offering memorandum - loopnet...the subject property presents a business owner with the opportunity...

2318 CENTRAL AVENUEAlameda, CA 94501

Offering Memorandum

CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.© 2017 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in thismarketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lesseeinformation about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENT& DISCLAIMER NOTICE

REGIONAL MAP

1

Alameda Theatre & Cineplex

Subject Property

AERIAL MAP

2

Located in the heart of Alameda, on the main thoroughfare of Central

Avenue, the subject property is a very spacious 10,713 square foot building.

The property is nestled just off Park Street, the main business district. This

location affords the tenants with an abundance of foot traffic and visibility as

the site is across the street from the very popular Alameda Movie Theater.

The building is currently occupied by three tenants: A quick-service restaurant

(Troy), Audiology Specialists (Hearing Zone), and The Avalon School of

Cosmetology. The latter represents the majority of rentable square feet,

8,404, and will be vacating in the spring of 2020. This offers a unique

opportunity for an owner/user to acquire a highly visible retail space in the

central corridor of Alameda while collecting additional income from the

existing remaining tenants.

Additionally, the property is in close proximity to the 1,500-acre Alameda

Point Development. This is one of the most significant development projects

in the Bay Area, one that is expected to create over 9,000 new jobs. The

project is slated for 1,425 new homes and over 5.5 million square feet of

commercial space. The total cost of the project is expected to exceed 1.5

billion dollars.

INVESTMENT OVERVIEW

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OWNER/USER INVESTORS

The subject property presents a business owner with the opportunity to fix and lower occupancy costs associated withleasing equivalent retail or office space in the Alameda market.

Triple-net, modified-gross, or full-service lease types include industry-standard annual fixed, or cost of living, increasesto the base rent portion of the lease obligation. Commercial leases are typically subject to additional costs above thebase rental rate. Triple, or double-net, leases include additional costs over the base rent portion of the lease obligationthrough a tenant’s requirement to pay its pro-rata share of the overall buildings operating expenses which includecommon area maintenance (“CAM”), property taxes, and property insurance; frequently referred to as “additional rent.”For industrial-gross, modified-gross, or full-service lease types, additional costs above the base rent rate obligation arecharged to the tenant on a pro-rata basis and calculated on increases in the overall building operational costs overthose incurred by the landlord in the original, or first year of occupancy by the tenant; referred to as the “base year.”

Purchasing the subject property allows a business owner to replace the ever-increasing base rent obligation of a com-mercial lease with fixed mortgage payments associated with purchasing the property using the United States SmallBusiness Administration (“SBA”) 504 loan program. Fixing the largest component of occupational costs (base rent)allows a business owner to better plan for its overall operational costs.

For those businesses whose lease is nearing expiration, are looking to expand their number of locations, or its businessclimate dictates an increase or reduction of square footage currently occupied, purchasing the subject property willresult in lower occupancy costs than leasing equivalent space in the Alameda market, add a valuable, appreciating realestate asset to its balance sheet while enjoying asset depreciation deductions, and other tax benefits.

4

SBA-504 LOAN PROGRAMS

The SBA-504 loan program is available to business owners looking to finance their acquisition of a building in whichto locate its operations. Equity, or cash down payments, are 10% - 15% of the purchase price of a given property, farbelow the equity required by conventional financing (30%-35%), and allow a business to acquire the subject propertywithout tying up significant amounts of operating capital. The SBA-504 program is structured as two loans; a first loanof 50% loan-to-value, and a second loan of an additional 40% of value, for a total finance amount of up to 90% of thepurchase price. Both are fixed interest rates with the first loan amortized over 30-years, and the second loanamortized over 20-years. This loan program will also allow the business owner to include the costs of improvements tothe build-ing with the purchase price. This means a business can build-out space it intends to occupy specifically toits needs, enhancing productivity, and profitability. Of note, the SBA-504 loan program requires that the businessmust occupy at least 51% of the square footage of the building post-closing.

