1199 Broadway Burlingame CA 94010 - LoopNet · 2018. 10. 22. · 09/02/2026 $7,109 $5.59 $85,314 2...

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1199 BroadwayBurlingame CA 94010

Broadway Plaza

Broadway PlazaCONTENTS

We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors,omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or futureperformance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

01 Executive Summary Executive Summary 5 Location Summary 6

02 Property Description Property Features 8 Aerial Map 9 Parcel Map 10 Topographic Map 11 Floor Plan 12 Property Images 13

03 Rent Roll Rent Roll Details 15 Rent Roll Details 16 Lease Expiration 17

04 Financial Analysis Income & Expense Analysis 19

05 Demographics Demographics 21 Demographic Charts 22

Exclusively Marketed by:

Harry Khayalian

[email protected]

BRE #01237831

Broadway Plaza Confidentiality and Disclaimer | 03

CONFIDENTIALITY AND DISCLAIMER:

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Lucent Properties and it should not be made available to any other person or entity without the written consent of Lucent Properties.

By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to Lucent Properties. This offering memorandum has been prepared to provide summary, unverified financial and physical 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. Lucent Properties 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 of absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or 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 offering memorandum has been obtained from sources we believe reliable; however, Lucent Properties has not verified, and will not verify, any of the information contained herein, nor has Lucent Properties 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONTACT LUCENT PROPERTIES FOR MORE DETAILS.Copyright © 2018 CREOP, LLC. All Rights Reserved.

Broad

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Executive Summary01

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Location Summary

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Broadway Plaza Executive Summary | 05

OFFERING SUMMARYADDRESS 1199 Broadway Burlingame CA

94010

COUNTY San Mateo

BUILDING SF 6,776 SF

LAND SF 10,800 SF

YEAR BUILT 1984

APN 026-192-220

FINANCIAL SUMMARYOFFERING PRICE $10,500,000

PRICE PSF $1,549.59

OCCUPANCY

NOI (325547.00) $264,676

CAP RATE (325547.00) 2.52 %

CAP RATE (PRO FORMA) 3.09 %

DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2017 Population 18,487 96,436 184,715

2017 Median HH Income $98,136 $100,225 $102,863

2017 Average HH Income $151,676 $150,968 $147,208

General retail building in highly sought after downtownBurlingame on high foot traffic corner location. Constructed in1984, building consists of five units with approximately 6,776+/-rentable square feet. Four of five units under long term leasesat current market rate with multiple renewal options. Tenantspay utilities, trash service, HVAC and in suite repairs &maintenance. One of the few buildings on Broadway withprivate parking, each unit has its own reserved parking space.The building has glass lined street frontage, fire sprinklers andseparate HVAC systems for each suite. Minimal landlordresponsibilities - CAM fees cover majority of property expenses.

Sale subject to 1031 Exchange. Buyer to cooperate with Selleridentification of exchange properties.

83%

Broadway Plaza Location Summary | 06

Located in prestigious Downtown Burlingame, theBroadway area consists of a variety of businessesamidst residential properties.

Burlingame's close proximity to San Francisco(approximately 13 miles south) makes it an ideallocation for those interested in taking advantage ofthe culinary and cultural activities of San Francisco,without the headaches of city living.

In addition, Burlingame does not experience thesame severe weather patterns that plague SanFrancisco, as its summers are clear andcomfortable, with an average summer temperatureof 78 degrees.

There are many attractions within the city ofBurlingame, including fine foods, cultural activitiesand recreation. There is high end shopping andfantastic top rated restaurants that even SanFrancisco residents flock to, and a myriad of otheractivities as well. Burlingame's business district isbooming and being only a few miles from SanFrancisco's airport is an added bonus for frequenttravelers.

