2995 commercial street - images3.loopnet.com · [email protected] 858.546.5436 ... apn:...
TRANSCRIPT
A Value Add Opportunity In San Diego, CA
MUST SELL, MOTIVATED SELLER | JUDGE HAS INSTRUCTED SALE
IDEAL FOR AFFORDABLE HOUSING CONTAINER DEVELOPMENT LOCATED IN AN OPPORTUNITY ZONE & TRANSIT PRIORITY AREA
2995 COMMERCIAL STREET
JASON KIMMEL [email protected] Lic. 01328121
TIM WINSLOW [email protected] Lic. 00891667
KEVIN NOLEN [email protected] Lic. 01840398
PRESENTED BY:
2995 Commercial Street is located, along the trolley line, in the heart of Southeastern San Diego. Located within an Opportunity Zone, the current Community Plan is geared to growth ideal for residential and container style build. The area is located in direct proximity to commercial centers and Downtown San Diego. The subject property is located on the Orange line and approximately ¼ mile west of the Orange Line, 32nd Street, Trolley stop. The Orange line connects at 12th and Commercial with the Blue and Green lines that travel through the employment hub in Downtown San Diego, south to Mexico and north to Mission Valley and University Town Center.
The property, 1.04 acres, is located in the “Village District” (CN-1-4 zone) which allows for Neighborhood Mixed Use Medium Density of 30-44 DU’s/acre. (1 unit/1,000 sq. ft. of land) The density bonus can increase the unit count by 50% or up to 65 units. (Possible 100% density bonus or 88 units) The Medium-High Residential supports compact and compatible condominium/apartment buildings that are typically designed with a single or double-loaded access corridors. Parking should be integrated into the ground level or developed below grade. The height limit is 60 feet. The maximum Floor Area Ratio is 1.8.
EXECUTIVE SUMMARY
S. 30TH ST.
WEBSTER AVE
COMMERCIAL ST
• Within an Opportunity Zone
• Ideal site for affordable housing and container construction
• On Trolley Line
• Direct proximity, via trolley, to Downtown, Mission Valley, Chula
Vista, National City, Mexico and University Town Center
• Hard-to-find large parcel
• 1.5 miles to Petco Park
• 1.75 miles to the convention center
• Density bonus
• Transit Priority Area
INVESTMENT HIGHLIGHTS
Petco Park
San Diego City College
EAST VILLAGEGASLAMP
Convention Center
SD Civic Theatre
House of Blues
Horton Plaza Mall
1.5 Miles to Site
PRICE: $4,600,000
LOCATION: 2995 Commercial St. San Diego, CA 92113
APN: 454-363-04-00
LAND AREA: Approx. 1.04 Acres (45,302 SF)
ZONING:CN-1-4
HEIGHT LIMIT: 60 FT
DENSITY: Median-High Residential (30-40 DU/Acre)
DENSITY BONUS: For development that provides five or more dwelling units; meets the criteria in Sections 143.0720(c)(1), 143.0720(c)(2), 143.0720(d)(2), or 143.0720(f); provides an average of no more than 600 square feet per dwelling unit with no dwelling unit exceeding 800 square feet; with a portion of the lot located within a Transit Priority Area; where an applicant has not requested an incentive or waiver to exceed the maximum structure height or setbacks of the base zone; and where the premises can be serviced by all required utilities, a density bonus of up to 100 percent of the pre-density bonus dwelling units shall be granted, provided that development of the additional density does not cause the need for an incentive, waiver, or deviation to exceed the maximum structure height or setbacks of the base zone.
PROPERTY OVERVIEW
COMMERCIAL STREET
The recently passed Tax Cuts and Jobs Act of 2017 created
Opportunity Zones, which are specially created geographic
districts that grant investors tax breaks for investment captial
- including tax-free income. Allows to defer or eliminate
federal taxes on capital gains.
• Invest in this fund and potentially enjoy substantial tax
breaks by investing your capital gains.
• Investors may reinvest capital gains from existing
investments into an Opportunity Fund and defer/reduce
capital gains taxes
• If held, the original investment’s tax basis increases by
10% after five years and by 15% after seven years.
• After 10 years, investors permanently eliminate capital
gains tax opportunity fund investment capital gains.
CENSUS TRACT 39.01 OVERLAY ZONE
PROPERTY OVERVIEW
Y1
Y2
Y3
Y4
Y6
Y8
Y9
Investor liquidates assets for $150M. The investor has a basis of $50M producing $100 million in capital gain.
