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G R O U P
BRANDON MICHAELS
OFFERING MEMORANDUM
2200 E. HIGHLAND AVENUESAN BERNARDINO, CA 92404
PROPERTY INFORMATION
Address 2200 E. Highland Avenue, San Bernardino, CA 92404
Property Type Retail
Gross Square Feet 4,020 SF
Lot Size 19,234 SF
APN 0285-176-17
Year Built 1974
Type of Ownership Fee Simple
FINANCIAL INFORMATION
Asking Price $395,000
Price/SF $98.26
ProForma CAP Rate 12.21%
Price/SF (lot) $20.54
Marcus & Millichap has been selected to exclusively market for sale 2200 E. Highland Avenue, 4,020 SF free-standing drive-through pad situated on 19,234 SF of land in San Bernardino, CA. The subject property is ideally located directly off the Interstate 201 Foothill Freeway at the East Highland Avenue on/off-ramp, with excellent freeway visibility.
2200 E. Highland Avenue is located along East Highland Avenue, the main retail thoroughfare through San Bernardino. There are a number of national tenants in the immediate area, including Rite Aid, Chase Bank, Del Taco, Target, El Pollo Loco, Bank of America, Walmart Neighborhood Market, Taco Bell, IHOP, Weinerschnitzel, Walgreens, Stater Brothers, and Wells Fargo.
2210 E. Highland Avenue offers a unique Southern California value add opportunity or owner-use opportunity. 2210 E. Highland has excellent visibility with 125 of frontage. Th property is being offered at a low price per square foot of $98.26, priced well below replacement costs.
Property Overview Property OverviewHIGHLIGHTS
EXCLUSIVELY LISTED BY
PLAT MAP
EXECUTIVE SUMMARY
• 4,020 SF free-standing drive-through pad
• 19,233 SF of land with plenty of parking
• Unique value-add or owner-user opportunity
• Located directly off the 210 Freeway at the East Highland on/off ramp
• Multiple national tenants in the immediate area including Rite Aid, Dollar Tree, 99 Cents Only Store, Del Taco, Target, and more.
• East Highland Avenue is a main east west thoroughfare through San Bernardino
• Excellent visibility on Highland Avenue with 125 feet of frontage
• Includes a large conference room, private executive office, full kitchen, walk in bank vault, and drive-through window,
BRANDON MICHAELSSenior Managing Director InvestmentsSenior Director, National Retail GroupTel: (818) [email protected]: CA #01434685
TENANT SF % RENT/MONTH RENT/MO/SF
Vacant 4,020 100 $4,020 $1.00
Total 4,020 100% $4,020
INCOME AND EXPENSE PROFORMA
Scheduled Lease Income: $48,240
NNN Charges: $9,963
Effective Gross Income: $58,203
Vacancy: -
Expenses: $9,963
Net Operating Income: $9,963
EXPENSES ANNUAL PER SF
Taxes 1.25% $4,938 $1.23
Insurance $1,407 $0.35
Trash $1,608 $0.40
Repairs & Maintenance $2,010 $0.50
Total $9,963 $2.48
ANNUALIZED OPERATING DATA
RENT ROLL
Sales Price $395,000
ProForma CAP Rate 12.21%
Price/SF (bldg) $98.26
Price/SF (land) $20.54
PRICING
Financial Analysis
2200 East Highland Avenue
ADDRESS SALES PRICE PRICE/SF BLDG SF LOT SF CLOSE OF ESCROW
1 25740 Base Line Street $200,000.00 $83.33 2,400 8,398 7/7/2016
2 2950 Del Rosa Avenue $1,630,000.00 $118.27 13,782 50,194 6/2/2016
3 1499 East Highland Avenue $2,500,000.00 $80.84 30,927 164,657 3/3/2017
4 2045 East Highland Avenue $3,395,000.00 $77.39 43,870 154,682 6/22/2017
5 2600 East Highland Avenue $585,000.00 $104.46 5,600 20,399 2/28/2017
Average $1,662,000.00 $92.86 19,316 79,666
$83.33
$118.27
$80.84 $77.39
$104.46
$92.86
$-
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
25740 Base LineStreet
2950 Del RosaAvenue
1499 East HighlandAvenue
2045 East HighlandAvenue
