residential development opportunity -...

JASON KIMMEL [email protected]+1 858 546 5414CA Lic. 01328121

TIM WINSLOW [email protected]+1 858 546 5436CA Lic. 00891667

KEVIN NOLEN [email protected]+1 858 546 5487CA Lic. 01840398

EXCLUSIVELY OFFERED BY:

RESIDENTIAL DEVELOPMENT OPPORTUNITY

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RIVERSIDE DRIVE | LAKE ELSINORE, CA 92530

240 Attached Residential Units or

120 Detached (For Sale) Residential Units

Cushman & Wakefield (hereinafter “CW”) has been retained as exclusive advisor by (the “Owners”) for the sale of approximately 10 acres real property located along Riverside Drive in the City of Lake Elsinore and described as APN 379-160-004.

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.

DISCLAIMER

Cushman & Wakefield4747 Executive Drive, 9th Floor San Diego, California 92121T 858.546.5400 F 858.630.6320 www.cushwake.com

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AERIAL VIEWS

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The development opportunity in Lake Elsinore, one of the fastest growing cities in California, creates a window of opportunity for a mixed-use, high-density residential, and/or commercial development. the property is located less than a mile from Lake Elsinore, Southern California’s largest freshwater lake.

Lake Elsinore’s Developer Fast Track Program suppports economic growth by creating favorable conditions for commercial and industrial developments. Upon conferring with the Planning Manager, Environmental Manager, and notifying principal interested agencies, the applicant is eligible for the Developer Fast Track Program program, which will expedite the entitlement process. Commercial or industrial development proposals that will significant value to the community can be processed as quickly as as 60 days.

• Approximately 10 acres of vacant land

• High density residential and General Commercial Zoning

• Proximity to Interstate 15

• Dual Zoning - R-3 High Density Residential and C-2 General Commercial

• Asking Price: $4,000,000

LOCATION Along Riverside Drive, between Joy Street and Walnut Drive, located in the city of Lake Elsinore, California.

APN 379-160-004 APPROX. LAND AREA ± 10.2664 Acres± 447,204 Square Feet

# OF UNITS± 120 Units with Commercial Frontage± 240 Units (with zone change)

EXECUTIVE SUMMARY

INVESTMENT HIGHLIGHTS

DEVELOPMENT INCENTIVES

PROPERTY OVERVIEW

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JOY

STRE

ET

APPROX.

± 10.2664

ACRES

AERIAL VIEWSW

5RIVERSIDE DRIVE

WALN

UT D

RIVE

RIVERSIDE DRIVELAKE ELSINORE, CA

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AERIAL VIEW

RIVERSIDE DRIVE

JOY STREET

NE

WALNUT DRIVE

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ZO

NIN

G

INFO

RM

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ION PROPERTY ZONING

R-3

C-2

N

JOY STREET

8

RIVERSIDE DRIVE

JOY STREET

HIGH DENSITY RESIDENTIAL R-317.84.010 Purpose • R-3 district is intended to provide locations for multiple-

family residential projects

• Project densities of up to 24 dwellings to the net acre

17.84.100 Building Height• Maximum building height is 30 feet

17.84.110 Minimum Dwelling Unit

• Bachelor apartment: 450 square feet

• One-bedroom apartments: 600 square feet

• Two-bedroom apartments: 700 square feet (plus 100 square feet for each additional bedroom)

GENERAL COMMERCIAL C-217.124.010 Purpose • C-2 district is intended to reserve appropriate locations

consistent with the General Plan to accommodate a full range of retail stores, offices, personal and business service establishments

• Scale commodities and services offered to meet the needs of the residents of the entire City

17.124.100 Lot Area• Minimum lot area for new lots in C-2 district shall be 25,000

square feet net

17.124.110 Building Height • Maximum building height shall be 45 feet

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ZO

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G

INFO

RM

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ION PARKING REQUIREMENTS

PARKING REQUIREMENTS 17.148Commercial Districts• One parking space shall be provided for each 250 square feet of gross floor area

