1PABLO RODRIGUEZ 760.610.3147 | STEVE LYLE 760.578.9927CONFIDENTIAL OFFERING MEMORANDUM
STEVE LYLE
760.578.9927CA DRE #[email protected]
PABLO RODRIGUEZ
760.610.3147CA DRE #[email protected]
RETAIL PROPERTY FOR SALE247-278 NORTH SANDERSON AVENUE HEMET, CA 92545
PRESENTED BY
CALDRE 01462012
2COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.COM | RETAILCONFIDENTIAL OFFERING MEMORANDUM
EXECUTIVE SUMMARY
OFFERING SUMMARY
Sale Price: $5,500,000
Cap Rate: 6.99%
Year 1 NOI: $384,448
Price / SF: $249.92
Lot Size: 1.97 Acres
Year Built: 2006
Building Size: 22,007 SF
Zoning: C2
Traffic Count: 29,000 CPD
PROPERTY OVERVIEW
Winston Plaza provides an investor a great opportunity with significant upside. The subject property is a well-po-sitioned investment situated in one of the fastest growing submarkets in the Inland Empire. This investment opportunity allows an investor to collect competitive cash flow while stabilizing the asset.
LOCATION OVERVIEW
Winston Plaza is located within the primary retail corridor of east and west transportation in Hemet, at the intersection of Sanderson and Devonshire Avenues, in close proximity to Highway 74. The investment is be-tween the cities of Hemet and San Jacinto with traffic counts of approximately 29,000 cars per day. Hemet is easily accessible from Interstates 215, 15 and 10. Hemet is a city in the San Jacinto Valley of Riverside County, California. In 2017, the city had a population count of 160,128 people. It is estimated that the population will be 174,367 people five years from now, which represents an increase of 8.89 percent from the current year. Some of the major employ-ers are Hemet Unified School District, Valley Health System, Walmart and Deutsch Industrial.
3PABLO RODRIGUEZ 760.610.3147 | STEVE LYLE 760.578.9927CONFIDENTIAL OFFERING MEMORANDUM
SALE HIGHLIGHTS
• Multi-tenant neighborhood shopping center located on major arterials in Hemet, California (South River-side County).
• Strong cash flow of over six percent on current occupancy.
• Three buildings with over 300 feet of frontage on Sanderson Avenue and Devonshire Avenue with multiple ingress and egress points.
• Current rent roll consists of service oriented and inter-net-resistant businesses, including restaurants and medical.
• Well-maintained and newer-construction -- built in 2006.
• Situated at signalized intersection of Devonshire and Sanderson which features 29,000 vehicles per day.
• Current tenants are on triple net leases with annual increases.
• Growing trade area with over 160,218 people in desirable West Hemet area, which is near many anchored shopping centers and national credit tenants, including Home Depot and LA Fitness.
HIGHLIGHTS
4COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.COM | RETAILCONFIDENTIAL OFFERING MEMORANDUM
RETAILER MAP
5PABLO RODRIGUEZ 760.610.3147 | STEVE LYLE 760.578.9927CONFIDENTIAL OFFERING MEMORANDUM
LOCATION MAPS
6COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.COM | RETAILCONFIDENTIAL OFFERING MEMORANDUM
ADDITIONAL PHOTOS
7PABLO RODRIGUEZ 760.610.3147 | STEVE LYLE 760.578.9927CONFIDENTIAL OFFERING MEMORANDUM
ADDITIONAL PHOTOS
8COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.COM | RETAILCONFIDENTIAL OFFERING MEMORANDUM
ADDITIONAL PHOTOS
9PABLO RODRIGUEZ 760.610.3147 | STEVE LYLE 760.578.9927CONFIDENTIAL OFFERING MEMORANDUM
ADDITIONAL PHOTOS
10COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.COM | RETAILCONFIDENTIAL OFFERING MEMORANDUM
SITE PLAN
SUITE 2711,260 SF
SUITE 2691,230 SF
SUITE 2671,500 SF
SUITE 2631,500 SF
SUITE 2591,920 SF
SUITE 255 1,500 SF
SUITE 2511,400 SF
SUITE 2491,042 SF
SUITE 2471,436 SF
SUITE 2812,880 SF
SUITE 275A1,600 SF
SUITE243
1,109 SF
SUITE235
1,300SF
SUITE239
1,200SF
SUITE 275B
1,130 SF
SUITE TENANT SIZE235 SUBWAY 1,300 SF
239 DENTIST 1,200 SF
243 INSURANCE 1,109 SF
247 DREAM SPA 1,436 SF
249 LEASE PENDING 1,042 SF
251 NAIL SALON 1,400 SF
255 HAIR SALON 1,500 SF
259 MARKET 1,920 SF
263 NANAMI SUSHI 1,500 SF
267 DRY CLEANERS 1,500 SF
269 LEASE PENDING 1,230 SF
271 LEASE PENDING 1,260 SF
275A WABA GRILL 1,600 SF
275B LEASE PENDING 1,130 SF
281 COJITAS MEXICAN FOOD 2,880 SF
11PABLO RODRIGUEZ 760.610.3147 | STEVE LYLE 760.578.9927CONFIDENTIAL OFFERING MEMORANDUM
INCOME & EXPENSES
FINANCIAL OVERVIEW CURRENT PER SF
Occupied Space $412,353 $18.74
Expense Reimbursement $145,738 $6.62
Vacancy Factor* ($27,905) ($1.27)
Effective Gross Income $530,187 $24.09
Total Expenses ($145,738) ($6.72)
Net Operating Income $384,336 $17.47
EXPENSE SUMMARY CURRENT PER SF
Property Taxes** $62,314 $2.83
Insurance $1,500 $0.07
Management Fees $16,200 $0.74
Common Area Maintenance
- Porter Service $20,700 $0.94
-Alarm Repair and Service $2,064 $0.09
-Landscaping Repair and Maintenance $6,600 $0.30
-HVAC Repairs and Maintenance $2,400 $0.11
-Trash and Waste Removal $16,200 $0.74
-Electric $4,200 $0.19
-Water and Sewer $12,300 $0.56
-Telephone and Internet $1,260 $0.06
Total Expenses $145,738 $6.62
*Vacancy Factor is 5% of Occupied Space plus Expense Reimbursement.
