Post on 06-Aug-2020
OFFICE BUILDING
510CIVICCENTERD R I V E
VISTA, CALIFORNIA
MIKE HANNASenior Vice President
951.445.4503mhanna@leetemecula.com
DRE #01456055
SHERI SHOEMAKERSenior Vice President
951.445.4510sshoemaker@leetemecula.com
DRE #00846946
No warranty or representation has been made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. Lee & Associates Commercial Real Estate Services, Inc. - Riverside. 25240 Hancock Avenue, Suite 100 - Murrieta, CA 92562 Corporate ID# 01048055
510CIVICCENTERD R I V E
VISTA, CALIFORNIA
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VISTAVISTACIVICCIVIC
CENTERCENTER
VISTA INNOVATIONVISTA INNOVATIONDESIGN ACADEMYDESIGN ACADEMY
MOONLIGHTMOONLIGHTAMPHITHEATREAMPHITHEATRE
BRENGLEBRENGLETERRACETERRACE
PARKPARK
LUZ DURANLUZ DURANPARKPARK
VISTAVISTALIBRARYLIBRARY
WAVEWAVEWATERPARKWATERPARK VISTA MAGNETVISTA MAGNET
MIDDLE SCHOOLMIDDLE SCHOOLOF TECHNOLOGYOF TECHNOLOGY
BEAUMONT BEAUMONT ELEMENTARYELEMENTARY
SCHOOLSCHOOL
TOTORIVERSIDERIVERSIDE
TOTOSANSAN
DIEGODIEGO
VISTAVISTA
VISTA VILLAGE DRVISTA VILLAGE DR
S SAN
TA FE A
VES SA
NTA
FE AVE
S SANTA FE AVE
S SANTA FE AVE
CIVIC CENTER DRCIVIC CENTER DR
SUPERIOR COURTSUPERIOR COURTNORTH COUNTY NORTH COUNTY
DIVISIONDIVISION
VALE TERRACE DR
VALE TERRACE DR
510CIVICCENTERD R I V E
VISTA, CALIFORNIA
WILDWOODWILDWOODPARKPARK
510CIVICCENTERD R I V E
VISTA, CALIFORNIA
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THE
OFFERINGLee & Associates Commercial Real Estate Services is pleased to present three (3) individual office condominium suites for sale within the Civic Center Office Building. The three units are part of a five unit development at 510 Civic Center Drive in beautiful downtown Vista, CA. These units are referred to as a Planned Unit Development which lenders look more favorably upon.
The Civic Center Office Building holds two triple net leases (NNN) with national cellular companies for cell towers; T-MOBILE and Sprint respectively. The monthly income of $1,234 from these towers is shared among building ownership. As an owner, you participate by receiving a percentage of this income based on the prorata share of each unit. This income pays the owners’ common area maintenance and insurance on the building. Each unit also has a large, secure storage room located on the second floor of unit E.
Each unit has its own restroom, heating and air conditioning unit and separate gas and electric meters.
OFFERING PRICE: $700,000
PRICE PSF: $209.96
UNITS: (3) Units
OCCUPANCY: 33%
BUILDING SIZE: 3,334 SF
Suite C 1,098 SF$1.08 MGMTM Lease(3) Private Offices, Reception, conference room, open area, one restroom.Available with 30 days notice.
Suite D1,098 SFVacant(3) Private Offices, Reception, open area, one restroom.
Suite E1,138 SFVacant (Former Law Firm)(2) Private Offices, Reception, conference room, open area, one restroom.Includes 2nd Floor consisting of six (6) approximately 10x13 SF Private Storage Rooms for each of the Units. (A-E)
MG Rate: Tenant pays separately metered gas & electricity
Unit Descriptions
Amazing Owner User Opportunity! Own your own real estate for your business as potentially low as $486 per month! *See the Lease vs. Own Comparison on the next page.
510CIVICCENTERD R I V E
VISTA, CALIFORNIA Lease vs. Own Comparison
Address: 510 Civic Center Dr., Vista, CA 92084Property Size: 3,334 Square Feet*Unit C, D & E totaling 3,334 Square Feet
SBA 504 FINANCING PROGRAM
OWNPURCHASE ASSUMPTIONS:
Per Sq. Ft.
Purchase Price $209.96 $700,000SBA Fees (Financed) $11,000Total Project Cost $711,000START-UP COSTS
Cash down payment (10%) $70,000
MONTHLY COSTS Per Sq. Ft. AmountMonthly Payment $0.995 $3,319Association Dues $0.180 $600
Property Mgmt.
