HIGH-IMAGE SINGLE TENANT RETAIL BUILDING FOR SALE · PROPERTY DETAILS Address 1221 N H Street,...

L O M P O C , C A1221 N O R T H H S T R E E TH I G H - I M A G E S I N G L E T E N A N T R E T A I L B U I L D I N G F O R S A L E

J A M E S D E B U I S E RSenior [email protected]: CA 01965942

G A RY CO H E NSenior Associate805.351.7143 [email protected]: CA 00988655

CONTAC TS

W W W. V CCO M M E R C I A L . CO M

TABLE OFCONTENTS

01E X E C U T I V E S U M M A R Y / / 0 4

R E N T C O M PA R A B L E S / / 2 4

04M A R K E T O V E R V I E W / / 1 8

05

P R O P E R T Y D E S C R I P T I O N / / 1 002

I N V E S T M E N T H I G H L I G H T S / / 1 6

03

E X E C U T I V E S U M M A R Y4

M a rc u s & M i l l i c h a p, a s e xc l u s i ve a d v i s o r, i s p l e a s e d to p re s e nt t h e o p p o r t u n i t y to a cq u i re t h e fe e - s i m p l e i nte re s t i n 1 2 2 1 N o r t h H S t re e t , ( “ t h e Pro p e r t y ” ) , l o c ate d i n t h e c i t y o f Lo m p o c. Th e Pro p e r t y i s l o c ate d i n S a nt a B a r b a ra Co u nt y, a b o u t 8 . 5 m i l e s to t h e b e a c h , a n d b e n e f i t s f ro m i t s i m m e d i ate p rox i m i t y to t h e a re a’s a b u n d a nt a gr i c u l t u re , a e ro s p a ce a n d d e fe n s e i n d u s t r i e s . To u r i s m i s a grow i n g i n d u s t r y w i t h n e a r by w i n e r i e s a n d v i n e ya rd s . Lo c ate d o n t h e m a i n t h o ro u g h f a re o f N o r t h H S t re e t ( H i g hw ay 1 ) , t h e Pro p e r t y ’s l o c at i o n m a k e s i t a d e s i ra b l e a s s e t s e r v i n g t h e s u r ro u n d i n g p o p u l at i o n a n d v i s i to r s . B u i l t i n 2 0 1 3 , t h e 4 , 3 3 2 s q u a re fo o t b u i l d i n g i s s i t u ate d o n 1 . 1 9 a c re s o f C P D - zo n e d l a n d. Th e Pro p e r t y b e n e f i t s f ro m 2 0 5 fe e t o f f ro n t a g e a l o n g H i g hw ay 1 . Th i s h i g h -v i s i b i l i t y p ro p e r t y w i l l a l l ow a n ow n e r- u s e r a n d / o r i nve s to r t h e f l e x i b i l i t y to re u s e t h e h i g h - e n d b u i l d i n g fo r a ny n u m b e r o f u s e s . Th e Pro p e r t y i s t u r n k e y fo r a n o t h e r s a l e s s h ow ro o m o r s i m i l a r b u s i n e s s d ay o n e. Ad d i t i o n a l l y, t h e Pro p e r t y i s w i t h i n t h e c i t y ’s c a n n a b i s zo n e, m a k i n g i t a h i g h l y-d e s i ra b l e re t a i l s a l e s s p a ce. Th e Pro p e r t y co u l d a l s o a cco m o d ate a n e x p a n s i o n o f t h e b u i l d i n g a re a to d o u b l e

i t s c u r re nt s i ze .

T H E O F F E R I N G

$1,800,000$416/SF

4,332 SF Total3,432 SF Building

900 SF Canopy

1221 North H StreetLompoc, CA

1.19 AcreLot

51,836 SF

Owner-User Opportunity

E X E C U T I V E S U M M A R Y 5

NO

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L O M P O C , C A1221 N. H S T R E E T

• 205 feet of frontage on H Street

• Major Lompoc thoroughfare

• Traffic Count: 17,400+ CPD

• 1.2 miles to Lompoc Airport

• 2013 construction

• Floor to ceiling glass curtain wall

• C2 zoning allows for wide array of uses

• Within designated Cannabis Zone

• Drive through

• Adjacent to shopping center

• Public transportation adjacent

P R O P E R T Y H I G H L I G H T S


P R O P E R T Y D E T A I L S

Address 1221 N H Street, Lompoc

Year Built 2013

Site Area 1.19 Acres (51,836 SF)

