Coastal Oceanside Retail Investment Property

Transcription

Coastal Oceanside Retail
Investment Property
FOR SALE
1220 S. Coast Highway, Oceanside, CA 92054
Exclusively listed by
Marc Karren
CA LIC #01912607
760-803-5363
[email protected]
Confidentiality Agreement
The information contained in this Offering
with their own engineering and environmental
Memorandum is proprietary and strictly
experts, business advisors, legal counsel and
confidential. It is intended to be reviewed only
tax professionals prior to submitting an offer to
by the prospective purchaser receiving it from
purchase the subject. The information contained
Location Matters for the purpose of conducting a
in this Offering Memorandum has been obtained
preliminary evaluation of the subject and should
from sources we believe to be reliable; however,
not be used for any other purpose nor made
neither Location Matters nor the seller of the
available to any other person or entity without
subject makes any warranty or representation
the express written consent of Location Matters.
whatsoever regarding the accuracy or
This Offering Memorandum has been prepared
completeness of the information provided. All
to provide summary, unverified information to
prospective purchasers must take appropriate
prospective purchasers, and to establish only a
measures to verify all of the information set
preliminary level of interest in the subject. The
forth herein. This Offering Memorandum may
information contained herein is not a substitute
not be copied, distributed or revised without the
for a thorough due diligence investigation
express written consent of Location Matters.
and prospective purchasers should consult
2010 Jimmy Durante Blvd. Suite 205, Del Mar, CA 92014
/
(858) 792-5521
/
LocationMatters.com
2
Table of Contents
/
4
The Offering
7
The Property
9
The Economics
10
11
Competitive Property Set
12
The Market
(858) 792-5521
Investment Summary
Investment Highlights
Investment Overview
Property Overview
Surrounding Retail & Restaurants
Financial Overview
The Tenant
Tenant Profile
Demographics
The Transformation
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LocationMatters.com
3
FOR SALE
THE OFFERING – Investment Summary | 1220 S. Coast Highway, Oceanside, CA 92054
OFFERING PRICE
PRICE PER SF
TERM REMAINING
$1,275,000
$271
4 years
CAP RATE (YR 1)
TOTAL LAND AREA
BASE RENT
5.65%
0.28 Acres
3.5% Increases Annually
NET OPERATING INCOME
TOTAL LAND FOOTAGE
YEAR BUILT
(Yr 1) $72,000
12,197 SF
1976
TOTAL BUILDING AREA
OWNERSHIP
4,700 SF
Fee Simple
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(858) 792-5521
/
LocationMatters.com
4
THE OFFERING – Investment Highlights | 1220 S. Coast Highway, Oceanside, CA 92054
FOR SALE
―― Freestanding Retail Offering on Pacific Coast Hwy
―― Single Tenant, Absolute NNN Lease with No
Landlord Responsibility
―― Adequate Off Street Parking
So
―― 1.1 Miles from Downtown Oceanside & blocks to
ut
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the beach
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―― Easily accessible for Oceanside, as well as,
Carlsbad residents
SITE
―― Easily accessible from Interstate 5 & 78 freeway
ans
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―― Conditional Use Permit is in Place with the
Property
―― 4 years remaining on the lease
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―― Unique tenant offering
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(858) 792-5521
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LocationMatters.com
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THE OFFERING – Investment Overview | 1220 S. Coast Highway, Oceanside, CA 92054
L
FOR SALE
ocation Matters is pleased to present this
Coastal Oceanside is the home to multiple new
Oceanside, California, is the northernmost city
single tenant, triple net leased investment
mixed-use and residential developments. One
in San Diego County, centrally located between
opportunity located at 1220 S. Coast
significant project under development is the 9
Los Angeles and San Diego. With 3.5 miles of
Highway in Oceanside, California. The subject
Block Master Plan for the development of nine full
beach, a 1,000 boat slip harbor, the largest of the
property is a 4,700 square-foot, freestanding,
blocks West of Coast Highway. This project will
California missions and several regional museums,
single-tenant retail building on an approximately
provide approximately 270 new residential units
Oceanside offers year-round perfect weather
12,197 square foot lot. This opportunity is an
and 55,000 sf of retail space, all just over 1 mile
and easy access to all of Southern California’s
absolute triple net lease with no Landlord
from the subject property. Also, the 9 Block Plan
attractions.
responsibility. The subject property is centrally
will include two new four star hotels with 360
located just 1.1 miles from downtown Oceanside
rooms. Within 1/3 mile from the subject property,
on South Coast Highway.