Insurance
Property Taxes $0.227 $757Total Monthly Costs $1.403 $4,676MONTHLY OWNERSHIP BENEFITS
Per Sq. Ft AmountMonthly Depreciation estimate $0.144 $479Property Tax Benefit $0.091 $303Interest Deduction $0.240 $802Monthly Cell Tower Income $0.370 $1,234Monthly Rental Income from Suite C $1.250 $1,373Total Ownership Benefits $0.475 $4,190TOTAL EFFECTIVE MONTHLY COST $486
LEASELEASE ASSUMPTIONS:
Lease rate per square foot per month $1.25Lease rate per month $11,000
START-UP COSTS
Prepaid lease payment and security deposit $8,335MONTHLY COSTS Per Sq. Ft. AmountLease payment $1.250 $4,168
Total Monthly Costs $1.250 $4,168MONTHLY LEASE BENEFITS
AmountMonthly Depreciation estimate $0.00Property Tax Benefit $0.00Interest Deduction $0.00
Total Ownership Benefits $0.00
TOTAL EFFECTIVE MONTHLY COST $4,168
Property Taxes: $9,087 per year for all 3 units
Insurance: Based on $10,000 estimated property insurance.
Depreciation: Estimated based upon 80% allocation of purchase price to building cost and 40% tax bracket.
Property Tax Benefit and Interest Deduction: Estimated at 40% tax bracket.
Monthly Cell Tower Income: Estimated at 60% of total $2,029 monthly income from Sprint and T Mobile
Owner's Equity: Estimated equity after 3 years would be $134,909 (assumes annual appreciation at 3%; plus initial equity injection).
Appreciation Benefits of Ownership
Rate of Assumed Appreciation 3%
Appr Value Year 1 721,000
Appr Value Year 2 742,630
Appr Value Year 3 764,909
Benefits of owning include: equity growth, control of costs, cash flow, tax benefits, and retirement investment.
Total Project Cost $711,000
Cash down payment: 10% of Purchase Price $70,000
Amount financed (includes SBA fees) $652,000
Note that interest rates vary from month to month and loan terms differ from one lender to another.
Monthly payment $3,319
The SBA 504 program provides 90% financing by combining a loan from a regular bank for 50% of the total loan amount and a loan from the SBA for 40% of the total loan amount (plus financed SBA loan fees). The buyer provides a 10% cash down payment.
SBA Financing Loan Amount Interest Rate Amortization in yearsPercent of Total Loan Amount Loan FeeMonthly Payment
1st Mortgage by Bank$350,0003.90% (estimate)25 year amortization50% of total$3,500 1.00% (estimate)$1,828
SBA Financing Loan Amount Interest Rate Amortization in yearsPercent of Total Loan Amount Loan FeeMonthly Payment
2nd Mortgage by SBA$280,0003.71% (Jan '20)25 year amortization40% of total$11,000 2.65% + $3,000 legal fee$1,490 (includes SBA fees)
For more information, please contact:Lisa Matta
951-400-2213
510CIVICCENTERD R I V E
VISTA, CALIFORNIA
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Lease vs. Own Comparison
• Well-proportioned and move in ready suites from 1,098 RSF – 3,334 RSF
• High image professional office space for sale in the fastest growing submarket in Vista, CA
• Excellent Owner User Opportunity - Occupy the entire or a portion of the building and lease the balance for income reserving future expansion capability. Perfect opportunity for legal services, architects, lenders, title or escrow or real estate companies
• Convenient access to Highway 78 and I-15 freeway and minutes from the Pacific Ocean
• Cell Tower Income and shared common area expenses allowing for low maintenance costs
• Located within walking distance to City of Vista offices at the Vista Civic Center with various retail, professional services, hotel and restaurant amenities nearby
• Ample and Abundant onsite parking fronting each of the units
• On-site management
• Seller may consider selling each of the three suites individually
Investment Highlights
510CIVICCENTERD R I V E
VISTA, CALIFORNIA
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ADDRESS: 510 Civic Center Drive, Suites C, D, E
CITY: Vista
STATE, ZIP: California, 92084
APN:Suite C: 176-171-21Suite D: 176-171-22Suite E: 176-171-23
BUILDING SIZE: 3,334 square feet
LAND SIZE: 0.45 acres
YEAR BUILT: 1991
STORIES: Two (2), Second Floor Storage Only
PARKING RATIO: 2.5 per 1,000 square feet
CONSTRUCTION TYPE: Wood / Stucco
ELEVATOR: No
ZONING: Mixed Use / M-U
Property Description
510CIVICCENTERD R I V E
VISTA, CALIFORNIA
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NAP
Floor Plan
STORAGE #510 X 12
STORAGE #410 X 13
STORAGE #310 X 13
STORAGE #210 X 13
STORAGE #115 X 10
SECOND FLOOR PLAN
SUITE E1,138.80 SQ. FT.
