FOR SALE 119ABERDEEN DRIVE OWNER/USER OR INVESTMENT OPPORTUNITY CARDIFF-BY-THE-SEA, CA
TABLE OF CONTENTS 4 EXECUTIVE SUMMARY OFFERING SUMMARY INVESTMENT HIGHLIGHTS 8 14 PROPERTY DESCRIPTION SITE & CONSTRUCTION DETAILS FLOOR PLANS MAPS & AERIALS PARCEL MAP SUBMARKET MAP 18 TENANT OVERVIEW OWNER/USER ANALYSIS 24 MARKET OVERVIEW AMENITIES AERIAL NORTH COUNTY OVERVIEW AMY MCNAMARA +1 760 930 7920 amy.mcnamara@colliers.com Lic. No. 01083491 MARC POSTHUMUS +1 760 930 7950 marc.posthumus@colliers.com Lic. No. 01440118 PAUL LAFRENZ +1 858 677 5344 paul.lafrenz@colliers.com Lic. No. 00817354 4660 La Jolla Village Drive, Suite 100, San Diego, California 92122 +1 858 455 1515 CA BRE Lic. No. 01908588 colliers.com/sandiego
EXECUTIVE SUMMARY
6 EXECUTIVE SUMMARY OFFERING SUMMARY Colliers International, as exclusive marketing advisor, is pleased to present to qualified investors the opportunity to acquire 119 Aberdeen Drive, Cardiff-by-the-Sea, California 92007. The Property is located in the premier San Diego County coastal community of Cardiff, which is a part of the City of Encinitas. Encompassing approximately 4,748 square feet, this multi-tenant, two-story, freestanding building is located in one of the premier San Diego coastal communities of Cardiff/Encinitas. Attractive ocean views are available from the second floor space. Situated just one block from the beach and within walking distance to Cardiff Reef, Cardiff Town Center and the area s famous local eateries, the asset offers investors a unique opportunity to own a piece of one of Southern California s coastal gems. Cardiff epitomizes the SoCal lifestyle and offers the perfect blend of live-work-play balance that makes it one of the most highly sought after communities in San Diego. This investment offering is a tremendous opportunity for an investor or Owner/User to purchase a hard-to-find, coastal property. Property: Multi-Tenant Owner/User Investment Opportunity Building Address: 119 Aberdeen Drive, Cardiff-by-the-Sea, California 92007 Asking Price: $3,900,000 Year 1, Second Floor Tenant Income: Submarket: Property Size: $90,852 (Plus tenant pays 57.65% of NNN s) Cardiff-by-the-Sea Approximately 4,748 Sq. Ft. Occupancy: 100% Occupied, 1st Floor 2,071 SF available to Owner/User 1/1/17 Description: Zoning: One (1) Two-Story, Multi-Tenant, Free-Standing Office Building Planning Area 3 / C-GC-1
7EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS HARD TO FIND COASTAL JEWEL IN SOUTHERN CALIFORNIA Positioned within a block s distance to the Cardiff State beach, the property offers investors a chance to own a piece of one of Southern California s coastal jewels. Owning beach/coastal property is a great investment and values have historically trended only one way: up. LIVE-WORK-PLAY 119 Aberdeen is at the heart of the Cardiff lifestyle situated within a short walking distance to the Cardiff State beach and the popular surfing destination, Cardiff Reef. The property is also close to many of the area s famous local eateries: within 2 blocks there are 6 different coffee options, 6 watering holes, and Cardiff Town Center, which includes the Cardiff Seaside Market, several restaurants, multiple boutiques and yoga studios. IRREPLACEABLE ASSET With limited vacant land in the area, this is a somewhat irreplaceable asset. FUTURE APPRECIATION The Beach Cities have realized some of the highest rental and value appreciation over the years.
