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Michael Lyle Marta Ward Blodgett760.774.6533 760.772.6400 x225CalDRE #02002995 CalDRE #[email protected] [email protected]
PRESENTED BY
C A N N A B I S P R O P E R T Y
FOR SALE
68300 KIELEY RD, CATHEDRAL CITY, CA 92234INVESTMENT/OWNER USEROPPORTUNITY IN THE CATHEDRAL CITYCANNABIS ZONE
COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.NET
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OFFERING SUMMARY
Sale Price: $1,800,000
Lot Size: 0.53 Acres
Year Built: 1973
Building Size: 9,040 SF
Zoning: L-1
Market: Inland Empire
Submarket: Coachella Valley
Price / SF: $200
PROPERTY HIGHLIGHTS• Great Potential for upside by converting to highest and
best use.
• Seller willing to carry on approved credit.
• Great value in a tight market of higher priced properties.
• Strategic location for investor/owner user looking to
purchase cannabis properties.
• Secure location.
JULY 10, 2018
CONFIDENTIAL OFFERING MEMORANDUM / /
EXECUTIVE SUMMARY
COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.NET
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PROPERTY OVERVIEW
Coldwell Banker Commercial Lyle & Associates is
pleased to present 68300 Kieley Rd in Cathedral
City, California, a 9,040 square foot industrial
property zoned for cannabis. The property offers
upside to an investor through converting the
property to its highest and best use and leasing to
single or multiple cannabis uses.
LOCATION OVERVIEW
68300 Kieley Rd is located in the "Green Zone" of
Cathedral City, California. Zoned L-1, the area is
approved for cannabis dispensary, cultivation,
manufacturing (volatile/non-volatile), distribution and
testing. Cathedral City is known for being one of the
best cities in southern California for cannabis
operators. They offer a simple licensing/approval
process, competitive tax rates and dynamic location
just off CA I-10 making Cathedral City, California a
cannabis hub.
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CONFIDENTIAL OFFERING MEMORANDUM / /
PROPERTY DESCRIPTION
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CONFIDENTIAL OFFERING MEMORANDUM / /
ADDITIONAL PHOTOS
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The Mini Hub
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LOCATION MAPS
COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.NET
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CONFIDENTIAL OFFERING MEMORANDUM / /
PLAT MAP
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INVESTMENT OVERVIEW CURRENT PROFORMA
Price $1,800,000 $1,800,000
Price per SF $200 $200
CAP Rate 0.8% 14.5%
Total Return $14,367 $261,468
OPERATING DATA CURRENT PROFORMA
Gross Income $72,607 $298,320
Operating Expenses $58,239 $36,851
Net Operating Income $14,367 $261,468
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CONFIDENTIAL OFFERING MEMORANDUM / /
FINANCIAL SUMMARY
COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.NET
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INCOME SUMMARY CURRENT PROFORMA
Current Gross Annual Income May 2017 - April 2018 $72,607 -Cannabis Tenant - Space 1 - $149,160Cannabis Tenant - Space 2 - $149,160
Gross Income $72,607 $298,320
EXPENSE SUMMARY CURRENT PROFORMA
Property Taxes (1.2%) $6,156 $21,600Insurance $2,223 $2,223Management (3% of Gross Income) $1,374 $8,949Repairs and Maintenance $230 $230Electric $1,774 $1,774Waste $1,369 $1,369Water $704 $704Cable $1,142 -Utilities - Other $144 -Advertising and Promotions $5,938 -Bank Service Charges $376 -Collections $532 -Commission $10,000 -Computer and Internet Expenses $75 -Dues and Subscriptions $798 -Interest Expense $17,877 -License and Permits $1,715 -Merchant Service Fees $571 -Office Supplies $217 -Petty Cash $300 -Professional Fees $2,683 -Reconciliation Discrepancies $197 -Software $1,836 -
Gross Expenses $58,239 $36,851
Net Operating Income $14,367 $261,468
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CONFIDENTIAL OFFERING MEMORANDUM / /
INCOME & EXPENSES
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1
68342 Kieley Rd68342 Kieley Rd | Cathedral City, CA 92234
$1,800,000Sale Price: 10,890 SFLot Size:
5,000 SFBuilding SF: $360.00Price PSF:
04/24/2017Closed:
1
2
68301 Kieley Rd68301 Kieley Rd | Cathedral City, CA 92234
$950,000Sale Price: 13,939 SFLot Size:
1971Year Built: 2,756 SFBuilding SF:
$344.70Price PSF: 09/07/2017Closed:
2
3
36425 Bankside Dr36425 Bankside Dr | Cathedral City, CA 92234
$2,850,000Sale Price: 0 SFLot Size:
1972Year Built: 8,518 SFBuilding SF:
$334.59Price PSF: 09/01/2017Closed:
3
4
68718 Perez Rd68718 Perez Rd | Cathedral City, CA 92234
$990,000Sale Price: 0 SFLot Size:
3,280 SFBuilding SF: $301.83Price PSF:
04/18/2018Closed:
4
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CONFIDENTIAL OFFERING MEMORANDUM / /
SALE COMPS
COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.NET
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5
68350 Commercial Rd68350 Commercial Rd | Cathedral City, CA 92234
$2,200,000Sale Price: 20,909 SFLot Size:
7,680 SFBuilding SF: $286.46Price PSF:
10/05/2017Closed:
5
6
36655 Sunair Plz36655 Sunair Plz | Cathedral City, CA 92234
$2,962,500Sale Price: 20,722 SFLot Size:
8,915 SFBuilding SF: $332.31Price PSF:
01/16/2018Closed:
6
7
36605 N Sunair Plz36605 N Sunair Plz | Cathedral City, CA 92234
$2,525,000Sale Price: 853,863,120 SFLot Size:
1988Year Built: 8,509 SFBuilding SF:
$296.74Price PSF: 05/04/2017Closed:
7
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SALE COMPS
COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.NET
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68300 Kieley Rd | Cathedral City, CA 92234SUBJECT PROPERTY
168342 Kieley RdCathedral City, CA 92234
68342 KIELEY RD 268301 Kieley RdCathedral City, CA 92234
68301 KIELEY RD 336425 Bankside DrCathedral City, CA 92234
36425 BANKSIDE DR
468718 Perez RdCathedral City, CA 92234
68718 PEREZ RD 568350 Commercial RdCathedral City, CA 92234
68350 COMMERCIAL RD 636655 Sunair PlzCathedral City, CA 92234
36655 SUNAIR PLZ
736605 N Sunair PlzCathedral City, CA 92234
36605 N SUNAIR PLZ
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SALE COMPS MAP
COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.NET
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CONFIDENTIAL OFFERING MEMORANDUM / /
RENT COMPS MAP
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POPULATION 1 MILE 3 MILES 5 MILES
Total population 6,250 54,867 95,909
Median age 55.5 40.7 44.8
Median age (male) 56.6 40.9 44.8
Median age (Female) 52.8 40.5 44.9
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 3,276 20,971 40,404
# of persons per HH 1.9 2.6 2.4
Average HH income $61,395 $66,881 $76,956
Average house value $216,880 $348,415 $441,783
* Demographic data derived from 2010 US Census
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DEMOGRAPHICS MAP
