179-183 hartz avenue for sale danville, ca 94526 hartz ave danville... · sale by lots of pasta,...

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MULTI-TENANT RETAIL BUILDING 179-183 Hartz Avenue

Danville, CA 94526

SHAWN WILLIS 925.988.0502

[email protected]

INCOME PROPERTY SERVICES

1343 Locust Street, Suite 205

Walnut Creek, CA 94596

DRE # 01095619

OFFERED AT

$1,250,000

FOR SALE

CONTENTS Contents ...............................................................................Page 2

Executive Summary .............................................................Page 3

Danville Concept Plan ..........................................................Page 4

Schedule of Leases ..............................................................Page 5

Financial Analysis & Investment Summary .........................Page 6

Comparables ................................................................ Pages 7-12

Rent Survey & Photos Rent Survey Map Sales Comparables & Photos Sales Comparables Map

Neighborhood Aerial View ................................................ Page 13

City Map ............................................................................ Page 14

Regional Map .................................................................... Page 15

Parcel Map ........................................................................ Page 16

Copyright © 2013 Income Property Services. All rights reserved. The information provided herein is for general purposes only and is subject to change without notice. Nothing contained herein is intended to a binding representation. The owner and broker make no representation as to the information contained herein, or as to the character, occupancy, or configuration of the property described herein. It is the responsibility of the prospective buyer to independently verify all of the information.

EXECUTIVE SUMMARY

The subject property is a single story, block building completed in approximately 1953, located in desirable, downtown Danville. The building has excellent visibility and identity near the intersection of Hartz Avenue and Linda Mesa. It was designed for retail with space/size flexibility in mind, plumbing for restrooms in each unit, separate metering for all utilities, plus abundant storefront windows. The property is zoned “Downtown Zoning District 4,” per the Town of Danville. This allows flexibility in types of retail business uses. There is a total population of 70,375 within a three mile radius and an average daytime population of 104,928. There are 38,792 households within a 3 mile radius with an average income of $153,100.

HIGHLIGHTS ADDRESS 179-183 Hartz Avenue, Danville, CA 94526 BUILDING SQ. FT. Approximately 3,550 +/- (per Contra Costa County) LOT SIZE To Be Determined YEAR BUILT Approximately 1953 (per Contra Costa County) APN 199-330-008 THOMAS BROTHERS 652J2

ZONING “DB4” or Downtown Business District 4 DESCRIPTION One story, multi-tenant retail building CONSTRUCTION Block ROOF Rolled composition

HVAC Individual UTILITIES Separately metered PARKING Off site [1]

[1] Town of Danville has recently acquired a portion of the property through eminent domain as part of the town’s beautification project. Please contact listing broker for more information.

DANVILLE CONCEPT PLAN

SCHEDULE OF LEASES

SUITE # TENANT NAME

APPROX. RENTABLE

SQ. FT.

% OF BLDG.

CURRENT MONTHLY

RENT

CURRENT MONTHLY RENT/USF

ESTIMATED MARKET

RENT

MARKET MONTHLY RENT/USF

ORIGINAL LEASE

COMMENCEMENT EXPIRATION INCREASE OPTION

183 Tana's Nail Salon 1,398 40.0% $2,248.00 $1.61 $2,796.00 $2.00 3/21/1996 3/31/2015 N/A N/A

179 Savage Signs 1,083 31.0% $1,000.00 $0.92 $2,166.00 $2.00 12/8/2011 MTM N/A N/A

181 AVAILABLE 1,013 29.0% $0.00 $0.00 $2,026.00 $2.00 N/A N/A N/A N/A

TOTALS 3,494 100.0% $3,248.00 $0.93 $6,988.00 $2.00

Architect’s conceptual rendering of façade improvements with neighboring parcel included By William Wood Architects (925) 820-8233

FINANCIAL ANALYSIS & INVESTMENT SUMMARY

TENANTS APPROXIMATE

RENTABLE SQ. FEET

CURRENT CURRENT

RENT/ SQ FT

ESTIMATED MARKET RENTS

RENT/ SQ FT

Nail Salon 1,398 $2,248 1.61 $2,796 2.00 Sign Shop 1,083 $1,000 0.92 $2,166 2.00 AVAILABLE 1,013 $0 - $2,026 2.00 TOTALS [1] 3,494 $3,248 $6,988

INCOME MONTHLY RENT $3,248 $6,988 ANNUAL RENT $38,976 $83,856 VACANCY/BAD DEBT 5.00% ($1,949) $0 GROSS RENT $37,027 $83,856 NNN Recapture [2] $0 $21,555 TOTAL INCOME $37,027 $105,411

EXPENSES GROUNDS Actual $0 $0 INSURANCE Actual $2,891 $2,891 PROPERTY TAXES 1.0920% $13,650 $15,288 LEVIES AND ASSESSMENTS Actual $876 $876 REPAIRS & MAINTENANCE Estimated $1,500 $1,500 REPLACEMENT RESERVE Estimated $1,000 $1,000 PG&E/UTILITIES Tenants $0 $0 WATER Tenants $0 $0 MANAGEMENT Estimated $0 $0 TOTAL EXPENSES $19,917 0.48 $21,555 0.51

NET OPERATING INCOME $17,110 $83,856 DEBT SERVICE ($48,129) ($48,129) CASH FLOW ($31,019) $35,727 PRINCIPAL PAY-DOWN $17,520 $17,520 TOTAL RETURN ($13,499) $53,247

CAP RATE 1.37% 6.71% PRICE PER FOOT $357.76 $357.76

CASH ON CASH -6.2% 7.1% TOTAL PRE-TAX RETURN -2.7% 10.6%

LISTING PRICE $1,250,000 $1,250,000 DOWN PAYMENT $500,000 40% $500,000 40%

PROPOSED FIRST LOAN [3] $750,000 60% $750,000 60%

[1] County tax record indicates 3,550 s.f.-BUYER TO VERIFY [2] None currently; projected [3] 4.125%, 25 year amortization - SBA Financing may also be available