Regional Map

Locator Map

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Property Description02

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Aerial Map

Parcel Map

Additional Maps

Property Images

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Broadway Plaza Property Features | 08

Site DescriptionNUMBER OF TENANTS 5

BUILDING SF 6,776

LAND SF 10,800

YEAR BUILT 1984

# OF PARCELS 1

ZONING TYPE C1

BUILDING CLASS General Retail

NUMBER OF STORIES 1

NUMBER OF BUILDINGS 1

NUMBER OF PARKING SPACES 8

STREET FRONTAGE Glass lined

CORNER LOCATION Corner of Broadway & Laguna

MECHANICALHVAC Each unit has its own HVAC

system

FIRE SPRINKLERS Fire sprinklers throughoutbuilding

ELECTRICAL / POWER Each unit has its own electricaland gas meter

CONSTRUCTIONFOUNDATION Concrete slab

EXTERIOR Cinder Block

PARKING SURFACE Asphalt

ROOF Tar & Gravel

LANDSCAPING Some trees & shrubs

Broadway Plaza Aerial Map | 09

Broadway Plaza Parcel Map | 10

Broadway Plaza Topographic Map | 11

Broadway Plaza Floor Plan | 12

Broadway Plaza Property Images | 13

Private Parking Lot

Private Parking Lot

Broad

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Rent Roll03

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Lease Expiration Summary

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Broadway Plaza Rent Roll Details | 15

Lease Term Rental RatesSuite Tenant Name Square

Feet% of NRA Lease Start Lease End Begin Date Monthly

Base RentMonthlyPSF

AnnualBase Rent

AnnualPSF

AnnualCAM Fee

Lease Type Options/Notes

1 Restaurant 1,272 18.77% 09/02/17 09/01/27 CURRENT $5,195 $4.08 $62,338 $49.01 $5,648 Tenant pays water, gas,electric and HVACmaintenance. CAM fees coverRET, general R&M, roof R&M,exterior paint, landscaping,parking lot repairs, firesprinkler inspection andinspection fees.

09/02/2019 $5,403 $4.25 $64,832

09/02/2020 $5,619 $4.42 $67,425

09/02/2021 $5,843 $4.59 $70,122

09/02/2022 $6,077 $4.78 $72,927

09/02/2023 $6,320 $4.97 $75,844

09/02/2024 $6,573 $5.17 $78,877

09/02/2025 $6,836 $5.37 $82,033

09/02/2026 $7,109 $5.59 $85,314

2 Restaurant 1,316 19.42% 09/07/17 09/06/27 CURRENT $5,447 $4.14 $65,366 $49.67 $5,843 Tenant pays water, gas,electric and HVACmaintenance. CAM fees coverRET, general R&M, roof R&M,exterior paint, landscaping,parking lot repairs, firesprinkler inspection andinspection fees.

09/07/2019 $5,665 $4.30 $67,98109/07/2020 $5,892 $4.48 $70,70009/07/2021 $6,127 $4.66 $73,52809/07/2022 $6,372 $4.84 $76,46909/07/2023 $6,627 $5.04 $79,52809/07/2024 $6,892 $5.24 $82,70909/07/2025 $7,168 $5.45 $86,01709/07/2026 $7,455 $5.66 $89,458

3 Grocery Market 1,362 20.10% 09/01/17 08/31/27 CURRENT $5,638 $4.14 $67,651 $49.67 $6,047 Tenant pays water, gas,electric and HVACmaintenance. CAM fees coverRET, general R&M, roof R&M,exterior paint, landscaping,parking lot repairs, firesprinkler inspection andinspection fees.

09/01/2019 $5,863 $4.30 $70,357

09/01/2020 $6,098 $4.48 $73,171

09/01/2021 $6,342 $4.66 $76,098

09/01/2022 $6,595 $4.84 $79,142

09/01/2023 $6,859 $5.04 $82,308

09/01/2024 $7,133 $5.24 $85,600

09/01/2025 $7,419 $5.45 $89,024

Broadway Plaza Rent Roll Details | | 16

Lease Term Rental RatesSuite Tenant Name Square

Feet% of NRA Lease Start Lease End Begin Date Monthly

Base RentMonthlyPSF

AnnualBase Rent

AnnualPSF

AnnualCAM Fee

Lease Type Options/Notes

09/01/2026 $7,715 $5.66 $92,585

4 1,407 20.76% 11/01/18 01/01/00 FUTURE Tenant pays water, gas,electric and HVACmaintenance. CAM fees coverRET, general R&M, roof R&M,exterior paint, landscaping,parking lot repairs, firesprinkler inspection andinspection fees.

11/01/20195 Real Estate Brokerage 1,419 20.94% 10/01/17 10/01/27 CURRENT $5,684 $4.01 $68,212 $48.07 $6,300 Tenant pays water, gas,

electric and HVACmaintenance. CAM fees coverRET, general R&M, roof R&M,exterior paint, landscaping,parking lot repairs, firesprinkler inspection andinspection fees.

