$650,000 Price Reduction! 1101 1102 Coast Village Rd. Montecito, CA 93108 New Price: $8,000,000 4.5% CAP Approx. 5,250 SF Completely Renovated Office/Retail Property Prominently Located on Affluent South Coast Thoroughfare. 100% Leased NNN Investment to a Credit Tenant! 11.15.17
Situated prominently at the gateway to Montecito s famed Coast Village Road.
Meticulously remodeled to suit two of the area s premier businesses
Contents Property Overview 5 9 Executive Summary 6 Property Specifics 7 Locator & Parcel Maps 8 Site Plan 9 The Tenants 10 12 Analysis 13 18 Comparable Properties 14 16 Proforma Income Analysis & Lease Synopsis 17 18 Market Overview 19 21
Property Overview P. 5
Executive Summary Exceptional opportunity to acquire a quintessential Montecito building located on a prominent hard-corner on Montecito s most affluent commercial thoroughfare. This 100% leased NNN investment houses a credit tenant on a nine year term. The unique storefront property enjoys excellent pedestrian traffic with high visibility Offered at $8,000,000 4.5% CAP and presence on Coast Village Road and convenient access to the 101 Freeway. Additionally, the attractive Spanish-style building has been completely renovated with numerous high end finishes while preserving its beautiful antique wood floors and signature old world charm. Please call Listing Agents for additional information about this truly one-of-a-kind offering. P. 6
Property Specifics Building Size ±5,250 SF Lot Size ±10,454 SF Restrooms 4 private restrooms HVAC Yes Parking 8 spaces in rear (Plus excellent street parking on Coast Village Road and Coast Village Circle) APN 009-291-001 Zoning C-1, S-D3 (Limited Commercial Zone, Coastal Overlay Zone) P. 7
Coast Village Circle 100% leased nnn investment property Coast Village Rd. Coast Village Rd. P. 8
Site Plan coast village road Frontage Road Parking Rear Parking Lot r c l e c o a s t v i l l a g e c i coast village circle Not to scale P. 9
The Tenants P. 10
The Tenants Compass Luxury Real Estate In four years since launching, technology-driven real estate brokerage Compass now operates in 30 offices across 10 regions covering major metros like New York, Boston, Miami, Washington and Los Angeles. Over the last 24 months, Compass saw its agent population grow by 500 percent, while the company says it is on track to complete 16,000 transactions and over $14 billion in sales this year, with over $350 million in annual revenue. Founded by Ori Allon (an ex-head of engineering at Twitter) and Robert Reffkin in 2013, the company has raised more than $325 million from investors like Fidelity Investments, Wellington Management, Thrive Capital and Founder s Fund, with a reported valuation of $1.8 billion from their most recent round of funding. http://www.compass.com Tech Crunch Article P. 11
The Tenants Whiskey + Leather Whiskey + Leather is a unique clothing boutique and lifestyle brand that features an eclectic, relaxed inventory of clothing, shoes, and goods for both men and women. Whiskey + Leather atmospherically takes its visitors to a unique place not typically seen in a sunny, Southern California beach town. http://www.whiskeyleather.com P. 12
Analysis P. 13
Comparable Properties 5 7/10 4 2 11 8 6 1 9 3 1 2 Property Address Size (SF) Price CAP Rate Price/SF Closing Date Subject Property 1101 1102 Coast Village Rd. Montecito 8 W. Victoria St. Santa Barbara 5,250 SF Asking Price $8,000,000 4.5% $1,524/SF 3,980 SF $3,895,000 4.5% $979/SF 7/27/2016 3 4 2346 Lillie Ave. Summerland 1936 State St. Santa Barbara 3,447 SF $3,250,000 $943/SF 7/28/2017 3,427 SF $4,950,000 3.85% $1,444/SF 12/6/2016 The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. P. 14
