temecula parkway - loopnet€¦ · marbella at terracina has 5 and 6 bedroom homes as well as 3 to...

TEMECULA PARKWAY63 +/- ACRES MEDIUM DENSITY RESIDENTIAL AVAILABLE FOR SALE

De Portola Rd

Anz

a Rd

CII Arnaz

CII RO

cinate9.43Acres

5.69Acres

9.26Acres

16.79Acres

22.59Acres

TABLE OF CONTENTS

1. EXECUTIVE SUMMARY

2. PROPERTY INFORMATION

3. LOCATION INFORMATION

4. CONTACT INFORMATION

1EXECUTIVE SUMMARY

4 | TEMECULA PARKWAY | TEMECULA | CALIFORNIA | 92592

TEMECULA PARKWAYEXECUTIVE SUMMARY

The properties are located on the border of city limits of Temecula, California of Riverside County. The site is approximately 10 miles from the I-15 freeway and can be accessed directly via the Temecula Parkway exit. There are five separate parcels totaling 63.76 acres with the largest parcel of approximately 22.59 acres being on the Southern side of Temecula Parkway. Temecula Parkway is the main thoroughfare for Residential communities and shopping centers and is the gateway for the Temecula Valley Wine Country.

Situated just past Butterfield Stage, the properties are located near master planned communities such as Morgan Hill, Paseo Del Sol and Crown Hill. The west side of the parcels consists of single family homes and a grocery anchored shopping center. The subject site is also located near multiple schools, the closest being Vail Ranch Middle School.

Three miles southwest of the subject site, Lennar Homes has recently completed Marbella at Terracina. The total development includes 318 homes (206 homes developed by Standard Pacific Homes and 112 homes developed by Lennar Homes). Marbella at Terracina has 5 and 6 bedroom homes as well as 3 to 4.5 bathroom homes. Terracina is located in an unincorporated portion of Riverside County, adjacent to the City of Temecula.

The subject site is currently raw land without site improvements and current zoning allows for medium density Residential allowing 2-5 dwelling units per acre for single-family attached and detached residences. Lot sizes range from 5,500 to 20,000 square feet, typical 7,200-square foot lots allowed. Due to very few available parcels remaining in the area, there is a high demand for single family Residential lots in Temecula.

2PROPERTY OVERVIEW

TEMECULA PARKWAY


PROPERTY DETAILS

LOCATION: The subject properties are located on Temecula Parkway, directly past Butterfield Stage in the unicorporated area of Temecula in Riverside County, California. Located East of the I-15 Freeway.

JURISDICTION: Unincorporated Riverside County

PURCHASE PRICE: $5.72 Per Square Foot ($15,900,000)

SIZE: 63.76 Acres

ZONING: Medium Residential - 2-5 Dwelling Units per Acre

PROPERTY HIGHLIGHTS

• Close proximity to I-15, CA-79 Freeways

• Located on Temecula Parkway, a major thoroughfare and on-ramp access

• Near multiple residential developments and master planned communities

• Few residential development opportunities remaining

3LOCATION OVERVIEW

TEMECULA PARKWAY


De Portola Rd

Anz

a Rd

CII ArnazC

II ROcinate9.43

Acres5.69

Acres

9.26Acres

16.79Acres

22.59Acres

9 | CENTER STREET AND CALIFORNIA STREET | RIVERSIDE | CALIFORNIA | 92507

De Portola Rd

Anza RdCII Arnaz

Rancho California Rd

Butterfield Stage Rd

N

S

New Retail DevelopmentGateway to Temecula

Temecula Middle School

Temecula Valley High School

Rancho Christian School

Vail Ranch Middle School

Temecula Valley Hospital


HIGHGROVE 24


TEMECULA PARKWAY

Los Angeles

Temecula

San Diego

SUBJECT SITE

TEMECULA PARKWAY


DEVELOPMENT IMPACT FEES

Item Amount/UnitCriminal Justice Public Facilities $1,158.00Library Construction $80.00Fire Protection $481.00Traffic Improvement Facilities1 $457.00Traffic Signals $288.00Regional Parks $591.00Regional Trails $137.00Library Books $40.00Regional Multi-Service Center $53.00

Total Per Unit $3,285

1 Traffic facilities excludes traffic signals.

PROPERTY OVERVIEW | 11

TEMECULA PARKWAY


TEMECULA AREA OVERVIEW

• Temecula is a city in southwestern Riverside County, CA. Since its early beginning, the Temecula Valley has always been a place where, a combination of mild climate and beautiful rolling hills, have attracted human settlement. Temecula is bordered by the City of Murrieta to the north and the Pechanga Indian Reservation and San Diego County to the south. The City forms the southwestern anchor of the Inland Empire region, and is a prominent tourist destination.

