Offering Memorandum BODY SHOP 3776 Riley St, San Diego, CA 92110
The Offering Marcus & Millichap is pleased to present 3776 Riley Street, an exclusive opportunity to invest in a freestanding retail site located in the Midway District of San Diego. ocated just a block from the off-ramp of the 5 Freeway and Camino Del Rio W, the property is situated near comparable retail space including restaurants, shops, and food markets. The property sits on a 6,729 square foot lot and has 3,375 square feet of gross leaseable area. This property has been operating as an adult entertainment facility, but has since closed its doors and is being sold vacant. The new owner of the property has the option to purchase and operate the existing business. With CV-1-2 zoning, this asset has tremendous potential for additional uses. The Midway District will likely see a sharp increase in development as the city of San Diego appears reluctant to extend leases around the Valley View Casino Center beyond 2020. If the city chooses to not extend current leases, nearly 43 acres will be open for massive development, potentially increases the neighborhoods population by nearly six times what it is now. This iconic property is a rare investment opportunity for the savvy investor who can add value by re-tenanting the space at market rent or by implementing their own concept. Pricing Detail Price Gross easable Area ot Size Year Built $1,250,000 3,375 sq. ft. 0.15 acres 1957 Investor Highlights Prime San Diego ocation Conveniently ocated near the 5 Freeway With Traffic Count of 201,000 Vehicles Per Day 8 Rear Parking Spots CV-1-2 Zoning Allowing For A Multitude Of Use Opportunity To Purchase Existing Business
ocation Overview RISING POPUATION GROWTH City planners expect to finish a new community plan for the Midway District by this summer. That plan could increase the neighborhood s population by nearly six times what it is now and increase jobs by 28 percent. CONCENTRATION OF JOBS ON THE RISE Point oma s central location to major employment centers in San Diego and os Angeles County lower unemployment rates in the area while contributing to the professional and business services sectors. GEOGRAPHY Point oma is a seaside community within the city of San Diego, California that is bordered on the west and south by the Pacific Ocean, the east by the San Diego Bay and Old Town, and the north by the San Diego River. The term Point oma is used to describe both the neighborhood and the peninsula. DIVERSE POPUATION Point oma s median household income is above the national median and has a fine mix of tourisim that helps progress plans for the area.
Zoning Overview Purpose of the CV (Commercial-Visitor) Zones: a) The purpose of the CV zones is to provide areas for establishments catering to the lodging, dining, and recreational needs of both tourists and the local population. The CV zones are intended for areas and recreational needs for both tourists and the local population. The CV zones are intended for areas located near employment centers and areas with recreational resources or other visitor attractions. b) The CV zones are differeniated based on development size and orientation as follows: CV-1-2 is intended to accommodate a mix of visitor-serving uses and residential uses with a pedestrian orientation and permits a maximum denisty of 1 dwelling unit for each 1,500 square feet of lot area. Potential Categories/Subcategories Guide Uses Sidewalk Cafes Alcoholic Beverage Outlets Daily/Weekly Farmer s Market Retail Tasting Stores Eating & Drinking Establishments Instructional Studios Adult Entertainment Establishments Food, Beverage, & Groceries Consumer Goods, Furniture, Appliances, & Equipment Sundries, Pharmaceutical, & Convenience Sales Wearing Apparael & Accessories Body Painting Studio Sexual Encounter Establishment Private Clubs, odges, and Fraternal Organizations Boarder & odger Accommodations Electric Vehicle Charging Stations Hospital, Intermediate Care Facilities, & Nursing Facilities Zones P(16) P(12) P(11) P(13) P(11) P(11) P(10) (2) P(10) *For zoning questions, please reach out to listing agents. Other uses for this specific zoning and parcel are not limited to the listed categories named above. * Reference to Table 131-05B is in reference to the San Diego Municipal Code information. Symbol in Table 131-05B P Footnotes for Table 131-05B Description of Symbol Use or use categoy is permitted. Regulations pertaining to a specific use may be referenced. Use is permitted with limitaitons, which may include location limitations or the requirement for a suse or developement permit. Regulations are located in Chapter 14, Article 1 (Separately Regula - amended 10-23-17ted Use Regulations). (2): See Section 131.0540. (10): This use is not allowed within the Coastal Overlay Zone, except that assembly and entertainment uses may in be incorporated as an accessory use to visitor accommodations. (12): Within the Coastal Overlay Zone, instructional studios are not permitted on the ground floor in the CV-1-1 or CV-1-2 zone. (11): Development of a large retail establishment is subject to Section 143.0302. (13): Permitted in CV zones where the gross floor area occupied by an individual retail sales establishment would not exceed 2,500 square feet. (16): Eating and drinking establishments abutting residential development located in a residential zone may operate only between 6:00am and 12:00 midnight. All uses or activities shall be conducted entirely within an enclosed building and front onto the primary street with no uses or commercial activities conducted outdoors in the rear yard adjacent to residentially-zoned properties.
