Retail Storefront Property - Jesse Lee Live Oak Ave Arcadia CA-OMP.pdfRetail Storefront Property 30-40, 52-60, ... +/- 30,000 net rentable square feet ... Sub Live Oak & Santa Anita

Retail Storefront Property30-40, 52-60, 108-112, 122-126 Live Oak Avenue

Arcadia, CA

For more information, please contact:

Matthew C. SullivanManaging Director, Principal

[email protected]

DRE License # 00848427

Lee & Associates® – Investment Services GroupA Member of the Lee & Associates Group of Companies

515 S. Flower Street, Suite 3600, Los Angeles, CA 90071Office 213.623.0800 Fax 213.623.1395

E Live Oak Avenue - Arcadia, CA

Lee & Associates® - Investment Services Group

Table of Contents

SECTION I - EXECUTIVE OVERVIEWExecutive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Property Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

SECTION II - PROPERTY DESCRIPTIONProperty Photos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7-8Plat Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Aerial View . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

SECTION III - FINANCIAL ANALYSISIncome & Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

SECTION IV - TENANT INFORMATIONRent Roll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

SECTION V - AREA DESCRIPTION Area Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Location Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

SECTION VI - SALES/ON MARKET COMPARABLES Sales Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Land Sales Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20On Market Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21On Market Land Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

SECTION VII - LEASE COMPARABLES Lease Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24


Lee & Associates® - Investment Services Group 3

Section i

executive overview



THE PROPERTY: Retail Storefront Property 30-40, 56-60, 108-112 E Live Oak Ave 122-126 Live Oak Ave (2 Vacant Lots) Arcadia, CA 91006

PRICE: $ 6,200,000

LAND PRICE (122-126 E Live Oak): $ 800,000 ($ 46.03/sq. ft.)

RETAIL BUILDINGS PRICE: $ 5,400,000 ($ 160/sq. ft.)

CURRENT CURRENT OCCUPANCY: 100 %

CURRENT NET INCOME: $ 364,457

CURRENT CAP RATE: 6.75 %

ESTIMATED EXPENSES: $ 82,957

EXCESS VACANT LAND: +/- 17,380 square feet

PARCELS: 8573-023-004 8573-023-006 8573-023-009 8573-024-005 8573-024-006

Executive Summary

YEAR COMPLETED: 1950 / 1955 / 1960

BUILDING SIZE: +/- 30,000 net rentable square feet

LAND AREA: +/- 75,700 square feet (+/- 1.74 acres)

ZONING: C2 / CM / M1

TRAFFIC COUNTS: 32,685 ADT at E Live Oak Ave (at Greenfield Ave)

24,085 ADT at S Santa Anita Ave (at Bishop Ct)

DEMOGRAPHICS: 1-mile 3-miles 5-milesPOPULATION (2010): 21,469 219,981 566,999AVG. HH INC. (2010): $83,391 $69,779 $72,759

CURRENT TENANTS: Aerobic Fitness Consults Farmers Insurance Golden State Water Co. Valley Printing Moscow Music School

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Subject properties are ±30,000 SF retail storefront buildings located in Arcadia, CA. The subject property consists of multiple retail buildings and two vacant lots along East Live Oak Avenue, with abundant restaurants and retail within walking distance. Subject property offers excellent street visibility. The buildings includes street parking with rear onsite parking also available. The property offers nearby access to the Foothill (210) Freeway, with the San Bernardino (10) and San Gabriel River (605) Freeways within minutes of the subject property. Neighboring national anchor tenants include Ralphs, Albertson’s, 7-Eleven, Citibank, Jack in the Box, Walgreens and Rite Aid.

Property Attributes

• ± 30,000 SF retail buildings and 2 vacant lots

• Excellent area demographics

• Excellent street visibility

• Neighboring national anchor tenants: Ralphs, Albertson’s, 7-Eleven, Citibank, Jack in the Box, Walgreens and Rite Aid

• Plenty of onsite parking

Property Overview

30-40 E Live Oaks Avenue



Section ii

ProPerty DeScriPtion



Property Photos


30-40 E Live Oaks Avenue - Parking Lot


122-126 E Live Oaks Avenue - Vacant Lots



Interior Property Photos

38 E Live Oaks Avenue






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Plat Map

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Aerial View

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Financial analySiS

Section iii



Income & Expense

PRICING $6,200,000

Land Price (122-126 E Live Oak) $800,000

Retail Buildings $5,400,000

30,000

$180.00

100.00%

INCOME & EXPENSE Current

INCOMEBase Rent 400,752$ CAM Reimbursements 66,700$

Less: Vacancy (%) (20,038) (5%)

