100% LEASED RETAIL INVESTMENT 3 BUILDINGS LOCATED ON 1.11 ACRES Exclusively Listed By: Patrick Follett pf@corecre.com 916. 274. 4433 CA BRE #01796180 FOR SALE $1,195,000 / 6.77% CAP / $114 PSF 100 N CHEROKEE LANE LODI, CA 95240 2264 Fair Oaks Blvd. Suite 201 Sacramento, CA 95825 CA BRE #01904661
The Offering www.corecre.com CORE Commercial is pleased to offer for sale 100 N Cherokee Lane in Lodi, CA. The subject property consists of three separate buildings situated on a 1.11 acre lot with 43 dedicated parking spaces. The offering presents an investor the opportunity to acquire a stabilized property at a low price point of $1,195,000, attractive in-place Cap Rate of 6.77% and a low price per square foot of $114. Average in-place rental rates at the property equate to $0.87 PSF Gross and present the opportunity for increased NOI growth through the conversion of gross type leases to NNN in the future. Current CAM, Taxes and Insurance at the subject property equate to a modest $0.18 PSF, NNN making the conversion realistic and achievable. The current gross rents at the subject property total $108,300 with an in-place NOI of approximately $80,944. The in-place NOI also factors in a reserve and maintenance figure of $3,576 per year. The subject property has excellent visibility along N Cherokee Lane and benefits from average daily traffic counts of 22,000 vehicles. The property also offers convenient access to and from HWY 99. The surrounding trade area is comprised of a number of retailers as well as an established neighborhood with a 2 mile population of 40,049 surrounding the subject property. The City of Lodi is centrally located in Northern California just 35 miles south of Sacramento and only 90 miles east of San Francisco and San Jose. Lodi boasts an extensive cultural scene, much of which is rooted in the city s downtown area which includes a multiplex cinema, restaurants, specialty shops and wine tasting rooms. Lodi s economy is centered and focused on the production of premium quality wines and is supported by over 90,000 acres of vineyards in the Lodi / Woodbridge region. Nearly 40% of California s premium wine grapes are grown in the region with annual crop production of approximately $350M. The Lodi / Woodbridge area has been a respected part of California s wine industry for over 100 years and continues to produce some of the nation s fastest growing brands. Furthermore, the City of Lodi is committed to quality growth as it strives to protect its historical, small-town charm through an annual growth management program. Lodi is convenient, compact, efficiently designed as well as affordable and those characteristics will continue to attract residents, retailers and visitors moving forward. Patrick Follett pf@corecre.com 916. 274. 4433 CA BRE #01796180
Property Summary Offering Summary List Price $1,195,000 Net Operating Income $80,944 Cap Rate 6.77% Building Per Square Foot $114 Address Total Building Size APN # Parcel Size Year Built Parking Traffic Counts 100 Cherokee Lane Lodi, CA 95240 10,500 SF 043-210-65 (San Joaquin County) 1.11 Acres (48,351 SF) 1975 (per public records) 43 Dedicated Parking Spaces 22,000 VPD at Cherokee Lane & Elm Street
Prepared for Peter and Koula Fotopoulos Proforma Valuation Summary In-Place Total Gross Income Expenses Common Area Charges Property Taxes Insurance Reserves and Maint 108,300 (Est.) (Est.) (Est.) (Est.) Total Expenses 4,007 12,703 6,971 3,675 (27,356) Net Operating Income 80,944 Footnotes Footnotes 1 2016 Expenses Inflated at 3% 2016 Expenses Inflated 3% at 1.063% of Asking Price 2 Property Taxes Rat eassessed Current Ownership's Actual 2016 Cost 2 Property3Taxes Reassessed at 1.063% of Opinion of Value 4 Reserves and Maintenance Calculated at $0.35 PSF 3 Current Ownership's Actual 2016 Cost 4 Reserves and Maintenance Calculated at $0.35 PSF 1 Asking Price $1,195,000 www.corecre.com $/SF $114 In-Place Cap 6.77% 1 2 3 4