** Property Taxes are calculated as 1.12689% of the purchase price plus $335.46 in direct assessments.
12COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.COM | RETAILCONFIDENTIAL OFFERING MEMORANDUM
Subway 235 1,300 5/1/2005 11/30/2020 $29,472 $8,742 5.91 2-Five Yr $22.67
Sunshine Dental 239 1,200 9/1/2009 02/29/2020 $24,624 $8,070 5.45 2-Two Yr $20.52
Aguayo Insurance 243 1,109 1/1/2017 12/31/2020 $16,635 $7,458 5.04 1-Three Yr $15.00
Dream Spa 247 1,436 6/1/2017 5/31/2020 $24,600 $9,657 6.53 1-Two Yr $17.13
Lease Pending 249 1,042 - - $18,756 $7,007 4.73 TBD $18.00
Annie’s Nails 251 1,400 5/1/2016 04/30/2019 $25,836 $9,415 6.36 1-Three Yr $18.45
Celebrity Hair Salon 255 1,500 2/1/2011 1/31/20219 $27,540 $10,087 6.82 None $18.36
Paradise Market 259 1,920 2/1/2016 1/31/2026 $54,264 $12,912 8.72 2-Five Yr $28.26
Nanami Sushi 263 1,500 2/1/2018 1/31/2021 $26,100 $10,087 6.82 2-Three Yr $17.40
Cleaners 267 1,500 12/1/2012 11/30/2018 $22,500 $10,087 6.82 None $15.00
Lease Pending 269 1,230 - - $22,140 $8,271 5.59 TBD $18.00
Lease Pending 271 1,260 - - $19,464 $8,473 5.73 TBD $15.45
Waba Grill 275A 1,600 8/1/2018 1/31/2029 $28,800 $10,760 7.27 2-Five Yr $18.00
Lease Pending 275B 1,130 - - $27,730 $7,599 5.13 TBD $21.00
Cotijas Taco Shop 281 2,880 1/1/2016 12/31/2021 $47,892 $19,367 13.09 1-Five Yr $16.63
Totals / Averages 22,007 $412,353 $147,992 $18.66
TENANTNAME
UNITNUMBER
UNITSIZE (SF)
LEASESTART
LEASE END
ANNUALRENT
NNNCHARGES
% OFGLA
PRICEPER SF/YR
RENT ROLL
OPTIONS
13PABLO RODRIGUEZ 760.610.3147 | STEVE LYLE 760.578.9927CONFIDENTIAL OFFERING MEMORANDUM
DEMOGRAPHICS MAP
POPULATION 1 MILE 3 MILES 5 MILESTotal population 8,603 66,648 135,719Median age 50.0 40.7 36.7Median age (male) 46.6 38.9 35.4Median age (Female) 52.3 43.3 38.5
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILESTotal households 4,113 26,591 48,805# of persons per HH 2.1 2.5 2.8Average HH income $43,984 $45,309 $47,917Average house value $163,821 $144,988 $187,127
ETHNICITY (%) 1 MILE 3 MILES 5 MILESHispanic 28.9% 36.8% 42.2%
RACE (%)White 77.9% 70.4% 66.7%Black 4.7% 4.7% 4.3%Asian 2.1% 2.6% 2.7%Hawaiian 0.0% 0.6% 0.5%American Indian 2.3% 2.4% 1.8%Other 8.3% 15.3% 19.5%
* Demographic data derived from 2010 US Census