Residential Single-Family Detached Dwellings • Two spaces per dwelling unit in a garage

• Plus two open spaces, which may be located in the driveway in a tandem position, in front of the garage door

• In lieu of the two open spaces in the driveway, one open space per dwelling unit may be provided elsewhere on the lot or in a common area in a planned unit development

Multifamily and Attached Single-Family Dwellings, Duplexes• (1) For studio and one-bedroom units: one covered space, plus two-thirds open space

per dwelling unit

• (2) For two or more bedrooms: one covered space, plus one and one-third open space per dwelling unit

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PARCEL MAP

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POR LA RANCHO LA LAGUNA

RIVERSIDE DRIVE

LIN

CO

LN

ST

RE

ET

BLK B1338

14

17

1912 18

23

15

22

12

13

14

15

11

37

161

± 2.50 AC

± 1.33 AC

± 2.45 AC ± 1.48 AC

± 1.17 AC

WA

LN

UT

DR

IVE

11

± 10.2 AC

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LOT 16

EC

ON

OM

IC

DE

VE

LOP

ME

NT

BUSINESS ADVANTAGES

As one of the fastest growing cities in California, Lake Elsinore offers many advantages to businesses in order to stimulate the economy and sustain this growth. Easy access to major freeways, available industrial and commercial land, a quality labor force of skilled and semi-skilled workers, and an economic philosophy geared towards assisting local businesses to grow, create a competitive environment where communities and businesses will thrive.

Market Driven Solutions

• Computerized information available from thousands of commercial databases

• Obtain information on competitors, look at trends within your particular industry, provide targeted mail lists, or create customized research reports

Geographic Information System (GIS)

• GIS capabilities provide computer mapping and geographic analysis for your business

• Demographics, consumer expenditures, lifestyle data, drive-time analyses, current customer and competitor locations

• Visualize and conduct analysis on your current and future market areas

• Free service to our business community, typically only available to large corporations because of its high cost.

Fiber Optics Network

• State-of-the-art Veriozon FIOS fiber optic network; wireless internet services

HUBZone Empowerment Contracting Program

• Federal contracting preferences offered to small businesses within a HUBZone (Lake Elsinore’s Industrial Parks)

ECONOMY - LAKE ELSINORE

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Transportation Networks

• 68 miles to San Diego, 74 miles to Los Angeles, 60 miles to Orange County, 30 miles to Riverside, Centrally located along the I-15 corridor

• Served by 5 international airports and 3 local commuter airports

• Railtransport through Santa Fe and UnionPacific available in San Bernardino

• Serviced by several trucking companies

No Utility Tax

• Businesses operating within Lake Elsinore do not pay utility taxes for the following:

• Electric

• Telephone

• Cellular

• Gas

• Water

DEVELOPMENT INCENTIVES

Developer Fast Track Program*

• Expedited entitlement process for development proposals with commercial or industrial projects that will add significant value to the community

• Applicant is eligible for program upon conferring with the Planning Manager, Environmental Manager, and notifying principal interested agencies

• Most projects can be processed within 60 days

*Exception: projects requiring technical or environmental studies

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LAND SALE COMPARABLES

21595-21625 Box Springs RdMoreno Valley, CA 92557

MAX # UNITS: 240SALE PRICE: $5,000,000PRICE/UNIT: $20,833.33

ACRES: 13.9PRICE/ACRE: $359,712.23

Mitchell CrossingMurrieta, CA 92562



Sycamore Canyon BlvdRiverside, CA 92507



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MULTI-FAMILY RENTAL COMPARABLES