Effective Gross Revenue $447,414

ESTIMATED EXPENSES PSF

RE Taxes + Assessments 1.25150% 70,957$ 2.37

Insurance -$ 0.00

Estimated CAM Expenses -$ 0.00

Management Fee 3% 12,000$ 0.40

Total Expenses $82,957 2.77

TOTALSNet Operating Income $364,457

Cap Rate 6.75%

Price

Rentable Square Feet

Price/Rentable Square Feet

Current Physical Occupancy

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tenant inFormation

Section iv



Rent Roll

Suite Tenant Rentable SF % Start Expire Total Rent/Mo Rent SF/Mo Lease Type Options Lease Escalations

30 Moscow Music School 2,000 6.7% 01/01/12 12/31/17 $2,000 $1.00 NNN 1 x 5 years Annual CPI

32 New Tenant 1,600 5.3% $1,800 $1.13 NNN

34A B&S Second Hand Shop 1,600 5.3% 05/01/11 04/30/14 $1,754 * $1.10 NNN Annual CPI

34B Meeker Family Partners 1,600 5.3% 07/01/12 06/30/13 $2,000 $1.25 NNN

36 Kumon Math & Reading 1,600 5.3% 07/01/12 06/30/15 $2,150 * $1.34 NNN Annual CPI

38 New Tenant 1,800 6.0% $2,000 $1.11 NNN

40 Aerobic Fitness Consults 1,800 6.0% 06/01/12 05/31/12 $1,839 $1.02 NNN Annual CPI

52 Broken Rhythm 2,800 9.3% 12/18/09 12/18/12 $3,500 * $1.25 NNN 1 x 3 years Annual CPI

54 Vegetarian Supply 1,200 4.0% 09/01/11 08/31/13 $1,300 $1.08 NNN 1 x 2 years Annual CPI

56 Golden Years Services 4,400 14.7% 08/01/08 07/31/13 $5,650 * $1.28 NNN Annual CPI

60 Golden Years Services 6,600 22.0% 08/01/08 07/31/13 $8,300 * $1.26 NNN Annual CPI

108 Farmers Insurance 1,200 4.0% 12/01/11 11/30/14 $1,100 $0.92 NNN 1 x 3 years Annual CPI

110 Golden State Water Co. 900 3.0% 05/01/12 04/30/13 $1,090 $1.21 Gross Annual CPI

112 Valley Printing 900 3.0% MTM MTM $997 $1.11 Gross Annual CPI

TOTAL 30,000 100.0% $35,480

Vacant - 0.0% #VALUE! $0

Occupied 30,000 100.0% $35,480

* Estimated Increase due



area DeScriPtion

Section v



Area Map

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Location Overview

The City of Arcadia is located in Los Angeles County, California and located approximately 13 miles northeast of downtown Los Angeles in the San Gabriel Valley and at the base of the San Gabriel Mountains. Arcadia is the site of the Santa Anita Park racetrack and home to the Los Angeles County Arboretum and Botanic Garden. Revenue from the Santa Anita Racetrack has long supported capital improvements for the City of Arcadia, resulting in the City having very little bonded indebtedness. Arcadia’s economy is driven by wholesale trade, retail trade, manufacturing, health care and social assistance,arts,entertainment,andrecreation.TheWestfieldSantaAnitamall(formerlytheSantaAnitaFashionPark)isamajor shopping center in the city. The city had a population of 56,364 at the 2010 census. In 2010, Bloomberg Businessweek named Arcadia as one of the “Best Places to Raise Your Kids: 2010” for the second year in a row.

