CARLSBAD LAGOON DEVELOPMENT SITE WITH EXISTING INCOME 4509 Adams Street Carlsbad, CA Agua Hedionda ASKING PRICE: $2,950,000 existing boat club and aquatic rec center with 2 residential condos on 1 acre Matt Weaver mweaver@lee-associates.com 760.448.2458 DRE #01367183 Al Apuzzo aapuzzo@lee-associates.com 760.448.2442 DRE #01323215 Michael McFarland michael@cardindust.com 760.496.7550 DRE #01291540
aerials 2 Agua Hedionda Adams St n
disclaimer LEE & ASSOCIATES HEREBY ADVISES ALL PROSPECTIVE PURCHASERS AS FOLLOWS: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Lee & Associates has not and will not verify any of this information, nor has Lee & Associates conducted any investigation regarding these matters. Lee & Associates makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. 3 As the Buyer of real estate, it is the Buyer s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this opportunity. Lee & Associates expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance or value of this property. The value of the property to you depends on factors that should be evaluated by you and your tax, financial, consultants and legal advisors. Buyer and Buyer s tax, financial, legal, consultants and all advisors should conduct a careful, independent investigation of any property to determine to your satisfaction the suitability of the property for your needs. Like all real estate, this property carries significant risks. Buyer and Buyer s consultants, legal and financial advisors must request and carefully review all legal and documents related to the property. Any info provided including fees and costs are not guaranteed and should be verified by Buyer. These figures are subject to change at any time based on market, economic, environmental or other conditions. Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any potential development or use of the property. By accepting this Marketing Brochure you agree to release Lee & Associates and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property. Matt Weaver mweaver@lee-associates.com 760.448.2458 DRE #01367183 Al Apuzzo aapuzzo@lee-associates.com 760.448.2442 DRE #01323215
contents Chinquapin Ave Hoover St Highland Dr Hillside Dr Sunnyhill Dr 4 5 executive summary 7 aerials 10 location map 11 property overview 12 previous site plan 13 previous renderings 14 land comps 15 demographics Adams St SUBJECT PROPERTY Agua Hedionda Park Dr Matt Weaver mweaver@lee-associates.com 760.448.2458 DRE #01367183 Al Apuzzo aapuzzo@lee-associates.com 760.448.2442 DRE #01323215 Michael McFarland michael@cardindust.com 760.496.7550 DRE #01291540
executive summary existing site - whitey s landing (carlsbad boat club) existing property uses 5 The site has been previously graded and developed with several commercial uses for more than 60 years. The site is specifically mentioned in the Land Use Plan (LUP) of the Agua Hedionda Segment of the Local Coastal Plan (LCP), and states that Whitey s Landing shall remain and shall be encouraged to expand. The site lies between Adams Street and the shoreline of Agua Hedionda Lagoon. The lot slopes from Adams St. at an elevation of approximately +54 to the water and boat launch ramp. The existing driveway enters from Adams St. and runs down the west side of the property all the way to the boat ramp leading into the water. (The new driveway will follow approx. the same path down to the Boat Ramp.) The site is presently occupied by a multi-use 3-story frame structure, (which will be demolished), and a separate structure adjacent to the launch ramp and beach, used as a club house and aquatics recreation center. The upper level of the 3-story structure has been used as residential rentals for more than 60 years. The main level of the 3-story structure (approx. 3000 sq. ft.), was used as a restaurant for more than 50 years. The lower level of the 3-story structure has the bathrooms and storage area for the existing Boat Launching ramp and Recreational activities which have been in continuous operation for more than 60 years.
executive summary existing site - whitey s landing (carlsbad boat club) new project description - carlsbad boat club & resort The property is zoned Residential (RT) and has a General Plan designation of Visitor Commercial (VC), which allows for residential density of 15-30 du/acre. 6 VC designation-residential dwellings may be allowed as a secondary use subject to approval of a specific plan or site development plan that demonstrates the primary use of the property is visitor serving. Should the residences not be identified as time-share or hotel then the density is calculated based on 25% of developable acreage. This would equate to up to 7.5 units based on 30 du/acre on.25 acres. The RT zone permits dwellings by right. Recently, a 20 unit time-share project was proposed in September 2016. The project met the required development standards without any variances, was recommended for approval by staff, yet ultimately denied. The following feedback was given: 1) the number of units was too intense for the area (2) insufficient parking was provided (3) timeshares without any more public amenity does not contribute to the neighborhood It is suggested that an 8-10 unit project be proposed while keeping the existing recreation structure as a commercial space for the public to rent paddle boards, kayaks, etc.. In addition a small park and /or tot lot with public parking and beach access is suggested.
