Marin County Neighborhood Center | 100 El Prado Ave, San ......• 1.3 miles from popular Northgate...
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Offering Memorandum presented by the Alam Team CJ Brill Investment Advisor O: 415.349.0147 M: 310.793.6069 [email protected] CalDRE: #02073511 Ganga Balebail Investment Advisor O: 415.534.0110 M: 510.862.4612 [email protected] CalDRE #02015344 Joshua Ballesteros Investment Advisor O: 415.480.0214 M: 209.518.9025 [email protected] CalDRE #02010271 Mary Alam, MBA Senior Vice President O: 415.358.2111 M: 415.297.5586 [email protected] CalDRE #01927340 Marin County Neighborhood Center | 100 El Prado Ave, San Rafael, CA 95903
Transcript of Marin County Neighborhood Center | 100 El Prado Ave, San ......• 1.3 miles from popular Northgate...
Offering Memorandum presented by the Alam Team
CJ Brill Investment Advisor O: 415.349.0147 M: 310.793.6069 [email protected] CalDRE: #02073511
Ganga Balebail Investment Advisor O: 415.534.0110 M: 510.862.4612 [email protected] CalDRE #02015344
Joshua BallesterosInvestment Advisor O: 415.480.0214 M: 209.518.9025 [email protected] CalDRE #02010271
Mary Alam, MBA Senior Vice President O: 415.358.2111 M: 415.297.5586 [email protected] CalDRE #01927340
Marin County Neighborhood Center | 100 El Prado Ave, San Rafael, CA 95903
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The information contained in the following Investment Summary is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from NAI Northern California and should not be made available to any other person or entity without the written consent of Broker. This Investment Summary 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. Broker 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 improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue occupancy of the subject property.
The information contained in the Marketing Brochure has been obtained from sources we believe to be reliable; however, Broker has not verified, and will not verify, any of the information contained herein, nor has Broker conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential purchasers must take appropriate measures to verify all the information set forth herein.
Confidentiality & Disclosure
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4 Section 1 Property Information
11 Section 2 Location Information
16 Section 3 Financial Analysis
20 Section 4 Sale Comparables
23 Section 5 Rent Comparables
26 Section 6: Demographics
Table of Contents
Section 1
PROPERTYINFORMATION1
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Location Description
San RafaelLocated in the North Bay, San Rafael has a current population of 58,948 which is the largest population of Marin County. Located between San Francisco and coveted wine country, San Rafael is a prosperous city with a limited supply of commercial investment opportunities. The Sonoma-Marin Area Rail Transit (SMART) light rail began service in 2017 and currently runs to downtown San Rafael. By the end of 2019, the train’s development to the Larkspur Ferry Terminal will be completed, introducing even more transportation and activity to the area. With an average household income of $119,934 within a 5-mile radius of the property, the area remains one of the wealthiest places in the United States driven by a diverse range of industries such as science & tech, healthcare, construction, and retail. The city benefits from its close proximity to San Francisco, via the Larkspur Ferry and Golden Gate or Bay Bridges, which provides an abundance of jobs and opportunity. San Rafael is known for its easy access to recreational parks such as McNears Beach State Park and China Camp State Park. These plentiful outdoor opportunities attract Bay Area natives to reside and raise families.
Marin CountyLocated just north over the Golden Gate Bridge straight from San Francisco, Marin County is comprised of Sausalito, Tiburon, Belvedere, Mill Valley, Bolinas, Stinson Beach, Point Reyes, Corte Madera, Larskpur, Kenfield, Greenbrae, Fairfax, San Anselmo, San Rafael, and Novato. With an average household income of more than $100,000, its 260,000 residents make up one of the most affluent counties in the country. Families and individuals take pride in living in the area with a homeownership rate of 62.4%. Marin County has a plethora of natural sites that include the Muir Woods giant redwood forest, Stinson Beach, Point Reyes National Seashore, Marin Headlands, and Mount Tamalpais, where mountain biking was invented. The Marin Headlands are famous for stunning views of the Golden Gate Bridge and San Francisco, and attracts visitors daily.
