REO - 197 LOT SFR SITE

Transcription

WINCHESTER, CA
OFFERING MEMORANDUM
WINCHESTER, CA
to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other
person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to
provide summary, unverified 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 expenses for the subject property, the future projected financial performance of the property,
the size and square footage of the property and improvements, the presence or absence of contaminating substances,
PCB's or asbestos, the compliance with 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 Marketing Brochure 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 matters and
makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
All potential buyers must take appropriate measures to verify all of the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP
AGENT FOR MORE DETAILS.
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 or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services, Inc. © 2012 Marcus & Millichap T0130069
CONFIDENTIALITY AND DISCLAIMER
CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
WINCHESTER, CA
SECTION TWO
..................................................PROPERTY DESCRIPTION
SECTION THREE
...................................................RECENT SALES
SECTION FOUR
...............................DEMOGRAPHIC ANALYSIS
TABLE OF CONTENTS
SECTION ONE
...............................................PRICING & FINANCIAL ANALYSIS
PRICING & FINANCIAL ANALYSIS
WINCHESTER, CA
WINCHESTER, CA
SUMMARY
Property
Property Address
REO - 197 Lot SFR Site
Olive Avenue at Patterson Avenue
Winchester, CA 92596
Price
$1,575,000
Down Payment
25% $393,750
Lot Size (SF)
2,684,600
Price/SF
$0.59
Lot Size (Acres)
61.6299
Price/Acre
$25,556
Buildable SF
2,684,600
Price/Buildable SF
$0.59
Number Of Lots
197
Price/Lot
$7,995
Lot Dimensions
Irregular
Type of Ownership
PRICING & FINANCIAL ANALYSIS
Financial Overview
Fee Simple
FINANCING
FIRST TRUST DEED
Loan Amount
$1,020,000
Loan Type
Seller
Interest Rate
6.0%
Loan to Value
SITE DESCRIPTION
Assessor's Parcel Number
Zoning
60% LTV
463-180-007 (8 Others)
RR (Proposed Change to R-1-
1
PROPERTY DESCRIPTION
WINCHESTER, CA
WINCHESTER, CA
INVESTMENT
HIGHLIGHTS
The subject property is a 61.9-acre (gross) site located in the city of
REO - Lender Owned Property
(Private Party)
entitlement for a large housing development. This site has recently
Investment Overview
Winchester. Currently vacant land, the site had been in the process of
gone through a foreclosure and is currently owned by the original
lender (private party).
61.9-Acre Site in an Excellent
Winchester Location
Previous Entitlement Efforts
The previous owner of this site had been the SunCal Companies who
Previous Owner (SunCal) had
been Entitling for 197 SFR Lot
Subdivsion
Seller Will Finance for a Qualified
Buyer
Excellent Long-Term Potential for
a Residential Development on this
Site
had been in the process of entitling the property for a 197-lot singlefamily housing development (Riverside County Tract No. 34129). This
entitlement would have included a zone change from the current RR
zoning to R1-7200. The civil engineer working on the project was RBF
Consulting and work on the project was not completed.
Location
Winchester is a census-designated place (CDP) in Riverside County,
largely rural for most of its history and home to several agricultural
businesses. The subject property is located one block to the north of the
Domenigoni Parkway which is the major east-west arterial coming in
from I-215 which is approximately five miles to the west. The property
sits approximately one mile to the west of the city of Hemet and is
within the Hemet sphere of influence.
SR-79 Realignment Project
A major highway realignment project has been in the works for several
years and will have a significant and positive impact on the subject
property. State Highway 79 (Winchester Road) will be rerouted in the
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WINCHESTER, CA
Local municipalities are currently working on the draft EIR which is on schedule to be finalized in early
Investment Overview
