retail property for sale winston plaza · 2019. 9. 24. · winston plaza is located within the...

RETAIL PROPERTY FOR SALE WINSTON PLAZA24 8-278 NORTH SANDERSON AVENUE , HEMET, CA 9 25 4 5

$ 5,50 0,0 0 0

OFFERING MEMORANDUM

Table of Contents

No warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein. Logos are for identification purposes only and may be trademarks of their respective companies. NAI Capital, Inc. Cal DRE Lic. #01990696.

Pablo Rodriguez Executive Vice President | [email protected] | CA DRE #01870757

1. Investment Highlights

2. Financials

3. Investment Information

4. Site Plan

5. Property Photos

6. Location Map

7. Drivetime Map

8. Retail Map

9. Hemet Riverside County, CA

10. Demographics

247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545

INVESTMENT HIGHLIGHTS

Offering Summary

SALE PRICE: $5,500,000

CAP RATE: 6.05%

YEAR 1 NOI: $333,006

PRICE / SF: $249.92

LOT SIZE: 1.97 Acres

YEAR BUILT: 2006

BUILDING SIZE: 22,007 SF

Occupancy: 84%

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-positioned investment situated in one of the fastest grow-ing 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 transpor-tation in Hemet, at the intersection of Sanderson and Devonshire Avenues, in close proximity to Highway 74. The investment is between 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 employers are Hemet Unified School District, Valley Health System, Walmart and Deutsch Industrial


FINANCIALS

Tenant SF Lease StartedLease End

Dec. 2019 Rent/SF Dec. 2019 Rent/Mo Rental Increases Lease Type Renewal Options

235 Subway 1,300 5/1/2005 11/30/2020 $1.95 $2,535 "Annual CPI Increase (Min CPI% / Max 3%)

(12/20)"NNN 2-Five Yr

239 Sunshine Dental 1,200 9/1/2009 2/29/2020 $1.76 $2,112 "Fair Market Value at

Option (2/20)"

NNN 2-Two Yr

243 Aguayo Insurance 1,109 1/1/2017 12/31/2020 $1.25 $1,386 "Annual CPI Increase (Min 3% / Max 6%)

(10/20)"NNN 1-Three Yr

247 Dream Spa 1,436 6/1/2017 5/31/2020 $1.47 $2,111 2% Annually (9/20) NNN 1-Two Yr

249 Gettin Faded Barber Shop 1,042 9/15/2019 9/1/2024 $1.45 $1,510 3% Annually (9/20) NNN 1-Five Yr

251 Nail Salon 1,400 7/1/2019 6/31/2022 $1.35 $1,890 3% Annually (7/20) NNN None

255 Celebrity Hair Salon 1,500 2/1/2011 1/31/2020 $1.57 $2,355 3% Annually (3/20) NNN None

259 Paradise Market 1,920 2/1/2016 1/31/2026 $2.40 $4,612 2% Annually (7/21) NNN 2-Five Yr

263 Nanami Sushi 1,500 2/1/2018 1/31/2021 $1.49 $2,240 5% Annually (2/24) NNN 2-Three Yr

267 Cleaners 1,500 12/1/2012 11/30/2018 $1.25 $1,875 None NNN None

269 Vacant 1,230 $0.00 $0

271 Vacant 1,260 $0.00

275A Waba Grill 1,600 8/1/2018 1/31/2029 $1.55 $2,472 "3% Annually

(8/20)"NNN 2-Five Yr

275B Vacant 1,130 $0.00 $0

281 Cotijas Taco Shop 2,880 1/1/2016 12/31/2021 $1.39 $3,991 4% Annually (2/20) NNN 1-Five Yr

TOTAL SQUARE FOOTAGE:22,007 $29,090

Total Monthly Rent

TOTAL AVAILABLE: 3,620 16% Vacancy $349,074 Total Annual Rent

TOTAL OCCUPIED: 18,387 84% Occupancy


FINANCIALS

Annualized Operating Data Dec. 2019

Scheduled Gross Income (SGI) $349,074

Expense Reimbursement $129,670

Total Operating Income $478,744

Total Operating Expenses ($145,738)

Net Operating Income $333,006

Purchase Price 5,500,000 Current 6.05%

Operation Expenses Amount

Taxes (1.1%) ($62,314)

Insurance ($1,500)

CAM ($65,724)

Management Fee ($16,200)

Total Expenses ($145,738)


INVESTMENT INFORMATION

Property Overview

• Multi-tenant neighborhood shopping center located on major arterials in

Hemet, California (South Riverside County).

