TEMECULA PARKWAY63 +/- ACRES MEDIUM DENSITY RESIDENTIAL AVAILABLE FOR SALE
De Portola Rd
Anz
a Rd
CII Arnaz
CII RO
cinate9.43Acres
5.69Acres
9.26Acres
16.79Acres
22.59Acres
TABLE OF CONTENTS
1. EXECUTIVE SUMMARY
2. PROPERTY INFORMATION
3. LOCATION INFORMATION
4. CONTACT INFORMATION
1EXECUTIVE SUMMARY
4 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592
TEMECULA PARKWAYEXECUTIVE SUMMARY
The properties are located on the border of city limits of Temecula, California of Riverside County. The site is approximately 10 miles from the I-15 freeway and can be accessed directly via the Temecula Parkway exit. There are five separate parcels totaling 63.76 acres with the largest parcel of approximately 22.59 acres being on the Southern side of Temecula Parkway. Temecula Parkway is the main thoroughfare for Residential communities and shopping centers and is the gateway for the Temecula Valley Wine Country.
Situated just past Butterfield Stage, the properties are located near master planned communities such as Morgan Hill, Paseo Del Sol and Crown Hill. The west side of the parcels consists of single family homes and a grocery anchored shopping center. The subject site is also located near multiple schools, the closest being Vail Ranch Middle School.
Three miles southwest of the subject site, Lennar Homes has recently completed Marbella at Terracina. The total development includes 318 homes (206 homes developed by Standard Pacific Homes and 112 homes developed by Lennar Homes). Marbella at Terracina has 5 and 6 bedroom homes as well as 3 to 4.5 bathroom homes. Terracina is located in an unincorporated portion of Riverside County, adjacent to the City of Temecula.
The subject site is currently raw land without site improvements and current zoning allows for medium density Residential allowing 2-5 dwelling units per acre for single-family attached and detached residences. Lot sizes range from 5,500 to 20,000 square feet, typical 7,200-square foot lots allowed. Due to very few available parcels remaining in the area, there is a high demand for single family Residential lots in Temecula.
2PROPERTY OVERVIEW
TEMECULA PARKWAY
6 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592
PROPERTY DETAILS
LOCATION: The subject properties are located on Temecula Parkway, directly past Butterfield Stage in the unicorporated area of Temecula in Riverside County, California. Located East of the I-15 Freeway.
JURISDICTION: Unincorporated Riverside County
PURCHASE PRICE: $5.72 Per Square Foot ($15,900,000)
SIZE: 63.76 Acres
ZONING: Medium Residential - 2-5 Dwelling Units per Acre
PROPERTY HIGHLIGHTS
• Close proximity to I-15, CA-79 Freeways
• Located on Temecula Parkway, a major thoroughfare and on-ramp access
• Near multiple residential developments and master planned communities
• Few residential development opportunities remaining
3LOCATION OVERVIEW
TEMECULA PARKWAY
8 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592
De Portola Rd
Anz
a Rd
CII ArnazC
II ROcinate9.43
Acres5.69
Acres
9.26Acres
16.79Acres
22.59Acres
9 | CENTER STREET AND CALIFORNIA STREET | RIVERSIDE | CALIFORNIA | 92507
De Portola Rd
Anza RdCII Arnaz
Rancho California Rd
Butterfield Stage Rd
N
S
New Retail DevelopmentGateway to Temecula
Temecula Middle School
Temecula Valley High School
Rancho Christian School
Vail Ranch Middle School
Temecula Valley Hospital
10 | CENTER STREET AND CALIFORNIA STREET | RIVERSIDE | CALIFORNIA | 92507
HIGHGROVE 24
10 | CENTER STREET AND CALIFORNIA STREET | RIVERSIDE | CALIFORNIA | 92507
TEMECULA PARKWAY
Los Angeles
Temecula
San Diego
SUBJECT SITE
TEMECULA PARKWAY
11 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592
DEVELOPMENT IMPACT FEES
Item Amount/UnitCriminal Justice Public Facilities $1,158.00Library Construction $80.00Fire Protection $481.00Traffic Improvement Facilities1 $457.00Traffic Signals $288.00Regional Parks $591.00Regional Trails $137.00Library Books $40.00Regional Multi-Service Center $53.00
Total Per Unit $3,285
1 Traffic facilities excludes traffic signals.
PROPERTY OVERVIEW | 11
TEMECULA PARKWAY
12 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592
TEMECULA AREA OVERVIEW
• Temecula is a city in southwestern Riverside County, CA. Since its early beginning, the Temecula Valley has always been a place where, a combination of mild climate and beautiful rolling hills, have attracted human settlement. Temecula is bordered by the City of Murrieta to the north and the Pechanga Indian Reservation and San Diego County to the south. The City forms the southwestern anchor of the Inland Empire region, and is a prominent tourist destination.
