free standing commercial building ±4,700 sf commercial … · 2018-05-04 · orange county and is...
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Capital Markets | Investment Properties
±4,700 SF Commercial Building FREE STANDING COMMERCIAL BUILDING
129 W COMMONWEALTH, FULLERTON, CALIFORNIA
Capital Markets | Investment Properties www.cbre.com
OFFERING MEMORANDUM
DOWNTOWN COMMERCIAL BUILDING
W Commonwealth Ave
SITE
N Malden Ave
© 2018 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. C:\Users\llopez6\Box Sync\Orange County\Joe Miller\129 W Commonwealth - Fullerton\129 w Commonwealth_Fullerton OM_JMiller_v8_LL.indd
CBRE DISCLOSURE STATEMENT PAGE
CONTACT US
Joe Miller
First Vice President+1 949 725 [email protected]. 00902422
Barclay Harty
Senior Vice President+1 949 725 [email protected]. 01323125
Motti Farag
Associate+1 949 725 [email protected]. 01985423
CBRE, Inc.
3501 Jamboree RoadSuite 100Newport Beach, CA 92660www.cbre.com
SALE CONTACT LEASING CONTACTS
AFFILIATED BUSINESS DISCLOSURE
CBRE, Inc. operates within a global family of companies with many subsidiaries and related
entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses
including, but not limited to, brokerage services, property and facilities management,
valuation, investment fund management and development. At times different Affiliates,
including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent
clients who have competing interests in the same transaction. For example, Affiliates or their
clients may have or express an interest in the property described in this Memorandum (the
“Property”), and may be the successful bidder for the Property. Your receipt of this
Memorandum constitutes your acknowledgement of that possibility and your agreement that
neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest
or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc.
and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in
concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct
their respective businesses in a manner consistent with the law and all fiduciary duties owed to
their respective client(s).
CONFIDENTIALITY AGREEMENT
Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential
Memorandum solely for your limited use and benefit in determining whether you desire to
express further interest in the acquisition of the Property, (ii) you will hold it in the strictest
confidence, (iii) you will not disclose it or its contents to any third party without the prior
written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will
not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property,
kindly return it to CBRE, Inc.
1 2 9 W C O M M O N W E A L T H , F U L L E R T O N , C A
TABLE OF CONTENTS
04 Offering Summary
10 Property Highlights
12 Site Plan / Parcel Map
14 Local Maps
16 Aerial Maps
18 City Overview
20 Demographics
Terrain Map Satallite Map
OFFERING SUMMARY
Harbor Blvd
SITE
W Commonwealth Ave
1 2 9 W C O M M O N W E A L T H , F U L L E R T O N , C A
5O f f e r i N g S U M M A r y
OFFERING SUMMARYCBRE is pleased to present for sale a prime commercial property at 129 W. Commonwealth Avenue in Fullerton, California. This is a rare opportunity to acquire a ± 4,700 square foot commercial building in dynamic downtown Fullerton. Currently, this building is vacant and is ideal for an owner-user or investor.
This location is in a densely populated and growing area of Orange County. The area has tremendous daytime employment and a strong mix of residential dwellings and commercial uses. The location has excellent Commonwealth exposure and convenient access to the Riverside (91) and Santa Ana (5) Freeways. Traffic counts are strong, exceeding 55,000 CPD at the intersection at Harbor and approximately 20,000 CPD on Commonwealth Avenue.
PROPERTY ADDRESS129 W. COMMONWEALTH AVENUE
FULLERTON, CA 92703
ASSESSOR PARCEL NUMBER
032-234-33
OFFERING PRICE $3,300,000
CURRENT PROPERTY USE
PRESENTLY UNOCCUPIED
BUILDING SIZE +/- 4,700 SQUARE FEET
LAND AREA +/- 7,451 SQUARE FEET
IMPROVEMENTSONE STORY WOOD FRAME and STUCCO
BUILDING
PARKINGFREE, in COMMON CITY PARKING on
NORTH SIDE of PREMISES
OWNERSHIP FEE SIMPLE
ZONING C-1
W C
omm
onwealth A
ve
Harbor Blvd.
e Am
erig
e Av
e
SITE
1 2 9 W C O M M O N W E A L T H , F U L L E R T O N , C A
7O f f e r i N g S U M M A r y
VIEW LOOKING EAST
SITE
8
SITE
W Commonwealth Ave
1 2 9 W C O M M O N W E A L T H , F U L L E R T O N , C A
9O f f e r i N g S U M M A r y
SITE
PROPERTY HIGHLIGHTS
SITE
VIEW LOOKING SOUTH
1 2 9 W C O M M O N W E A L T H , F U L L E R T O N , C A
11P r O P e r T y H i g H L i g H T S
PROPERTY HIGHLIGHTS + DENSELY POPULATED TRADE AREA 25,230 RESIDENTS in ONE MILE RADIUS
+ AFFLUENT AREA $85,287 in ONE MILE RADIUS
+ BUILDING SIZE ±4,700 SQUARE FEET
+ LAND SIZE ±7,451 SQUARE FEET
+ ZONING COMMERCIAL
+ LOCATION DOWNTOWN FULLERTON on MAJOR THOROUGHFARE
+ CONVENIENCE
NEAR RIVERSIDE (91) AND SANTA ANA (5) FREEWAYS
+ STRONG DAYTIME POPULATION
+ STRONG DAYTIME POPULATION ±97,249 WITHIN 3 MILES
+ RARE OPPORTUNITY TO ACQUIRE SMALL COMMERCIAL BUILDING - IDEAL FOR OWNER/USER OR
INVESTER
12
SITE PLAN
SITE PLAN
Com
mon
wea
lth
1 2 9 W C O M M O N W E A L T H , F U L L E R T O N , C A
13S i T e P L A N / P A r C e L M A P
PARCEL MAP
LOCAL MAPS
1 2 9 W C O M M O N W E A L T H , F U L L E R T O N , C A
15L O C A L M A P S
LOCAL MAPS
AERIAL MAPS
W C
omm
onwealth A
ve
SITE
Harbor Blvd.
