x DON GREENE HIGHLIGHTS: KARL NIEHAUS
Transcript of x DON GREENE HIGHLIGHTS: KARL NIEHAUS
SANTA MONICA, 2502 MAIN ST
EXECUTIVE SUMMARY
x DON GREENE HIGHLIGHTS:KARL NIEHAUS • High-End Retail Location with Heavy Pedestrian & Vehicle Traffic
(310) 403-0634 • Famous Main St Shopping & Restaurant Corridor(310) 880-7900 • Walker's Paradise (Walkscore of 96/100), only 1 Block to the [email protected] • Affluent Population with Average Income over $102k/Yrwww.CREI.biz • Dense Growing Population - Over 179k within 3 Miles01450751 - RE License • Brand New Highly Improved Interior with Sky Lights01174401 - RE License • 1/2 a Block to Weekly Farmers Market at Victorian with Large Crowds
DEMOGRAPHICS: The population within a 1 mile radius was estimated at over 28,000 as well as over 179,000within a 3 mile radius. The average household income was estimated at over $102,000 and continues to rise.
OFFERING SUMMARY: 2502 Main St offers an investor a prime location only 1 block from the beach on afamous retail and commercial corridor. Main St is a high-end shopping corridor with heavy daily foot traffic. Theproperty is 1/2 a block from the weekly farmers market which draws large Sunday crowds. The interior has beencompletely remodel with high-end improvements and offers excellent exposure with large floor to ceiling windows. Located next to a city parking lot allows for easy parking options.
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LEASE RATE: 1,700 SF space offered at $11,050/mth ($6.50/SF NNN). Contact listing broker for access.SALES PRICE: $2,195,000 - 5.86% Proforma Cap - 1,700 SF Building
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
SANTA MONICA, 2502 MAIN ST
PROPERTY PICTURES
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SANTA MONICA, 2502 MAIN ST
PROPERTY PICTURES
Interior
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Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
SANTA MONICA, 2502 MAIN ST
PROPERTY PICTURES
Interior
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SANTA MONICA, 2502 MAIN ST
PROPERTY PICTURES
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SANTA MONICA, 2502 MAIN ST
WALK SCORE
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Walk Score Map (WalkScore.com) - Only as far as 10 blocks away from the property - max (The walkscore only matters for distances you will actually walk)
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SANTA MONICA, 2502 MAIN ST
DEMOGRAPHICS
Total
1) Go to: https://www.stdb.com/dashboard . 2) Click on ArcGIS Business Analyst. 3) Under 'My Projects' click on any project. 4) In the top right, enter the address of the property. 5) At the top middle, click 'Create Maps'. 6) Click 'Browse All Variables 7)
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Population
Per Capita
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Click Favorites 8) Select the appropriate favorited 'Variable'
Income
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
SANTA MONICA, 2502 MAIN ST
DEMOGRAPHICS
Average
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Retail
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Goods
HouseholdIncome
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SANTA MONICA, 2502 MAIN ST
DEMOGRAPHICS
Employed
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Click Favorites 8) Select the appropriate favorited 'Variable'
Civilian
Crime
1) Go to: https://www.stdb.com/dashboard . 2) Click on ArcGIS Business Analyst. 3) Under 'My Projects' click on any project. 4) In the top right, enter the address of the property. 5) At the top middle, click 'Create Maps'. 6) Click 'Browse All Variables 7)
Click Favorites 8) Select the appropriate favorited 'Variable'
Index
Population
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
SANTA MONICA, 2502 MAIN ST
2020 2020 FINANCIAL SUMMARY
SummaryPrice: $2,195,000Down Payment: 50% $1,097,500Year Built / Age: 1969 Cash on Cash Return: 5.39%ProForma CAP: 5.86%
Approx. Lot SF: 1,742Approx. Gross SF: 1,700Cost per GSF: $1,291.18 Cost per SF of Lot $1,260.05
Tenant Lease Expire Approx. Mthly Rent Mthly Options First Loan Amount: $1,097,500Name Type Sq. Ft. Sq. Ft. Rent 4.000%Vacant NNN 1,700 $6.50 11,050 10 Yr. Fixed 25 Yr. Amortiz
Avg. R/SFBase Rental Income: 1,700 $6.50 $11,050
Annualized Scheduled Gross Income: $132,600Utilities Paid by Tenant:
Annualized Scheduled Gross Income 0 sf/mo Yearly Operating ExpensesVacant Space @ Market Rent 132,600 Real Estate Taxes 19.51% $25,870Gross Rental Income 132,600 Tax Rate = 1.18%Percentage Rent 0 0% Insurance 0.58% 770Other Income 0 Utilities 0Gross Income 132,600 CAM: Maint. 5.00% 6,630Less Vacancy/Collection Res. (3,978) 3.00% CAM: Security 0Effective Gross Income 128,622 CAM: Rubbish 0Operating Expenses (41,240) 31.10% Management Fee 4.00% 5,310
Expense Reimbursements Landscaping 0Real Estate Taxes 25,870 Admin./ Office 0Insurance 770 Reserves 2.01% 2,660CAM 9,290 Total Expenses: 31.10% $41,240
Admin/Mng Fee 5,310 Per Sq. Ft: $24.26
Total Expense Reimbursement 41,240 $2.02 sf/mo
Net Operating Income 128,622
Loan Payments (69,516)
Pre Tax Cash Flows 59,106 5.39%
Principal Reduction 26,091
Total Return Before Taxes $85,197 7.76%
Scheduled IncomePROJECTED RENTS
Employee Parking Available at $155/Year - Lot 4&5
Yrly Estimated ExpensesPROJECTED RENTS
Annualized Operating Data
2502 MAIN ST
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SANTA MONICA
Interest Rate:
New Financing
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.