• Temecula is both a very old community and a large, energetic city filled with exciting opportunities. In addition to the tourism sector, the educational, healthcare, leisure, professional, finance, and retail sectors all contribute to the city’s economy. Temecula as a city values its small town feel and community involvement, which has at its heart an appreciation for history and culture. Even their City slogan “Old Traditions, New Opportunities” reflects this appreciation. Temecula is a place where natural beauty, historic traditions, and modern conveniences combine to offer entertainment for people of all ages.

HISTORY• The city of Temecula is part of the Inland Empire Retail

Market. Market base is 8M square feet. 4Q15 had a vacancy rate of 6.0% and net absorption of positive 24,963 square feet. The region continues to see stable signs as the majority of the individual markets experiencing healthy and flat first half of the year total net absorption.

• The vacancy rates have decreased slightly with total vacancy for the city is now at 6.0%. Despite the lower lease rates, the asking sale prices and the lease activity shows a positive increase as companies continue to survey the multi-faceted idea in the new era of retail.

MARKET DESCRIPTION

• Temecula is home to over 8.3 million square feet of retail space and 82 retail centers. Its largest and most noteworthy centers include the 1.3 million square foot The Promenade, the 437,000 square foot Temecula Town Center, the 423,000 square foot Palm Plaza, and the 417,000 square foot Redhawk Town Center. Temecula also has an additional 140,000 square feet of retail in its development pipeline along with additional residential housing and multifamily units on the horizon.

RETAIL ACTIVITY

TEMECULA PARKWAY


TEMECULA AREA OVERVIEW

• Temecula is an affluent community. Supported by high median and mean income levels as well as the city’s favorable tourism and resort industries, the city is a prominent tourist destination, with the Temecula Valley Wine Country, Old Town Temecula, the Temecula Valley Polo Club, the Temecula Valley Balloon & Wine Festival, the Temecula Valley International Film Festival, championship golf courses, and resort accommodations attracting a significant amount of tourists which appreciably contributes to the city’s economic profile. Temecula has 39 parks, 22 miles of trails and 11 major community facilities.

• Visit Temecula Valley (VTV) announced a record $696 million in travel spending by visitors, record earnings of $219 million and a record 2.7 million visitors to Temecula Valley during its first ever “State of Tourism” event at Galway Downs in Wine Country. This represents a 4.7 percent increase over 2014 and the sixth consecutive year the tourism, leisure and hospitality industry has expanded.

• Pechanga Pechanga Resort and Casino brings Las Vegas to California. With over 3,000 slot and video machines, over 130 gambling tables, 7 restaurants, 517 gorgeous hotel rooms and suites, there is something for everyone. There is even a 1200 seat theater that brings the audience as close as possible to the performers. Pechanga is located just 14 minutes from the subject property.

SURROUNDING ACTIVITY

14

SURROUNDING ACTIVITY

• Temecula is an affluent community. Supported by high median and mean

income levels as well as the city’s favorable tourism and resort industries, the

city is a prominent tourist destination, with the Temecula Valley Wine Country,

Old Town Temecula, the Temecula Valley Polo Club, the Temecula Valley Balloon

& Wine Festival, the Temecula Valley International Film Festival, championship

golf courses, and resort accommodations attracting a significant amount of

tourists which appreciably contributes to the city’s economic profile. Temecula

has 39 parks, 22 miles of trails and 11 major community facilities.

• Visit Temecula Valley (VTV) announced a record $696 million in travel spending

by visitors, record earnings of $219 million and a record 2.7 million visitors to

Temecula Valley during its first ever “State of Tourism” event at Galway Downs

in Wine Country. This represents a 4.7 percent increase over 2014 and the sixth

consecutive year the tourism, leisure and hospitality industry has expanded.

• Pechanga Pechanga Resort and Casino brings Las Vegas to California. With

over 3,000 slot and video machines, over 130 gambling tables, 7 restaurants,

517 gorgeous hotel rooms and suites, there is something for everyone. There

is even a 1200 seat theater that brings the audience as close as possible to the

performers. Pechanga is located just 14 minutes from the subject property.

PECHANGA RESORT & CASINO - TEMECULA, CA

34613 CALLE ARNAZ | TEMECULA, CA 92592

AREA OVERVIEW

TEMECULA PARKWAY


TEMECULA DEMOGRAPHICS

POPULATION3 MILES 5 MILES 10 MILES

Estimated Population (2017) 44,707 96,656 233,409Census Population (2010) 39,114 86,929 205,015Projected Population (2022) 48,705 104,040 252,536HISTORICAL ANNUAL GROWTH2000-2010 6.64% 4.54% 6.52%2010-2017 1.86% 1.47% 1.81%PROJECTED ANNUAL GROWTH2017-2022 1.73% 1.48% 1.59%

