1701-7 imperial avenue - loopnet · 2017. 6. 6. · property offering n coronado bridge venue...
TRANSCRIPT
KEVIN NOLEN858.546.5487
JASON KIMMEL858.546.5414
TIM WINSLOW858.546.5436
1701 - 7 I M P E R I A L AV E N U EE A S T V I L L A G E | S A N D I E G O | 9 2 1 0 1
3 2 - 7 2 ± U N I T SU N E N T I T L E D
C O N C E P T PLAN
Cushman & Wakefield (hereinafter “CW”) has been retained as exclusive advisor by Property Cellars, LLC (the
“Owner”) for the sale of approximately 7,921 sq. ft., real property located 1701-7 Imperial Ave, San Diego, CA
92101.
This Offering has been prepared by CW for use by a limited number of parties and does not purport to provide a
necessarily complete summary of the Property or any of the documents related thereto, nor does it purport to be
all-inclusive or to contain all of the information which prospective investors may need or desire. All projections
have been developed by CW, and designated sources and are based upon assumptions relating to the general
economy, competition, and other factors beyond the control of the Owner and CW, therefore, are subject to
variation. No representation is made by CW or Owner as to the accuracy or completeness of the information
contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to
the future performance of the Property. Although the information contained herein is believed to be correct,
CW or Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers
to exercise independent due diligence in verifying all such information. Further, CW, Owner, and its employees
disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for
omission from, this Investment Offering or any other written or oral communication transmitted or made
available to the recipient. This Offering does not constitute a representation that there has been no change in
the business or affairs of the Property since the date of preparation of the package. Analysis and verification of
the information contained in this package is solely the responsibility of the prospective purchaser.
Additional information and an opportunity to inspect the Property will be made available upon written request
to interested and qualified prospective investors.
Owner and CW each expressly reserve the right, at their sole discretion, to reject any and all expressions of
interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without
notice. Owner shall have no legal commitment or obligation to any entity reviewing this Offering or making
an offer to purchase the Property unless and until a written agreement for the purchase of the Property has
been fully executed, delivered, and approved by Owner and its legal counsel, and any conditions to Owner’s
obligations thereunder have been satisfied or waived. CW is not authorized to make any representations or
agreements on behalf of Owner.
This Offering and the contents, except such information which is a matter of public record or is provided in sources
available to the public (such contents as so limited herein are called the “Contents”), are of a confidential nature.
By accepting the package, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or
duplicate it, (iii) not to disclose the package or any of the contents to any other entity (except to outside advisors
retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you
have obtained an agreement of confidentiality) without the prior written authorization of Owner or CW, (iv) not
use the package or any of the contents in any fashion or manner detrimental to the interest of Owner or CW, and
(v) to return it to CW immediately upon request of CW or Owner.
If you have no further interest in the Property, please return this Investment Offering forthwith.
TABLEOF
CONTENTS
123
PROPERTY OFFERING
EXECUTIVE SUMMARY
COMPARABLE TRANSACTIONS
