moorpark Plaza 510 New Los Angeles Avenue Moorpark, CA 93021 Offering Memorandum
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summaryexecutive SUMMARY
Unit Tenant SF % of SF Monthly Rent TENANT SUMMARY Rent / SF CAM Lease Start Lease End PF Rent PF $/SF downstairs Jax Pizza 3,222 5.80% $5,864.00 $1.82 $2,026.60 8/1/2014 8/1/2019 $5,864.00 downstairs Plexus Physical Therapy 1,160 2.09% $2,080.00 $1.79 3/1/2014 3/1/2016 $2,080.00 downstairs Massage Therapy 1,160 2.09% $2,549.00 $2.20 4/24/2012 1/1/2015 $2,604.52 downstairs Body By Design 1,160 2.09% $1,750.00 $1.51 Month-to-Month $2,146.00 downstairs Shape-Up Nutrition 1,160 2.09% $1,800.00 $1.55 12/1/2013 1/1/2016 $1,800.00 downstairs Orthodontist 960 1.73% $1,655.00 $1.72 4/1/2012 3/131/2017 $1,655.00 downstairs Subway 960 1.73% $2,150.00 $2.24 $603.22 12/23/1986 12/23/2014 $2,150.00 downstairs Lalo's Mexican Restaurant 1,920 3.45% $6,000.00 $3.13 6/1/2012 6/1/2015 $6,500.00 downstairs Party Shop 1,640 2.95% $2,841.08 $1.73 1/14/2012 1/14/2015 $3,034.00 downstairs Animal Arts Grooming 1,640 2.95% $2,500.00 $1.52 8/1/2014 8/1/2017 $2,500.00 downstairs Haircuttery 1,160 2.09% $2,524.72 $2.18 $731.07 3/1/2013 2/28/2017 $2,524.00 downstairs Lawnmower Shop 1,160 2.09% $2,400.00 $2.07 6/16/2011 5/31/2016 $2,400.00 downstairs UPS Store 1,160 2.09% $1,891.00 $1.63 $787.67 4/28/2009 4/27/2015 $2,146.00 downstairs International Healthcare 1,360 2.45% $1,891.00 $1.39 12/8/2011 12/7/2016 $1,891.00 downstairs Moorpark Cleaners 1,630 2.93% $3,708.00 $2.27 $1,020.10 10/1/2012 10/1/2017 $3,708.00 downstairs Coffee & Donuts 1,370 2.47% $1,508.00 $1.10 $850.08 2/10/2011 2/9/2016 $1,508.00 downstairs 7-Eleven 2,858 5.14% $5,687.00 $1.99 4/1/2008 3/31/2013 $5,687.00 downstairs Vacant 2,200 3.96% $- $4,070.00 $1.85 downstairs Vacant 1,160 2.09% $- $1,740.00 $1.50 downstairs Vacant 1,260 2.27% $- $1,890.00 $1.50 upstairs Moorpark Chiropractor 1,260 2.27% $2,060.00 $1.63 6/1/2013 6/1/2016 $2,060.00 upstairs Socal Spine Inc 1,650 2.97% $1,600.00 $0.97 8/1/2014 8/1/2016 $1,600.00 upstairs Howard Mcclure Attorney 1,160 2.09% $1,288.19 $1.11 $510.05 1/1/2014 1/1/2017 $1,288.00 upstairs Ace Driving School 400 0.72% $624.56 $1.56 1/10/2011 1/9/2014 $740.00 upstairs Vacant 2,800 5.04% $- $4,200.00 $1.50 upstairs Vacant 660 1.19% $- $990.00 $1.50 upstairs Check By check 660 1.19% $1,150.00 $1.74 9/1/2010 8/30/2015 $1,221.00 upstairs Vapor Smoke Shop 1,660 2.99% $1,700.00 $1.02 12/1/2013 12/1/2016 $1,700.00 upstairs Dr. Abrams Podiatry 960 1.73% $1,150.97 $1.20 $601.86 4/30/2015 $1,776.00 upstairs Insurance/Accounting 960 1.73% $1,300.00 $1.35 1/1/2015 1/1/2018 $1,776.00 upstairs Clearvision Tattoo 960 1.73% $1,350.60 $1.41 10/25/2010 10/24/2015 $1,776.00 upstairs Dr. Toppers DDS 960 1.73% $1,776.00 $1.85 $601.86 10/11/2011 10/10/2015 $1,776.00 retail pad Popeye's Chicken 2,546 4.58% $6,250.00 $2.45 $1,250.00 9/25/2010 9/24/2020 $6,250.00 retail pad Woodranch BBQ & Grill 4,500 8.10% $13,500.00 $3.00 $2,933.06 5/1/2002 4/29/2022 $13,500.00 retail pad Ventura approximate. County Buyer Credit must Union verify the information 2,520 and bears 4.53% all risk for any inaccuracies. $4,600.00 Any projections, $1.83 opinions, assumptions or estimates used herein 8/5/2014 are for example purposes only and do not $4,600.00 represent the current or TOTAL 53,956 100.00% $87,149.12 $1.71 $103,150.52 $1.57