Building Area 3,432 SF

Exterior Amenities 900 SF Drive-thru carport canopy

Current Use Automotive sales facility

Rooms Showroom, customer lounge, sales area, private offices

Zoning PCD, Cannabis Zone

APN 089-490-015

Sprinklers No

Parking Paved lot to accomodate 144 vehicles

Power 400 amps, 3phase/4wire, 208/120 volt

Slab 4” thick reinforced slab

Parking Easement Shared use of 30 striped stalls Mon-Fri, 7am-6pm

Visibility Easement SE corner may not obstruct view of Hilton Garden Inn

Restrooms 2 (1 men’s, 1 women’s) ADA compliant H S T R E E T1 7 , 4 3 2 C a r s P e r D a y

1 . 1 9 A C R E L O T

900 S F C A N O PY

P R O P E R T Y D E S C R I P T I O N10

1 . 1 9 A C R E L O T

1 4 4 P A R K I N G S T A L L S

3,432 S F B U I L D I N G

900 S F C A N O PY

13 F T C E I L I N G S

I N G R E S S / E G R E S S

P R O P E R T Y D E S C R I P T I O N 11

NO

RT

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Lompoc Airport

L O M P O C , C A1221 N. H S T R E E T


PA R K I N G E A S E M E N T AG R E E M E N T

30 sta l l park ing easement with the adjacent owner to the west , a medical c l in ic , with exclus ive r ight to use the wester ly 85 feet of the subjec t lot as a park ing lot bet ween the hours of 7am and 6pm M onday through Fr iday.

O W N E R - U S E R O R I N V E S T M E N T

6-year- old turn-key dealership/showroom. Ser v ice bays at the RocketTown Honda Dealer-ship across the street are avai lable for lease. Flexible f loor plan.

E X PA N S I O N P L A N S I N - P L AC E

1.19 acre lot with plans in-place to double the current bui ld ing’s square footage.

C E N T E R O F R E TA I L T R A D E A R E A

Strategical ly and centra l ly placed a long the H Street corr idor in the business distr ic t .

V I S I B I L I T Y E A S E M E N T

Ensures nothing is insta l led at the southeast corner of the parcel which would obstruc t the v iew of the adjacent H i l ton G arden I nn.

* Le n d e r q u o t e s a r e s u b j e c t t o f l u c t u a t i o n s w i t h m a r ke t co n d i t i o n s.

I N V E S T M E N T O V E R V I E W

F I N A N C E O P T I O N S

SBA 504

Fixed Term ( Years) 25 years

Amor tization 25 years

I nterest R ate 3.66%

Down Payment 10% ($180,000)

M onthly Payment $9,673 ($2.23/SF/M)

Conventional

Fixed Term ( Years) 10 years

Amor tization 20

I nterest R ate 3.90%

Down Payment 20% ($360,000)

M onthly Payment $8,691 ($2.00/SF/M)

I N V E S T M E N T O V E R V I E W16

I N V E S T M E N T O V E R V I E W 17

Lompoc is located on scenic Pacific Coast Highway (California Highway 1) and Highway 246, 55 miles northwest of Santa Barbara. The city is known as the flower seed capital of the world. Vandenberg Air Force Base dominates the economy, directly employing a large percentage of Lompoc’s residents, and contributes $1.7 billion to the regional economy. Other mainstays of the economy include the Federal Correctional Institution, a diatomaceous earth mine, the Lompoc Oil Field and associated oil processing facilities north of town, and agriculture (especially seed flowers and vegetables). Since the end of the Cold War, many workers employed in Santa Barbara have moved to Lompoc to take advantage of lower housing costs, effectively making Lompoc a ‘bedroom community’ of Santa Barbara. The character of the town has changed considerably with the growth associated with this demographic shift; in addition, new housing developments are spreading into the adjacent hills on the north side of town.

C i t y O f

L O M P O C

Wine production and wine tourism comprise the rapidly expanding value-added

agricultural sector of the Lompoc economy. Lompoc Valley is the gateway to the

Santa Rita Hills AVA wine appellation, internationally recognized for premium

pinot noir and chardonnay. Thirty premium boutique wine labels are produced in

Lompoc at wineries in the affectionately-termed “Lompoc Wine Ghetto” industrial

park and other locations across town.

