3838-3870 tyler street riverside, ca offering …
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OFFERING MEMORANDUM3 8 3 8 - 3 8 7 0 T Y L E R S T R E E T | R I V E R S I D E , C A
T Y L E R S T R E E T P L A Z A
EXECUTIVE SUMMARY
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PROPERTY OVERVIEW
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MARKET OVERVIEW
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FINANCIAL ANALYSIS
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ADDITIONAL PHOTOS
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TABLE TABLE OFOF CONTENTSCONTENTS
EXECUTIVE EXECUTIVE SUMMARYSUMMARY 1
OFFERINGOFFERING Summary
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SALE SUMMARY
PROPERTY SUMMARY
3838-3870 TYLER 3838-3870 TYLER STREETSTREET
PRICING
CAP RATE | NOI PARKING SPOTS
PRICE PER SF PRICE PER SF ON LAND
$12,500,000
5.7% | $708,074 305
$154 $50
TYPE OF OWNERSHIPPROPERTY TYPEADDRESSZONINGPROPERTY APNBUILDING SIZELOT SIZEYEAR BUILTNUMBER OF TENANTS
Fee SimpleRetail-Community Center3838-3870 Tyler Street, Riverside, CA 92505 C2143-170-01780,915 SF250,906 SF19807 Tenants
SALE SUMMARY
PROPERTYPROPERTYOVERVIEWOVERVIEW 2
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PROPERTYPROPERTY OVERVIEW
TYLER STREET PLAZA
Compass Commercial has been exclusively retained for the sale of Tyler Street Plaza located at 3838 - 3870 Tyler Street in the City of Riverside. The Tyler Street Plaza is an 80,915 square foot shopping center ideally situated on 5.76 acre of land located in the Tyler Street retail hub in Riverside, California. Tyler Street Plaza has been anchored by Burlington Coat Factory since 1999 and continues to be one of the leading value retailers in the industry. Tyler Street shopping center consists of seven tenants including Wendy’s, a national credit tenant fast food restaurant since 2021. The center was built in 1980 and is located on Tyler Street, just north of the Magnolia Avenue/Tyler Street intersection. The subject property has a total of 305 parking spaces.
Tyler Street Plaza is one of Inland Empire’s most desirable retail corridors located at the signalized intersection of major Tyler Street and Magnolia Avenue, approximately half of mile from I-91 E FWY. The center is full of major anchor tenants, including Nordstrom, Macy’s, Cheesecake Factory, Yard House, Target, Best Buy. Nearby parks include Myra Lynn Park, Challen Park and Collett Park.
* Buyer to verify all information inclusive of square footage. Don’tdisturb the tenants.
• 80,915 SF Multi-Tenant Shopping Plaza
• 305 Parking Spots
• Pad on Tyler Street, just north of Magnolia Avenue - One of Inland Empire’s Most Desirable Retail Corridors
• Tyler Street Plaza major tenants: Burlington and Wendy’s
• Area tenants include Nordstrom, Macy’s, Cheesecake Factory, Yard House, Target, Best Buy
• Exceptional Parking with Tremendous Visibility to Tyler Street
• Half a mile away from I-91 E FWY
SALE SUMMARY SALE SUMMARY
PRICE $5,500,000 $5,500,000
MAX POTENTIAL UNITS 42 UNITS 69 UNITS
PRICE/POTENTIAL UNIT $130,952/Unit $79,710/Unit
BUILDABLE SF 25,506 SF 55,263 SF
PRICE/BUILDABLE SF $216 $99.52
Maximum FAR 1.5:1 3.25:1
MAXIMUM HEIGHT Feet None None
Stories None None
MINIMUM SETBACKS Front 0 ft. 0 ft.
Side 5 ft. (only for residential stories) 5 ft.
Back 15 ft. 5 ft. (no setbacks required for mixed-use...)