PRICING & FINANCIAL ANALYSIS 510 New Los Angeles Avenue Moorpark, CA 93021 OFFERING SUMMARY Offering Price $15,950,000 Down Payment 40% / $6,380,000 CAP Rate 5.69% CAP Rate - Pro Forma 6.71% Gross Leasable Area (GLA) 55,573 SF Lot Size 203,175 SF Price/SF $287.01 Year Built 1987 FINANCING FIRST TRUST DEED Loan Amount: $9,570,000 Loan Type: Proposed New Interest Rate: 4.0% Amortization: 30 Years VITAL DATA CAP Rate - Current 5.69% Net Operating Income - Current $908,180 Net Cash Flow After Debt Service 4.73% / $302,012 Total Return - Current 8.30% / $529,521 EXPENSES Income Current Pro Forma Real Estate Taxes $199,375 $199,375 Insurance $34,705 $34,705 Landscape $8,400 $8,400 Electrical $6,926 $6,926 Phone Line $1,500 $1,500 Elevator Repair $2,100 $2,100 Water & Sanitation $36,252 $36,252 Repairs & Maintenance $11,226 $11,226 Waste $33,212 $33,212 Alarm $720 $720 Pressure Washer $4,800 $4,800 TOTAL CAM $86,210 $86,210 Management Fee (% of EGI) 2.9% / $37,000 2.9% / $37,000 TOTAL EXPENSES $376,216 $376,216 EXPENSES / SF $6.77 $6.77 ANNUALIZED OPERATING DATA Income Current Pro Forma Base Rent Occupied Space $1,045,789 $1,237,806 Gross Potential Rent $1,045,789 $1,237,806 Total Expense Reimbursements $238,607 $269,883 Gross Potential Income $1,284,396 $1,507,689 Vacancy / Collection Allowance 5.0% / $61,890 Effective Gross Income $1,284,396 $1,445,799 Total Expenses $376,216 $376,216 NET OPERATING INCOME $908,180 $1,069,583 Debt Service $606,168 $606,168 Debt Coverage Ratio 1.50 1.76 Net Cash Flow After Debt Service 4.73% / $302,012 7.26% / $463,415 Principal Reduction $227,509 $227,509 Total Return 8.30% / $529,521 10.83% / $690,924
INVESTMENT OVERVIEW Marcus & Millichap is proud to announce being selected to exclusively market this highly promising, with tremendous upside asset, Moorpark Plaza, a 55,573 square-foot Shopping Center situated on 203,175 square feet of land, located at 510 New Los Angeles Avenue. Built in 1987, the Moorpark Plaza is a 83 percent leased, multi-tenant retail strip center. The majority of the tenants currently occupying the center have been at this location for over twenty years. This well performing asset is ideally located on the signalized southeast corner of New Los Angeles Avenue and Spring Road, in the highly affluent submarket of Moorpark California. The subject property benefits from this excellent location at a major intersection in the epicenter of an extremely strong retail corridor, with its proximity to numerous national credit retailers, and its ideal strip center layout, coupled with its convenient ingress egress to the center, which greatly compliments its seasoned tenant mix. In addition to its strategic neighborhood location, the subject property also benefits from it being nestled in between the booming metro areas of Thousand Oaks and Camarillo, which provide extremely strong demographics boosting an immediate surrounding average household income of better than $132,500, within a three mile radius. This active intersection of Moorpark boasts daily traffic counts of over 34,000 cars. In addition, the center benefits from high visibility, excellent monument signage, and the only 7-Eleven in the city. EXECUTIVE SUMMARY Investment Highlights 55,573 Square Foot Ventura County Shopping Center Currently 83 Percent Occupied 5.69 Percent CAP Rate on Current Occupancy Significant Upside Through Stabilization Strong and Seasoned Mix of National, Regional, and Local Credit Tenants Signalized Corner Location Multiple Single Tenant Retail Pads High Daily Traffic Counts Strong Immediate Demographics - Household Income North of $100,000 Multiple National Retailers in the Immediate Area Close Proximity to the 118 Freeway
RETAIL AERIAL AERIAL GLENOAKS BOULEVARD HUBBARD STREET HUBBARD STREET moorpark plaza
recent sales RECENT SALES COMPARABLES
RENT COMPARABLES FOR LEASE MAP PROPERTY DESCRIPTION Subject Property COMPARABLES FINANCIAL ANALYSIS Recent Sales Subject Property 1 101-275 West Los Angeles Avenue 2 5682-5688 Telephone Road 3 1601 South Victoria Avenue MARKET OVERVIEW 4 2321-2381 North Oxnard Boulevard 5 1714 Newbury Road 6 525 West Los Angeles Avenue 15
SALES COMPARABLES RECENT SALES Average CAP Rate: 6.50% Average Price Per SF: $378.80