38 new luxury condominiums are to break ground
in Q1 2016.
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(858) 792-5521
/
LocationMatters.com
6
FOR SALE
THE PROPERTY – Property Overview | 1220 S. Coast Highway, Oceanside, CA 92054
ADDRESS
1220 S. Coast Highway,
Oceanside, CA 92054
PARCEL
APN: 152-193-06
PARKING
16 On-Site Parking Spaces
TRAFFIC COUNTS
29,158 + Vehicles per day
ZONING
Commercial
CONDITIONAL USE PERMIT
In place & remains w/ the
property
LAND AREA
0.28 Acre/12,197 SF
ZONING
C-2 Commercial
SQUARE FEET
4,700 Rentable Square Feet
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(858) 792-5521
/
LocationMatters.com
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FOR SALE
THE PROPERTY – Surrounding Retail & Restaurants | 1220 S. Coast Highway, Oceanside, CA 92054
Oceanside City Hall
M
io
iss
ve
nA
9 Block Master Plan
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(858) 792-5521
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LocationMatters.com
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THE PROPERTY – Surrounding Retail & Restaurants | 1220 S. Coast Highway, Oceanside, CA 92054
FOR SALE
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(858) 792-5521
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LocationMatters.com
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THE ECONOMICS – Financial Overview | 1220 S. Coast Highway, Oceanside, CA 92054
PURCHASE PRICE
TOTAL BUILDING AREA
$1,275,000
4,700 SF
CAP RATE
PRICE/SF
5.65%
$271
NET OPERATING INCOME
TOTAL LAND AREA
$6,000 per Month/$72,000
0.28 Acres/12,197 SF
FOR SALE
Per Year
OWNERSHIP
OPTIONS TO RENEW
Fee Simple
No
/
(858) 792-5521
/
LocationMatters.com
10
FOR SALE
COMPETITIVE PROPERTY SET | 1220 S. Coast Highway, Oceanside, CA 92054
1639 S. Coast Hwy, Oceanside, CA 92054
202-204 N Coast Highway, Oceanside, CA 92054
232 S Coast Highway, Oceanside, CA 92054
Close of Escrow: 9/21/2015
Price/SF: $265
Sale Price: $1,320,000
Land Area: 28 acres /
12,197 SF
Close of Escrow:
12/31/2014
Close of Escrow:
4/30/2015
Cap Rate: N/A
Gross Leasable Area
(GLA): 4,978 SF
Price/SF: $372
Sale Price: $1,350,000
Land Area:
.08 AC/3,624 SF
Price/Land Area: $108 SF
Cap Rate: N/A
Year Built: N/A
Gross Leasable Area
(GLA): 3,623 SF
Price/SF: $336
Sale Price: $815,000
Land Area:
0.6 AC/2,614 SF
Cap Rate: N/A
Year Built: N/A
Gross Leasable Area
(GLA): 2,425 SF
Year Built: 1907
921-923 S Coast Highway, Oceanside, CA 92054
Close of Escrow:
3/23/2015
Close of Escrow:
6/10/2014
Price/SF: $410
Close of Escrow: 3/5/2015
Price/SF: $333
Land Area:
0.11 AC/5,001 SF
Land Area:
0.08 AC/3,485 SF
Price/SF: $366
Land Area:
0.11 AC/4,792 SF
Cap Rate: N/A
Cap Rate: N/A
Gross Leasable Area
(GLA): 1,691 SF
Year Built: N/A
Gross Leasable Area
(GLA): 1,053 SF
Year Built: 1919
/
(858) 792-5521
Cap Rate: N/A
Gross Leasable Area
(GLA): 900 SF
/
LocationMatters.com
Year Built: 1950
11
FOR SALE
THE TENANT – Tenant Summary | 1220 S. Coast Highway, Oceanside, CA 92054
TENANT TRADE NAME
ANNUAL INCREASES
Baja Body Athletic Club
3.5%
OWNERSHIP
ABSOLUTE NNN LEASE
Private
OPTIONS
LEASE GUARANTOR
None
Personal Guaranty
HIGHLY REVIEWED
LEASE TERM REMAINING
San Diego Union Tribune
4 years
San Diego Magazine
The Best of North County
LEASE EXPIRATION
2/28/2020
Baja Body is a boutique functional fitness training club
catering to Active/Athletic individuals of Oceanside
residents, but also those seeking a unique fitness
experience found in only a few other fitness clubs in
the County. Baja Body is the only fitness center in
San Diego County to offer an indoor sand training
studio. Besides the sand studio, Baja Body, is a full
weight gym with top of the line fitness equipment,
unique professional workout terrains, electronic fitness
monitoring via Wi-Fi connected heat rate monitors,
personal training, diet & lifestyle counseling.