• Temecula is both a very old community and a large, energetic city filled with exciting opportunities. In addition to the tourism sector, the educational, healthcare, leisure, professional, finance, and retail sectors all contribute to the city’s economy. Temecula as a city values its small town feel and community involvement, which has at its heart an appreciation for history and culture. Even their City slogan “Old Traditions, New Opportunities” reflects this appreciation. Temecula is a place where natural beauty, historic traditions, and modern conveniences combine to offer entertainment for people of all ages.
HISTORY• The city of Temecula is part of the Inland Empire Retail
Market. Market base is 8M square feet. 4Q15 had a vacancy rate of 6.0% and net absorption of positive 24,963 square feet. The region continues to see stable signs as the majority of the individual markets experiencing healthy and flat first half of the year total net absorption.
• The vacancy rates have decreased slightly with total vacancy for the city is now at 6.0%. Despite the lower lease rates, the asking sale prices and the lease activity shows a positive increase as companies continue to survey the multi-faceted idea in the new era of retail.
MARKET DESCRIPTION
• Temecula is home to over 8.3 million square feet of retail space and 82 retail centers. Its largest and most noteworthy centers include the 1.3 million square foot The Promenade, the 437,000 square foot Temecula Town Center, the 423,000 square foot Palm Plaza, and the 417,000 square foot Redhawk Town Center. Temecula also has an additional 140,000 square feet of retail in its development pipeline along with additional residential housing and multifamily units on the horizon.
RETAIL ACTIVITY
TEMECULA PARKWAY
13 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592
TEMECULA AREA OVERVIEW
• Temecula is an affluent community. Supported by high median and mean income levels as well as the city’s favorable tourism and resort industries, the city is a prominent tourist destination, with the Temecula Valley Wine Country, Old Town Temecula, the Temecula Valley Polo Club, the Temecula Valley Balloon & Wine Festival, the Temecula Valley International Film Festival, championship golf courses, and resort accommodations attracting a significant amount of tourists which appreciably contributes to the city’s economic profile. Temecula has 39 parks, 22 miles of trails and 11 major community facilities.
• Visit Temecula Valley (VTV) announced a record $696 million in travel spending by visitors, record earnings of $219 million and a record 2.7 million visitors to Temecula Valley during its first ever “State of Tourism” event at Galway Downs in Wine Country. This represents a 4.7 percent increase over 2014 and the sixth consecutive year the tourism, leisure and hospitality industry has expanded.
• Pechanga Pechanga Resort and Casino brings Las Vegas to California. With over 3,000 slot and video machines, over 130 gambling tables, 7 restaurants, 517 gorgeous hotel rooms and suites, there is something for everyone. There is even a 1200 seat theater that brings the audience as close as possible to the performers. Pechanga is located just 14 minutes from the subject property.
SURROUNDING ACTIVITY
14
SURROUNDING ACTIVITY
• Temecula is an affluent community. Supported by high median and mean
income levels as well as the city’s favorable tourism and resort industries, the
city is a prominent tourist destination, with the Temecula Valley Wine Country,
Old Town Temecula, the Temecula Valley Polo Club, the Temecula Valley Balloon
& Wine Festival, the Temecula Valley International Film Festival, championship
golf courses, and resort accommodations attracting a significant amount of
tourists which appreciably contributes to the city’s economic profile. Temecula
has 39 parks, 22 miles of trails and 11 major community facilities.
• Visit Temecula Valley (VTV) announced a record $696 million in travel spending
by visitors, record earnings of $219 million and a record 2.7 million visitors to
Temecula Valley during its first ever “State of Tourism” event at Galway Downs
in Wine Country. This represents a 4.7 percent increase over 2014 and the sixth
consecutive year the tourism, leisure and hospitality industry has expanded.
• Pechanga Pechanga Resort and Casino brings Las Vegas to California. With
over 3,000 slot and video machines, over 130 gambling tables, 7 restaurants,
517 gorgeous hotel rooms and suites, there is something for everyone. There
is even a 1200 seat theater that brings the audience as close as possible to the
performers. Pechanga is located just 14 minutes from the subject property.