Location Attributes

• LocatedconvenientlywithinSanGabrielValley• Locatednear10,210and605Freeways• “BestPlacestoRaiseYourKids”byBloomberg

Businessweek• Excellentingressandegress• AdjacenttoTempleCity,RosemeadandMonrovia



Section vi

SaleS/on market comParableS



Sales Comparables

Property Name / Location Price SF PSF Year Built CAP COE

Sub Live Oak & Santa Anita Arcadia, CA 91006 $5,400,000 30,000 $180.00

1950 1955 1960

7.19% N/A

1 706 W Las Tunas Drive San Gabriel, CA 91776 $5,550,000 19,536 $284.09 1964 4.1% 06/15/12

2 200 W Main St Alhambra, CA 91801 $1,850,000 11,155 $165.84 1924 N/A 02/12/10

3 1414 Baldwin St Arcadia, CA 91007 $2,110,000 8,000 $263.75 1967 N/A 11/18/11

4 222-238 E Main St Alhambra, CA 91801 $2,450,000 12,220 $200.49 1932 / 2004 6.5% 10/14/11

Average $2,990,000 12,728 $228.54



Land Sale Comparables

Site Location Price Land Area Cost/SF Proposed Use Zoning COE

Sub Live Oak & Santa Anita Arcadia, CA 91006 $800,000 17,380 $46.03 Commercial C2 N/A

1 324 E. Las Tunas Dr. San Gabriel, CA 91776 $1,350,000 34,848 $38.74 Commercial C1-R3 1/21/2011

2 120 S. San Gabriel Blvd. San Gabriel, CA 91776 $6,650,000 125,888 $52.82 Commercial C1 03/04/11

3 1133 E Main St Alhambra, CA 91801 $1,100,000 17,860 $61.59 Commercial ALCPD 4/18/2012

4 1307 E Main St Alhambra, CA 91801 $501,000 11,326 $44.23 Commercial CPD 03/26/10

Average $2,400,250 47,481 $49.35



On Market Comparables

Property Name / Location Price SF PSF Year Built CAP DOM

Sub Live Oak & Santa Anita Arcadia, CA 91006 $5,400,000 30,000 $180.00 1950 / 1955 /

1960 7.19% N/A

1 111 W Foothill Blvd Monrovia, CA 91016 $2,850,000 11,649 $244.66 1929 N/A 48

2 114 E Lemon Ave Monrovia, CA 91016 $1,695,000 9,521 $178.03 1922 N/A 397

3 2610-2614 E. Colorado BlvdPasadena, CA 91107 $859,000 3,640 $235.99 1923 5.6% 348

Average $1,801,333 8,270 $219.56



On Market Land Comparables

Site Location Price Land Area Cost/SF Proposed Use Zoning DOM

Sub Live Oak & Santa Anita Arcadia, CA 91006 $800,000 17,380 $46.03 Commercial C2 N/A

1 201 E Live Oak Ave Arcadia, CA 91006 $1,140,000 17,119 $66.59 Commercial C1 1,583

2 902 E Mission Road San Gabriel, CA 91776 $699,000 11,757 $59.45 Commercial C3 8

Average $919,500 14,438 $63.02



leaSe comParableS

Section vii



Property Location Property SF Available SF Rent/SF Occupancy Lease Type

Sub Live Oak & Santa Anita Arcadia, CA 91006 30,000 0 $1.15 100.0% NNN

1 215 S. 1st Ave. Arcadia, CA 91006 2,600 2,600 $1.12 0.0% NNN

2 512 S. 1st Ave. Arcadia, CA 91006 1,215 600 $1.67 50.6% MG

3 1010 S. Balwin Ave. Arcadia, CA 91006 6,909 1,200 $2.58 82.6% NNN

4 11 W Huntington Dr. Arcadia, CA 91006 28,318 900 $1.80 96.8% NNN

5 288 E. Live Oak Ave. Arcadia, CA 91006 6,160 1,659 $1.95 73.1% MG

6 121-169 E. Foothill Blvd. Arcadia, CA 91006 175,903 2,800 $1.75 98.4% NNN

7 1410 S. Baldwin Arcadia, CA 91007 2,250 2,250 $1.85 0.0% MG

8 625 S. 1st Ave Arcadia, CA 91006 3,256 1,736 $1.56 46.7% NNN

Average $28,326 1,718 $1.79 56.0%

Lease Comparables

Matthew C. SullivanManaging Director, Principal

[email protected]

Lee & Associates® – Los Angeles - ISGCorp ID #: 01859073

A Member of the Lee & Associates® Group of Companies515 S. Flower Street, Suite 3600, Los Angeles, CA 90071

Office 213.623.0800 Fax 213.623.1395

Documents

Retail Storefront Property - Jesse Lee Live Oak Ave Arcadia CA-OMP.pdfRetail Storefront Property 30-40, 52-60, ... +/- 30,000 net rentable square feet ... Sub Live Oak & Santa Anita