/
(858) 792-5521
/
LocationMatters.com
12
FOR SALE
THE MARKET – Demographics | 1220 S. Coast Highway, Oceanside, CA 92054
5 MILES
1 MILE
2010
2015
2020
Population
15,633
16,066
16,785
Households
6,315
6,476
6,756
Avg Household Income
N/A
$63,992
$73,917
3 MILES
2010
2015
2020
1 MILE
Population
68,673
70,683
72,981
location
Households
26,573
27,236
28,186
N/A
$70,582
$80,440
5 MILES
2010
2015
2020
Population
146,596
151,804
158,064
Households
54,527
56,279
58,763
N/A
$75,524
$85,739
3 MILES
/
(858) 792-5521
/
LocationMattersInc.com
13
FOR SALE
THE MARKET – The Transformation | 1220 S. Coast Highway, Oceanside, CA 92054
Pending Projects, Downtown Oceanside
Freeman Street
.
LU
RE
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AT
ST
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1
EIGHTH ST.
2
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14
14
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NCTD
Transit Center
City/NCTD
Parking Garage
SD Malkin
Beach Resort Hotel
South Block
225 rooms/6 stories
Betty's Lot
The Strand
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City of Oceanside * Economic Development 760-435-3351
E.
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*uc - Under Construction
*c - Construction Complete
Economic Developmentwww.oceanside.ca.us 760-435-3352
.
*e - Entitled
ST
*a - Application on File
Myers Street
SD Malkin
Beach Resort Hotel
North Block
135 rooms/8 stories
Pacific Street
RT
EV
CL
TR
30.
31.
32.
33.
34.
35.
Oceanside Marriot
Springhill Suites/
Hello Betty’s
Restaurant
Amphitheatre
ST
NO
T.
W
Hyatt Place (127 unit hotel & 24 unit residential condos) *e
30
IEW
10
33
RV
E
In-N-Out Burgers*e
ER
IV
PIE
NT
DR
15
CE
29
Seacliff Terraces (52 condo units) *e
IC
.
AZ
VE
CIV
AG
a.
NA
Best Western Oceanside Palms Hotel 6 (123 room hotel) *p
SE
29
SIO
IS
M
Motel 6 - (remodel) *uc
.
b.
ST
16
15
KA
Villa Capri (3 condo units) *e
29
PE
TO
35
c.
308 N. Tremont St. (3 condo units) *p
28.
29
Fraser & Covell (4 single family row homes) *e
N
Hayek (2 units) *e
29 d.
e.
.
Cleveland St. Beach Lofts (Mix-Use - 2,000 sq. ft. office/retail/10 condo units) *e
ST
33
34 28 R.
KA
SDG&E Substation *p
PE
S ZE D
TO
212 N. Coast Hwy. (Oceanside Tattoo) *p
A
G
A
SE
Portola (15 livework lofts units) *e
1010 Oceanside (124 room hotel, 90 livework lofts & 8,357 3q. ft. retail) *e
Mission Ave. Improvement Phase 1*c
Japanese Craft Brewery *p
416 S. Myers - Chapman Condos (2 condo units) *e
523 S. Myers Street (7 condo units) *e
T.