Within 180 days of sale, investor deploys
all gain into a QOF, which has at least 90% of its assets
invested in qualified opportunity zone
investments.
If the investor sells the QOF investment, capital gain on the original investment becomes taxable at
that time as does tax on any incremental
gain on the QOF investment.
Investor can sell QOF interest without
incurring any tax liability on capital
gain generated by the QOF investment.
DAY 0
DAY 0 - YEAR 5
YEAR 5 - YEAR 7
YEAR 7 - YEAR 10
YEAR 10 ->
12/31/2026Hard Assessment
Date: Capital gain tax assessed
on the original gain, regardless of whether QOF
investment has been sold, potentially
creating a cash flow planning issue.
Taxable gain on the original investment is
reduced by 10%.Not available if QOF
investment is first made after December 31, 2021.
Taxable gain on the original investment
is reduced by an incremental 5% (15% total). Not available if QOF
investment is first made after
December 31, 2019.
ILLUSTRATIVE EXAMPLE OF AN OPPORTUNITY ZONE INVESTMENT
OPPORTUNITY ZONE PROGRAM BENEFITS
QOF INVESTMENT DATE
ORIGINAL GAIN DEFERRAL TO 12/31/2026
10% ORIGINAL GAIN REDUCTION
15% ORIGINAL GAIN REDUCTION
NO CAPITAL GAINS TAX ON QOF
INVESTMENT
Before 12/31/19 X X X X
Before 12/31/21 X X X
Before 12/31/26 X
SITE
6432
1
ADDRESS CITY STATE ZIP SALE PRICE SIZE (SF) PRICE/SF SALE DATE
2699 Commercial Street San Diego CA 92101
1 3064 Commercial St. (3 Properties) San Diego CA 92113 $3,200,000 38,363 $83.41 4/13/2018
2 1401 Imperial Avenue San Diego CA 92101 $1,800,000 10,019 $179.66 11/25/2014
3 1435 Imperial Avenue San Diego CA 92101 $950,000 9,753 $97.41 12/16/2014
4 1701 Imperial AVe. San Diego CA 92101 $975,000 8,015 $121.65 6/16/2016
5 1344 National Ave. San Diego CA 92101 $3,050,000 23,884 $127.70 8/6/2010
6 1430 National Ave. San Diego CA 92113 $12,000,000 71,003 $169.01 2/15/2017
5SITE
RECENT COMPARABLETRANSACTIONSLAND SALE
EVANS STREET
EVERETT AVENUE
FRANKLIN AVENUECOMMERCIAL STREET
NATIONAL CITY
NAVAL BASE
5
5
SAN DIEGO BAY
28TH S
TREE
T
28TH S
TREE
T
TAX MAP320’ X 140’
S. 30TH ST.
WEBSTER AVE
COMMERCIAL ST
300'
150
'
Demographic and Income Profile2995 Commercial St, San Diego, California, 92113 Prepared by EsriRing: 1 mile radius Latitude: 32.70528
Longitude: -117.12971
AreaStateUSA
Trends 2018-2023Trends 2018-2023
Ann
ual R
ate
(in
perc
ent)