PROPERTY DESCRIPTION
10 PROPERTY DESCRIPTION SITE DETAILS GENERAL SITE DESCRIPTION The subject property is located at 119 Aberdeen Drive, Cardiff-by-the-Sea, California. Cardiff-by-the-Sea is a coastal community within the city of Encinitas, but unlike other communities that comprise Encinitas, it has its own zip code (92007). The property is comprised of a rectangular shaped parcel of land which totals.13 acres. The property is zoned General Commercial 1 (C-GC-1) which allows retail commercial activities and services, along with professional and administrative offices. This multi-tenant property built in 1982 features a two-story building and offers 11 onsite surface parking spaces. SITE ACCESS The subject site is located on the south side of Aberdeen Drive between Newcastle Avenue and San Elijo Avenue. The streets surrounding the city block upon which 119 Aberdeen resides include Aberdeen Drive to the north, San Elijo Avenue to the west, Newcastle Avenue to the east and Chesterfield Drive to the south. Chesterfield provides access to the South Coast Highway (Highway 101) located directly west of San Elijo Avenue. Birmingham Drive is located two blocks north of the subject property. Birmingham provides access to Interstate 5 located approximately 8 city blocks east of 119 Aberdeen.
11PROPERTY DESCRIPTION Property APN: 261-032-26-00 Year Built: 1982 Site Area: Construction Type: Zoning: Overlays: Foundation: Elevated Slabs: Structural System: Exterior: Roof: HVAC: Electrical Service: Parking: 0.13 acres or 6,050 square feet Concrete masonry with wood floor and roof framing C-GC 1 General Commercial allows retail commercial activities and services, professional and administrative offices. Coastal Zone, Cardiff-by-the-Sea Specific Plan Slab on Grade Wood floor structural system Wood floor and roof framing supported by concrete masonry walls Split-face concrete masonry walls Wood roof framing with 3-ply built-up roof Three rooftop package units serve 2nd floor, two split system fan coil units serve 1st floor 400 amp, 120/240 volt, single phase, main distribution system 11 parking spaces
12 FIRST FLOOR PROPERTY DESCRIPTION SH= 1'-6" WH= 5'-11" 8'-6" 6'-10" 15'-6" OFFICE AREA 5'-2" BREAK 7'-1" RETAIL AREA 1 8'-0" 24'-7" 8'-0" 24'-8" 7'-1" STORAGE 5'-2" RETAIL AREA EL=100'-0" 18'-8" STORAGE 6'-11" 5'-2" ELEC RM 6'-9" 8'-7" 21'-9" 15'-5" 11'-4" 6'-8" 6'-8" Door Built Over on Inside 8'-6" Public Pedestrian Thoroughfare UP 6'-9" SL DN EL=99'-9" EL=99'-6" SH= 1'-6" WH= 5'-11" WALKWAY Walkway Lines Approximate SL DN EL=99'-9" EL=99'-6" 6'-9" 6'-10" UP 8'-6" SL DN SL DN 21'-8" SL DN SL DN Building Storage PARKING PARKING Building Storage 44'-4" S D SL
SECOND FLOOR 13 PROPERTY DESCRIPTION
ST OA SC I BR HA G N MI M DR 01 NE SA Y1 HW VE OA LIJ Pipes Surf Break Cardiff Reef RF E ST E CH 119 IE LD DR ABERDEEN DRIVE
R LAKE DR MAPS & AERIALS
16 PARCEL MAP MAPS & AERIALS
17 LIVERPOOL DR MAPS & AERIALS NEWCASTLE AVE ABERDEEN DR S COAST HWY 101 101 SAN SAN ELIJO ELIJO AVE CHESTERFIELD DR
TENANT OVERVIEW
20 TENANT OVERVIEW 2ND FLOOR TENANT OVERVIEW 1010DATA 1010data is the leading provider of big data discovery and data sharing solutions. It is used by hundreds of the world s largest retail, manufacturing, telecom, and financial services enterprises because of its proven ability to deliver actionable insight from very large amounts of data more quickly, easily and inexpensively than any other solution. EARLY ORIGINS 1010data s approach to data management and analysis traces its origins to the early days of analytics. In their business-side experience on Wall Street, the founders, Joel Kaplan and Sandy Steier, identified and leveraged techniques and technologies that gave them an edge in a highly competitive industry. As early as 1980, they began to derive great value from vector languages, columnar databases, and parallel and distributed processing. These techniques, now fairly mainstream, were cutting edge at the time. They also made great use of interactive analysis, something that ultimately found widespread use in spreadsheets, but was rarely applied to large-scale data analysis. Simply put, the idea was to offer a powerful, yet easy to use, interactive platform over the Internet, what we now call the Trillion Row Spreadsheet. In modern parlance, the idea was to provide a Cloud-based analytical platform as a service (APaaS) offering that could operate on Big Data. The terms Cloud, APaaS and Big Data were ten years in the future but that was the product that 1010data revealed in 2000; it just took a decade for the lexicon to catch up with the reality. SUCCESS The first significant customer for the service was the New York Stock Exchange and over the years more and more major companies have discovered the benefits of 1010data s service. As data volumes have grown, and they certainly have grown dramatically in the case of the NYSE, 1010data s platform has scaled seamlessly. They now have hundreds of active customers. *Information on Tenant from their company web site. MELDING THE OLD AND THE NEW In the decades that followed, Kaplan and Steier continued to advance their techniques and founded 1010data in 2000, with the idea that their methodologies could form the basis of a new approach to data management and analysis.