Rent Roll Term Rent Tenant Name ± Size (SF) Share End Annual Monthly $/SF Lease Type Options Franco's Pizza 2,000 19.0% 7/31/19 $24,300 $2,025 $1.01 Gross 1, 5 Year Option Herbal Life 1,000 9.5% MTM $9,600 $800 $0.80 Gross None Angie's Hair Salon 1,000 9.5% 06/30/20 $10,800 $900 $0.90 Gross 1, 5 Year Option El Encanto 2,500 23.8% 07/31/19 $25,200 $2,100 $0.84 Gross 1, 5 Year Option Havatan 4,000 38.1% 05/31/20 $38,400 $3,200 $0.80 Gross 1, 5 Year Option Total GLA: 10,500 100.0% Total Rent: $108,300 $9,025 $0.87 Ave In- Place www.corecre.com
Property Photos
Demographics 100 N Cherokee Ln Lodi, CA 95240 1 mi radius 2 mi radius 3 mi radius RS1 POPULATION HOUSEHOLDS RACE AND ETHNICITY INCOME EDUCATION (AGE 25+) BUSINESS 2017 Estimated Population 2022 Projected Population 2010 Census Population 2000 Census Population Projected Annual Growth 2017 to 2022 Historical Annual Growth 2000 to 2017 2017 Median Age 2017 Estimated Households 2022 Projected Households 2010 Census Households 2000 Census Households Projected Annual Growth 2017 to 2022 Historical Annual Growth 2000 to 2017 2017 Estimated White 2017 Estimated Black or African American 2017 Estimated Asian or Pacific Islander 2017 Estimated American Indian or Native Alaskan 2017 Estimated Other Races 2017 Estimated Hispanic 2017 Estimated Average Household Income 2017 Estimated Median Household Income 2017 Estimated Per Capita Income 2017 Estimated Elementary (Grade Level 0 to 8) 2017 Estimated Some High School (Grade Level 9 to 11) 2017 Estimated High School Graduate 2017 Estimated Some College 2017 Estimated Associates Degree Only 2017 Estimated Bachelors Degree Only 2017 Estimated Graduate Degree 2017 Estimated Total Businesses 2017 Estimated Total Employees 2017 Estimated Employee Population per Business 2017 Estimated Residential Population per Business 17,022 41,049 68,126 18,376 44,164 73,184 15,964 39,108 65,474 15,891 38,090 61,212 1.6% 1.5% 1.5% 0.4% 0.5% 0.7% 29.6 34.8 36.5 5,168 14,113 24,300 5,434 14,783 25,406 4,818 13,437 23,340 4,999 13,436 22,164 1.0% 0.9% 0.9% 0.2% 0.3% 0.6% 51.6% 61.8% 65.8% 0.9% 1.0% 1.1% 8.9% 8.2% 8.4% 1.3% 1.0% 0.9% 37.3% 28.1% 23.7% 64.2% 46.2% 38.7% $43,745 $60,159 $71,043 $35,015 $49,091 $58,979 $13,406 $20,790 $25,416 23.3% 13.6% 11.0% 12.1% 9.1% 8.1% 30.1% 28.8% 26.7% 19.1% 23.5% 23.5% 7.6% 10.4% 11.0% 5.1% 9.8% 12.8% 2.6% 4.8% 6.8% 1,116 2,166 2,896 11,818 22,126 34,705 10.6 10.2 12.0 15.3 19.0 23.5
Location SUBJECT COPYRIGHT 2017. ALL RIGHTS RESERVED. CORE Commercial ( Agent ), CA DRE Lic. 01904661, has presented this brief, selected information pertaining to the Property and shall not be considered all-inclusive or unchanged since the date of preparation. No warranty as to the accuracy or completeness is expressed or implied. The information has been received from sources believed to be reliable but is not guaranteed. Prospective purchasers and tenants should independently verify each item of information and have the same reviewed by its tax advisor and/or legal counsel. The Property is being offered on an as-is, where-is and with all faults basis unless otherwise specified. Owner reserves the right to withdraw this offering at any time, without further notice, with or without cause.