2011 when the final route will be decided. Construction is scheduled to begin on the project in 2014.
Please see the web site www.sr79project.info for more details.
Financing
The seller had financed the previous sale of this property to SunCal and will be willing to finance it again
for a qualified buyer. The terms of this seller financing would be as follows: a 60% LTV loan amount for a
period of 5 years at a fixed rate of 6% with interest-only payments.
4
WINCHESTER, CA
Property Photos
5
WINCHESTER, CA
Area Maps
LOCAL MAP
REGIONAL MAP
6
WINCHESTER, CA
Plat Map
7
WINCHESTER, CA
View East
8
WINCHESTER, CA
View North
9
WINCHESTER, CA
View West
10
WINCHESTER, CA
View South
11
WINCHESTER, CA
Olive Road
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WINCHESTER, CA
Proposed Site Plan
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WINCHESTER, CA
Aerial Photos
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WINCHESTER, CA
Proposed Site Plan
13
RECENT SALES
WINCHESTER, CA
WINCHESTER, CA
RECENT SALES
Recent Sales Map
1)
2)
3)
4)
5)
REO - 197 Lot SFR Site
19.52 Acres Vacant Land
C2 Zoned Acerage (54.17 Acres)
Community Park 124
Underwood Project
Residential Zoned Acreage
17
WINCHESTER, CA
RECENT SALES
Price/SF & Price/Acre
AVERAGE PRICE/SF
1.20
1.10
1.00
0.90
0.80
0.70
Avg $0.68
0.60
0.50
0.40
0.30
0.20
0.10
0.00
Subject
19.52
Acres
Vacant
Land
C2
Zoned
Acerage
(54.17
Acres)
Community
Park
124
Underwood
Project
Residential
Zoned
Acreage
AVERAGE PRICE/ACRE
50,000
45,000
40,000
35,000
Avg $29,356
30,000
25,000
20,000
15,000
10,000
5,000
0
Subject
19.52
Acres
Vacant
Land
C2
Zoned
Acerage
(54.17
Acres)
Community
Park
124
Underwood
Project
Residential
Zoned
Acreage
18
WINCHESTER, CA
Olive Avenue at Patterson Avenue
Sale Price:
$1,575,000
Lot Size (SF):
2,684,600
Down Payment:
$393,750
Price/SF:
$0.59
Down Payment %:
25%
Lot Size (Acres):
61.6299
Zoning:
RR
Price/Acre:
$25,556.00
Lot Dimensions:
Irregular
SUBJECT PROPERTY
1
2
RECENT SALES
Recent Sales
19.52 ACRES VACANT LAND
32106 Auld Road
Close of Escrow:
4/21/2011
Lot Size (SF):
850,291
Sale Price:
$1,000,000
Price/SF:
$1.18
Down Payment:
N/A
Lot Size (Acres):
19.5200
Down Payment %:
N/A
Price/Acre:
$51,230
Zoning:
C-1/C-P
Lot Dimensions:
1257x657
C2 ZONED ACERAGE (54.17 ACRES)
Cottonwood Avenue & Sanderso
San Jacinto, CA 92582
Close of Escrow:
6/17/2011
Lot Size (SF):
2,359,645
Sale Price:
$1,649,000
Price/SF:
$0.70
Down Payment:
N/A
Lot Size (Acres):
54.1700
Down Payment %:
N/A
Price/Acre:
$30,441
Zoning:
C2
Lot Dimensions:
19
WINCHESTER, CA
3
4
5
COMMUNITY PARK 124
Olive Avenue
Close of Escrow:
10/26/2011
Lot Size (SF):
1,535,490
Sale Price:
$750,000
Price/SF:
$0.49
Down Payment:
$750,000
Lot Size (Acres):
35.2500
Down Payment %:
100%
Price/Acre:
$21,277
Zoning:
SP Zone
Lot Dimensions:
RECENT SALES
Recent Sales
UNDERWOOD PROJECT
Palomar Road
Menifee, CA 92584
Close of Escrow:
5/10/2011
Lot Size (SF):
9,821,909
Sale Price:
$4,500,000
Price/SF:
$0.46
Down Payment:
N/A
Lot Size (Acres):
225.4800
Down Payment %:
N/A
Price/Acre:
$19,957
Zoning:
A110
Lot Dimensions:
RESIDENTIAL ZONED ACREAGE
State Street
Hemet, CA 92543
Close of Escrow:
2/28/2012
Lot Size (SF):
3,831,102
Sale Price:
$2,100,000
Price/SF:
$0.55
Down Payment:
N/A
Lot Size (Acres):
87.9500
Down Payment %:
N/A
Price/Acre:
$23,877
Zoning:
A-1-10,
Lot Dimensions:
Irregular
20
DEMOGRAPHIC ANALYSIS
WINCHESTER, CA
WINCHESTER, CA
1 Mile
3 Miles
5 Miles
1,231
1,188
1,585
1,521
1,668
3,285
3,560
5,403
5,396
5,932
14,835
20,785
39,407
40,448
45,915
1990 Households
2000 Households
2010 Households
2011 Households
2016 Households
415
364
454
415
455
1,213
1,212
1,628
1,594
1,745
6,533
8,428
13,550
13,989
15,730
2011 Average Household Size
3.66
3.38
2.88
2011 Daytime Population
241
790
4,826
$98,848
$102,940
$108,899
$127,236
$128,701
$141,873
2000 Owner Occupied Housing Units
2000 Renter Occupied Housing Units
2000 Vacant
62.49%
29.12%
8.39%
64.71%
24.75%
10.54%
72.56%
16.07%
11.36%
2011 Vacant
37.95%
51.38%
10.67%
61.76%
26.30%
11.94%
70.70%
17.83%
11.47%
2016 Vacant
38.45%
50.92%
10.63%
61.83%
26.24%
11.93%
70.50%
17.87%
11.63%
18.8%
5.9%
24.4%
9.3%
19.8%
17.5%
2.0%
1.1%
1.0%
0.2%
0.1%
13.5%
9.2%
22.0%
11.4%
17.4%
12.8%
5.8%
3.1%
3.6%
0.8%
0.7%
10.4%
11.5%