aerials 7 Adams St Beach Structure Grandfathered In Agua Hedionda Existing Boat Ramp n
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aerials Agua Hedionda 9 Adams St n
locater maps CAMP PENDLETON FALLBROOK PALOMAR MOUNTAIN 10 OCEANSIDE VISTA CARLSBAD ENCINITAS SUBJECT PROPERTY PALOMAR AIRPORT SAN MARCOS CAL STATE SAN MARCOS ESCONDIDO Hoover St Highland Dr Park Dr SOLANA BEACH N DEL MAR POWAY Adams Adams St SUBJECT PROPERTY Agua Hedionda
property information location: Located at 4509 Adams Street in Carlsbad, CA, this property is situated on the Agua Hedionda lagoon. apn: 206-200-06-00 11 jurisdiction: acreage: zoning: coastal commission: general plan: density: City of Carlsbad 1.0 Acres Residential Tourist (R-T) Click here to view zoning Deferred Certified Zone Coastal Resource Protection Overlay Zone Visitor Commercial (VC) Click here to view general plan 15-30 Dwelling Units per Acre existing use: 3,824 square foot structure with boat ramp and water access. The upper level of the original house is a 2 bedroom apartment. The lower part of the original house was converted into a restaurant in the 1960s. The restaurant closed in 2004 and was converted back to a 2 bedroom apartment and added the storage are under the house for the Boat Club. height: lot coverage: 75% 35 - the height of the building shall not exceed the height of the centerline of Adams Street (Adams Street is at 53 above msl) max sf: Based on lot coverage and height (assuming 3-story over parking) is 98,195 square feet. property dimensions: 133 x 310 rental income: school district: Gross rent is $6,000 per month. Tenant pays for all maintenance and repairs, as well as utilities. Carlsbad Unified School District Kelly Elementary School - 909 API Valley Middle School - 869 API Carlsbad High School - 840 API ASKING PRICE: $2,950,000
previous proposed project site plan 12
previous proposed renderings elevations 13
land resale comparable 1 2 3 4 apn: 206-120-18 206-180-40 206-200-04 206-200-03 lot square feet: 19,254 15,135 21,644 20,953 zoning: R-T R-1-1500 R-1-1500 R-1-1500 list price: $999,000 $759,000 $980,000 $1,250,000 sold price: Active $740,025 $1,000,460 $1,050,000 price/sf: $51.89 $50.15 $45.28 $59.66 comparable home sales 14 topography: Downslope Downslope Downslope Downslope sold date: n/a 9/14/2017 6/18/2018 3/23/2018 other: On lagoon, with beach frontage. Views but no water access. Close proximity to subject property. Includes 75 private beach frontage. Sold with City approved plans. Highland Dr 1 2 Adams St Park Dr SUBJECT PROPERTY 3 4
demographics 4509 Adams St Carlsbad, CA 92008 1 mi radius 3 mi radius 5 mi radius POPULATION 2018 Estimated Population 7,849 62,579 180,882 2023 Projected Population 8,165 65,104 188,149 2010 Census Population 7,408 58,119 167,534 2000 Census Population 6,937 50,457 153,946 Projected Annual Growth 2018 to 2023 0.8% 0.8% 0.8% Historical Annual Growth 2000 to 2018 0.7% 1.3% 1.0% 2018 Median Age 43 39.8 38.3 15 HOUSEHOLDS 2018 Estimated Households 3,223 25,258 68,643 2023 Projected Households 3,371 26,419 71,932 2010 Census Households 3,085 23,820 64,423 2000 Census Households 2,860 20,773 58,484 Projected Annual Growth 2018 to 2023 0.9% 0.9% 1.0% Historical Annual Growth 2000 to 2018 0.7% 1.2% 1.0% RACE AND ETHNICITY 2018 Estimated White 82.7% 78.4% 70.8% 2018 Estimated Black or African American 1.4% 2.1% 3.3% 2018 Estimated Asian or Pacific Islander 5.2% 8.2% 8.1% 2018 Estimated American Indian or Native Alaskan 0.6% 0.7% 0.7% 2018 Estimated Other Races 10.1% 10.6% 17.2% 2018 Estimated Hispanic 17.6% 19.0% 29.0% INCOME EDUCATION (AGE 25+) BUSINESS 2018 Estimated Average Household Income $130,613 $121,843 $109,775 2018 Estimated Median Household Income $93,756 $94,146 $84,792 2018 Estimated Per Capita Income $53,680 $49,287 $41,774 2018 Estimated Elementary (Grade Level 0 to 8) 1.9% 2.7% 5.2% 2018 Estimated Some High School (Grade Level 9 to 11) 3.7% 3.6% 4.6% 2018 Estimated High School Graduate 12.7% 12.8% 16.1% 2018 Estimated Some College 22.4% 22.9% 23.4% 2018 Estimated Associates Degree Only 7.5% 9.1% 9.8% 2018 Estimated Bachelors Degree Only 27.8% 28.9% 25.5% 2018 Estimated Graduate Degree 24.1% 20.0% 15.4% 2018 Estimated Total Businesses 366 4,723 10,243 2018 Estimated Total Employees 3,504 50,006 103,747 2018 Estimated Employee Population per Business 9.6 10.6 10.1 2018 Estimated Residential Population per Business 21.4 13.3 17.7
Matt Weaver mweaver@lee-associates.com 760.448.2458 DRE #01367183 Al Apuzzo aapuzzo@lee-associates.com 760.448.2442 DRE #01323215 Michael McFarland michael@cardindust.com 760.496.7555 DRE #01291540