SALES COMPARABLES RECENT SALES 1 101-275 West Los Angeles Avenue Moorpark, CA 93021 Close of Escrow: 12/3/2014 Year Built: 1985 Gross Leasable Area (GLA): 125,897 Sale Price: $27,250,000 Percent Down: 100% CAP Rate: N/A Price / SF (GLA): $195.01 Lot Size: 1,302,008 SF Major Tenants 2 5682-5688 Telephone Road Ventura, CA 93003 Close of Escrow: 10/3/2014 Year Built: 1986 Gross Leasable Area (GLA): 76,060 Sale Price: $23,250,000 Percent Down: 27% CAP Rate: 6.00% Price / SF (GLA): $305.68 Lot Size: 263,974 SF Major Tenants 3 1601 South Victoria Avenue Oxnard, CA 93035 Close of Escrow: 10/31/2014 Year Built: 2008 Gross Leasable Area (GLA): 64,818 Sale Price: $19,000,000 Percent Down: 100% CAP Rate: 7.05% Price / SF (GLA): $293.13 Lot Size: 246,985 SF
SALES COMPARABLES RECENT SALES 4 2321-2381 North Oxnard Boulevard Oxnard, CA 93036 Close of Escrow: Major Tenants2/11/2015 Year Built: 1988 Gross Leasable Area (GLA): 64,421 Sale Price: $17,600,000 Percent Down: 40% CAP Rate: 7.13% Price / SF (GLA): $273.20 Lot Size: 238,273 SF 5 1714 Newbury Road Newbury Park, CA 91320 Close of Escrow: 7/22/2014 Year Built: 2004 Gross Leasable Area (GLA): 39,774 Sale Price: $13,500,000 Percent Down: 100% CAP Rate: 7.96% Price / SF (GLA): $339.42 Lot Size: 157,687 SF Major Tenants 6 525 West Los Angeles Avenue Moorpark, CA 93021 Close of Escrow: 1/16/2015 Year Built: 2005 Gross Leasable Area (GLA): 21,561 SF Sale Price: $10,280,000 Percent Down: 39% CAP Rate: 5.87% Price / SF (GLA): $476.79 Lot Size: 97,574 SF
SALES COMPARABLES RECENT SALES 7 28941-29145 Canwood Street Agoura Hills, CA 91301 Close of Escrow: 4/01/2015 Year Built: 2010 Gross Leasable Area (GLA): 36,182 Sale Price: $27,800,000 Percent Down: N/A CAP Rate: 5.00% Price / SF (GLA): $768.34 Lot Size: 249,599 SF
for lease RENT COMPARABLES
RENT COMPARABLES FOR LEASE MAP FINANCIAL ANALYSIS PROPERTY DESCRIPTION Subject Property COMPARABLES For Lease Subject Property 1 6591-6597 Collins Drive 2 537 West Los Angeles Avenue 3 593 West Los Angeles Avenue MARKET OVERVIEW 4 888 New Los Angeles Avenue 5 4215 Tierra Rejada Road 6 484 East Los Angeles Avenue 7 142-144 West Los Angeles Avenue 21
RENT COMPARABLES Average Price Per SF: $1.96
RENT COMPARABLES RECENT SALES 1 6591-6597 Collins Drive Moorpark, CA 93021 Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 2006 Gross Leasable Area (GLA): 50,000 SF Rent / SF (GLA): $1.50-$1.75 Available SF: 18,392 Lot Size: 146,797 SF Lease Type: NNN 2 537 West Los Angeles Avenue Moorpark, CA 93021 Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 2005 Gross Leasable Area (GLA): 21,597 SF Rent / SF (GLA): $2.25 Available SF: 1,604 Lot Size: 97,574 SF Lease Type: NNN 3 593 West Los Angeles Avenue Moorpark, CA 93021 Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 1993 Gross Leasable Area (GLA): 11,797 SF Rent / SF (GLA): $1.65-$2.00 Available SF: 8,530 Lot Size: 72,745 SF Lease Type: NNN
RENT COMPARABLES RECENT SALES 4 888 New Los Angeles Avenue Moorpark, CA 93021 Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 2003 Gross Leasable Area (GLA): 335,871 SF Rent / SF (GLA): $2.35 Available SF: 4,109 Lot Size: 264,845 SF Lease Type: NNN 5 4215 Tierra Rejada Road Moorpark, CA 93021 Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 1997 Gross Leasable Area (GLA): 90,000 SF Rent / SF (GLA): $1.75 Available SF: 2,776 Lot Size: 177,725 SF Lease Type: NNN 6 484 East Los Angeles Avenue Moorpark, CA 93021 Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 1989 Gross Leasable Area (GLA): 27,771 SF Rent / SF (GLA): $1.75 Available SF: 4,162 Lot Size: 93,001 SF Lease Type: NNN
RENT COMPARABLES RECENT SALES 7 142-144 West Los Angeles Avenue Moorpark, CA 93021 Date Surveyed: 5/05/2015 Occupancy: N/A Year Built: 2008 Gross Leasable Area (GLA): 9,762 SF Rent / SF (GLA): $2.50 Available SF: 3,940 Lot Size: 279,668 SF Lease Type: NNN
overviewmarket OVERVIEW