21 TENANT OVERVIEW
22 TENANT OVERVIEW WHY LEASE... WHEN YOU CAN OWN? OWN Purchase Assumptions Size (Square feet) 4,748 Purchase Price plus closing costs $3,900,000 Start-Up Costs 25% Down Payment $975,000 Total out of pocket costs $975,000 Monthly Costs Mortgage Payment (P&I) 3.28 $15,585 Operating Exp/CAM 0.16 $760 Property Taxes 0.75 $3,575 Total Monthly Costs $19,920 Monthly Ownership Benefits (Estimated) Tax Benefits Depreciation Benefit $2,333 Operating Expense Deduction $304 Property Tax Deduction $1,430 Interest Deduction (5 year avg) $5,611 Other Benefits Rental Income $9,953 Average Appreciation 0.0% $0 Total Ownership Benefits $19,631 Total Effective Monthly Cost: $289 LEASE Lease Assumptions Size (Square feet) 2,130 Lease rate per sq ft/mnth FSG $4.00 Monthly lease $8,520 Start-Up Costs Prepaid Rent $8,520 Security Deposit $8,520 Total out of pocket costs $17,040 Monthly Costs Lease Payment 4.00 $8,520 Operating Exp/CAM 0.00 $0 Property Taxes 0.00 $0 Total Monthly Costs $8,520 Monthly Ownership Benefits (Estimated) Tax Benefits Depreciation Benefit n/a Operating Expense Deduction $0 Lease Deduction $3,408 Interest Deduction n/a Other Benefits Rental Income 0 Average Appreciation n/a Total Ownership Benefits $3,408 Total Effective Monthly Cost: $5,112 Ownership Analysis Summary Annual Effective Cost Difference $57,878 Average Annual Principal Paydown $74,631 Annual Wealth Creation $132,509 15 Year Wealth Creation $1,987,639 *Do not rely on the assumptions used in this analysis; please consult your financial advisor; not a commitment to lend.
23 TENANT OVERVIEW
MARKET OVERVIEW
26 AMENITIES AERIAL MARKET OVERVIEW S COAST HWY 101 SAN ELIJO ELIJO AVE AVE BRIMINGHAM DR 119ABERDEEN DRIVE CHESTERFIELD DR George Berkich Park Ciocciotti s Italian Wine Steals: Seaside Grotto Cardiff New Balance Jack in the Box US Post Office San Diego County Library Cardiff Town Center: Cardiff Seaside Market, Starbucks, Sambazon Acai Cafe, Seaside Cleaners, Spectacles Optometry, Azzaria Boutique, Denim Bar, PCH Real Estate, New York Pizza, Pet Salon, Zenbu Sushi, Rimel s Rotisserie, Vinyasa Arts Yoga, Lost Abbey Pappalecco Italian Deli, Iron Cross Surfboards, Sunny Skys Bikinis, Subway, Mar Vista Liquor, Lourdes Mexican Food Pipes Cafe Cardiff Bike Shop VG Donuts, Duke s Cardiff Office, Cardiff-by-the-Sea Barbers, Seaside Pilates, Even Tide Tattoo, Thrift Shop, Best Pizza and Beer Bestawan Pizza Cardiff Animal Hospital Cardiff-by-the-Sea Lodge Trattoria Positano Patagonia The Shanty Edward Jones, Zumbar Coffee and Tea, Felicity Boutique, Fashionista Boutique 7-11 Pacific Coast Grill The Kraken Beach House Restaurant Ki s Organic Cafe Chart House Restaurant
LIVE+WORK+PLAY NORTH COUNTY OVERVIEW CITY OF ENCINITAS Located along six miles of Pacific coastline in northern San Diego County, Encinitas has an approximate population of 60,000 and is characterized by coastal beaches, cliffs, flat-topped coastal areas, steep mesa bluffs and rolling hills. The city was incorporated in 1986, drawing together the communities of New Encinitas, Old Encinitas, Cardiff-by-the-Sea, Olivenhain and Leucadia. There is a significant flower growing industry in the City and many people claim that Encinitas is the Flower Growing Capital. San Diego Botanical Gardens is a beautiful oasis to visit with an Amazon Rainforest and the largest display of bamboo in the world. The gardens of the Self Realization Center are beautiful and sit overlooking the ocean in a serene garden-like setting. Golf enthusiasts will enjoy the Encinitas Ranch Golf Course, a championship 18 hole par 72 course with panoramic ocean views. This public facility has five tees available and can be enjoyed by golfers of all abilities. Downtown 101 is a coastal shopping district over 100 years old featuring historic architecture, quaint shops, sidewalk cafes, and