NS
602 S. Myers Street (2 residential units) *uc
SO
TY
700 The Strand (17 condo units) *e
33
South the Strand - Seawall Improvements *p
.
ST
FIR
502 S. The Strand (2 single family units) *uc
27
412 S. The Strand (4 condo units) *e
26
314 S. The Strand (8 residential units) *e
25
T.
ES
312 S. The Strand - Pack Duplex(2 condo units) *e
24
PIN
17
217 S. Pacific St. (2 condo units) *e
.
ST
218 S. The Strand (2 condo units) *e
23
M
EL
Beach Resort Hotel (389 room hotel, 18,500 sq. ft. of visitor serving commercial, 20,000 sq. ft.
meeting/function space and a 6,400 sq. ft. ballroom)
18
North Block - 135 rooms, 8 stories, bar and restaurant on top floor
22
T.
HS
19
South Block - 225 rooms, 6 stories, spa and meeting
AS
CityMark Mixed-Use Project (231-units, 150 hotel rooms, 38,000 sq. ft. commercial) *e
T.
KS
a. Block 5 - 35 Units with 1,602 sq. ft. retail
OA
b. Block 18 - 66 Units with 10,563 sq. ft. retail *uc
c. Block 19 - 101 Units with 12,340 sq. ft. retail
20
d. Block 20 - 29 Units with 15,057 sq. ft. retail
33
e. SpringHill Suites Marriot (149 Hotel Rooms) + Hello Betty’s Fish House (6,438 sq. ft.) *c
21
Pelican Properties/Lot 23 - Mixed-Use Parking Structure *p
Windward Way (3 single-family homes) *e
724 N. Pacific St. - Stone Terrace - (4 units) *e
Downtown Boundary
Beach Restrooms - Phase I *uc
Beach Restrooms Phase II *p
Tin Fish Restaurant *p
ES
TH
29.
Wyndham
Timeshare
Resort
Beach
Community
Center
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CityMark - Lot 19
Residential 101 Units
Retail - 12,340 SF
FMR
NO
TR
NE
32
CityMark - Lot 20
Retail - 15,057 SF
EE
FR
NR
ES
AY
DW
AR
WIN
WA
CityMark - Lot 5
Retail - 1,602 SF
WA
DW
Y
NE
U
PT
CityMark - Lot 18
Retail - 10,563 SF
A. T. & S. F. R. R.
EL
SD
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NE
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5
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TH
33
ER
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NOT TO
SCALE
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5
BR
STA
FREEMAN ST.
4
Pelican Properties - Lot 23
325 Parking spaces
Retail - 10,000 SF
Pending
ER
NCTD
Cleveland Street
Entitled
INT
OceanPlace
(Regal Cinemas)
Oceanside
Terrace
Complete
Sportfisher Dr.
HA
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
McNEIL ST.
5
DR
Tremont Street
Mission Avenue
.
H
UT
E
IV
R
O
RB
Pier View Way
DR
DR.
M
RIVERSIDE DR.
North Coast Highway
Ocean
Village
Sportfisher Dr.
O
HARBOR
Y
RE
TE
INT
EL
RM
CA
AUGUST
2015
MARCH
2014
.
DR
Topeka Street
R.
YD
IS
N
Pac
Bell
Lofts
City Hall
Topeka Street
H
PENDING
PROJECTS
DOWNTOWN
AREA
PENDING
DOWNTOWN
DEVELOPMENT
SA
ON
Downtown &
9 Block Master
Plan
Seagaze Drive
M
No Scale
sn isdi ed e
H
IG
Seagaze Drive
ON
.
DR
Mission Avenue
RY
TE
North
76
CC
i ti yt yo fo O
c ec aWeAYna
f O
Pier View Way
DR
O
AN
TR
PIS
CA
Civic Center Dr.
DR
Civic Center Dr.
.
ET
NS
SU
Downtown & 9 Block Master Plan
*p - Pending Application
/
(858) 792-5521
/
LocationMatters.com
14

Coastal Oceanside Retail Investment Property

Transcription

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