Comparable Properties, Cont. 5 7/10 4 2 11 8 6 1 9 3 5 Property Address Size (SF) Price CAP Rate Price/SF Closing Date 5661 Calle Real Goleta 1,300 SF $3,470,000 $2,669/SF 7/20/2016 6 7 8 1080 Coast Village Rd. Montecito 1486 E. Valley Rd. Montecito 1046 Coast Village Rd. Montecito 1,200 SF $1,325,000 $1,104/SF 3/8/2013 6,357 SF $16,000,000 5.36% $2,517/SF 5/9/2013 13,778 SF $14,500,000 4.3% $1,052/SF 4/1/2014 The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. P. 15
Comparable Properties, Cont. 5 7/10 4 2 11 8 6 1 9 3 9 Property Address Size (SF) Price CAP Rate Price/SF Closing Date 1283 Coast Village Circle Montecito 3,600 SF Asking Price $3,900,000 $1,083/SF Active 10 1486 E. Valley Rd. Montecito 6,357 SF Asking Price $20,325,671 4.75% $3,197/SF Active 11 800 State St. Santa Barbara 7,956 SF Asking Price $8,625,000 4.51% $1,084/SF 8/29/2017 The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. P. 16
Proforma Income Analysis Suite Tenant Size (SF) Price/SF Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Rent Adj. 1101 B C & D Compass California, Inc. 4,400 $5.68 $24,974 $25,723 $26,494 $27,289 $28,108 $28,951 $29,820 $30,714 $31,636 3% 1101 A Whiskey + Leather LLC 850 $6.10 $5,185 $5,341 $5,501 $5,666 $5,836 $6,011 $6,191 $6,377 $6,568 3% Subtotal: 5,250 $5.74 $30,159 $31,064 $31,995 $32,955 $33,944 $34,962 $36,011 $37,091 $38,204 Net Operating Income $361,905 $372,762 $383,945 $395,463 $407,327 $419,547 $432,133 $445,097 $458,450 CAP Rate 4.5% 4.7% 4.8% 4.9% 5.1% 5.2% 5.4% 5.6% 5.7% Purchase Price $8,000,000 Average CAP Rate 5.10% The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. P. 17
Lease Synopsis Address Tenant Size (SF) Monthly Rent Rent/SF Share of Operating Costs Rent Adjustment Security Deposit Parking Spaces Term (Start to End) Options 1101 B,C,D Compass California, Inc. 4,400 SF $24,973.59 $5.68 83.8% 3% fixed increases annually $27,940 7 February 18, 2016 August 17, 2026 (1) 10 year option @ 3% fixed increase 1101A Whiskey & Leather LLC, a California Limited Liability Company 850 SF $5,185.15 $6.10 16.2% 3% fixed increases annually $5,736 1 September 1, 2015 October 31, 2018 (1) 3 year option @ 3% fixed increase Totals 5,250 $30,158.74 $5.74 100% $33,676 8 The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. P. 18
Market Overview P. 19
Market Overview Montecito & The American Riviera Just north of Santa Barbara is the tucked-away seaside haven of Montecito. The area is popularly known as The American Riviera due to its fantastic climate and beauty, and truly no other town does luxury or exudes an effortlessly chic vibe like Montecito. Coast Village Road is Montecito s pristine main thoroughfare, meandering along the lower village near the 101 Freeway and the sparkling Butterfly Beach. Coast Village Road is regarded one of California s premier shopping and dining destinations, with numerous upscale boutiques and world-class restaurants peppering the tree-shaded lane. In Montecito you will walk among the stars and enjoy a life of leisure while sampling the very best of what the area has to offer. P. 20
Montecito Merchant Map 1 2 4 5 8 11 13 17 20 22 24 3 6 7 9 Coast Village Rd. 10 12 14 15 16 18 19 21 23 Olive Mill Rd. Subject Property 1 Vons 15 Angel Clothing Store 2 Sakana Sushi 16 Maison K 3 Starbucks 17 Trattoria Mollie 4 China Palace 5 Bank of America Financial Center 18 Jeannine s American Bakery 19 Honor Bar 26 6 Coast Village Chevron 7 Lily Gift Shop 20 Los Arroyos Mexican Restaurant 21 Lucky s Steakhouse 25 8 Bree osh Cafe Montecito 22 CVS 9 Tre Lune Ristorante 10 Chase Bank 23 Montecito Inn 24 76 Gas Station Channel Dr. 27 11 Coast Village Inn 25 Butterfly Beach 12 The UPS Store 26 Four Season Biltmore Hotel 13 Cava Restaurant & Bar 27 Coral Casino Beach & Cabana Club 14 The Coffee Bean & Tea Leaf P. 21