2600 East HighlandAvenue
Average
25740 Base Line StreetSales Price $200,000.00Price/SF $83.33
2045 East Highland AvenueSales Price $3,395,000.00 Price/SF $77.39
2950 Del Rosa AvenueSales Price $1,630,000.00 Price/SF $118.27
2600 East Highland AvenueSales Price $585,000.00 Price/SF $104.46
1499 East Highland AvenueSales Price $2,500,000.00 Price/SF $80.84
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SALES COMPARABLES PRICE/SF
Sales Comparables
SAN BERNARDINO
San Bernardino is a city located in the Riverside-San Bernardino metropolitan area (sometimes called the "Inland Empire"). It serves as the county seat of San Bernardino County, California, United States. As one of the Inland Empire's anchor cities, San Bernardino spans 81 square miles on the floor of the San Bernardino Valley. San Bernardino is the 17th-largest city in California and the 100th-largest city in the United States.
California State University, San Bernardino is located in the northwestern part of the city. The university also hosts the Coussoulis Arena. Other attractions in San Bernardino include ASU Fox Theatre, the McDonald's Museum, which is located on the original site of the world's first McDonald's, California Theatre, the San Bernardino Mountains, and San Manuel Amphitheater, the largest outdoor amphitheater in the United States. In addition, the city is home to the Inland Empire 66ers baseball team; they play their home games at San Manuel Stadium in downtown San Bernardino.
ECONOMY
Government, retail, and service industries dominate the economy of the city of San Bernardino. Government was both the largest and the fastest-growing employment sector, reaching close to 20,000 jobs in 2004. Other significant sectors were retail (16,000 jobs) and education (13,200 jobs).
The city’s location close to the Cajon and San Gorgonio passes, and at the junctions of the I-10, I-215, and SR-210 freeways, positions it as an intermodal logistics hub. The city hosts the Burlington Northern and Santa Fe Railway’s intermodal freight transport yard, the Yellow Freight Systems’ cross-docking trucking center, and Pacific Motor Trucking. Large warehouses for Kohl’s, Mattel, Pep Boys, and Stater Bros. have been developed near the San Bernardino International Airport.
EMPLOYER # OF EMPLOYEES
California State University, San Bernardino 2,500+Caltrans District 8 1,000+City of San Bernardino 1,000+Community Hospital of San Bernardino 1,000+San Bernardino City Unified School District 1,000+San Bernardino County Sheriff's Department 1,000+San Bernardino County Superintendent of Schools 1,000+San Manuel Band of Mission Indians 1,000+Stater Bros. Markets 1,000+St. Bernardine Medical Center 1,000+Wells Fargo Home Mortgage 1,000+Omnitrans 500–999San Bernardino County Public Works 500–999San Bernardino Valley College 500–999
1 MILE 3 MILES 5 MILES
2014 Population 33,908 232,514 490,816
2014 Households 16,068 114,137 237,274
2014 Average Household Size 2.04 2.00 2.03
2014 Daytime Population 12,645 135,911 351,040
2014 Owner Occupied Housing Units 39.60% 30.67% 35.46%
2014 Renter Occupied Housing Units 60.40% 69.33% 64.54%
2014 Vacant 6.67% 3.13% 2.75%
2014 Median Household Income $68,433 $63,204 $67,968
2014 Per Capita Income $52,037 $49,968 $53,598
2014 Average Household Income $109,297 $101,237 $110,077
DEMOGRAPHICS
TOP EMPLOYERS
Area Overview Area Overview
EXCLUSIVELY LISTED BY
BRANDON MICHAELSSenior Managing Director InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685
G R O U P
BRANDON MICHAELS