PECHANGA RESORT & CASINO - TEMECULA, CA
34613 CALLE ARNAZ | TEMECULA, CA 92592
AREA OVERVIEW
TEMECULA PARKWAY
14 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592
TEMECULA DEMOGRAPHICS
POPULATION3 MILES 5 MILES 10 MILES
Estimated Population (2017) 44,707 96,656 233,409Census Population (2010) 39,114 86,929 205,015Projected Population (2022) 48,705 104,040 252,536HISTORICAL ANNUAL GROWTH2000-2010 6.64% 4.54% 6.52%2010-2017 1.86% 1.47% 1.81%PROJECTED ANNUAL GROWTH2017-2022 1.73% 1.48% 1.59%
HOUSEHOLDS3 MILES 5 MILES 10 MILES
Estimated Households (2017) 13,066 29,977 71,366Census Households (2010) 11,550 27,198 63,574Projected Households (2022) 14,140 32,071 76,660HISTORICAL ANNUAL GROWTH2000-2010 6.73% 4.58% 6.36%2010-2017 1.72% 1.35% 1.61%PROJECTED ANNUAL GROWTH2017-2022 1.59% 1.36% 1.44%
2017 POPULATION BY PRICE3 MILES 5 MILES 10 MILES
White 69.8% 68.5% 65.1%Black or African American 4.1% 4.1% 5.4%Asian 11.3% 10.8% 11.4%American Indian or Alaska Native 1.2% 1.4% 1.3%Pacific Islander 0.4% 0.4% 0.4%Other Race 6.0% 8.1% 9.5%Two or More Races 7.2% 6.7% 7.0%Hispanic 23.7% 26.3% 29.1%
2017 AGE BY GENDERMEDIAN AGE 3 MILES 5 MILES 10 MILESMale 34.50 34.40 33.10Female 35.80 36.10 35.10
HOUSEHOLD INCOMEMEDIAN AGE 3 MILES 5 MILES 10 MILES2017 Average $117,407 $105,996 $103,7992017 Median $101,151 $88,703 $85,072
MEDIAN AGE 3 MILES 5 MILES 10 MILES2017 Average $453,528 $446,895 $439,1612017 Median $392,795 $391,538 $381,821
VALUE OF HOUSING UNITS
TEMECULA PARKWAY
15 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592
POPULATION
The Inland Empire has a population of more than 4.5 million, increased by 7% from 2010. Riverside County’s growth rate estimate for the 2017-2022 is just over 4.9%, according to the population estimates from the Enviornmental Systems Research Institute (ESRI) featuring GIS Software.
4.8 M
4.7 M
4.6 M
4.5 M
4.4 M
4.3 M
4.2 M
4.1 M2010 2017 2022 est.
POPULATION GROWTH
DATA SOURCE: ESRI AND THE INLAND EMPIRE ECONOMIC PARTNERSHIP QUARTERLY REPORT
4,224,851
4,542,092
4,776,920
HOUSING MARKET
According to the Inland Empire Economic Partnership Quarterly Report, the residential market is slowly moving toward expansion. Home prices for new homes have increased significantly. San Bernardino County has seen an increase of 3%, while Riverside County increased by 1.4%. Existing home prices have remained steady. Volume has also begun to increase with 2017 first quarter sales at approximately 16,750 units sold, the highest in 20 quarters. Riverside County had 7,048 existing home sales in the first quarter 2017, up 4.9% from 6,721 in 2016. San Bernardino County had 5,536 existing home sales, up 8.8% from 5,086 in the first quarter 2016.
Median price for a new home is $426,333Median price for a existing home is $312,952 Total Housing Units: 1,381,294 Owner Occupied: 877,041 Renter Occupied: 504,253Average Household Income: $80,989
RIVERSIDE COUNTY DEMOGRAPHICS
TEMECULA PARKWAY
16 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592
JOB GROWTH
EMPLOYMENT
According to the Inland Empire Economic Partnership Quarterly Report, through 2016, 249,725 jobs have been created. The 2017 gain is forecasted to add another 46,600 jobs, up 3.3%. Unemployment is forecasted to drop to 5.3% in 2017, down from 5.9% in 2016. Importantly, among California’s metropolitan areas, the Inland Empire’s 2016 growth of 47,500 jobs ranked second after Los Angeles (109,200). The expansion will continue partly because of the area’s traditional advantages for blue collar/technical sectors (available land, modestly priced labor, growing population), as well as continued growth in health care, and a small addition of jobs in higher paying sectors.
According to ESRI there is a total of 112,556 businesses in the Inland Empire and 1,320,643 employees. The largest percentage of jobs, 15.9% (17,822 positions) is in Retail Trade.
INCOME
The average household income for the Inland Empire is $80,989 with 31% of the population earning between $45,000 - $55,000 and 55% of the population making $55,000.00 or more.
Under $30K32.8%
Over $60K15.6%
Office JobsOver $60K
13.5%Blue Collar Jobs
$40-$60K38.1%
RIVERSIDE COUNTY DEMOGRAPHICS
TEMECULA PARKWAY
17 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592
63.76 Acres
4CONTACT INFORMATION
Brandon SudweeksPRESIDENT
CalBRE # 01435174
COLDWELL BANKER COMMERCIAL SC4250 EXECUTIVE SQUARE, SUITE 530
LA JOLLA, CA 92037(858) 300-6777
CBCSOCALGROUP.COM
Andy FarraSALES ASSOCIATE
CalBRE # 02013800
Chris Yeakey MANAGER