DEMOGRAPHIC REPORT DEMOGRAPHIC SUMMARY POPULATION 1-MILE 3-MILES 5-MILES 2000 Population 35,153 168,144 339,860 2010 Population 38,479 181,612 367,065 2014 Population 32,231 366,102 740,359 2019 Population 40,963 192,012 385,543 HOUSEHOLDS 1-MILE 3-MILES 5-MILES 2000 Households 8,591 40,868 88,253 2010 Households 9,456 43,719 93,611 2014 Households 9,719 45,037 96,374 2019 Households 10,157 46,606 99,269 2014 Daytime Population 7,708 49,546 81,104 2014 Average HH Size 3.97 3.98 3.79 2000 Owner Occupied Housing Units 61.16% 38.83% 42.87% 2000 Renter Occupied Housing Units 34.32% 57.93% 53.99% 2000 Vacant 4.52% 3.24% 3.14% 2014 Owner Occupied Housing Units 60.72% 37.87% 41.98% 2014 Renter Occupied Housing Units 39.28% 62.28% 58.20% 2014 Vacant 0.81% 2.77% 2.22% 2019 Owner Occupied Housing Units 60.20% 37.72% 41.80% 2019 Renter Occupied Housing Units 39.80% 62.28% 58.20% INCOME 1-MILE 3-MILES 5-MILES $0 - $ 14,999 10.2% 10.0% 10.3% $15,000 - $24,999 12.6% 11.0% 10.5% $25,000 - $34,999 10.4% 10.6% 9.9% $35,000 - $49,999 15.6% 14.5% 14.8% $50,000 - $74,999 23.8% 21.7% 20.0% $75,000 - $99,999 13.7% 13.7% 13.3% $100,000 - $124,999 6.4% 8.1% 8.6% $125,000 - $149,999 3.2% 4.6% 5.0% $150,000 - $200,000 2.6% 3.6% 4.3% $200,000 to $249,999 0.7% 0.9% 1.3% $250,000 + 1.0% 1.5% 2.0% INCOME 1-MILE 3-MILES 5-MILES 2014 Median Household Income $51,258 $54,251 %55,270 2014 Per Capita Income $15,624 $16,876 $19,052 2014 Average Household Income $62,304 $68,900 $73,554 2019 Vacant 0.68% 2.79% 2.20%
DEMOGRAPHIC REPORT DEMOGRAPHIC SUMMARY Geography: 5 Miles Population In 2014, the population in your selected geography is 87,019. The population has changed by 9.70% since 2000. It is estimated that the population in your area will be 90,393 five years from now, which represents a change of 3.87% from the current year. The current population is 49.11% male and 50.88% female. The median age of the population in your area is 39.4, compare this to the Entire US average which is 37.3. The population density in your area is 1,107.74 people per square mile. Households There are currently 28,892 households in your selected geography. The number of households has changed by 14.65% since 2000. It is estimated that the number of households in your area will be 30,196 five years from now, which represents a change of 4.51% from the current year. The average household size in your area is 2.94 persons. Income In 2014, the median household income for your selected geography is $96,358, compare this to the Entire US average which is currently $51,972. The median household income for your area has changed by 18.52% since 2000. It is estimated that the median household income in your area will be $108,232 five years from now, which represents a change of 12.32% from the current year. The current year per capita income in your area is $43,009, compare this to the Entire US average, which is $28,599. The current year average household income in your area is $128,541, compare this to the Entire US average which is $74,533. Race and Ethnicity The current year racial makeup of your selected area is as follows: 78.14% White, 1.46% Black, 0.14% Native American and 7.45% Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 23.99% of the current year population in your selected area. Compare this to the Entire US average of 17.13%. Housing In 2000, there were 20,455 owner occupied housing units in your area and there were 4,745 renter occupied housing units in your area. The median rent at the time was $1,045. Employment In 2014, there are 30,576 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 72.79% of employees are employed in white-collar occupations in this geography, and 26.77% are employed in blue-collar occupations. In 2014, unemployment in this area is 6.81%. In 2000, the average time traveled to work was 30.2 minutes.
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