e Am
erig
e Av
e
1 2 9 W C O M M O N W E A L T H , F U L L E R T O N , C A
17A e r i A L M A P S
AERIAL MAPS
SITE
CITY OVERVIEW
Soco District Museum Civic Center
Fullerton Amtrak Station City HallFullerton Community College
1 2 9 W C O M M O N W E A L T H , F U L L E R T O N , C A
19C i T y O v e r v i e W
CITY OF FULLERTON OVERVIEWFounded in 1887, prestigious and vibrant Fullerton is a city in northern Orange County located 22 miles southeast of Los Angeles and neighboring the frequently visited city of Anaheim.
Per the 2017 Census from ESRI, Fullerton is the seventh largest city in Orange County and is home to a population of over 143,000 with growth projections over 0.8% the next 5 years.
The city is an affluent community with an average household income of $92,676 and over 33% of its population with incomes over $100,000. Fullerton is home to a vibrant music and theater scene, especially in the resurgent and renown downtown Fullerton and Soho Districts, with several new residential developments such as the mixed-use Harbor Walk Apartments and trendy and chain retailers as Starbucks, The Night Owl, Dripp, Tranquil Tea Lounge, and many more.
Fullerton also houses over 50 city parks as the cultural and educational hub of North Orange County renowned for its unique mix of residential, commercial and industrial, educational, and cultural environments which provide an outstanding quality of life for both residents and businesses alike.
Top Employers in Fullerton
Principal City employer No. of employees
California State University, fullerton 3,450
raytheon Systems Co 1,320
fullerton School District 1,300
fullerton College 1,235
St. Jude Medical Center 1,000
Albertsons Regional Office 950
fullerton Joint Union High School District 870
Alcoa fastening Systems 750
City of fullerton 631
St. Jude Heritage Health Beckman Coulter 604
The City of Fullerton supports a thriving economy with a low unemployment rate of 4.1% and continued anticipated job growth due in part to Cal State University Fullerton with a student population of over 39,000 and Fullerton College with over 22,000 students. As a city with two higher education facilities, Fullerton offers large opportunity for retailers with an opportunity gap of $591.7 million. The city is currently home to over 6.4 million square feet of retail space and has a low vacancy rate of 9.1% and lease rates as high as $2.05 per square foot.
The city is ideally located by 3 major Southern California freeways and is only 15 miles from John Wayne Airport. Its transit system, located in downtown at the Fullerton Transportation Center, accommodates an average of 3,000 commuters a day.
20
1-Mile Radius 2-Mile Radius 3-Mile Radius Population2017 Population - Current Year Estimate 25,230 93,070 231,646
2022 Population - Five Year Projection 26,333 96,840 241,060
2010 Population - Census 23,590 87,571 217,6342000 Population - Census 24,143 86,102 208,8252010-2017 Annual Population Growth Rate 0.93% 0.84% 0.86%2017-2022 Annual Population Growth Rate 0.86% 0.80% 0.80% Households2017 Households - Current Year Estimate 8,472 27,891 67,2742022 Households - Five Year Projection 8,824 28,871 69,6672010 Households - Census 8,009 26,675 64,2412000 Households - Census 7,958 26,430 62,8622010-2017 Annual Household Growth Rate 0.78% 0.62% 0.64%2017-2022 Annual Household Growth Rate 0.82% 0.69% 0.70%2017 Average Household Size 2.89 3.27 3.38 Household Income2017 Average Household Income $85,287 $89,799 $87,154 2022 Average Household Income $100,222 $102,616 $99,038 2017 Median Household Income $59,490 $63,629 $61,962 2022 Median Household Income $69,123 $73,502 $70,1662017 Per Capita Income $30,103 $27,906 $26,069 2022 Per Capita Income $35,026 $31,579 $29,361 Housing Units2017 Housing Units 8,898 29,165 70,7392017 Vacant Housing Units 426 4.8% 1,274 4.4% 3,465 4.9%2017 Occupied Housing Units 8,473 95.2% 27,890 95.6% 67,274 95.1%2017 Owner Occupied Housing Units 3,301 37.1% 13,821 47.4% 31,850 45.0%2017 Renter Occupied Housing Units 5,172 58.1% 14,069 48.2% 35,424 50.1% Education2017 Population 25 and Over 16,827 60,200 146,115HS and Associates Degrees 8,693 51.7% 29,951 49.8% 70,304 48.1%Bachelor's Degree or Higher 5,048 30.0% 16,983 28.2% 43,501 29.8% Place of Work2017 Businesses 1,436 3,932 8,0032017 Employees 14,628 44,549 97,249
©2018 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri
DEMOGRAPHIC BRIEF
Capital Markets | Investment Properties
±4,700 SF Commercial Building FREE STANDING COMMERCIAL BUILDING
129 W COMMONWEALTH, FULLERTON, CALIFORNIA
CONTACT US© 2018 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.
W Commonwealth Ave
Harbor Blvd. e Amerige AveSITE
Joe Miller
First Vice President+1 949 725 [email protected]. 00902422
Barclay Harty
Senior Vice President+1 949 725 [email protected]. 01323125
Motti Farag
Associate+1 949 725 [email protected]. 01985423
CBRE, Inc.
3501 Jamboree RoadSuite 100Newport Beach, CA 92660www.cbre.com
SALE CONTACT LEASING CONTACTS