HOUSEHOLDS3 MILES 5 MILES 10 MILES

Estimated Households (2017) 13,066 29,977 71,366Census Households (2010) 11,550 27,198 63,574Projected Households (2022) 14,140 32,071 76,660HISTORICAL ANNUAL GROWTH2000-2010 6.73% 4.58% 6.36%2010-2017 1.72% 1.35% 1.61%PROJECTED ANNUAL GROWTH2017-2022 1.59% 1.36% 1.44%

2017 POPULATION BY PRICE3 MILES 5 MILES 10 MILES

White 69.8% 68.5% 65.1%Black or African American 4.1% 4.1% 5.4%Asian 11.3% 10.8% 11.4%American Indian or Alaska Native 1.2% 1.4% 1.3%Pacific Islander 0.4% 0.4% 0.4%Other Race 6.0% 8.1% 9.5%Two or More Races 7.2% 6.7% 7.0%Hispanic 23.7% 26.3% 29.1%

2017 AGE BY GENDERMEDIAN AGE 3 MILES 5 MILES 10 MILESMale 34.50 34.40 33.10Female 35.80 36.10 35.10

HOUSEHOLD INCOMEMEDIAN AGE 3 MILES 5 MILES 10 MILES2017 Average $117,407 $105,996 $103,7992017 Median $101,151 $88,703 $85,072

MEDIAN AGE 3 MILES 5 MILES 10 MILES2017 Average $453,528 $446,895 $439,1612017 Median $392,795 $391,538 $381,821

VALUE OF HOUSING UNITS

TEMECULA PARKWAY


POPULATION

The Inland Empire has a population of more than 4.5 million, increased by 7% from 2010. Riverside County’s growth rate estimate for the 2017-2022 is just over 4.9%, according to the population estimates from the Enviornmental Systems Research Institute (ESRI) featuring GIS Software.

4.8 M

4.7 M

4.6 M

4.5 M

4.4 M

4.3 M

4.2 M

4.1 M2010 2017 2022 est.

POPULATION GROWTH

DATA SOURCE: ESRI AND THE INLAND EMPIRE ECONOMIC PARTNERSHIP QUARTERLY REPORT

4,224,851

4,542,092

4,776,920

HOUSING MARKET

According to the Inland Empire Economic Partnership Quarterly Report, the residential market is slowly moving toward expansion. Home prices for new homes have increased significantly. San Bernardino County has seen an increase of 3%, while Riverside County increased by 1.4%. Existing home prices have remained steady. Volume has also begun to increase with 2017 first quarter sales at approximately 16,750 units sold, the highest in 20 quarters. Riverside County had 7,048 existing home sales in the first quarter 2017, up 4.9% from 6,721 in 2016. San Bernardino County had 5,536 existing home sales, up 8.8% from 5,086 in the first quarter 2016.

Median price for a new home is $426,333Median price for a existing home is $312,952 Total Housing Units: 1,381,294 Owner Occupied: 877,041 Renter Occupied: 504,253Average Household Income: $80,989

RIVERSIDE COUNTY DEMOGRAPHICS

TEMECULA PARKWAY


JOB GROWTH

EMPLOYMENT

According to the Inland Empire Economic Partnership Quarterly Report, through 2016, 249,725 jobs have been created. The 2017 gain is forecasted to add another 46,600 jobs, up 3.3%. Unemployment is forecasted to drop to 5.3% in 2017, down from 5.9% in 2016. Importantly, among California’s metropolitan areas, the Inland Empire’s 2016 growth of 47,500 jobs ranked second after Los Angeles (109,200). The expansion will continue partly because of the area’s traditional advantages for blue collar/technical sectors (available land, modestly priced labor, growing population), as well as continued growth in health care, and a small addition of jobs in higher paying sectors.

According to ESRI there is a total of 112,556 businesses in the Inland Empire and 1,320,643 employees. The largest percentage of jobs, 15.9% (17,822 positions) is in Retail Trade.

INCOME

The average household income for the Inland Empire is $80,989 with 31% of the population earning between $45,000 - $55,000 and 55% of the population making $55,000.00 or more.

Under $30K32.8%

Over $60K15.6%

Office JobsOver $60K

13.5%Blue Collar Jobs

$40-$60K38.1%

RIVERSIDE COUNTY DEMOGRAPHICS

TEMECULA PARKWAY


63.76 Acres

4CONTACT INFORMATION

Brandon SudweeksPRESIDENT

[email protected]

CalBRE # 01435174

COLDWELL BANKER COMMERCIAL SC4250 EXECUTIVE SQUARE, SUITE 530

LA JOLLA, CA 92037(858) 300-6777

CBCSOCALGROUP.COM

Andy FarraSALES ASSOCIATE

[email protected]

CalBRE # 02013800

Chris Yeakey MANAGER

[email protected]

temecula parkway - loopnet€¦ · marbella at terracina has 5 and 6 bedroom homes as well as 3 to...

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