4SAMPLE STACKING PLAN - CONCEPT
PREPARED BY: KEVIN NOLEN858.546.5487
[email protected] Lic. #01840398
JASON KIMMEL858.546.5414
[email protected] Lic. #01328121
TIM WINSLOW858.546.5436
[email protected] Lic. #00891667
DISCLAIMER
5SAN DIEGO ECONOMIC OUTLOOK
P R O P E R T Y O F F E R I N GN
C O R O N A D O B R I D G E 1 7 T H S
T RE E T
I M P E R I A L A V E N U E
A P P R O X . 7 , 9 2 1 S Q F T
5
1701 - 7 I M P E R I A L AV E N U E S A N D I E G O , C A 92101
E X E C U T I V E S U M M A R YL O C A T E D S W C C O R N E R O F 1 7 T H & I M P E R I A L A V ED O W N T O W N S A N D I E G O ' S E A S T V I L L A G E
A P N5 3 5 - 6 3 0 - 0 1 - 0 0 E A S T O F I M P E R I A L
APPROX. LAND AREA± 0.18 AC 7,921 SQFTV A C A N T L A N D
ZONINGCCPD-MC: MIXED COMMERCIALALLOWS FOR VARIOUS USES WITHIN THE CENTRE CITY PLANNED DISTRICT
F.A.R. BASE MINIMUM & MAXIMUM F.A.R. 2.00 - 3.00
MAXIMUM F.A.R. THROUGH BONUS PAYMENT +2.0
BONUS F.A.R. FOR SPECIFIC AMENTITIES AND/OR PARKS TDR3.0
MAXIMUM F.A.R. (WITH ALL INCENTIVES/BONUSES/TDR) 6.0
A S K I N G P R I C E$ 1 , 9 9 0 , 0 0 0 . 0 0$ 2 5 1 . 2 3 P E R S Q F T
1701 - 7 I M P E R I A L AV E N U E S A N D I E G O , C A 92101
5
1 2 3
ADDRESS 202 PARK BOULEVARD SAN DIEGO, CA 92101
1310-1318 K STREET SAN DIEGO, CA 92101
460 16TH STREET SAN DIEGO, CA 92101
SALE PRICE $32,365,000 $20,000,000 $17,210,000SF 61,420 52,499 59,677
$/SF $526.95 $380.96 $288.39
AC 1.41 1.21 1.37
SALE DATE MARCH 6, 2015 APRIL 3, 2015 APRIL 14, 2015
4 5 6
ADDRESS 325 PARK BOULEVARD SAN DIEGO, CA 92101
405 16TH STREET SAN DIEGO, CA 92101
1492 K STREET SAN DIEGO, CA 92101
SALE PRICE $12,100,000 $1,775,000 $3,500,000SF 38,841 7,492 12,545
$/SF $311.53 $236.91 $278.99
AC 0.92 0.17 0.29
SALE DATE SEPTEMBER 9, 2015 AUGUST 18, 2016 SEPTEMBER 29, 2016
6
1
54
3
2
CO M PA R A B L E T R A N S AC T I O N S
WEST
2 WEST ELEVATION1/8" = 1' - 0"
1NORTH ELEVATION1/8" = 1' - 0"
EAST
FLOOR PLAN - LEVEL 2
LEVEL USE NO. AREA (GSF)
UNIT AREA TOTAL
GROSSING FACTOR
EST. BUILDING AREA
1 RETAIL 700 1.1 770
1 RETAIL 2,000 1.1 2,200
1 LOBBY 500 1.1 550
2 STUDIO 12 500 6,000 1.1 6,600
2 2B + 1BA 0 900 1.1
3 STUDIO 12 500 6,000 1.1 6,600
3 2B + 2BA 0 900 1.1
4 STUDIO 12 500 6,000 1.1 6,600
4 2B + 2BA 0 900 1.1
5 STUDIO 12 500 6,000 1.1 6,600
5 2B + 2BA 0 900 1.1
6 STUDIO 12 500 6,000 1.1 6,600
6 2B + 2BA 0 900 1.1
7 STUDIO 12 500 6,000 1.1 6,600
7 2B + 2BA 0 900 1.1
TOTAL 72 TOTAL 39,200 TOTAL 43,120
STUDIO 72 100%
2B+1BA 0
3B+2BA 0
TOTAL 72
ALLOWED 4800
SITE AREA 8000
TOTAL FAR 6
BASE FAR 3
BONUS FAR 3
LEVEL STALLS
1 0
B1 17
B2 17
TOTAL 34
NO UNITS
STALLS PER UNIT
STALLS REQUIRED
STALLS PROVIDED
72 0.5 36 34
PARKING
AFFORDABLE STUDIO
PROJECT MIX
north
P R O P O S E D P R O J E C TS TAC K I N G P L A N S
AREA HIGHLIGHTS & COMMUTE TIMESSAN DIEGO
INTERNATIONAL AIRPORT15 MINUTE DRIVE
GASLAMP DISTRICT5 MINUTE DRIVE
GROCERY STORE5 MINUTE DRIVE
TROLLEY STATION20 MINUTE WALK
HORTON PLAZA MALL5 MINUTE DRIVE
SEAPORT VILLAGE10 MINUTE DRIVE
PETCO PARK10 MINUTE WALK
CONVENTION CENTER5 MINUTE DRIVE
1701-7 I M P E R I A L AV E
1420 KETTNER BLVD 10
3
2
9
1112
1
6
4
5
8
7
13
NO. DEVELOPER PROJECT NAME UNITS
1 H.G. Fenton Company Reader Building 125
2 CityMark Development Kettner Lofts / AV8 129
3 Corky McMillin Palatine Little Italy 101
4 Richman Group F11 99
5 StreetLights Residential StreetLIghts Makers Quarter 291
6 Wood Partners The Rey 939
7 Trammell Crow Residential Alexan San Diego 313
8 Lowe Enterprises IDEA 1 282
9 Richmond Group Library Tower 226
10 Willmark Communities Park and C Street 108
11 Lennar Hybrid 368
12 Greystar Ballpark Village 713
13 Alliance Residential Broadstone Makers Quarter 269
SAN DIEGO ECONOMIC OUTLOOK MULTI-FAMILY DEVELOPMENT PIPELINE
8, 562 UNITS UNDER CONSTRUC TION, ENTITLED, AND PL ANNED; 3,74 6 UNITS COMPLE TED BY DECEMBER 2017.
10
3,746 MULTI-FAMILY UNITS UNDER CONSTRUCTION
2015 2016 Y-T-D MARKET CHANGE
EMPLOYMENT RATE 4.8% 4.7% - 2.13 %
UNEMPLOYMENT RATE
5.1% 4.7% - 8.51 %
LABOR FORCE 1,564,200 1,522,500 - 2.74 %
*All Information CoStar 16Q4 – San Diego – Apartment State of Market Report
DOWNTOWN SAN DIEGOMULTI-FAMILY MARKET TRENDS
UN
ITS
YEAR'05 '06 '08 '09'07 '10 '11 '13 '14'12 '15 '160
400
300
200
100
700
500
800
600
1,000
900
ANNUAL SUPPLY, DEMAND, & VACANCY
6.2%
8.0%
5.0%5.5%
6.3%
8.5%
6.2%
4.9%
7.2%
6.9%
9.1%
4.0%
SAN DIEGO LABOR MARKET
DEMAND
SUPPLY
VACANCY AVERAGE
VACANCY RATE
8.1%
5.0%
1.8%
(5.2%)
(1.8%)
(6.8%)
2.4% 2.8%2.8%4.0%
5.2% 5.5%
2%
0%
8%
4%
10%
6%
(2%)
(4%)
(6%)
(8%)'05 '06 '08 '09'07 '10 '11 '13 '14'12 '15 '16
UN
ITS
YEAR
ANNUAL MARKET RENTAL RATE
D O W N TO W N S A N D I E G OM U LT I - FA M I LY M A R K E T T R E N D S
MILE RADIUS1D E M O G R A P H I C S
MILE RADIUS3MILE RADIUS5
0-4 5-9 15-19 20-2410-14 25-34 35-44 55-64 65-7445-54 75-84 85+
20%
0
15%
10%
5%
30%
25%
Perc
ent
Population by Age
0-4 5-9 15-19 20-2410-14 25-34 35-44 55-64 65-7445-54 75-84 85+
20%
0
15%
10%
5%
30%
25%
Perc
ent
Population by Age
0-4 5-9 15-19 20-2410-14 25-34 35-44 55-64 65-7445-54 75-84 85+
16%
0
12%
8%
4%
24%
20%
Perc
ent
Population by Age
POPULATION BY INCOME
$35,485Median Household Income
$62,469Mean Household Income
$50,500Median Household Income
$78,427Mean Household Income
$45,782Median Household Income
$69,350Mean Household Income
1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS
Annual Income $50-$149
30.0% 37.8%
Annual Income $50-$149
$200+
$159-$199
$100-$149
$75-$99
$50-74
$35-$49
$25-$34
$15-$24
<$15
$200+
$159-$199
$100-$149
$75-$99
$50-74
$35-$49
$25-$34
$15-$24
<$15
$200+
$159-$199
$100-$149
$75-$99
$50-74
$35-$49
$25-$34
$15-$24
<$15
37.6%
Annual Income $50-$149
POPULATION BY AGE
2016 Population
41,255
33.8Median Age
Median Age
32.7
2016 Population
33.6Median Age
2016 Population
INCOME BRACKETS
187,005
482,051
2016
2021
POPULATION YEAR
1 MILE RADIUS
3 MILE RADIUS
5 MILE RADIUS
KEVIN NOLEN858.546.5487
JASON KIMMEL858.546.5414
TIM WINSLOW858.546.5436