3.5
3
2.5
2
1.5
1
0.5
0Population Households Families Owner HHs Median HH Income
20182023
Population by AgePopulation by Age
Perc
ent
18
16
14
12
10
8
6
4
2
0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
2018 Household Income 2018 Household Income
<$15K17.3%
$15K - $24K16.9%
$25K - $34K13.2%
$35K - $49K17.7%
$50K - $74K15.7%
$75K - $99K8.6%
$100K - $149K6.8%
$150K - $199K2.3%
$200K+1.3%
2018 Population by Race2018 Population by Race
Perc
ent
45
40
35
30
25
20
15
10
5
0White Black Am. Ind. Asian Pacific Other Two+
2018 Percent Hispanic Origin: 82.3%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023.
November 20, 2018
©2018 Esri Page 2 of 6
Demographic and Income Profile2995 Commercial St, San Diego, California, 92113 Prepared by EsriRing: 1 mile radius Latitude: 32.70528
Longitude: -117.12971
Summary Census 2010 2018 2023Population 40,845 43,276 44,917Households 11,630 12,305 12,762Families 7,952 8,405 8,725Average Household Size 3.48 3.48 3.48Owner Occupied Housing Units 2,681 2,688 3,228Renter Occupied Housing Units 8,949 9,618 9,534Median Age 28.3 29.1 30.4
Trends: 2018 - 2023 Annual Rate Area State NationalPopulation 0.75% 0.82% 0.83%Households 0.73% 0.76% 0.79%Families 0.75% 0.76% 0.71%Owner HHs 3.73% 1.73% 1.16%Median Household Income 2.34% 3.25% 2.50%
2018 2023 Households by Income Number Percent Number Percent
<$15,000 2,130 17.3% 1,914 15.0%$15,000 - $24,999 2,085 16.9% 1,884 14.8%$25,000 - $34,999 1,627 13.2% 1,516 11.9%$35,000 - $49,999 2,180 17.7% 2,190 17.2%$50,000 - $74,999 1,929 15.7% 2,128 16.7%$75,000 - $99,999 1,062 8.6% 1,293 10.1%$100,000 - $149,999 841 6.8% 1,142 8.9%$150,000 - $199,999 286 2.3% 430 3.4%$200,000+ 166 1.3% 264 2.1%
Median Household Income $36,529 $41,003Average Household Income $49,716 $58,661Per Capita Income $14,647 $17,172
Census 2010 2018 2023 Population by Age Number Percent Number Percent Number Percent
0 - 4 3,613 8.8% 3,738 8.6% 3,896 8.7%5 - 9 3,326 8.1% 3,478 8.0% 3,405 7.6%10 - 14 3,454 8.5% 3,283 7.6% 3,294 7.3%15 - 19 3,833 9.4% 3,387 7.8% 3,161 7.0%20 - 24 3,701 9.1% 4,194 9.7% 3,878 8.6%25 - 34 7,258 17.8% 8,053 18.6% 8,448 18.8%35 - 44 5,897 14.4% 5,972 13.8% 6,411 14.3%45 - 54 4,595 11.2% 4,824 11.1% 5,018 11.2%55 - 64 2,793 6.8% 3,445 8.0% 3,843 8.6%65 - 74 1,329 3.3% 1,866 4.3% 2,293 5.1%75 - 84 759 1.9% 754 1.7% 976 2.2%
85+ 287 0.7% 282 0.7% 293 0.7%Census 2010 2018 2023
Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 16,854 41.3% 17,552 40.6% 18,224 40.6%Black Alone 3,089 7.6% 3,048 7.0% 2,975 6.6%American Indian Alone 352 0.9% 353 0.8% 355 0.8%Asian Alone 630 1.5% 687 1.6% 738 1.6%Pacific Islander Alone 87 0.2% 87 0.2% 89 0.2%Some Other Race Alone 18,046 44.2% 19,615 45.3% 20,518 45.7%Two or More Races 1,787 4.4% 1,934 4.5% 2,019 4.5%
Hispanic Origin (Any Race) 32,904 80.6% 35,609 82.3% 37,528 83.5%Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023.
November 20, 2018
©2018 Esri Page 1 of 6
POPULATION:
43,276
AVERAGE HOUSEHOLD
INCOME:
$49,716
MEDIAN AGE:
29.1
DEMOGRAPHICS1 MILE RADIUS
DEMOGRAPHICS1 MILE RADIUS
Demographic and Income Profile2995 Commercial St, San Diego, California, 92113 Prepared by EsriRing: 3 mile radius Latitude: 32.70528
Longitude: -117.12971
AreaStateUSA
Trends 2018-2023Trends 2018-2023
Ann
ual R
ate
(in
perc
ent)