10/01/2019 $5,912 $4.17 $70,940

10/01/2020 $6,148 $4.33 $73,778

10/01/2021 $6,394 $4.51 $76,729

10/01/2022 $6,650 $4.69 $79,798

10/01/2023 $6,916 $4.87 $82,990

10/01/2024 $7,192 $5.07 $86,310

10/01/2025 $7,480 $5.27 $89,762

10/01/2026 $7,779 $5.48 $93,353

Totals 6,776 $21,964 $263,567 $23,838

Broadway Plaza Lease Expiration | 17

Broad

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Financial Analysis04

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Broadway Plaza Income & Expense Analysis | 19

INCOME 325547.00 PRO FORMA

Gross Potential Rent $265,837 $333,373

Annual CAM Fee $30,085 $135,791

Gross Potential Income $295,922 $469,164

Effective Gross Income $295,922 $469,164

Less: Expenses $31,246 $144,908

Net Operating Income $264,676 $324,256

EXPENSES 325547.00 PROFORMA

Real Estate Taxes $11,000 $116,000

Insurance $3,500 $3,500

Management Fee $14,796 $23,458

Repairs & Maintenance $1,500 $1,500

Landscaping $300 $300

Utilities $150 $150

Total Operating Expense $31,246 $144,908

Expense / SF $4.61 $21.38

% of EGI 10.56 % 30.89 %

REVENUE ALLOCATION

DISTRIBUTION OF EXPENSES

Broad

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Demographics05

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Demographic Charts

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Broadway Plaza Demographics | 21

POPULATION 1 MILE 3 MILE 5 MILE

2000 Population 17,431 89,034 168,112

2010 Population 17,767 92,207 174,863

2017 Population 18,487 96,436 184,715

2022 Population 18,855 98,552 191,462

2017 African American 190 1,528 2,842

2017 American Indian 37 342 692

2017 Asian 3,900 27,331 51,469

2017 Hispanic 2,460 19,685 39,720

2017 White 12,308 51,392 97,829

2017 Other Race 894 9,202 17,516

2017 Multiracial 1,080 5,366 11,067

2017-2022: Population: Growth Rate 1.95 % 2.20 % 3.60 %

2017 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE

less than $15,000 404 1,935 3,576

$15,000-$24,999 483 1,981 3,532

$25,000-$34,999 343 1,876 3,213

$35,000-$49,999 607 2,975 5,482

$50,000-$74,999 1,128 5,364 10,059

$75,000-$99,999 1,110 4,761 8,697

$100,000-$149,999 1,339 6,500 13,312

$150,000-$199,999 706 3,813 7,888

$200,000 or greater 1,901 8,667 15,624

Median HH Income $98,136 $100,225 $102,863

Average HH Income $151,676 $150,968 $147,208

HOUSEHOLDS 1 MILE 3 MILE 5 MILE

2000 Total Housing 8,112 37,420 68,721

2010 Total Households 7,785 36,514 67,936



2017 Average Household Size 2.30 2.51 2.56

2000 Owner Occupied Housing 3,748 19,286 39,036

2000 Renter Occupied Housing 4,124 17,142 28,011



2017 Vacant Housing 371 1,737 2,908

2017 Total Housing 8,392 39,609 74,291



2022 Vacant Housing 329 1,604 2,754

2022 Total Housing 8,478 40,186 76,523

2017-2022: Households: Growth Rate 1.60 % 1.85 % 3.30 %

Source: esri

Broadway Plaza Demographic Charts | 22

1 Mile Radius 3 Mile Radius 5 Mile Radius

2017 Household Income

1 Mile Radius 3 Mile Radius 5 Mile Radius

2017 Population by Race

Broadway Plaza Demographic Charts | 23

2017 Household Occupancy - 1 Mile Radius

Average Income Median Income

2017 Household Income Average and Median

Broadway Plaza

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Exclusively Marketed by:

Harry Khayalian

[email protected]

BRE #01237831

1199 Broadway Burlingame CA 94010 - LoopNet · 2018. 10. 22. · 09/02/2026 $7,109 $5.59 $85,314 2...

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