Land 2914-2934 Ramsey Street Banning, CA Offering Memorandum For more information, please contact: Matthew C. Sullivan Managing Director, Principal 213-623-1305 ext. 223 matthew.sullivan@lee-associates.com DRE License # 00848427 Nick Wirick Senior Vice President 951-276-3636 nwirick@lee-associates.com DRE License#: 01304661 Lee & Associates Investment Services Group A Member of the Lee & Associates Group of Companies 515 S. Figueroa Street, Suite 1600, Los Angeles, CA 90071 Office 213.623.1305 Fax 213.622.0842
Executive Summary Property Location: 2914-2934 Ramsey Street; Assessor s Parcel Nos.: 538-340-003 & 021 Thomas Brothers Map Ref.: : Gross Land Area: Traffic Counts: Zoning / Entitlements: Highest and Best Use: List Price: Page 721, G3 (Riverside County) Flat, vacant commercial land located on W Ramsey Street, the major east/west corridor fronting Interstate 10 in Banning. The Property is freeway visible and is adjacent to a new Holiday Inn Express (2009). The subject property is accessible from the Sunset Avenue offramp from Interstate 10 (with a traffic count of 142,000 Cars Per Day CPD ). Surrounding tenants include Citibank, Smart & Final, and Beaumont Shopping Center. 1.97 Acres (85,813 SF) 142,000 CPD on I-10 Freeway (c. Sunset Avenue offramp) 12,800 CPD on W Ramsey St (c. N Woodland Avenue) 19,500 CPD on W Ramsey St (c. Sunset Avenue) Highway Service Commercial Future commercial development as allowed by zoning $ 595,000 ($ 6.97/sf) Lee & Associates - Investment Services Group 2
Location Overview The City of Banning is a city in Riverside County. Banning is strategically located astride Interstate 10 in the San Gorgonio Pass, also known as Banning Pass. Banning, incorporated in 1913, has a rich and colorful history as a stagecoach and railroad stop between the Arizona territories and Los Angeles. The city is named is named after Phineas Banning, legendary stagecoach line owner and Father of the Port of Los Angeles. With a population of 23,562, Banning sits just East of Beaumont and 100 miles east of downtown Los Angeles and 25 miles west of Palm Springs, each connected by freeway and railroad. Along with clean air, Banning enjoys scenic vistas of Mt. San Gorgonio and Mt. San Jacinto. Banning has a city owned airport, Banning Municipal Airport, with a 5,200 foot runway. Banning also has a hospital, San Gorgonio Memorial Hospital, which is a General Acute Care Hospital with Basic Emergency Services as of 2005. 2914-2934 Ramsey St Banning, CA Lee & Associates - Investment Services Group 3
Aerial View N 2914-2934 Ramsey St Banning, CA Lee & Associates - Investment Services Group 4
Plat Map Lee & Associates - Investment Services Group 5
Sales Comparables Property Name / Location Price Acres Price Per Acre Approx RSF Cost/SF Sale Date Zoning Comments Sub 2914-2934 Ramsey Street $685,000 1.97 $347,715 85,813 $7.98 N/A Commercial 1 Elder Ave Moreno Valley, CA 92257 $140,000 0.45 $311,111 19,602 $7.14 7/30/2009 CC REO Sale 2 10450 Locust Ave Bloomington, CA 92316 $400,000 1.50 $266,667 65,340 $6.12 8/10/2009 I-C Down payment of $6,600,000 (60.0%); $4,502,374 from Wells Fargo Bank N.A.: 5.33%,: due in 5 years; Assumed loan type 3 1406 E. 6th St. Beaumont, CA 92223 $1,400,000 1.80 $777,778 78,408 $17.86 In Escrow Commercial / Retail In contract with an affordable housing buyer at $1.4M. Down payment of $40,000 (10%). 4 N Side Ramsey W of Sunset $1,100,000 2.50 $440,000 108,900 $10.10 Was in escrow Commercial 1,575 days on market, was in contract for $9.85M 5 6050 W Ramsey St $100,000 0.64 $156,250 27,878 $3.59 11/23/2009 Commercial 390 days on market Average $628,000 60,026 $8.96 Lee & Associates - Investment Services Group 6
Property Name / Location Price Acres Price Per Acre Approx RSF Cost/SF Zoning Sub 2914-2934 Ramsey Street $685,000 1.97 $347,715 85,813 $7.98 Commercial 1 4978 W. Ramsey Street $199,000 0.25 $786,538 10,890 $18.27 Commercial / Other 2 APN: 543-090-019 $925,000 4.54 $203,744 197,762 $4.68 Industrial 3 5821 W. Ramsey Street $495,000 0.64 $772,839 27,878 $17.76 Commercial / Other 4 5300 W. Ramsey Street $249,000 0.46 $542,322 20,038 $12.43 Commercial / Other 5 6207 W. Ramsey Street $398,000 0.64 $619,174 27,878 $14.28 Land / Retail 6 Ramsey Street & Mt. View Avenue $175,000 0.45 $390,923 19,602 $8.93 Commercial / Other 7 Ramsey Street and Omar Street $2,250,000 2.45 $918,367 106,722 $21.08 Land / Retail 8 Sunset Plaza West Ramsey Street, $845,000 1.97 $428,934 85,813 $9.85 Commercial / Other 9 Hoffer & Phillips Street $225,000 6.42 $35,047 279,655 $0.80 Land / Residential 10 Banning 1-10 Frontage Acerage 5640, 5700, Joshua Palmer Way $1,500,000 1.59 $943,396 69,260 $21.66 Commercial / Other 11 W Ramsey Avenue $1,500,000 1.59 $279,627 69,260 $21.66 Commercial / Other Average $796,455 83,160 $13.76 Lee & Associates - Investment Services Group 7
4.5 industrial acres APN:543-090-019 Industrial (land) Lot Size: 4.54 Acres Price: $925,000 Price/Acres: $203,744/Acres LoopNet ID: 14377225 http://listing.loopnet.com/14377225 4.54 acres, flat and level. Zoned IL ( Light Industrial ). Infrastructure and burried utilities (power, sewer, water and rain drainage). Flow to the street. Paved road. Owner is willing to finance a portion. Easy freeway access. Next to newer residential development. Buyer to verify all information. Willing to entertain all offers. City of Banning is a fast growing area. Property is near I-10 freeway and fairly close to all services as well as new Morongo Casino. Zoning Description LI (light industrial) Easy Freeway Access Utilities Fast Growing Area Great Location Near Banning Airport Paved road Arto Ylikangas MGR Real Estate, Inc (909) 503-1512 Lee & Associates - Investment Services Group 8
Lot on West Ramsey Street 4978 W. Ramsey Street Commercial/Other (land) Lot Size: 0.25 Acres Price: $199,000 Price/Acres: $786,538/Acres LoopNet ID: 15810514 http://listing.loopnet.com/15810514 Commercial Lot designated by the City of Banning as Redevelopment Project Area providing incentives for new and existing commercial development. Ramsey Street is a major thooughfare between the burgeoning cities of Banning and Beaumont. Interstate 10 is one of the most heavily trafficed routes in the US and is a major shipping route from the Ports of Los Angeles. Portion of the property may be visible from Interstate 10 Freeway and is located between two on and off ramps. Patrick Jordan Windermere Real Estate (760) 898-1817 Stewart Smith Windermere Palm Springs Downtown (760) 325-9091 Lee & Associates - Investment Services Group 9
Banning I-10 Frontage Acerage 5640, 5700 & 5778 Joshua Palmer Way Commercial/Other (land) Lot Size: 1.59 Acres Price: $1,500,000 Price/Acres: $943,396/Acres LoopNet ID: 15398652 http://listing.loopnet.com/15398652 Lee & Associates - Investment Services Group 10
Banning I-10 Frontage Acerage Please refer to the attached maps and photos There is a small block home located on the edge of the westerly parcel with all utilities. The second parcel has a billboard with electricity. The third parcel or the one on the east side does not have any utilities. There is a chain link fence surrounding most of the property. These are 3 separate parcels to be sold as one. Buyer's/Seller's agents to negotiate commission with seller & transaction to be handled by Seller's Real Estate Attorney. Interstate 10 (prior to the I-60 to Riverside when heading West) has high Freeway visibility and is only about 1/4 mile from the main interchange of Highland Springs Avenue. North on Highland Springs avenue leads up to the large ranch type properties of Cherry Valley. South on Highland Springs Avenue to the Sun Lakes County Club which is less than a mile away from the property. Sun Lakes is a gated senior community with over 5,000 residents, 3,000 homes and two golf courses. The property is very close the city limits Beaumont which with Banning have a combined population of approximately 45,000. Other Businesses located and proposed on the frontage road of Joshua Palmer Way are as follows: Denny's and The Farmhouse Restaurant (over 25years) Hampton Inn under construction only 1/16 of a mile from property LaQuinta & Microtel Motel's are propsed Other business in the area include: Chilis's & Appleby's restaurants Wicke's Finiture Lowe's distribution warehouse Wal-Mart & Home Depot Many other New businesses are under construction in the area. The property is approximately 30 miles east of the Palm Springs airport and 45 miles west of the Ontairo airport. Zoning Description Ccommercial Interstate Frontage RondaLea Clifton Millennia411.com (928) 279-2367 Lee & Associates - Investment Services Group 11
CORNER LOT!! 31,000 SQFT GENERAL COMMERCIAL! W RAMSEY AVE Commercial/Other (land) Lot Size: 0.71 Acres Price: $199,000 Price/Acres: $279,627/Acres LoopNet ID: 14394448 http://listing.loopnet.com/14394448 CHEAP!! HUGE PRICE DROP! CORNER PROPERTY! PERFECT FOR OFFICE OR RETAIL. EXCELLENT VISIBILITY! HOUSES ALL BEHIND, COMMERCIAL MAIN Rd IN FRONT. REDEVELOPMENT AREA! GUTTER,ROAD & CURB COMPLETE. UNLIMITED POTENTIAL. ZONED C2. PERFECT FOR RESTAURANT,FAST FOOD,GAS STATION,RETAIL SHOPPING CENTER,MOST COMMERCIAL. BUYER TO VERIFY INFO W/ CITY. MORE HOMES BEING BUILT IN AREA! DO NOT MISS OUT! MAKE AN OFFER. LEASE IS ALSO AN OPTION! 10 E, Exit Highland spring, Make a right onto Ramsey St. Highland Home on your left. Corner NE parcel of land. Zoning Description c2 CORNER LOCATION GREAT VISIBILITY! HOMES BEHIND, COMMERCIAL MAIN ROAD IN FRONT GENERAL COMMERCIAL MANY MANY USES! FAST FOOD, RESTAURANT, GAS STATION, RETAIL CENTER, SHOP, ETC. Debbie Hanna RE/MAX Advantage (909) 528-2512 Lee & Associates - Investment Services Group 12
Hoffer & Philips Street Hoffer & Philips Street Residential (land) Lot Size: 6.42 Acres Price: $225,000 Price/Acres: $35,047/Acres LoopNet ID: 16471644 http://listing.loopnet.com/16471644 This is a unique opportunity for an investor or builder. The property represents two parcels of land approved with a tentative map for 26 homes. The two parcels 3.71 acres on one side of the street consisting of 14 homes and 2.71 acres accross the street with 12 homes designated. Lot sizes range from 7,500 sq. ft. to 10,000 sq. ft. SUBMIT OFFERS with proof of funds. Property is located in the north east section of Banning. Established area of Banning and near the Civic Center, New Police station and soon to be built New Court House. Located near shopping, restaurants, churches, Parks, Elementary school, Morongo Casino, Desert Hlls Outlet. Less than one mile from the I-10 freeway. ASKING ONLY $8,654 PER LOT. Zoning Description Established Residential Area. Zoning is R1 Residential) Tentative Tract Map approved for 26 homes (Lot sizes vary 7,500 to 10,000 SF) Bank Owned Property. REO - lender anxious to sell, make offer (As is) Approximately 6.42 Acres on two separate parcels. (3.71 acres & 2.71 Acres) Excellent Land Banking Opportunity. (Only $8,654.00 per lot) Near City Hall, New Police Station, Newly approved Court House. Nick Florio Group One Realty (951) 488-8944 Lee & Associates - Investment Services Group 13
5821 W. Ramsey St. 5821 W. Ramsey St. Commercial/Other (land) Lot Size: 0.64 Acres Price: $495,000 Price/Acres: $772,839/Acres LoopNet ID: 16341393 http://listing.loopnet.com/16341393 Zoned C2...Former equipment rental yard. Property size is 100 foot frontage by 279 depth for square footage of 27,900 SF. Small building on site which can be used for an office. Call City of Banning to discuss your usage. Great location. APN 419-101-004. Property is location directly east of Beaver Medical, near Highland Springs Road which has easy access to the 10 Freeway. Also near all the National Chain Stores such as Home Depot, Staples, Wal-Mart, Wells Fargo Bank, Chase Bank,Best Buy, Petco, Ross, Chili's,Applebees, El Polo Loco and many other great stores, near Sun Lakes and Four Seasons Homes. Great opportunity at an affordable price. Jim Stuart Group One Realty (760) 323-3000 Lee & Associates - Investment Services Group 14
5300 W.Ramsey Street 5300 W.Ramsey Street Commercial/Other (land) Lot Size: 0.46 Acres Price: $249,000 Price/Acres: $542,322/Acres LoopNet ID: 16048600 http://listing.loopnet.com/16048600 2 Residential Homes on the property. See description below. ZONED COMMERCIAL: Property demensions are 100 foot front and 200 feet deep. Currently there are two single family homes on the property. Buyer can rent the property as either residential or commercial. Buyer to perform due diligence with the City. Approximate square footage of each house is 800 SF. (not taped.) PROPERTY IS BEING SOLD AS IS. Ideal location on the South side of Ramsey street which gives it freeway exposure. Property is East of Highland Springs Rd. one of the main streets to enter the 10 freeway. The property has a large asphalt parking area on the side and in the back of the property. Property is lender owned and needs to be sold. Nick Florio Group One Realty (951) 488-8944 Bill Dickson Group One Realty (951) 663-1170 Lee & Associates - Investment Services Group 15