Location DescriptionLocation Overview
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PRICE $1,900,000
PRICE/SF $262.36
CAP RATE 6.23%
NOI $118,362
LOT SIZE 23,958 SF
BUILDING SIZE 7,242 SF
YEAR BUILT 1951
APN 179-101-01
ZONING NC-Neighborhood Center
PARKING 29 Spaces
Executive SummaryNAI Northern California is pleased to present for sale this well maintained strip center located on a corner lot in coveted Marin County on El Prado Ave. and Merrydale Rd. in San Rafael, CA. The property consists of 3 spaces currently leased to a local market and a fitness studio with one vacant space being marketed for lease, totaling 7,242 square feet on a 23,958 square foot lot. Ownership will guarantee rent on the vacant space for one year from COE. The subject property has a traffic count of more than 16,000 cars per day and is only a block away from the Highway 101 on ramp.
Highlights• Well-maintained strip center on a large corner lot with NNN leases• 0.2 miles from Highway 101 on ramp
• 1.3 miles from popular Northgate Shopping Center
• Ample parking of 4 spaces per 1,000+ square feet
• 73% leased (2 of 3 spaces occupied); current ownership willguarantee rent on the vacancy for one year from close of escrow
• Current tenants cater well to the local market
• Zoning allows many uses including retail, fitness and medical
• Phase 1 report completed 6/8/17 with no further testing required
• Located across from popular retailer chains such as A&WRestaurant, McDonalds, Marin Ace, Chevron and more local sites
• Investment in San Rafael’s retail inventory is robust. Sales volumeexceeded $100 million in 2017, and has soared to a new recordover $142 million in 2018 as of October
Investment Overview
Offering Summary
Marin County Neighborhood Center100 El Prado Ave San Rafael, CA 94903
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Location DescriptionLocation DescriptionConstruction and Build
CONSTRUCTION TYPEWood frame with fiber board siding and a combination of shingles and stucco
ROOF Composition shingle
WINDOWSBoth single and dual pane, aluminum frame
FLOOR COVERINGCombination of Linoleum title concrete and ceramic tile
BATHROOM FLOORS Ceramic tile
ELECTRICAL 3 phase
Section 2
LOCATIONINFORMATION2
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Overview
Civic Center
DowntownSan Rafael
Northgate Shopping Center
100 El Prado
N
W
S
E
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Oakland
San FranciscoSan Francisco
Oakland
Northgate Shopping Center
100 El Prado
LOCATION DISTANCE FROM SUBJECT
Northgate Mall 1.3 miles
Downtown San Rafael 2.4 miles
San Francisco 17 miles
Santa RosaSanta RosaSTARBUCKS TRUE LOGOS. GENERATED BY CHI NGUYEN (CHISAGITTA)RETAIL
MAPRETAIL MAP
Marin CountyCivic Center
Station
SMART Tr
ain
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Location DescriptionLocation DescriptionSite Plan
Section 3
FINANCIALANALYSIS3
Price
Gross Scheduled Income $165,673
Gross Operating Income $159,443
Net Operating Income $118,362
Pre-Tax Cash Flow $41,971
Total Return (yr 1) $57,755
LTV
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Price
Gross Income $165,673
Insurance
Gross Expenses $41,082
Net Operating Income $118,362
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Unit # TenantApprox.
SFMonthly
RentMonthly
CAM CAM/SFRent + CAM
Annual Rent
BlendedAnnual CAM
Rent/SF Monthly
Rent Increase
Dates
Annual Rent
IncreaseLease Begins Lease Ends Options
Rent at Options
1 Dandy Market 3,400 $4,600.00 $1,100.00 $0.32 $5,732 $55,581 $13,200 $1.36 1/1/2019 CPI 2/1/2013 12/31/2022 2 x 5yr FMV
2 Papillon Fitness 1,870 $2,938.00 $748.00 $0.40 $3,541 $33,514 $8,976 $1.49 annual $0.03 9/1/2017 8/31/2022 1 x 3 yrs FMV
3 VACANT* 1,972 $2,792.85 $788.80 $0.40 $3,747 $35,496 $9,466 $1.50 x x x x x
Total 7,242 $10,382.62 $2,636.80 $0.36 $13,019 $124,591 $31,642 $1.43
* Seller to guarantee the rent for one year from COE unless space is leased prior to that date.