3.5
3
2.5
2
1.5
1
0.5
0Population Households Families Owner HHs Median HH Income
20182023
Population by AgePopulation by Age
Perc
ent
2018
161412
10864
20
0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
2018 Household Income 2018 Household Income
<$15K16.1%
$15K - $24K11.5%$25K - $34K
9.3%
$35K - $49K13.1%
$50K - $74K15.4%
$75K - $99K10.2%
$100K - $149K12.5%
$150K - $199K5.4%
$200K+6.4%
2018 Population by Race2018 Population by Race
Perc
ent
45
40
35
30
25
20
15
10
5
0White Black Am. Ind. Asian Pacific Other Two+
2018 Percent Hispanic Origin: 52.0%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023.
November 20, 2018
©2018 Esri Page 4 of 6
Demographic and Income Profile2995 Commercial St, San Diego, California, 92113 Prepared by EsriRing: 3 mile radius Latitude: 32.70528
Longitude: -117.12971
Summary Census 2010 2018 2023Population 217,844 236,884 251,780Households 75,175 83,687 90,794Families 39,291 42,365 44,901Average Household Size 2.63 2.58 2.54Owner Occupied Housing Units 24,099 25,682 29,175Renter Occupied Housing Units 51,076 58,005 61,620Median Age 31.6 32.7 33.6
Trends: 2018 - 2023 Annual Rate Area State NationalPopulation 1.23% 0.82% 0.83%Households 1.64% 0.76% 0.79%Families 1.17% 0.76% 0.71%Owner HHs 2.58% 1.73% 1.16%Median Household Income 3.50% 3.25% 2.50%
2018 2023 Households by Income Number Percent Number Percent
<$15,000 13,505 16.1% 12,198 13.4%$15,000 - $24,999 9,599 11.5% 8,695 9.6%$25,000 - $34,999 7,797 9.3% 7,142 7.9%$35,000 - $49,999 10,987 13.1% 10,927 12.0%$50,000 - $74,999 12,888 15.4% 14,024 15.4%$75,000 - $99,999 8,568 10.2% 10,205 11.2%$100,000 - $149,999 10,479 12.5% 13,031 14.4%$150,000 - $199,999 4,548 5.4% 6,164 6.8%$200,000+ 5,315 6.4% 8,407 9.3%
Median Household Income $49,918 $59,286Average Household Income $76,682 $93,874Per Capita Income $29,640 $36,295
Census 2010 2018 2023 Population by Age Number Percent Number Percent Number Percent
0 - 4 14,215 6.5% 14,686 6.2% 15,585 6.2%5 - 9 12,915 5.9% 13,587 5.7% 13,584 5.4%10 - 14 12,981 6.0% 12,843 5.4% 13,037 5.2%15 - 19 15,256 7.0% 14,170 6.0% 13,780 5.5%20 - 24 23,837 10.9% 25,524 10.8% 25,275 10.0%25 - 34 43,249 19.9% 47,739 20.2% 51,564 20.5%35 - 44 31,716 14.6% 33,751 14.2% 36,977 14.7%45 - 54 26,205 12.0% 27,075 11.4% 27,917 11.1%55 - 64 18,858 8.7% 22,858 9.6% 24,224 9.6%65 - 74 9,851 4.5% 14,482 6.1% 17,452 6.9%75 - 84 6,197 2.8% 7,137 3.0% 9,074 3.6%
85+ 2,564 1.2% 3,031 1.3% 3,312 1.3%Census 2010 2018 2023
Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 110,241 50.6% 117,626 49.7% 124,028 49.3%Black Alone 23,082 10.6% 24,293 10.3% 25,081 10.0%American Indian Alone 1,907 0.9% 1,988 0.8% 2,079 0.8%Asian Alone 15,939 7.3% 18,436 7.8% 20,599 8.2%Pacific Islander Alone 1,068 0.5% 1,104 0.5% 1,139 0.5%Some Other Race Alone 55,603 25.5% 61,713 26.1% 65,837 26.1%Two or More Races 10,004 4.6% 11,724 4.9% 13,016 5.2%
Hispanic Origin (Any Race) 110,612 50.8% 123,069 52.0% 133,262 52.9%Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023.
November 20, 2018
©2018 Esri Page 3 of 6
DEMOGRAPHICS3 MILE RADIUS
DEMOGRAPHICS3 MILE RADIUS
POPULATION:
236,884
AVERAGE HOUSEHOLD
INCOME:
$75,682
MEDIAN AGE:
32.7
Demographic and Income Profile2995 Commercial St, San Diego, California, 92113 Prepared by EsriRing: 5 mile radius Latitude: 32.70528
Longitude: -117.12971
AreaStateUSA
Trends 2018-2023Trends 2018-2023
Ann
ual R
ate
(in
perc
ent)