Ridgestone39415 Ardenwood Way

Lake Elsinore, CA 92532

# OF UNITS: 352COMPLETED DATE: January 2008

RENTAL RATE: $ 1,510PRICE/SF: $ 1.55

River’s Edge2088 Lakeshore Drive

Lake Elsinore, CA 92530

# OF UNITS: 184COMPLETED DATE: January 2007

RENTAL RATE: $ 1,402PRICE/SF: $ 1.53

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LOCAL AMENITIES

RESTAURANTSChili’s

Jack’s BBQ Shack

Lone Star Steakhouse

Pints & Quarts Gastro Pub

AJ’s Fish Market

Longboard’s Island Grill6

5

4

3

2

1

COFFEE SHOPSThe Coffee Bean & Tea Leaf

Cups and Saucers Coffee House

Java Hut

Starbucks

Starbucks

Annie’s Cafe6

5

4

3

2

1

SHOPPINGTarget

Kirkland’s

Walmart

Outlets at Lake Elsinore

LA Fitness

Big 5 Sporting Goods

Walgreens

GNC

Big Lots

Lowe’s

Costco

Home Depot

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8

7

6

5

4

3

2

1

Bass Factory OutletBath & Body Works OutletCarter’sCasual Male XL OutletThe Children’s PlaceCorningware Corelle & MoreDairy QueenDressbarnFamous Footwear OutletFarmer Brown’s GiftsGap OutletGuess Factory StoreGymboree OutletHot TopicLevi’s® Outlet StoreLidsNike Factory StoreO’NeillPacSunThe Puma StoreSunglass HutVans

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12

16

9 87

6

4

3

11

2

2

3

4

5

6

2

3

1

56

4

5

1011

12

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AREA OVERVIEW

LAKE ELSINORE, CA

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LAKE ELSINORETOURISMVisitors to Lake Elsinore will discover a perfect climate, blue sky, clean air, world-famous thermal winds for aerial sports and, our crowning jewel, a sparkling 3,300 acre recreational lake for exciting water sports. All of this is set against the spectacular Ortega Mountains and Cleveland National Forest, providing opportunities for hiking, biking, bird-watching or just plain relaxing in the beauty that abounds in this outdoor recreation destination.

RECREATIONExtreme sports such as skydiving, hang-gliding and mountain biking are an everyday occurrence in Lake Elsinore. The lake beckons visitors and residents to its shores to enjoy boating, wakeboarding, fishing, water skiing, windsurfing, sunbathing, picnicking or playing on the beach. Beautiful, tree-shaded campgrounds and RV resorts surround the lake for overnight outdoor enthusiasts.

RETAILIf shopping is your game, we have that, too! The Lake Elsinore Outlets provides nearly 100 stores offering top brand-name merchandise at extraordinary values. Perhaps you would prefer to stroll the historic downtown district and search for rare finds in the numerous antique shops or stop and have a bite to eat at one of the many fine restaurants. Lake Elsinore’s over 100-year-old, historically refurbished downtown district, with its antique shops, museum, cozy restaurants and quaint shops framed with colorful window canopies and vintage street lamps, and reflects the charm reminiscent of the 1920s.

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DE

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AP

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1 MILE RADIUS

POPULATION

13,117

MEDIAN AGE

28.8

AVERAGE HOUSEHOLD INCOME

$61,280

DEMOGRAPHICS

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GR

AP

HIC

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3 MILE RADIUS

POPULATION

42,525

MEDIAN AGE

30.6


$67,807

DEMOGRAPHICS

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GR

AP

HIC

S

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5 MILE RADIUS

POPULATION

69,441

MEDIAN AGE

31.4


$73,387

DEMOGRAPHICS

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AE

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W

JOY STREET

RIVERSIDE DRIVE26

RIVERSIDE DRIVE, LAKE ELSINORE

WALN

UT DRIV

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JASON KIMMEL [email protected]+1 858 546 5414CA Lic. 01328121

TIM WINSLOW [email protected]+1 858 546 5436CA Lic. 00891667

KEVIN NOLEN [email protected]+1 858 546 5487CA Lic. 01840398

EXCLUSIVELY OFFERED BY:

residential development opportunity -...

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