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SUBJECT SITE
LAKE ST LAKESHORE DR
GRAND AVE
15
TERRA COTTA MIDDLE SCHOOL
T H E H O F F M A N C O M P A N Y18881 Von Karman Ave, Suite 150 Irvine, California 92612(949) 553-2020 • www.hoffmanland.com CA BRE Corp ID #01473762
The
Hoffman
Company
L A K E E L S I N O R E , R I V E R S I D E C O U N T Y, C A
40.44 AC R E S
O F F E R I N G M E M O R A N D U M
BROKER CONTACT
Graham Gilles, CA BRE #01252103
T (949) 705-0914
DISCLAIMERThe information contained in this offering material (“Brochure”) is furnished solely for the purpose of a review by prospective purchaser of any portion of the subject property in the City of Lake Elsinore, County of Riverside, California (“Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of Scheel Dallape Inc. d/b/a The Hoffman Company (“The Hoffman Company”). The material is based in part upon information obtained by The Hoffman Company from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, The Hoffman Company, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.
This Brochure was prepared by The Hoffman Company. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All assumptions are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation.
In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.
This Brochure is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by The Hoffman Company or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.
Seller and The Hoffman Company expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Seller and any conditions to Seller’s obligations there under have been satisfied or waived. The Hoffman Company is not authorized to make any representations or agreements on behalf of Seller.
This Brochure is the Property of The Hoffman Company and may be used only by parties approved by The Hoffman Company. The Property is privately offered and, by accepting this Brochure, the party in possession hereof agrees (i) to return it to The Hoffman Company immediately upon request of The Hoffman Company or Seller and (ii) that this Brochure and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of The Hoffman Company and Seller.
Please be advised, Buyer acknowledges that The Hoffman Company Organization, may (1) act as an agent for more than one prospective Buyer on the subject property and/or (2) act as the agent for both the Buyer and Seller on the subject property. Any prospective Buyer requesting The Hoffman Company to submit an offer on its behalf acknowledges the foregoing disclosures and agrees to the described agency relationships with other prospective Buyers.
POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER OR SELLER - DISCLOSURE AND CONSENT (C.A.R. Form PRBS, 11/14)
A real estate broker (Broker), whether a corporation, partnership or sole proprietorship, may represent more than one buyer or seller. This multiple representation can occur through an individual licensed as a broker or salesperson or through different individual broker’s or salespersons (associate licensees) acting under the Broker’s license. The associate licensees may be working out of the same or different office locations.
Multiple Buyers: Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property.
Multiple Sellers: Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed properties that may appeal to the same prospective buyers.
Dual Agency: If Seller is represented by Broker, Seller acknowledges that broker may represent prospective buyers of Seller’s property and consents to Broker acting as a dual agent for both seller and buyer in that transaction. If Buyer is represented by Broker, buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both buyer and seller with regard to that property.
In the event of dual agency, seller and buyer agree that: (a) Broker, without the prior written consent of the Buyer, will not disclose to seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written consent of the seller, will not disclose to the buyer that seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties.
Offers not necessarily confidential: Buyer is advised that seller or listing agent may disclose the existence, terms, or conditions of buyer’s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the listing agent’s marketing strategy and the instructions of the seller.
Buyer and seller understand that Broker may represent more than one buyer or more than one seller and even both buyer and seller on the same transaction and consents to such relationships.
The terms and conditions set forth above apply to this Brochure in its entirety.
BROKER CONTACT
Graham Gilles
CA BRE #01252103
T (949) 705-0914
EXCLUSIVE OFFERING MEMORANDUM
W W W . H O F F M A N L A N D . C O M
THE HOFFMAN COMPANY
Southern California Office
18881 Von Karman Ave Ste 150,
Irvine, California 92612
T (949) 553-2020
CA BRE #01473762
TABLE OF CONTENTS
The
Hoffman
Company
1. Property Overview
2. Aerials, Maps & Photos
3. Area Overview
4. Market Overview
4-5
6-11
12-14
15-16
P R O P E R T Y O V E R V I E WThe subject property presents a good potential to develop new single family housing with views in the City of Lake Elsinore.
LO C AT I O NThe property is located adjacent to Alberhill Ranch in the City of Lake Elsinore. To access the site from the 91 freeway take the 15 freeway South to Lake Elsinore and exit at Lake Street. Turn right on Lake Street and follow Lake for approximately 2.5 miles to Mountain Street. Turn left on Mountain and travel approximately 450 feet to the property. The property can also be accessed along the southern boundary via Spruce Street, Date Street and Apple Blossom Lane.