M A R K E T O V E R V I E W18

C A L I F O R N I A

M A R K E T O V E R V I E W 19

DEMOGR APHICS

54,721To t a l P o p u l a t i o n Wi t h i n 5 M i l e R a d i u s

$75,018Average Household Income within

5 M i l e R adius

$23,700L abor Force within

5 M i l e R adius

M A J O R E M P LOY E R S

A R E A AT T R AC T I O N S

Wine Tasting

Skydive Santa Barbara

Farmer’s Market

OldTown Art Murals

Outdoor Recreation

La Purisima Mission

Hiking

Jalama Beach & Surf Break

17,720To t a l H o u s e h o l d s i n 5 M i l e R a d i u s

1.87%From 2010

• Vandenberg Air Force Base

• Chumash Casino Resort

• Lompoc Unified School DIstrict

• Lompoc Valley Medical Center

• City of Lompoc

• Federal Correctional Complex

• Allan Hancock College

• Santa Barbara Co. Public Services

• DenMat Holdings, LLC

• Walmart

• Vons & Albertsons Grocers

• Big E Produce

• Imerys Minerals California, Inc


D R I V I N G D I S T A N C E

S a n Fra n c i s co 5h

S a n t a B a r b a ra 1h

Ve n t u ra C o u n t y 1.5h

Lo s A n g e l e s 2.5h

Lo n g B e a c h 3h

S a n D i e g o 5.5h

“ “


Ma ny residents of Lomp o c a re employe d in the Aerospace or D efense Industries a t Va ndenb erg A ir force Base or play supp or ting roles in nea rby fac il it ies, while others commute towa rds S a nta Ba rba ra, S a nta Ynez Valley or Nor th towa rds S a nta Ma ria.

R E TA I L C A N N A B I S P O T E N T I A L

CANNABIS STANDARDS

All cannabis operations need to be outside of the required 600-foot buffer to sensitive uses (daycares, schools, and youth facilities). To obtain the most recent buffer map, please contact the City Clerk at (805) 875-8241.

Dispensaries are permitted within the city in the Convenience Center (CC), Commercial Office (CO), Central Business (C2), Old Town Commercial (OTC), Planned Commercial Development (PCD), and Mixed Use (MU) zoning districts.

On-site smoking of cannabis is to be conducted on the premises of a dispensary,

and outside of the required 1000-foot buffer to sensitive uses (refer to buffer map).

Deliveries shall be permitted only from dispensaries located within or outside the city.

Cannabis cultivation as a commercial cannabis activity is permitted in the Industrial

(I) and Business Park (BP) zoning districts. Cultivation shall take place within a fully enclosed structure.

Manufacturing, distributing, processing, storing, staking, packaging and labeling of

cannabis shall be permitted within the city only in the Industrial (I) and Business Park (BP) zoning districts.

Laboratory testing shall be permitted within the city in the Industrial (I), Business

Park (BP), Commercial Office (CO), and Planned Commercial Development (PCD) zoning districts.

*Buffer maps are subject to change. Consult with the city to determine the most recent buffer map and allowable locations. All requirements for Cannabis per Chapter 9.36 of the Lompoc Municipal Code can be found on the city’s website at: http://qcode.us/codes/lompoc/ and https://www.cityoflompoc.com/government/departments/city-clerk/commercial-cannabis-business-in-lompoc.

PROCESS - Submit a complete cannabis

application to the Lompoc City Clerk for review (805-875-8241).

- Obtain city approval for the Commercial Cannabis Use License.

- Submit to the city for review, and approval of a Building permit, Certificate of Occupancy, and Business Tax Certificate.

CONDITIONAL USE PERMIT & PARKING REQUIREMENTS - Dispensaries (retail) in the

Industrial & Business Park zones also require a Conditional Use Permit (CUP) from the Planning Commission prior to obtaining a Commercial Cannabis Use License, Certificate of Occupancy, and Business Tax Certificate.

- The size of dispensaries are limited to the available parking stalls on site adhering to a parking ratio of 1 space per 250 square feet of gross floor area.

QUESTIONS? Contact the Planning Division at (805) 875-8273.