SUITE D1,098.90 SQ. FT.
SUITE C1,098.90 SQ. FT.
SUITE B1,103.38 SQ. FT.
SUITE A1,200.50 SQ. FT.
STORAGE #610 X 12
E
Extra - Andy DePauer
C
D
BA
POTENTIALLY AVAILABLE FOR SALE
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Property Photos
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Property Photos
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31,689 CPD CIVIC CENTER DR
31,689 CPD CIVIC CENTER DR
EUCALYPTUS AVEEUCALYPTUS AVE
CRESCENT DRCRESCENT DR
Birds Eye Aerial
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Carlsbad
Oceanside
Escondido
Vista
Encinitas
San Marcos
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UV78San Diego
Pacific Ocean
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VISTA VILLAGE
Enclave at Delpy’s Corner
• 124 townhomes• 2018 delivery
Shea Homes• 73 Single Family
Homes• $500K-$550K
Laurel Pointe by Pulte
• 160 new homes• 95% sold• $650k-$850k
Tesoro Homes• 50 new homes• $400k-$500k• Sold out
Higher income residential neighborhoods to the north
and east of Vista Terrace
Alexan Melrose• 410 high-end
apartment units• 96% leased
510CIVICCENTERD R I V E
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Amenities Aerial
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Amenities Aerial
City of Vista
Vista is a city in Southern California and is located in northwestern San Diego County. Vista is a medium-sized city within the San Diego Metropolitan Area and has a population of 101,659. Vista's sphere of influence also includes portions of unincorporated San Diego County to north and east, with a county island in the central west.[10] Located just seven miles inland from the Pacific Ocean, it has a Mediterranean climate.
Originally the lands of Rancho Buena Vista and Rancho Guajome, Vista was founded on October 9, 1882 with the establishment of a post office.[11] It was incorporated on January 28, 1963 and became a charter city on June 13, 2007.
Vista has more than 25 educational institutions for youth, and a business park home to over 800 companies. Vista is ranked as the 173rd-best place in California out of 240 for families, based on factors such as family life, recreational opportunities, education, health, safety, and affordability in a 2015 review.
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With more than 1.37 million people, San Diego is the eighth-largest city in the United States and the second-largest in California.
14 advanced industries produce $42.1 billion and pay $116,600/year on average (Brookings Institute)
San Diego County Demographics
2019 Estimated Population 3,317,749
2024 Projected Population 3,460,000
2010 Census Population 3,100,000
2000 Census Population 2,810,000
Growth 2010-2019 0.9%
Growth 2019-2024 0.5%
2019 Estimated Median Age 35.5
2019 Estimated Average Age 36
2019 Estimated Households 1,190,000
2010 Census Households 1,090,000
Growth 2000-2019 1.0%
2019 Est. Median Household Income $80,999
Wave Waterpark - Vista, CA
South Carlsbad Beach - Carlsbad, CA
Demographics
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Demographics
Rancho Guajome Adobe - Vista, CA
Vista Demographics2019 Estimated Population 102,055
2010 Census Population 94,047
2000 Census Population 89,006
Growth 2019-2024 0.5%
2019 Estimated Median Age 33.2
2019 Estimated Average Age 33
2019 Estimated Households 32,031
2010 Census Households 30,986
Growth 2019-2024 0.8%
2019 Est. Median Household Income $68,864
The Average Housing Value $480,071 Batiquitos Lagoon - Carlsbad, CA
Alta Vista Botanical Garden - Vista, CA
Demographics
No warranty or representation has been made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. Lee & Associates Commercial Real Estate Services, Inc. - Riverside. 25240 Hancock Avenue, Suite 100 - Murrieta, CA 92562 Corporate ID# 01048055
MIKE HANNASenior Vice President
951.445.4503mhanna@leetemecula.com
DRE #01456055
SHERI SHOEMAKERSenior Vice President
951.445.4510sshoemaker@leetemecula.com
DRE #00846946