M U N I C I PA L I T YCity of Lake Elsinore, County of Riverside
AC R E AG EApproximately 40.44 acres
A S S E S S O R PA R C E L N U M B E R S389-372-010 through 015389-372-017389-402-021 through 022389-412-026 through 027
CO N D I T I O N O F T H E P R O P E R T YThe property is currently unimproved.
ZO N I N GThe property is subject to the Cape of Good Hope Specific Plan as adopted by the City of Lake Elsinore.
E N T I T L E M E N TThe property is currently unentitled. In 2007 Tentative Tract Map #32481 was approved for 5 minimum 7,200 sf lots on the portion of the property that fronts on Spruce Street, but the map has expired. Spruce Street appears to be fully improved so it is likely that minimal improvements would be required to construct 5 homes on this portion of the property. In 2007 Tentative Tract Map #32482 for 51 lots was prepared for the balance of the property but not submitted due to the downturn in the real estate market. The Cape of Good Hope Specific Plan is still valid according to the City of Lake Elsinore.
H O ABuyer to determine the need for an HOA.
C F DBuyer to determine the feasibility of creating a CFD for the property.
S C H O O L SStudents will attend the following schools in the Lake Elsinore Unified School District:Rice Canyon Elementary School (PK-5)Terra Cotta Middle School (6-8)Lakeside High School (9-12)
U T I L I T I E SElectric: Southern California EdisonGas: Southern California GasCable TV: Time Warner CableTelephone: VerizonWater: Elsinore Valley Municipal Water DistrictSewer: Elsinore Valley Municipal Water District
P r o P e r t y o v e r v i e w 4 0 . 4 4 A C R E S 4
H
Site Detail
A S K I N G P R I C E$600,000
T E R M SSeller is willing to finance a portion of the Purchase Price. Buyer to submit the proposed terms
F E A S I B I L I T Y45 day review period
C LO S E O F E S C R O W30 days following completion of the review period.
D E P O S I TInitial deposit of $50,000 to open escrow. Upon completion of the review period, the deposit shall be increased to a total of $100,000, shall become non-refundable and shall be released to the seller. The released deposit shall be credited to the purchase price at the close of escrow.
P r o P e r t y o v e r v i e w 4 0 . 4 4 A C R E S 5
H
Offering Guidelines
SUBJECT SITE
LAKESHORE DR
SPRUCE ST
MOUNTAIN ST
ORANGE GROVE WAY
ASH
ST
LAKE STGRAND AVE
APPLE BLOSSOM LN
A L B E R H I L L R A N C H
A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S 6
H
Close -Up Aerial
SUBJECT SITE
A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S 7
H
Vicinity Aerial
LAKE
ST
GRAND AVE
LAKESHORE DR
COLLIER AVE
LINCOLN STRIV
ERSIDE DR
MACHADO ST
L A K E E L S I N O R E
A L B E R H I L L R A N C H
74
74
15
SUBJECT SITERICE CANYONELEMENTARY
LAKESIDE HIGH
TERRA COTTA MIDDLE
A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S 8
H
Nearby Vicinity
The
Hoffman
Company
A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S 9
H
Proposed Tentative Tract Map No. 32482
A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S 1 0
H
Expired Tentative Tract Map No. 32481 | 5 Lots
Northerly view from Spruce Street
Northwesterly view from the end of Apple Blossom Lane and Cherry Blossom Lane
Notherly view from Apple Blossom Lane and Cherry Blossom Lane
Easterly view from Mountain Street
A e r i A l s , M A P s & P h o t o s 4 0 . 4 4 A C R E S 1 1
H
Street View Photos
Lake Elsinore Recreation
Pechanga Resort & Casino
Lake Skinner
Bear Creek Golf Club
Old Town Temecula
The legends Golf club at Temeku Hills
The Golf Club at Rancho California
Shops at Dos Lagos
15
15
215
79
74
74
Lake Perris
Motte Historic Car Museum
Orange Empire Railway Museum
Outlets at Lake ElsinorE
Loma Linda University Medical Center
Canyon Lake COunty Club
Tom’s Farms
TEMECULA
MURRIETA
WILDOMAR
PERRIS
MENIFEE
LAKEELSINORE
Glen Ivy Day Spa
Temecula Wine Country
Diamond Valley lake
SITE
A r e A o v e r v i e w 4 0 . 4 4 A C R E S 1 2
H
Area Attractions Map: Southwest Riverside County
LAKE
ST
LAKESHORE DR
COLLIER AVE
NICHOLS RD
4MILESA L B E R H I L L
R A N C H
15
RIVERSIDE DR
74
SUBJECT SITE
A r e A o v e r v i e w 4 0 . 4 4 A C R E S 1 3
H
Nearby Retail: Outlets at Lake Elsinore
LAKE ST
GRAND AVE
LAKESHORE DR
LINCOLN ST
RIVERSIDE DR
MACHADO ST
SUBJECT SITE
A L B E R H I L L R A N C H
RICE CANYON ELEMENTARY
1
TERRA COTTA MIDDLE
2
LAKESIDE HIGH
2
A r e A o v e r v i e w 4 0 . 4 4 A C R E S 1 4
H
Nearby Schools
1 RICE C ANYON Great schools ratingELEMENTARY SCHOOL | K-5
29535 Westwind Drive6
out of 10Lake Elsinore, CA, 92530Tel: (951) 471-2184lAKe elsiNore UNiFieD sChool DistriCt
2 TERRA COT TA Great schools ratingMIDDLE SCHOOL | 6-8
29291 Lake Street3
out of 10Lake Elsinore, CA, 92530Tel: (951) 253-7380lAKe elsiNore UNiFieD sChool DistriCt
3 LAKESIDE Great schools ratingHIGH SCHOOL | 9-12
32593 Riverside Drive5
out of 10Lake Elsinore, CA, 92530Tel: (951) 253-7300lAKe elsiNore UNiFieD sChool DistriCt
MEDIAN CLOSING PRICE
$355K
PRICE PER SQ. FT.
