Antelope Valley Office Plaza - Constant...
16
Antelope Valley Office Plaza Offering Memorandum Broker: Eric Treibatch Broker Corp ID No. 01187117 (818) 708-0888 x123 [email protected] Agent: Josh Markowitz License No. CA 01978248 (818) 708-0888 x128 [email protected]
Transcript of Antelope Valley Office Plaza - Constant...
Antelope Valley Office PlazaOffering Memorandum
Broker: Eric TreibatchBroker Corp ID No. 01187117(818) 708-0888 [email protected]
Agent: Josh MarkowitzLicense No. CA 01978248(818) 708-0888 [email protected]
Executive SummaryInvestment Data.......................... 2Investment Highlights ..................3
Property DescriptionArea Maps……..........................4-5Site Plan………...…...................6-7Parcel Map....................................8
Financial Overview Rent Roll..........(available upon request)..........9
Income & Expense...................................10
Comparable PropertiesRecent Sales .....................................11-121 Mile Rent Survey.............................13-14
The information contained in this Marketing Brochure is strictly confidential and is intended to be reviewed only by the party receiving it from Ophir Management Services. This information should not be made available to any other person without the written consent of Ophir Management Services. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers and to establish only a preliminary interest in the subject property. The information in this Marketing Brochure is not a substitute for a thorough due diligence investigation. Ophir Management Services 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, the compliance with State and Federal regulations, the physical condition of the improvements, or
the financial condition or business prospects of any tenants, including tenants’ plans or intentions to continue occupancy at the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Ophir Management Services has not verified, and will not
verify, any of the information contained herein. Ophir Management Services 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 contained herein.
Table of Contents
Antelope Valley Office Plaza343 East Palmdale Blvd Palmdale, CA 93550
PRICE $998,000
NET OPERATING INCOME $67,588
CAP RATE 6.77%
PRO FORMA NET OPERATING INCOME $93,192
PRO FORMA CAP RATE 9.34%
OCCUPANCY 72%
RENTABLE SQUARE FEET 10,420 SF
TOTAL SQUARE FEET 10,765 SF
PRICE/SQUARE FOOT $92.71
YEAR BUILT 1988
LOT SIZE 16,458 SF
ZONING C-3
ASSESSOR’S PARCEL NUMBER 3008-025-045
PARKING 21 SPACES (2 HANDICAP)
Executive Summary - Investment Data
2
• Competitive Price Per Square Foot
• Major Commercial Thoroughfare with Excellent Visibility to Palmdale Boulevard
• Upside Through Leasing Vacant Units and Raising Rents
• Half-a-Mile from 14 Freeway
• Walking Distance to McDonald’s, In-N-Out Burger, Starbucks, Pizza Hut, Taco Bell, Vallarta, Subway, Jack in the Box, Domino’s Pizza
• Walking Distance to Palmdale City Hall and Palmdale Civic Center
• Healthy Office Tenant Mix with Realty Group, Tax Advisors, Medical Management/Billing, Home Care Offices, etc.
• Storage Units Provide Additional Income with Minimal Maintenance
• Closed Circuit Security System with Eight Cameras
• Eight AC Units, Three Replaced in 2015
• No Gas in Building, Reduced Utility Cost
• Separately Metered for Electric
Executive Summary - Investment Highlights
3
14 Fwy
Property Description – Area Maps
4
Property Description – Area Maps
5
Property Description – Site Plan
6First Floor
Security Camera Room
Property Description – Site Plan
7Second Floor
Property Description – Parcel Map
8
TOTAL INCOME $94,514
TOTAL EXPENSE ($26,926)
NET OPERATING INCOME $67,588
CURRENT INCOME
Rent $93,120
Other Income $1,394
Financial Overview – Income & Expense
Notes:• Property Tax Rate 1.365789% based on Purchase Price plus Direct Assessments• Pro Forma Rent Reflects $1.15/SF/Mo for Office Units and $0.60/SF/Mo for Storage Units• Reflects 2016 Expenses• Excludes $1,280 in AC repairs/replacement/maintenance• Other Income Reflects Electric Reimbursements from Units that Share Meters
10
EXPENSES
Property Tax ($13,630)
Insurance ($1,935)
Janitorial Service ($3,900)
Janitorial Supplies ($1,578)
Landscape ($900)
Rubbish ($1,525)
Water ($861)
Common Area Electric ($2,597)
TOTAL EXPENSES ($26,926)
PRO FORMA INCOME
Pro Forma Rent $131,916
Vacancy Factor (10%) ($13,192)
Other Income $1,394
TOTAL PRO FORMA INCOME $120,118
TOTAL EXPENSE ($26,926)
PRO FORMA NET OPERATING INCOME
$93,192
EXPENSES
Property Tax ($13,630)
Insurance ($1,935)
Janitorial Service ($3,900)
Janitorial Supplies ($1,578)
Landscape ($900)
Rubbish ($1,525)
Water ($861)
Common Area Electric ($2,597)
TOTAL EXPENSES ($26,926)
SUBJECT PROPERTY: Office Plaza343 E Palmdale Blvd Palmdale, CA 93550
Asking Price $998,000
CAP 6.77%
Price/SF $92.71
Building Size 10,765 SF
Occupancy 72%
Year Built 1988
Zoning C-3
Comparable Properties – Recent Sales
11
COMP 3: Canyon Business Center18335-45 Sierra Hwy Canyon Country, CA 91351
Close of Escrow August 29, 2016
Sale Price $4,150,000
Price/SF $148.21
CAP Rate 6.1%
Building Size 28,000 SF
Occupancy 100%
Year Built/Renovated 1981
Zoning C-3
Comparable Properties – Recent Sales
12
COMP 2: Office Building44902 10th St W Lancaster, CA 93534
Close of Escrow June 7, 2016
Sale Price $725,000
Price/SF $98.72
Building Size 7,344 SF
Occupancy 100%
Year Built/Renovated 1966
Zoning C-3
COMP 1: Office Building44820 10th St W Lancaster, CA 93534
Close of Escrow June 30, 2016
Sale Price $480,000
Price/SF $108.99
Building Size 4,404 SF
Occupancy 100%
Year Built/Renovated 1987
Zoning C-3
Comparable Properties – 1 Mile Rent Survey
13
SUBJECT PROPERTY: Office Plaza343 E Palmdale Blvd Palmdale, CA 93550
Date Surveyed 2017
Available 2,950 SF
Average Rent/SF/Mo $1.04
Building Size 10,765 SF
Lease Type Gross
Year Built 1988
Use Office
COMP 1: Office Building310 Palmdale Blvd Palmdale, CA 93550
Date Surveyed 2017
Available 690-10,967 SF
Asking Rent/SF/Mo $1.25
Building Size 16,289 SF
Lease Type Gross
Year Built 1989
Use Office
Comparable Properties – 1 Mile Rent Survey
14
COMP 3: Office Building38424 10th St E Palmdale, CA 93550
Date Surveyed 2017
Available 640-4,939 SF
Asking Rent/SF/Mo $1.25
Building Size 13,500 SF
Lease Type Gross
Year Built 1990
Use Office
COMP 2: Office Building423 E Palmdale Blvd Palmdale, CA 93550
Date Surveyed 2017
Available 925-2,840 SF
Asking Rent/SF/Mo $1.25
Building Size 4,300 SF
Lease Type Gross
Year Built 1986
Use Office
Broker: Eric TreibatchBroker Corp ID No. 01187117(818) 708-0888 [email protected]
Agent: Josh MarkowitzLicense No. CA 01978248(818) 708-0888 [email protected]