DANVILLE RENT SURVEY & PHOTOS

179-183 Hartz Avenue

171-77 Hartz Avenue

121 Hartz Avenue

100 Railroad Avenue

1 Railroad Avenue

178 E Prospect Avenue

90 Railroad Avenue

3,000 square feet, high identity retail building in the heart of downtown Danville

5,077 s.f. with on-site parking, next door to subject property, 100% occupancy, near Trader Joe's

Total available for rent is 1,275 s.f. (completed lease, not asking rent)

A block from Trader Joe's, plumbing for 8 restrooms, 9 HVACs, and many windows

1,200 s.f. available, anchored by Trader Joe's & Starbucks. Bene-fits from high traffic counts, new construction, 16 security cameras

3,280 s.f. available on first or second floor. For use as retail or office space

4,000 s.f. available, divisible to 1,000 s.f. Complete renovation of historic building

$1.62/s.f./month Modified Gross (current average)

$1.75/s.f./month NNN

$2.66/s.f./month Modified Gross (closed transaction)

$2.25/s.f./month Modified Gross $2.10/s.f./month NNN




RENT SURVEY PHOTOS

171-77 Hartz Avenue 121 Hartz Avenue 100 Railroad Avenue.

1 Railroad Avenue 178 East Prospect Avenue 90 Railroad Avenue

RENT SURVEY MAP

171-77 Hartz Avenue

121 Hartz Avenue

SUBJECT PROPERTY 171-183 Hartz Avenue

1 Railroad Avenue

100 Railroad Avenue

178 E. Prospect Avenue

90 Railroad Avenue

SALES COMPARABLES

ADDRESS SALE PRICE

SQUARE FEET

COST/ SQ. FOOT CAP BUILT SOLD COMMENTS

522 Hartz Avenue Danville $3,000,000 5,390 $556.59 N/A 1960 10/1

2013 Multi-tenant building first floor retail, second floor offices. Fully occupied at time of sale, parking in rear of site.

1459-79 E. Newell Avenue Walnut Creek $3,300,000 8,174 $403.72 N/A 1967 4/29

2013 Single story, multi-tenant retail building near Kaiser Hospital. 85% leased at time of sale, .92 acre parcel with parking. All cash sale.

1345-49 Locust Street Walnut Creek $1,900,000 3,675 $517.01 N/A 1965 3/13

2013

Multi-tenant retail building in downtown. Mostly vacant at time of sale, new owner seeking restaurant tenants. .15 acre parcel with some parking, 71% new loan with First Republic Bank.

1524 Locust Street Walnut Creek $3,385,000 6,105 $554.46 N/A 1950 2/20

2013

Single story retail building in downtown. Fully occupied at time of sale by Seller, Buyer will occupy most of the building with a day spa. 72% LTV loan with Mechanics Bank.

294 Railroad Avenue Danville $1,250,000 2,870 $435.54 N/A 2001 2/13

2013

Multi-tenant retail building with four parking spaces and 270 s.f. storage mezzanine. Occupied at time of sale by fitness studio and Swings N Things. .11 Acre parcel.

171-181 Hartz Avenue Danville $1,635,000 5,077 $322.04 5.60% 1953 6/11

2012

Multi-tenant retail building with high identity location. Fully occupied at time of sale by Lots of Pasta, Danville Bike, Danville Liquors. Seller carried 25% first loan for 2 years, .31 acre parcel.

120 W. Linda Mesa Danville $765,000 1,333 $573.89 N/A 1925 6/5

2012 Single family house converted to commercial at the corner of W. Linda Mesa and Railroad Avenue. Owner/user purchase with 100% cash.

AVERAGES $2,176,429 4,661 $480.46 5.60%

550 Hartz Avenue Danville [1] $2,300,000 5,792 $397.10 5.30% 1960 IN

ESCROW Multi-tenant building ground floor retail and second floor offices. Fully occupied, parking in rear of site. Approximately 100' of frontage on Railroad Avenue

350 Railroad Avenue Danville $1,895,000 3,315 $571.64 N/A 1999 IN

ESCROW Pride of ownership property with ground floor retail and second floor offices. Four on site parking spaces. Separately metered electricity.

[1] In escrow at more than the list price - 5 offers received

1524 Locust Street, Walnut Creek 171-181 Hartz Avenue, Danville 294 Railroad Avenue, Danville

SALES COMPARABLE PHOTOS

1459-79 E Newell Avenue, Walnut Creek 1345-49 Locust Street, Walnut Creek 522 Hartz Avenue, Danville

120 W Linda Mesa, Danville 550 Hartz Avenue, Danville 350 Railroad Avenue, Danville

SALES COMPARABLES MAP

1345 Locust St Walnut Creek

1524 Locust St Walnut Creek

1459 E Newell Avenue Walnut Creek

SUBJECT PROPERTY 171-183 Hartz Avenue

120 West Linda Mesa Danville

294 Railroad Avenue Danville

522 Hartz Avenue Danville

550 Hartz Avenue Danville

350 Railroad Avenue Danville

NEIGHBORHOOD AERIAL VIEW

SUBJECT PROPERTY 179-183 Hartz Avenue Danville, California

CITY MAP


REGIONAL MAP


PARCEL MAP


Due to recent acquisition of a portion of the parcel by the Town of Danville, this parcel map is no longer accurate. Please see listing broker for details.

179-183 hartz avenue for sale danville, ca 94526 hartz ave danville... · sale by lots of pasta,...

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