$178
MEDIAN LISTING PRICE
$378K
844 homes for sale
49 homes for rent
March 2019 | Source: Realtor.com
MEDIAN LISTING PRICE VS. SOLD PRICE
M E D I A N DAY S O N M A R K E T: 97 DAY S
$350k
$300K
$250k
Oc t 2016 Apr 2017 Oc t 2017 Apr 2018 Oc t 2018
MeDiAN list PriCe MeDiAN solD PriCe
100
80
60
40
Oc t 2016 Apr 2017 Oc t 2017 Apr 2018 Oc t 2018
M A r K e t o v e r v i e w 4 0 . 4 4 A C R E S 1 5
H
Resale Housing Market: Lake Elsinore, CA
March 2019 | Source: Zonda Meyers Research
NO. PROJEC T NAME BUILDER LOC ATIONSALES INFORMATION SALES RATE PRICING INFORMATION PAYMENT INFO
OPEN
DAT
E
SAMPLE PRODUC TLOT SIZE PLANNED SOLD REMAINING AVG. 3 MO. UNIT SIZE SF PRICE RANGE PRICE PER SF HOA TAX
RATE
1 AlderWilliam
Lyon Homes
Lake Elsinore 6,200 65 47 18 4.37 2.33
MIN
.
1,941 $394,900 $203
$117 1.95%
APR
2018
MAX
.
2,309 $412,900 $179
2 Linden Pointe
Express Homes
Lake Elsinore 3,500 95 94 1 5.00 3.33
MIN
.
1,387 $338,490 $244
$90 1.90%
AUG
2017
MAX
.
1,895 $379,990 $201
3 Marisol at Summerly
Richmond American
Homes
Lake Elsinore 7,500 51 37 14 2.70 1.67
MIN
.
2,491 $409,990 $165
- 1.90%
JAN
2018
MAX
.
2,805 $439,990 $157
4 Starling Pardee Homes
Lake Elsinore 5,000 107 48 59 2.11 1.33
MIN
.
2,936 $435,000 $148
$215 2.00%
APR
2017
MAX
.
3,255 $457,000 $140
5 Glen at Summerly
Beazer Homes
Lake Elsinore 7,000 57 0 57 - -
MIN
.
2,304 $394,990 $138
$117 1.90%
JAN
2019
MAX
.
3,053 $422,990 $171
6Laurel
Pointe at Summerly
Express Homes
Lake Elsinore 5,500 58 3 55 - -
MIN
.
1,576 $363,000 $196
$196 1.90%
FEB
2019
MAX
.
1,960 $386,000 $230
7 Sendero at Summerly
Richmond American
Homes
Lake Elsinore 5,000 65 13 52 2.54 2.3
MIN
.2,320 $373,990 $149
$117 1.90%
OCT
2018
MAX
.
2,640 $393,990 $167
M A r K e t o v e r v i e w 4 0 . 4 4 A C R E S 1 6
H
Lake Elsinore Active New Home Projects
w w w . h o f f m a n l a n d . c o m
Southern California Office
18881 Von Karman Ave., Suite 150
Irvine, California 92612
T (949) 553-2020
Coachella Valley Office
777 E Tahquitz Way, Suite 200
Palm Springs, California 92262
T (760) 969-7357
Northern California Office
3447 Mt Diablo Boulevard
Lafayette, California 94549
T (925) 954-1804
Nevada Office
1980 Festival Plaza Dr., Suite 300
Las Vegas, NV 89135
T (702) 856-4718
The
Hoffman
Company
Leading the LandBrokerage IndustryC A L I F O R N I A + N E V A D A