AFFORDABLE UNITS REQUIRED None at least 9% for Extremely Low Income, or 12% for Very Low, or 21% for Low Income
PARKING REQUIRED 1 space per unit with less than 3 habitable rooms1.5 spaces per unit with 3 habitable rooms2 spaces per unit with more than 3 habitable rooms1 space per guest room (first 30)
Shall not be required to exceed 1 space per unit
REQUIRED OPEN SPACE100 sq ft per unit with less than 3 habitable room; 125 sq ft per unit with 3 habitable rooms;175 sq ft per unit with more than 3 habitable rooms
Up to 20% decrease in required open space
BY RIGHTBY RIGHT WITH TOCWITH TOC
TYLER AVENUE
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PLAT MAPPLAT MAP
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MARKETMARKETOVERVIEWOVERVIEW 3
MARKETMARKET OVERVIEW
POPULATION 1 MILE 2 MILES 3 MILES
Total Population 19,387 77,914 142,023
Average Age 29.2 29.0 29.6
Average Age(Male) 28.7 28.7 29.0
Average Age(Female) 30.2 29.5 30.3
HOUSEHOLD BY INCOME 1 MILE 3 MILE 5 MILE
2020 Estimate
$150,000 or More 23.83% 25.52% 20.44%
$100,000 - $149,000 16.94% 15.89% 13.97%
$75,000 - $99,999 12.97% 11.55% 11.11%
$50,000 - $74,999 14.41% 14.94% 15.51%
$25,000 - $49,999 14.10% 14.82% 18.78%
Under $25,000 17.75% 17.29% 20.18%
Average HH Income $111,975 $114,474 $100,502
Median HH Income $82,199 $81,388 $67,754
HOUSEHOLDS 1 MILE 2 MILES 3 MILES
Total Households 5,454 21,262 39,148
# of Persons per HH 3.6 3.7 3.6
Average HH Income $54,451 $63,712 $65,237
DEMOGRAPHICS
Average House Value $330,225 $329,694$334,261
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NORCONORCO
3838 TYLER STREET3838 TYLER STREET
EASTVALEEASTVALE
CASTLE PARKCASTLE PARK
RIVERSIDERIVERSIDE
CORONACORONA
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Elizabeth Clark Laura MilshteynSenior Vice President Commercial Associate
310.691.7884 [email protected] [email protected] #01811246 CalDRE #01997655
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Population 1 Mile 2 Miles 3 Miles
Total Population 19,387 77,914 142,023
Average age 29.2 29.0 29.6
Average age (Male) 28.7 28.7 29.0
Average age (Female) 30.2 29.5 30.3
Households & Income 1 Mile 2 Miles 3 Miles
Total households 5,454 21,262 39,148
# of persons per HH 3.6 3.7 3.6
Average HH income $54,451 $63,712 $65,237
Average house value $334,261 $330,225 $329,694
* Demographic data derived from 2010 US Census
Demographics Map & Report
24 Elizabeth Clark Laura MilshteynSenior Vice President Commercial Associate
310.691.7884 [email protected] [email protected] #01811246 CalDRE #01997655
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Location Map
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AVIATION & AEROSPACE
FINANCIAL SERVICES
HEALTHCARE HOSPITALITY & TOURISM
INTERNATIONAL TRADE
OIL & ENERGY
REAL ESTATE TECHNOLOGY
The economic base has changed over the years. Oil extraction created a
boom and this was a Navy town for many years before the base closed . The
aerospace industry played an important role . Douglas Aircraft Company
(later McDonnell Douglas and now part of Boeing) had plants at the Long
Beach Airport where they built aircraft for World War II, and later built DC-
8s, DC-9s, DC-10s, and MD-11s. Boeing built the Boeing 717 until 2006 and
the C-17 Globemaster III strategic airlifter plant is scheduled to close. Even
after greatly reducing the number of local employees in recent years,
Boeing is still the largest private employer in the city. Polar Air Cargo, an
international cargo airline, was formerly based in Long Beach. TABC, Inc., a
part of Toyota, makes a variety of car parts, including steering columns and
catalytic converters, in Long Beach.
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RIVERSIDE CITYIt is the most populous city in the Inland Empire and in Riverside County, and is located about 50 miles (80 km) east of downtown Los Angeles. The city lies on the Santa Ana River. With San Bernardino and Ontario it forms a metropolitan complex east of Los Angeles. The city was laid out in 1870 in part on a section of Rancho Jurupa, a Mexican land grant of 1838. Initially named Jurupa, the city began as a silk-growing colony. Renamed Riverside, it developed as a citrus town; the state’s first Washington navel-orange trees, propagated from Brazilian cuttings, were cultivated there in 1873. The Parent Navel Orange Tree and the California Citrus State Historic Park are now popular local attractions.
Riverside is known for its citrus orchards, the University of California, Riverside campus and the historic Mission Inn Hotel & Spa. With its affordable housing options, it’s also an appealing spot for homebuyers. Riverside’s economy includes manufacturing and distributive and educational activities. March Air Reserve Base (until 1996 March Air Force Base), with a field museum containing vintage aircraft, is nearby. At the northern edge of the city is the Santa Ana River Regional Park, and south of the city is Lake Mathews. Mount Rubidoux is a popular site for slab rock climbing. Other area recreational attractions include Lake Perris State Recreation Area, Mockingbird Canyon, and Sycamore Canyon Park.
The median home value in Riverside is $394,400, while the median list price per square foot in Riverside is $239, according to Zillow’s data through May 31, 2018. Riverside’s home values have gone up 9 percent since 2017. Zillow analysts forecast home prices in Riverside will rise 4.4 percent between 2018 and 2019. Riverside boasts several distinctive neighborhoodsthat cater to both single professionals and families. Those who live in Riverside County can gas up their car and decide whether they’d like to visit their favorite Disney characters in Anaheim, hit the slopes in the San Bernardino Mountains, go wine tasting in Temecula or see the bright lights of Los Angeles. Riverside’s central proximity to many classic Southern California attractions makes it an attractive place to live.
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STEVE MCDONALD NORMAN LEEManaging [email protected] | 310-591-4744License #01054568
Senior Managing [email protected] | 213-596-2242License #01374832
All information furnished regarding property for sale, rental or financing is from sources deemed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease, or financing, or withdrawal without notice.
R
&
R
TYLER ST. (40,874 CARS PER DAY)HOLE AVE.
MAGNOLIA AVE. (30,239 CARS PER DAY)
(32,494 CARS PER DAY)
TYLER AVENUE
FINANCIAL FINANCIAL ANALYSISANALYSIS 4
RENTRENT ROLL
Tyler Street PlazaProperties: 3838-3870 Tyler Street, Riverside, CA Units: ActiveAs of: May 2021 Gross Potential Income $866,447
Expenses Reimbursement $212,650Total Gross Income $1,079,097Less Vacancy (3%) $32,373Less Expenses $338,650Net Operating Income $708,074Cap Rate 5.7%
Annualized Financial Statement
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Suite Tenant SqFt Lease Start Lease End Renewal Option
Base Rent ($/SF/Mo)
Base Rent (Month)
CAM (Month)
Rent(Base+CAM) Base Total/YR CAM Total/YR Total/YR CAM%
3838 Wendy's 2,000 1/13/2021 1/12/2046 $6.04 $12,083.33 $12,083.33 $145,000.00 $145,000.00 8.353
3852 Jenny's Nail & SPA 1,200 5/1/2021 4/30/2025 $2.89 $3,471.00 $593.76 $4,064.76 $41,652.00 $7,125.12 $48,777.12 1.394
3854 PC House 1,003 6/1/2020 MTM $1.99 $1,995.39 $412.48 $2,407.87 $23,944.68 $4,949.76 $28,894.44 1.165
3858 Smile Maker Dental 2,041 9/1/2019 8/31/2022 7, 1-Year $1.65 $3,367.65 $828.00 $4,195.65 $40,411.80 $9,936.00 $50,347.80 2.37
3860 Sola Salon Studios 5,467 1/1/2018 12/31/2027 3, 4-Year $1.67 $9,111.67 $2,007.60 $11,119.27 $109,340.04 $24,091.20 $133,431.24 6.349
3868 Capezio 2,100 2/1/2021 1/31/2022 $1.44 $3,030.89 $818.67 $3,849.56 $36,370.68 $9,824.04 $46,194.72 2.439
3870 Burlington Coat Factory 67,104 1/1/2020 12/31/2024 1, 4-Year $0.58 $39,144.00 $7,874.57 $47,018.57 $469,728.00 $94,494.84 $564,222.84 78
Total 80,915 $72,203.93 $12,535.08 $84,739.01 $866,447.20 $150,420.96 $1,016,868.16 100
ANNUALIZEDANNUALIZED FINANCIAL
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Property Tax (1.25%) $156,250Insurance $12,000Landscaping $26,400Security $96,000Management $36,000Maintenance $12,000Total Expenses $338,650Per Gross SF $4.18
Estimated Expenses
This information has been secured from sources we believe to be reliable, however we make no representations or warranties, expressed or implied, as to the accura-cy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
*Buyer to verify all information inclusive of square footage.
ADDITIONAL ADDITIONAL PHOTOSPHOTOS 5
OXFO
RD AVEN
UE
LAURA MILSHTEYNCOMMERCIAL ASSOCIATE
(310) [email protected]
DRE#: 01997655
ELIZABETH CLARKSENIOR VICE PRESIDENT
(310) [email protected]
DRE#: 01811246
ELIZABETH CLARKSENIOR VICE PRESIDENT
(310) [email protected]
DRE#: 01811246
LAURA MILSHTEYNCOMMERCIAL ASSOCIATE
(310) [email protected]
DRE#: 01997655
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