Banning Land 6207 W. Ramsey St. Retail (land) Lot Size: 0.64 Acres Price: $398,000 Price/Acres: $619,174/Acres LoopNet ID: 15994065 http://listing.loopnet.com/15994065 Land is 100 X 280 - Great Investment Location, location, location! Prime main street. City is growing, neighbor properties are Walgreen's Automobile of So. California, Beaver Medical Plaza, san Gorgonio Medical Hospital. Sue Miyahara Coldwell Banker Commercial NRT (626) 821-1242 Lee & Associates - Investment Services Group 16
Ramsey Street & Mt. View Avenue Ramsey Street & Mt. View Avenue Commercial/Other (land) Lot Size: 0.45 Acres Price: $175,000 Price/Acres: $390,923/Acres LoopNet ID: 16169773 http://listing.loopnet.com/16169773 NEW PRICE REDUCTION... Asking only $8.97 PSF. C-2 Zoning with a number of possibilities, call City of Banning for your use. Surrounding area includes many retail, automotive, restaurants, housing, motels, Starbucks, Subway etc. Easy access from three streets including Ramsey Street which is close to the Civic Center, New Police Station being built and future Courthouse. Great Potential Adjacent property for sale, see LoopNet listings 16165152 & 16165298. This property is one block from 22nd Street & Ramsey Street which is the main hub of the City. Many travelers going east and west use this on/off ramp to stop for eating, fuel, auto repairs, motels etc. Owner has adjacent auto repair facility for sale in which this property would be a great addition. The small detail building on the property goes with the sale. Call for details. BRING OFFERS. Nick Florio Group One Realty (951) 488-8944 Lee & Associates - Investment Services Group 17
Ramsey Street and Omar Street Ramsey Street and Omar Street Retail (land) Lot Size: 2.45 Acres Price: $2,250,000 Price/Acres: $918,367/Acres LoopNet ID: 15077007 http://listing.loopnet.com/15077007 Zoned general commercial. High exposure. Major growth area. Possible built-to-suit. Minutes to Casino Morongo, Banning Airport, and Sun Lakes Country Club Zoning Description General Commercial Tobin McAndrews Coldwell Banker Commercial, WESTMAC (310) 478-7700 Lloyd H. Bakan Coldwell Banker Commercial, WESTMAC (310) 478-7700 Lee & Associates - Investment Services Group 18
Sunset Plaza West Ramsey Street Commercial/Other (land) Lot Size: 1.97 Acres Price: $845,000 Price/Acres: $428,934/Acres LoopNet ID: 16411926 http://listing.loopnet.com/16411926 MAJOR PRICE REDUCTION OF $355,000... MUST SELL NOW. Approximately $9.85 PSF with entitlements. No other like property in the County at this price. Entitled two parcels of land which is zoned for commercial use. Grading and most entitlements completed with a paid in cost of approximately $500,000. Original plans call for a 3- story, 45,000 square foot medical, office and retail. Can be developed into other commercial uses. The City is anxious to have this site developed. Possible joint venture with seller. Call for more details. Property is Freeway visable and is located on the south side of Ramsey Street and east of Sunset Blvd which is one of the main offramps on the I-10 freeway. Next to this property is a recently completed Holiday Inn Express Hotel. Area is developed with retail, homes, restaurants, auto repair, gas stations, animal hospital etc. Many possiblities for this site such as a Fitness Center, Restaurant, Hallmark Store, Dental/Medical, Office Building, Pep Boys, etc. Nick Florio Group One Realty (951) 488-8944 Jim Stuart Group One Realty (760) 323-3000 Lee & Associates - Investment Services Group 19
Matthew C. Sullivan Managing Director, Principal 213-623-1305 ext. 223 matthew.sullivan@lee-associates.com Nick Wirick Senior Vice President 951-276-3636 nwirick@lee-associates.com Lee & Associates Los Angeles - ISG A Member of the Lee & Associates Group of Companies 515 S. Figueroa Street, Suite 1600, Los Angeles, CA 90071 Office 213.623.1305 Fax 213.622.0842