• 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 internet-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.


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 SUBWAY239 DENTIST

243 INSURANCE

247 DREAM SPA

249 VACANT

251 NAIL SALON

255 HAIR SALON

259 MARKET

263 NANAMI SUSHI

267 DRY CLEANERS

269 VACANT

271 VACANT

1,300 SF 1,200 SF 1,109 SF 1,436 SF 1,042 SF 1,400 SF 1,500 SF 1,920 SF 1,500 SF 1,500 SF 1,230 SF 1,260 SF

275A WABA GRILL 1,600 SF

275B VACANT 1,130 SF

281 COJITAS MEXICAN FOOD 2,880 SF

INVESTMENT INFORMATION


PROPERTY PHOTOS


LOCATION MAP

SITE


DRIVETIME MAP


RETAIL MAP

TARGET

SITE

BURGER

HEMET


HEMET RIVERSIDE COUNTY, CA

Hemet is situated in the San Jacinto Valley of Riverside County in Southern California. Born from agricultural roots, Hemet began first as a cattle ranch in the early 1800’s and became a farming community thanks to a reliable water supply from the Hemet Dam in 1895. During World War II, the city hosted the Ryan School of Aeronautics, training Air Force pilots between 1940 and 1944. Hemet-Ryan Airport still exists today at the site of the flight school. The modern City of Hemet came to life in the 1960s when large-scale resi-dential development began, including the nation’s first mobile home park, and Hemet became known as a working-class retirement community. Single-fam-ily subdivisions took off in the 1980s, which brought a flood of residents and retailers that catered to the local population. Today, the city has a population of about 86,585. Hemet retains its retirement orientation but is also attracting younger families who provide services to the senior population or who are fleeing the more urbanized areas of Southern California. The area’s affordabil-ity, its proximity to employment centers including Corona, Riverside and San Bernardino, and its rural charm make it an attractive location for working-class families priced out of other areas of Southern California. The economy is based primarily on service to the senior community and ancillary services such as healthcare, retail and education.

Fast Facts:

Size: 28 square milesPopulation: 86,585*Estimated Households: 32,962*Average Household Income: $50,692**2019, Estimated by Applied Geographic Solutions

Rank Employer Employees

1 Hemet Unified School District 3,642

2 Physicians For Healthy Hospitals 1,042

3 Horizon Solar 650

4 County of Riverside 509

5 Gosch Ford, Toyota, Hyumdai & Inland Chevrolet 447

6 Walmart Supercenter 400

7 TE Connectivity 380

8 City of Hemet 300

9 Manorcare Health Services 285

10 Forest River, Inc. 284Source: City of Hemet CAFR 2018


DEMOGRAPHICS

Population 1 Mile 3 miles 5 Miles

Total Population 13,164 88,359 156,016

Median Age 44.7 39.7 37.7

Median Age (Male) 41.5 37.4 35.8

Median Age (Female) 47.6 41.8 39.5

Households 1 Mile 3 miles 5 Miles

Total Households 5,642 32,488 54,378

Average HH Size 2.3 2.7 2.8

Income 1 Mile 3 miles 5 Miles

Average HH Income $46,209 $50,863 $54,806

Median Home Value $222,269 $241,657 $257,741

Source: NAI Capital Research, CoStar

Investment Advisor:

Pablo Rodriguez Executive Vice President | [email protected] | CA DRE #01870757

NAI Capital - Palm Desert

75-410 Gerald Ford Drive, Suite 200

Palm Desert, CA 92211

No warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein. Logos are for identification purposes only and may be trademarks of their respective companies. NAI Capital, Inc. Cal DRE Lic. #01990696.

RETAIL PROPERTY FOR SALE WINSTON PLAZA

retail property for sale winston plaza · 2019. 9. 24. · winston plaza is located within the...

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