3
2.5
2
1.5
1
0.5
0Population Households Families Owner HHs Median HH Income
20182023
Population by AgePopulation by Age
Perc
ent
18
16
14
12
10
8
6
4
2
00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
2018 Household Income 2018 Household Income
<$15K14.3%
$15K - $24K11.2%
$25K - $34K9.7%
$35K - $49K13.6%
$50K - $74K16.7%
$75K - $99K11.1%
$100K - $149K12.1%
$150K - $199K5.1%
$200K+6.0%
2018 Population by Race2018 Population by Race
Perc
ent
45
40
35
30
25
20
15
10
5
0White Black Am. Ind. Asian Pacific Other Two+
2018 Percent Hispanic Origin: 46.9%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023.
November 20, 2018
©2018 Esri Page 6 of 6
Demographic and Income Profile2995 Commercial St, San Diego, California, 92113 Prepared by EsriRing: 5 mile radius Latitude: 32.70528
Longitude: -117.12971
Summary Census 2010 2018 2023Population 512,747 546,870 572,920Households 182,510 196,370 207,616Families 99,143 105,138 109,953Average Household Size 2.62 2.60 2.59Owner Occupied Housing Units 61,367 63,440 71,372Renter Occupied Housing Units 121,143 132,930 136,244Median Age 32.1 33.2 34.0
Trends: 2018 - 2023 Annual Rate Area State NationalPopulation 0.94% 0.82% 0.83%Households 1.12% 0.76% 0.79%Families 0.90% 0.76% 0.71%Owner HHs 2.38% 1.73% 1.16%Median Household Income 3.24% 3.25% 2.50%
2018 2023 Households by Income Number Percent Number Percent
<$15,000 28,178 14.3% 24,756 11.9%$15,000 - $24,999 22,071 11.2% 19,395 9.3%$25,000 - $34,999 19,087 9.7% 17,153 8.3%$35,000 - $49,999 26,748 13.6% 25,831 12.4%$50,000 - $74,999 32,814 16.7% 34,173 16.5%$75,000 - $99,999 21,761 11.1% 24,776 11.9%$100,000 - $149,999 23,848 12.1% 30,035 14.5%$150,000 - $199,999 10,004 5.1% 13,497 6.5%$200,000+ 11,859 6.0% 17,999 8.7%
Median Household Income $51,095 $59,924Average Household Income $76,038 $92,411Per Capita Income $29,080 $35,203
Census 2010 2018 2023 Population by Age Number Percent Number Percent Number Percent
0 - 4 33,846 6.6% 34,032 6.2% 35,930 6.3%5 - 9 30,234 5.9% 31,248 5.7% 31,253 5.5%10 - 14 30,683 6.0% 30,086 5.5% 30,096 5.3%15 - 19 36,474 7.1% 34,451 6.3% 33,278 5.8%20 - 24 52,913 10.3% 56,066 10.3% 55,548 9.7%25 - 34 98,078 19.1% 105,347 19.3% 111,181 19.4%35 - 44 73,888 14.4% 76,429 14.0% 82,837 14.5%45 - 54 63,198 12.3% 63,060 11.5% 63,742 11.1%55 - 64 46,771 9.1% 55,219 10.1% 57,114 10.0%65 - 74 24,296 4.7% 35,631 6.5% 41,979 7.3%75 - 84 15,604 3.0% 17,465 3.2% 21,717 3.8%
85+ 6,762 1.3% 7,835 1.4% 8,245 1.4%Census 2010 2018 2023
Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 253,748 49.5% 263,597 48.2% 272,654 47.6%Black Alone 55,984 10.9% 57,748 10.6% 58,387 10.2%American Indian Alone 4,347 0.8% 4,456 0.8% 4,588 0.8%Asian Alone 58,657 11.4% 65,089 11.9% 70,667 12.3%Pacific Islander Alone 2,864 0.6% 2,910 0.5% 2,965 0.5%Some Other Race Alone 112,347 21.9% 124,661 22.8% 132,675 23.2%Two or More Races 24,799 4.8% 28,408 5.2% 30,984 5.4%
Hispanic Origin (Any Race) 231,194 45.1% 256,300 46.9% 276,225 48.2%Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023.
November 20, 2018
©2018 Esri Page 5 of 6
POPULATION:
546,870
AVERAGE HOUSEHOLD
INCOME:
$76,038
MEDIAN AGE:
33.2
DEMOGRAPHICS5 MILE RADIUS
DEMOGRAPHICS5 MILE RADIUS
A Value Add Opportunity In San Diego, CA
MUST SELL, MOTIVATED SELLER | JUDGE HAS INSTRUCTED SALE
IDEAL FOR AFFORDABLE HOUSING CONTAINER DEVELOPMENT LOCATED IN AN OPPORTUNITY ZONE & TRANSIT PRIORITY AREA
2995 COMMERCIAL STREET
JASON KIMMEL [email protected] Lic. 01328121
TIM WINSLOW [email protected] Lic. 00891667
KEVIN NOLEN [email protected] Lic. 01840398
PRESENTED BY: