for sale: 10759 magnolia ave · nai capital 10759 magnolia ave | 10 area overview riverside county,...

N A I C A P I T A L 1 0 7 5 9 M A G N O L I A A V E | 1

Offering MemorandumThomas LamSenior Vice President909.348.0610 | [email protected] DRE License #01788071

RIVERSIDE, CA 92505

For Sa le :

10759 MAGNOLIA AVE


03 Executive Summary 04 Investment Highlights

05 Property Information 06 Rent Roll

07 Property Photos

08 Area Retail Map

09 Location Overview 10 Riverside County Area Overview

12 Demographics

13 Confidentiality Disclaimer

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.

10759 MAGNOLIA AVERIVERSIDE, CA 92505

Thomas LamSenior Vice President909.348.0610 | [email protected] DRE License #01788071


Executive SummaryInvestment Overview

Address: 10759 Magnolia AveRiverside, California 92505

Price: Riverside County

Cap Rate: 5.25%

Price Per Square Foot: $263.57

Occupancy: 100% Leased

Property Type: Neighborhood Retail Center

Shopping Center GLA: ±11,306 SF

Land Size: ±33,976 Acres

Parcel Number: 110-082-024

Year Built: 1994/ 2019 Newly Renovated

Ownership Type: Fee Simple

Magnolia AveMagnolia Ave

Jo

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Ave

Expenses Current

Real Estate Taxes: $23,624.81

Insurance: $8,653.00

Utilities: $5,300.00

Repairs & Maintenance: $5,000.00

Management Fee: $0.00

Total Operating Expenses: $42,580.81


Investment Highlights

• Excellent Long Term Tenant Mix• 100% Occupied Retail Center• Located in the corner of Magnolia Ave and Jones Ave• Easy Ingress/Egress• Directly Across from Kaiser Medical Center• Newly Renovated in 2019

Property Information


rent roll

SUITE TENANT NAME SQUARE

FEET TOTAL

LEASE TERM CURRENT RENTAL RATES RENTAL INCREASES LEASE TYPE

LEASE OPTIONS

Begin End $/ PSF Per Month Begin Monthly

A Mullen Flowers 2,080 11/1/2010 12/31/2024 $1.35 $2,500.00

1/1/2021 1/1/2022 1/1/2023 1/1/2024

$2,856.00 $2,913.12 $2,971.38 $3,030.81

Gross No

B Cisneros Salon 548 1/1/2019 12/31/2022 $1.73 $950.001/1/2020 1/1/2021

$979.00 $1,008.00

GrossOne

3-Year Option

C-D Anita & Romeo Catering 1,387 8/1/2017 7/31/2022 $1.76 $2,448.81 - - Gross No

E-F Chinese Massage 1,474 8/1/2019 1/31/2024 $1.42 $2,100.00

2/1/2020 2/1/2021 2/1/2022 2/1/2023

$2,163.00 $2,227.89 $2,294.73 $2,363.57

Gross No

G Alexander Clocks 946 1/1/2005 1/31/2024 $1.14 $1,075.00

1/1/2021 1/1/2022 1/1/2023 1/1/2024

$1,107.25 $1,140.47 $1,174.68 $1,209.92

Gross No

HNader Habil Tobacco Shop

989 5/1/2019 5/31/2024 $1.67 $1,652.00

5/1/2020 5/1/2021 5/1/2022 5/1/2023

$1,702.00 $1,753.00 $1,806.00 $1,860.00

GrossOne

5-Year Option

J-K Barber Shop 1,326 9/1/2018 8/31/2023 $1.13 $1,500.00

9/1/2019 9/1/2020 9/1/2021 9/1/2022

$1,545.00 $1,591.35 $1,639.09 $1,688.26

Gross No

L-N Desert Night Café 1,464 1/1/2005 1/31/2022 $1.71 $2,500.001/1/2021 1/1/2022

$2,575.00 $2,652.25

Gross No

O-PLos Alazanes Mexican Food

1,092 4/1/2016 3/31/2021 $1.44 $1,576.32 - - Gross No

Total Square Footage 11,306 Total Monthly Rent $16,602.13

Total Available - Total Annual Rent $199,225.56

Total Occupied 11,306


Property Photos


Area Retail Map

LocationOverview

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Area Overview

Rivers ide County, CA

Riverside County is situated in the southern portion of the state of

California, with Orange County on the western border, San Bernardino

County to the north, Arizona to the east, and San Diego County to the

south. An estimated 2.4 million residents call Riverside County home as

of 2018, making it the fourth-most populous county in California, and

the eleventh-most populous county in the United States overall. By land

area, Riverside County is the fourth largest county in California and

covers approximately 7,200 square miles. However, much of the county is

dominated by desert, confining much of the population toward the West.

Riverside County, along with San Bernardino County, form the Inland

Empire, which is one of the largest economic regions in California. The

U.S. Department of Commerce’s Bureau of Economic Analysis ranks

the Riverside-San Bernardino-Ontario MSA as the twenty-fifth largest

economy in the United States. Inexpensive land prices, relative to Southern

California, alongside a comprehensive transportation network, an ample

supply of vacant land and strong population growth have contributed to

the rise of the Inland Empire as a major economic region.


Area Overview

PopulationPopulation Forecast 2018-2023• Growth is expected at 1.1% per year• Migration will account for nearly half of the population growth.• Average of 12,100 net migrants per year.• Construction will add an average of 8,700 housing units per year

Riverside County has one of the fastest growing populations in California. Between 2012 and 2017, an average of 12,700 net migrants entered the county each year, and the population grew at an annual rate of 1.2 percent. Between 2018 and 2023, growth is expected at 1.1%. People are attracted to Riverside County’s affordable homes and employment opportunities. Across Coastal California, households often spend more than 35% of their income on mortgage payments and rent, compared to less than 25% in Riverside County on average. The growing population is spurring new housing construction, many of which are single-family homes due to the county’s large buildable land supply. From 2012 to 2017, an average of 6,400 homes were built each year. An average of 8,700 housing units, both single and multifamily, are expected to complete each year through 2023.

EconomyRiverside County’s economy is growing faster than many other counties in California. According to the California County-Level Economic Forecast 2018-2050, Riverside created jobs at a higher rate of 3.4% in 2017, compared to 2.0% for the broader state. As of March 2019, Riverside County had an unemployment rate of 4.7%, up 30 bps over March 2018. As much as 75% of future job growth in the next five years is expected to be concentrated in the Education & Healthcare, Leisure & Hospitality, Transportation & Warehousing, and Professional Business Services sectors.

Population Forecast 2018-2023• Total county-wide employment is forecast to grow 1.5% annually through 2023.• 75% of employment gains are expected in four sectors: Education & Healthcare, Leisure & Hospitality, Transportation & Warehousing, and Professional Business Services• March 2019 Unemployment Rate: 4.7%

Rank Employer EmployeesPercent of Total

1 County of Riverside 22,038 2.15%

2 March Air Reserve Base 9,000 0.88%

3 University of California, Riverside 8,829 0.86%

4Kaiser Permanente Riverside Med-ical Center

5,500 0.54%

5Corona-Norco Unified School District

5,478 0.53%

6 Pechanga Resort & Casino 4,750 0.46%

7 Riverside Unified School District 4,200 0.41%

8 Hemet Unified School District 4,058 0.40%

9Riverside University Health Sys-tem Medical Center

3,965 0.39%

10 Morongo Casino, Resort & Spa 3,800 0.37%

Source: Riverside County CAFR, 2017-2018

Top Employers

Riverside County’s economy is growing faster than many other counties in California. According to the California County-Level Economic Forecast 2018-2050, Riverside created jobs at a higher rate of 3.4% in 2017, compared to 2.0% for the broader state. As of March 2019, Riverside County had an unemployment rate of 4.7%, up 30 bps over March 2018. As much as 75% of future job growth in the next five years is expected to be concentrated in the Education & Healthcare, Leisure & Hospitality, Transportation & Warehousing, and Professional Business Services sectors.


Demographics

Population 1 Mile 3 miles 5 Miles

2019 Estimated Population 25,730 136,048 225,140

2024 Projected Population 27,608 145,837 240,976

2010 Census Population 24,412 123,199 205,800

2000 Census Population 22,362 109,173 170,394

Projected Annual Growth 2019 to 2024 1.5% 1.4% 1.4%

Historical Annual Growth 2000 to 2019 0.7% 1.0% 1.3%

2019 Median Age 30 34 34.8

Households 1 Mile 3 miles 5 Miles

2019 Estimated Households 6,923 39479 64679

2024 Projected Households 7,211 41095 67287

2010 Census Households 6,277 35724 58797

2000 Census Households 6,252 32495 50075

Projected Annual Growth 2019 to 2024 0.8% 0.8% 0.8%

Race & Ethnicity 1 Mile 3 miles 5 Miles

2019 Estimated White 49.9% 56.6% 56.4%

2019 Estimated Black or African American 3.8% 5.9% 6.7%

2019 Estimated Asian or Pacific Islander 3.7% 9.4% 20.1%

2019 Estimated American Indian or Native Alaskan 1.2% 0.8% 0.8%

2019 Estimated Other Races 37.1% 22.2% 19.8%

2019 Estimated Hispanic 76.6% 51.7% 47.2%

Income 1 Mile 3 miles 5 Miles

2019 Estimated Average Household Income $62,818 $99,554 $106,530

2019 Estimated Median Household Income $49,464 $80,282 $87,137

2019 Estimated Per Capita Income $16,922 $28,950 $30,886

Education 1 Mile 3 miles 5 Miles

2019 Estimated Elementary (Grade Level 0 to 8) 13.2% 7.7% 6.9%

2019 Estimated Some High School (Grade Level 9-11) 17.7% 9.5% 9.1%

2019 Estimated High School Graduate 33.5% 26.5% 25.5%

2019 Estimated Some College 16.7% 23.5% 24.3%

2019 Estimated Associates Degree Only 5.7% 8.6% 8.7%

2019 Estimated Bachelors Degree Only 9.4% 16.7% 17.2%

2019 Estimated Graduate Degree 3.8% 7.5% 8.2%

Business 1 Mile 3 miles 5 Miles

2019 Estimated Total Businesses 1,698 6,525 9,244

2019 Estimated Total Employees 15,194 62,001 84,186

ConfidentialityDisclaimer


The information contained herein does not purport to provide a complete or fully accurate 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 buyers may need or desire. All financial projections are based on assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and Broker and, therefore, are subject to material variation.

This Marketing Package does not constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the information herein. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective buyers.

Neither Owner nor Broker nor any of their respective officers, Agents or Principals has made or will make any representations or warranties, express or implied, as to the accuracy or completeness of this Marketing Package or any of its contents, and no legal commitment or obligation shall arise by reason of the Marketing Package or its contents. Analysis and verification of the information contained in the Marketing Package is solely the responsibility of the prospective buyer, with the Property to be sold on an as-is, where-is basis without any representations as to the physical, financial or environmental condition of the Property.

Owner and Broker expressly reserve the right, a their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice. Owner has no legal commitment or obligations to any entity reviewing this Marketing Package or making an offer to purchase the Property unless and until such sale of the Property is approved by Owner

in its sole discretion, a written agreement for purchase of the Property has been fully delivered, and approved by Owner, its legal counsel and any conditions to the Owner's obligations thereunder have been satisfied or waived.

This Marketing Package and its 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 called the "Contents"), are of a confidential nature. By accepting this Marketing Package, you unconditionally agree that you will hold and treat the Marketing Package and the Contents in the strictest confidence, that you will not photocopy or duplicate the marketing Package or any part thereof, that you will not disclose the Marketing Package or any of the Contents to any other entity (except in the case of a principal, who shall be permitted to disclose to your employees, contractors, investors and outside advisors retained by you, or to third-party institutional lenders for financing sought by you, if necessary, in your opinion, to assist in your determination of whether or not to make a proposal) without the prior authorization of the Owner or Broker, and that you will not use the Marketing Package or any of the Contents in any fashion or manner detrimental to the interest of the Owner or Broker.

Confidentiality Agreement


Thomas LamSenior Vice President

[email protected] DRE #01788071

NAI Capital - Sam Gabriel Valley21660 E Copley Dr., #320Diamond Bar, CA 91765

Due Diligence information available separately with a signed Non-Disclosure Agreement

No warranty, express or implied, is made as to the accuracy of the information contained herein. this in-formation 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 con-tained herein through a due diligence review of the books, records, files and documents that constitute

reliable sources of the information described herein. NAI Capital Cal DRE #01990696

CONTACT INFORMATION

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