Cannabis Uses Requirement by Zone Specific Use

Regulations CC CO C2 OTC PCD MU I BP

Dispensaries (with and without deliveries) P P P P P P CUP CUP

Ordinance No. 1640(17) Ordinance No. 1646(18) Ordinance No. 1648(18) Resolution No. 6147(17)

Cultivation (indoors) - - - - - - P P Ordinance No. 1640(17) Ordinance No. 1645(18) Resolution No. 6147(17)

Manufacturing, distributing, processing, storing, staking, packaging & labeling

- - - - - - P P Ordinance No. 1640(17) Resolution No. 6147(17)

Laboratory testing - P - - P - P P Ordinance No. 1640(17) Ordinance No. 1661(18) Resolution No. 6147(17)

P = Permitted Use. A permitted use that will be the first development on a vacant site requires Architectural Design and Site Development Review approval by the Commission. CUP = Conditional Use Permit is required prior to issuance of Commercial Cannabis Use License and operation (See Chapter 17.124). - = Use not allowed.

100 Civic Center Plaza Lompoc, CA 93436 www.cityoflompoc.com

P E R M I T T E D CO M M E R C I A L C A N N A B I S AC T I V I T Y

*


• Manufacturing/Processing: Light/Medium

• Micro-Alcohol Production

• Community Assembly, Regional

• Entertainment, Indoor

• Emergency Shelters

• Single Room Occupancy

• Restaurant w/ Drive Through

• Wireless Tower

• Passenger Transportation Facilities

• Gas/Service Station

• Artisan Manufacturing

• Library/Museum

• Recreation, Indoor

• Caretaker’s Unit

• Live/Work

• Alcohol Sales, Specialty Shop

• Drive-Thru, Non-Restaurant

• General Retail > 5,000 SF

• Outdoor Dining

• Adult Businesses

A L LO W E D W I T H M U P

• Alcohol Sales, Liquor Store

• Bar/Nightclub

• Dispensary

• General Retail < 5,000 SF

• Restaurant w/ Alcohol Sales

• Dry Cleaning, Processing

• Funeral Home/Mortuary

• General Services

• Hospital

• Lodging

• Medical Clinics & Labs

• Offices

• Public Services, Emergency Services

• Veterinary Clinic & Hospitals

• Parking Lot

• Parking Structure

• Automotive Sales & Rental

• Large Vehicle & Boat Sales/Rental

• Vehicle Major/Minor Repair

C P D P E R M I T T E D U S E S :

A L LO W E D W I T H C U P:


1

3

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6

5

S A L E S C O M P A R A B L E S24

L O M P O C , C A1221 N O R T H H S T R E E T

P r o p e r t i e s P r i ce S a l e D a t e B u i l d i n g S i z e P r i ce Pe r S F Ty p e Ca p Ra t e

1 129 West Centra l Avenue, Lompoc $1,938,000 Mar-2019 10,494 SF $185Mult i -Tenant Retai l Str ip

Center Unanchored7.00%

2 721 West Centra l Avenue, Lompoc $1,690,000 Jan-2017 6,696 SF $252Retail Restaurant, Round Table Pizza

& Subway7.00%

3 115 East Col lege Avenue, Lompoc $2,260,000 May-2019 12,738 SF $177Mult i -Tenant Retai l Str ip

Center Unanchored6.09%

4 1413 Nor th H Street , Lompoc $3,024,000 Apr-2017 3,750 SF $806Retai l Restaurant ,

The Habit5 .00%

5 1436 Nor th H Street , Lompoc $1,992,500 Feb -2019 2,218 SF $898Retai l Outparcel to Larger

Center, Starbucks & Supercuts

5 .00%

6 728 East Ocean Avenue, Lompoc $640,000 Sep -2018 2,400 SF $267Retai l Convenience Store,

Red Barn L iquor Market5 .14%

7 1511 Auto Center Drive, Oxnard $13,000,000 Oc t-201839,171 SF

4.46 AC Lot$332 Retai l Auto Dealership -

8 2700 Theatre Drive, Paso Robles $4,000,000 Nov-201815,327 Sf

3 .83 AC Lot$261 Retai l Auto Dealership -

SALES COMPAR ABLES // 1221 Nor th H Street

S A L E S C O M P A R A B L E S 25

26

N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

C O N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2018 Marcus & Millichap. All rights reserved.

N O N - E N D O R S E M E N T N O T I C EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's

logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or

any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to

prospective customers.

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y.P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .

OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com


J A M E S D E B U I S E RSenior Associate

Direct: (805) 351-7144 // Cell: (805) [email protected]

License: CA 01965942

G A RY CO H E NSenior Associate

Direct: (805) 351-7143 // Cell: (818) [email protected]

License: CA 00988655

CONTAC TS


HIGH-IMAGE SINGLE TENANT RETAIL BUILDING FOR SALE · PROPERTY DETAILS Address 1221 N H Street,...

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