLA): $ Lot Size: 157,687 SF Major Tenants West Los Angeles Avenue Moorpark, CA Close of Escrow: 1/16/2015 Year Built: 2005 Gross Leasable Area (GLA): 21,561 SF Sale Price: $10,280,000 Percent Down: 39% CAP Rate: 5.87% Price / SF (GLA): $ Lot Size: 97,574 SF

19 SALES COMPARABLES RECENT SALES Canwood Street Agoura Hills, CA Close of Escrow: 4/01/2015 Year Built: 2010 Gross Leasable Area (GLA): 36,182 Sale Price: $27,800,000 Percent Down: N/A CAP Rate: 5.00% Price / SF (GLA): $ Lot Size: 249,599 SF

20 for lease RENT COMPARABLES

21 RENT COMPARABLES FOR LEASE MAP FINANCIAL ANALYSIS PROPERTY DESCRIPTION Subject Property COMPARABLES For Lease Subject Property Collins Drive West Los Angeles Avenue West Los Angeles Avenue MARKET OVERVIEW New Los Angeles Avenue Tierra Rejada Road East Los Angeles Avenue West Los Angeles Avenue 21

22 RENT COMPARABLES Average Price Per SF: $1.96

23 RENT COMPARABLES RECENT SALES Collins Drive Moorpark, CA Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 2006 Gross Leasable Area (GLA): 50,000 SF Rent / SF (GLA): $1.50-$1.75 Available SF: 18,392 Lot Size: 146,797 SF Lease Type: NNN West Los Angeles Avenue Moorpark, CA Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 2005 Gross Leasable Area (GLA): 21,597 SF Rent / SF (GLA): $2.25 Available SF: 1,604 Lot Size: 97,574 SF Lease Type: NNN West Los Angeles Avenue Moorpark, CA Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 1993 Gross Leasable Area (GLA): 11,797 SF Rent / SF (GLA): $1.65-$2.00 Available SF: 8,530 Lot Size: 72,745 SF Lease Type: NNN

24 RENT COMPARABLES RECENT SALES New Los Angeles Avenue Moorpark, CA Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 2003 Gross Leasable Area (GLA): 335,871 SF Rent / SF (GLA): $2.35 Available SF: 4,109 Lot Size: 264,845 SF Lease Type: NNN Tierra Rejada Road Moorpark, CA Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 1997 Gross Leasable Area (GLA): 90,000 SF Rent / SF (GLA): $1.75 Available SF: 2,776 Lot Size: 177,725 SF Lease Type: NNN East Los Angeles Avenue Moorpark, CA Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 1989 Gross Leasable Area (GLA): 27,771 SF Rent / SF (GLA): $1.75 Available SF: 4,162 Lot Size: 93,001 SF Lease Type: NNN

25 RENT COMPARABLES RECENT SALES West Los Angeles Avenue Moorpark, CA Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 2008 Gross Leasable Area (GLA): 9,762 SF Rent / SF (GLA): $2.50 Available SF: 3,940 Lot Size: 279,668 SF Lease Type: NNN

26 overviewmarket OVERVIEW

27 DEMOGRAPHIC REPORT DEMOGRAPHIC SUMMARY POPULATION 1-MILE 3-MILES 5-MILES 2000 Population 35, , , Population 38, , , Population 32, , , Population 40, , ,543 HOUSEHOLDS 1-MILE 3-MILES 5-MILES 2000 Households 8,591 40,868 88, Households 9,456 43,719 93, Households 9,719 45,037 96, Households 10,157 46,606 99, Daytime Population 7,708 49,546 81, Average HH Size Owner Occupied Housing Units 61.16% 38.83% 42.87% 2000 Renter Occupied Housing Units 34.32% 57.93% 53.99% 2000 Vacant 4.52% 3.24% 3.14% 2014 Owner Occupied Housing Units 60.72% 37.87% 41.98% 2014 Renter Occupied Housing Units 39.28% 62.28% 58.20% 2014 Vacant 0.81% 2.77% 2.22% 2019 Owner Occupied Housing Units 60.20% 37.72% 41.80% 2019 Renter Occupied Housing Units 39.80% 62.28% 58.20% INCOME 1-MILE 3-MILES 5-MILES $0 - $ 14, % 10.0% 10.3% $15,000 - $24, % 11.0% 10.5% $25,000 - $34, % 10.6% 9.9% $35,000 - $49, % 14.5% 14.8% $50,000 - $74, % 21.7% 20.0% $75,000 - $99, % 13.7% 13.3% $100,000 - $124, % 8.1% 8.6% $125,000 - $149, % 4.6% 5.0% $150,000 - $200, % 3.6% 4.3% $200,000 to $249, % 0.9% 1.3% $250, % 1.5% 2.0% INCOME 1-MILE 3-MILES 5-MILES 2014 Median Household Income $51,258 $54,251 %55, Per Capita Income $15,624 $16,876 $19, Average Household Income $62,304 $68,900 $73, Vacant 0.68% 2.79% 2.20%

28 DEMOGRAPHIC REPORT DEMOGRAPHIC SUMMARY Geography: 5 Miles Population In 2014, the population in your selected geography is 87,019. The population has changed by 9.70% since It is estimated that the population in your area will be 90,393 five years from now, which represents a change of 3.87% from the current year. The current population is 49.11% male and 50.88% female. The median age of the population in your area is 39.4, compare this to the Entire US average which is The population density in your area is 1, people per square mile. Households There are currently 28,892 households in your selected geography. The number of households has changed by 14.65% since It is estimated that the number of households in your area will be 30,196 five years from now, which represents a change of 4.51% from the current year. The average household size in your area is 2.94 persons. Income In 2014, the median household income for your selected geography is $96,358, compare this to the Entire US average which is currently $51,972. The median household income for your area has changed by 18.52% since It is estimated that the median household income in your area will be $108,232 five years from now, which represents a change of 12.32% from the current year. The current year per capita income in your area is $43,009, compare this to the Entire US average, which is $28,599. The current year average household income in your area is $128,541, compare this to the Entire US average which is $74,533. Race and Ethnicity The current year racial makeup of your selected area is as follows: 78.14% White, 1.46% Black, 0.14% Native American and 7.45% Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 23.99% of the current year population in your selected area. Compare this to the Entire US average of 17.13%. Housing In 2000, there were 20,455 owner occupied housing units in your area and there were 4,745 renter occupied housing units in your area. The median rent at the time was $1,045. Employment In 2014, there are 30,576 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 72.79% of employees are employed in white-collar occupations in this geography, and 26.77% are employed in blue-collar occupations. In 2014, unemployment in this area is 6.81%. In 2000, the average time traveled to work was 30.2 minutes.

29 exclusively listed: OFFICES NATIONWIDE