11.3%
13.5%
19.3%
14.8%
9.2%
4.3%
4.4%
0.7%
0.8%
2011 Median Household Income
2011 Per Capita Income
$35,516
$12,516
$45,067
$17,929
$55,262
$21,464
2011 Average Household Income
$45,937
$55,976
$63,821
1990 Population
2000 Population
2010 Population
2011 Population
2016 Population
1990 Median Housing Value
2000 Median Housing Value
$ 0 - $14,999
$ 15,000 - $24,999
$ 25,000 - $34,999
$ 35,000 - $49,999
$ 50,000 - $74,999
$ 75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 +
Demographic Report
Demographic data © 2010 by Experian/Applied Geographic Solutions.
22
WINCHESTER, CA
Geography: 5 Miles
Population
In 2011, the population in your selected geography was 40,448 . The population has changed by 94.60% since 2000. It is
estimated that the population in your area will be 45,915 five years from now, which represents a change of 13.52%
from the current year. The current population is 47.3% male and 52.7% female. The median age of the population in
your area is 31.6 , compare this to the U.S. average which is 36.9. The population density in your area is 514.96 people
per square mile.
Households
There are currently 13,989 households in your selected geography. The number of households has changed by 65.98%
since 2000. It is estimated that the number of households in your area will be 15,730 five years from now, which
represents a change of 12.45% from the current year. The average household size in your area is 2.88 persons.
Income
Summary Report
In 2011, the median household income for your selected geography is $55,262 , compare this to the U.S. average which
is currently $53,620. The median household income for your area has changed by 59.60% since 2000. It is estimated that
the median household income in your area will be $63,441 five years from now, which represents a change of 14.80%
from the current year.
Race & Ethnicity
The current year racial makeup of your selected area is as follows: 67.68% White, 5.50% African American, 0.99%
Native American and 1.58% Asian/Pacific Islander. Compare these to U.S. averages which are: 72.40% White, 12.60%
African American, 0.95% Native American and 4.93% Asian/Pacific Islander.
People of Hispanic origin are counted independently of race. People of Hispanic origin make up 35.95% of the current
Housing
The median housing value in your area was $141,873 in 2000, compare this to the U.S. average of $110,796 for the same
year. In 2000, there were 6,900 owner occupied housing units in your area and there were 1,528 renter occupied
housing units in your area. The median rent at the time was $527 .
Employment
In 2011, there are 4,826 employees in your selected area, this is also known as the daytime population. The 2000 Census
revealed that 53.7% of employees are employed in white-collar occupations in this geography, and 46.3% are employed
in blue-collar occupations. In 2011, unemployment in this area is 13.55% . In 2000, the median time traveled to work
was 28.5 minutes.
23
WINCHESTER, CA
Population Density
Population Density
Theme
Low
High
Low
less than
55
Below Average
55
475
Average
475
4100
Above Average
4100
35000
High
35000
or more
Number of people living in a given area per square
mile.
24
WINCHESTER, CA
Employment Density
Employment Density
Theme
Low
High
Low
less than
9
Below Average
9
96
Average
96
1025
Above Average
1025
10875
High
10875
or more
The number of people employed in a given area per
square mile.
25
WINCHESTER, CA
Average Household Income
Average Household Income
Theme
Low
High
Low
less than
$29,500
Below Average
$29,500
$48,500
Average
$48,500
$80,000
Above Average
$80,000
$132,500
High
$132,500
or more
Average income of all the people 15 years and older
occupying a single housing unit.
26
WINCHESTER, CA
Traffic Counts
Traffic Count data © 2010 by TrafficMetrix. All rights reserved.
Two-way, average daily traffic
27
WINCHESTER, CA
OFFERING MEMORANDUM
Exclusively Listed By:
Matthew D. Wenzel
Vice President Investments
Long Beach Office
Tel: (562) 257-1200
Fax: (562) 257-1210
[email protected]
www.marcusmillichap.com/MatthewDWenzel
Offices Nationwide
www.MarcusMillichap.com

REO - 197 LOT SFR SITE

Transcription

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