restaurants framed by beautiful flower baskets. The organizations Downtown Encinitas Merchants Association (DEMA) and the Encinitas Chamber of Commerce are a great resource for information on business in Encinitas. The beaches in Encinitas are outstanding. There are many stretches of beach that lie between Cardiffby-the-Sea and La Costa. The surfing is unbeatable and many surf contests are held throughout the year in Encinitas. The San Elijo Lagoon Reserve is the largest coastal wetland in San Diego County and is home to nearly 300 different bird species throughout the year. The natural beauty of the communities, along with temperatures between 40 and 85 degrees yearround make Encinitas a spectacular place to live, work and play. 27 MARKET OVERVIEW
28 NORTH COUNTY OVERVIEW MARKET OVERVIEW CARDIFF-BY-THE-SEA Cardiff-by-the-Sea is a classic southern California beach town that boasts a moderate climate, breathtaking views, two miles of Pacific coastline, a 900-acre ecological reserve, world-class surfing and caring residents who take pride in their community. Locals and tourists alike enjoy this charming, beautiful, friendly beach town with quaint shops, delicious cuisine, an arts community, yoga studios, ocean sports, parks, a walkable downtown area complete with a linear organic community park and plenty of biking opportunities. Cardiff-by-the-Sea thrives year-round and it s not unusual to find people sunbathing on the beach in January. The Cardiff 101 Main Street s mission is to enhance the well-being of our community and sustain Cardiffby-the-Sea as a desirable place to live, work, shop and play. Companies that have chosen Cardiff as their Southern California home include Google Ventures, GoPro, Seismic Software, Pathsense, Mako Labs, Tri-iso, 1010Data, Inc., Cardiff Skate, Urban Plates Headquarters and Answers Research. Cardiff 101 works with local residents, businesses and government to promote Cardiff s economic vitality, historic preservation, beautification and safety. LIVE+WORK+PLAY
30 DISCLAIMER Colliers International 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 the purchaser. The information in this package may contain dated material. The information is being 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. HAZARDOUS WASTE. Various materials utilized in the 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 wastes. 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 of 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 representations of the Seller or Broker in this regard. 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 or other substances of products, and geologic conditions Buyer and Seller acknowledges 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 and possible future use of the 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; (c) the physical condition of the Property, including, but not limited to, soil conditions, exiting 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 the 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. Seller reserves the right to withdraw the property from the market at anytime. PHOTOCOPYING OR OTHER DUPLICATION OF THIS OFFERING IS NOT AUTHORIZED This document/email has been prepared by Colliers International for advertising and general information only. Colliers International 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 of the information. Colliers International 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.
119ABERDEEN DRIVE AMY MCNAMARA +1 760 930 7920 amy.mcnamara@colliers.com Lic. No. 01083491 MARC POSTHUMUS +1 760 930 7950 marc.posthumus@colliers.com Lic. No. 01440118 PAUL LAFRENZ +1 858 677 5344 paul.lafrenz@colliers.com Lic. No. 00817354 4660 La Jolla Village Drive, Suite 100, San Diego, California 92122 +1 858 455 1515 CA BRE Lic. No. 01908588 colliers.com/sandiego