Property Description ADDRESS... 3776 Riley St, San Diego, CA 92110 APN... 441-570-06-00 ZONING... CV-1-2 # OF BUIDINGS... 1 # OF STORIES... 1 YEAR BUIT...1957 OT SIZE....15 acres / 6,729 sq. ft. GROSS EASABE AREA... 3,375 sq. ft. PARKING... 8 Surface Spaces TYPE OF OWNERSHIP... Fee Simple 8 Surface Spaces...PARKING None...ANDSCAPING Flat...TOPOGRAPHY Owner Pays...WATER Owner Pays...EECTRIC/GAS Concrete Slab...FOUNDATION Concrete...FRAMING Stucco...EXTERIOR Concrete...PARKING SURFACE Flat...ROOF
Sales Comparables SAES COMPARABES ON MARKET COMPARABES THE BODY SHOP 3776 Riley St, San Diego, CA, 92110 2836 JUAN STREET 2836 Juan St, San Diego, CA, 92110 1 CONGRESS STREET RETAI 2607 Congress St, San Diego, CA, 92110 2 Asking Price: $1,250,000 Year Built: 1957 Close Of Escrow: 4/6/2017 Sales Price: $2,060,000 Price/SF: $604.46 Close Of Escrow: 12/16/2016 Sales Price: $1,275,000 Price/SF: $491.90 Price/SF: $370.37 Year Built: 1938 Year Built: 1929 GA SF: 3,375 GA SF 3,408 GA SF 2,596 Notes Property delivered vacant at close of escrow, buyer was coming out of an exchange from a mixed use property in Point oma. 3225 MIDWAY DR 3225 Midway Dr, San Diego, CA, 92110 3 2810 YTTON ST 2810 ytton St, San Diego, CA, 92110 4 2481 CONGRESS ST 2481 Congress St, San Diego, CA, 92110 5 Close Of Escrow: 9/8/2017 Sales Price: $1,675,000 Price/SF: $348.96 Year Built: 1966 GA SF 4,799 Close Of Escrow: 9/5/2017 Sales Price: $1,035,000 Price/SF: $612.43 Year Built: 1954 GA SF 1,689 Close Of Escrow: 7/31/2017 Sales Price: $1,250,000 Price/SF: $504.24 Year Built: 1988 GA SF 2,478 Notes Sold Vacant for ease or Sale Notes High Vacancy Notes Sold Owner User
Sales Comparables SAES COMPARABES ON MARKET COMPARABES 2990 MIDWAY DR 2990 Midway Dr, San Diego, CA, 92110 6 3920 TWIGGS ST 3920 Twiggs St, San Diego, CA, 92110 7 3757 MIDWAY DR 3757 Midway Dr, San Diego, CA, 92110 8 Close Of Escrow: 4/12/2017 Sales Price: $1,660,006 Price/SF: $309.01 Year Built: 1988 GA SF 5,370 Close Of Escrow: 1/16/2017 Sales Price: $780,000 Price/SF: $284.98 Year Built: 1960 GA SF 2,737 On Market ist Price: $1,450,000 Price/SF: $2,080.34 Year Built: 9999 GA SF 697 Notes Sold as part of Adjacent Center Notes $8,250 Monthly Gross Rent
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CONFIDENTIAITY AGREEMENT ABSOUTEY NO PROPERTY TOURS OR DISCUSSIONS WITH TENANTS WITHOUT WRITTEN CONSENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect to the income or expens- es for the subject property, the future projected financial performance of the property, the size and square foot- age of the property and improvements, the presence or absence of contaminating substances, PCBs or asbes- tos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these mat- ters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the informa- tion provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of 2017 Marcus & Millichap. All rights reserved.
RAYMOND CHOI FIRST VICE PRESIDENT INVESTMENTS DIRECTOR, NATIONA MUTI HOUSING GROUP 4660 A JOA VIAGE DR., STE 900, SAN DIEGO, CA 92122 858-373-3136 DIRECT 858-735-6632 MOBIE RCHOI@MARCUSMIICHAP.COM ICENSE: CA: 01297138 VINCENT KRANTZ ASSOCIATE NATIONA MUTI HOUSING GROUP 4660 A JOA VIAGE DR., STE 900, SAN DIEGO, CA 92122 858-373-3180 DIRECT 310-408-7731 MOBIE VINCENT.KRANTZ@MARCUSMIICHAP.COM ICENSE: CA: 01976199