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Section 4
SALECOMPARABLES4
Subject Property100 El Prado | San Rafael, CA 94903
$1,900,000Sale Price: 23,958 SFLot Size: 1951Year Built:
7,242 SFBuilding SF: $262.36Price PSF: $118,362NOI:
6.23%CAP:
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1654 2nd StSan Rafael , CA 94901
$3,387,248Sale Price: 13,068 SFLot Size: 1954Year Built:
14,247 SFBuilding SF: $237.75Price PSF: 03/30/2018Closed:
price/sf: $237.75
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115-117 3rd StSan Rafael, CA , CA 94901
$4,000,000Sale Price: 12,197 SFLot Size: 1940Year Built:
11,869 SFBuilding SF: $337.01Price PSF: 04/03/2017Closed:
Price/sf: $337.01
2
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Sales Comparables
3
1-21 Bolinas RdFairfax, CA, CA 94930
$3,380,000Sale Price: 6,970 SFLot Size: 1915Year Built:
7,832 SFBuilding SF: $431.56Price PSF: 06/27/2018Closed:
Price/sf: $431.56
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1599 Sir Francis Drake BlvdFairfax, CA 94930
$1,885,000Sale Price: 10,454 SFLot Size: 1946Year Built:
5,565 SFBuilding SF: $338.72Price PSF: 01/20/2017Closed:
Price/sf: $338.72
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5
526-536 San Anselmo AveSan Anselmo, CA 94960
$1,811,500Sale Price: 11,761 SFLot Size: 1923Year Built:
5,097 SFBuilding SF: $355.41Price PSF: 04/04/2018Closed:
Price/sf: $355.41
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Sales Comparables
Section 5
RENTCOMPARABLES5
1
1301-1307 4th StSan Rafael, CA 94901
$28.80 SF/YRLease Rate: NNNLease Type: 800 SFSpace Size:
1880Year Built: 17,621 SFBldg Size: 23,958 SFLot Size:
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2
703 3rd StSan Rafael , CA 94901
$30.00 SF/YRLease Rate: NNNLease Type: 900 SFSpace Size:
1995Year Built: 3,300 SFBldg Size: 23,958 SFLot Size:
2
3
910 Irwin StSan Rafael, CA 94901
$22.80 SF/YRLease Rate: Modified GrossLease Type: 1,021 SFSpace Size:
1970Year Built: 1,524 SFBldg Size: 23,958 SFLot Size:
3
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Rent Comparables
4
1344-1346 4th StSan Rafael , CA 94901
$26.64 SF/YRLease Rate: Modified GrossLease Type: 1,800 SFSpace Size:
1904Year Built: 3,600 SFBldg Size: 23,958 SFLot Size:
4
5
715-980 Lincoln AveSan Rafael , CA 94901
$21.00 SF/YRLease Rate: Modified GrossLease Type: 2,500 SFSpace Size:
23,983 SFBldg Size: 23,958 SFLot Size:
5
6
1821 4th StSan Rafael , CA 94901
$23.40 SF/YRLease Rate: Modified GrossLease Type: 2,750 SFSpace Size:
1891Year Built: 3,400 SFBldg Size: 23,958 SFLot Size:
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Rent Comparables
Section 6
DEMOGRAPHICS
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* Demographic data derived from 2010 US Census
Population 1 Mile 3 Miles 5 Miles
8,380 68,892 144,101
43.8 43.1 43.0
41.3 41.6 41.5
47.3 44.6 44.6
Total Population Median Age
Median Age (Male) Median Age (Female)
Households & Income 1 Mile 3 Miles 5 Miles
3,706 29,240 59,884
2.3 2.4 2.4
$96,155 $111,992 $119,934
$813,295 $857,845 $841,388
Total Households
# of Persons Per HH Average HH Income Average House Value
Race 1 Mile 3 Miles 5 Miles
% White 74.7% 79.5% 79.9%
% Black 3.3% 2.1% 1.9%
% Asian 7.2% 5.8% 5.4%
% Hawaiian 0.2% 0.2% 0.2%
% Indian 0.1% 0.1% 0.2%
% Other 12.3% 9.7% 9.6%
Ethnicity 1 Mile 3 Miles 5 Miles
% Hispanic 20.2% 18.1% 18.2%
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Demographics Map
100 El Prado Ave100 El Prado , San Rafael, CA 94903
CJ BrillInvestment Advisor
O: 415.349.0147M: 310.793.6069
[email protected] #02073511
Mary Alam, MBASenior Vice President
O: 415.358.2111M: 415.297.5586
[email protected] #01927340