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DOWN PAYMENT (10%) $397,500

SBA Bank Financing (50% LTV 4.75% Fixed Int, 30 yr Amort) $1,738,750

SBA 504 Program Financing (40% LTV 3.39% Fixed Int, 20 yr Amort) $1,431,000

SBA Bank Financing Annual Debt Service $111,972

SBA 504 Program FInancing Annual Debt Service $98,623

Total Annual Debt Service $210,595

Owner/User Obligation Per Square Foot Per Month $2.08

Owner/User Obligation Per Square Foot Annually $24.92

COST SAVINGS

Tenant SuiteSquare

FeetRent/Cost Per Foot

Year 12020

Year 22021

Year 32022

Year 42023

Year 52024

Year 62025

Year 72026

Year 82027

Avalibuel – Ground Floor/ Proforma– Mezzanine Floor/ Proforma

23162316M

963330

$3.00$1.00

$34,668$3,960

$35,708$4,079

$36,779$4,201

$37,883$4,327

$39,019$4,457

$40,190$4,591

$41,395$4,728

$42,637$4,870

Owner/User – Ground Floor– Mezzanine Floor

23182318M

5,841947

--

--

--

--

--

--

--

--

--

Troy Restaurant – Ground Floor– Mezzanine Floor

2318-A2318-AM

568480

$1.53-

$19,200-

$19,800-

$20,394-

$21,006-

$21,636-

$22,285-

$22,954-

$23,642-

Hearing Zone – Ground Floor– Mezzanine Floor

23142314-M

607654

$2.02-

$30,552-

$31,464-

$32,408-

$33,380-

$34,382-

$35,413-

$36,475-

$37,570-

TOTALS/AVERAGES 9,097 $88,380 $91,051 $93,782 $96,596 $99,494 $102,479 $105,553 $108,719

SBA-504 Loan Program Annual Pmts. $210,595 $210,595 $210,595 $210,595 $210,595 $210,595 $210,595 $210,595

Owner/User – Equivalent Base Rent 6,788 $122,215 $119,544 $116,813 $113,999 $111,101 $108,116 $105,042 $101,876

Tenant SuiteSquare

FeetRent/Cost Per Foot

Year 12020

Year 22021

Year 32022

Year 42023

Year 52024

Year 62025

Year 72026

Year 82027

Prevailing Ground Floor Retail/Office Lease rates $3.00 $3.09 $3.18 $3.28 $3.38 $3.48 $3.58 $3.69

Owner /User – Ground level & Mezz. 2318 6,788 $1.50 $1.47 $1.43 $1.43 $1.40 $1.36 $1.33 $1.29 $1.25

Notes/Assumptions

- Suit 2316 & 2316 Mezzanine To be leased at market lease rates of #3.00 per sq. ft. per month NNN for ground level space; $1.00 per sq. ft. per month NNN for mezzanine level space.

- Owner/User - Purchaser to occupy suite 2318 & 2318 Mezzanine; total occupancy of 6,788 sq. ft.

- Troy Restaurant to continue its occupancy at current terms with fixed increases to base rent in 2020, and 2021. Continued 3.00% increases throughout the balance of the ten-year period. Rents are well below market.

- Hearing Zone to continue its occupancy at current terms with fixed increases to base term in 2020, and 2021. Continued 3.00% increases throughout the balance of the ten-year period. Rents are well below market.

- Amounts shown are for base rent only and do not include payments made by co-tenants for the recapture of pro rata property taxes, property insurance, and common area operating costs of the property.

- Prevailing ground floor retail/office lease rates of $3.00 per sq. ft. per month NNN growing at 3.00% fixed increase annually.

7

COST SAVINGSThe prevailing ground floor retail/office lease rates in Alameda for equivalent space to that of the subject propertyaverage $2.75 - $3.25 per square foot per month. After monthly base rent lease payments from the two longtime co-tenants of the building, the net effective “rent” paid by the owner-user in the form of SBA-504 mortgage payments inyear-one of the purchase is $1.50 per square foot per month, well below prevailing market lease rates for equivalent groundfloor retail/office space in Alameda. The net effective “rent” paid by the owner-user actually drops each year as theannual fixed/CPI base rent increases are paid by the co-tenants.

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TENANT SUMMARY

AS OF JANUARY2020

Tenant Name SuiteSquare

Feet%BldgShare

LeaseDatesComm

LeaseDatesExp.

Monthly Rent Per

Sq Ft

TotalRent Per Month

TotalRent Per

Year

Changes On

Changes To

Lease Type

ExpenseReimbursements

Troy 2318-A 1,048 11.5% 10/1/13 9/30/21 $1.53 $1,600 $19,200Jan-2021 $1,650 NNN $6,386

Hearing Zone 2314 1,261 13.8% 9/1/14 4/30/21 $2.02 $2,546 $30,552May-2021 $2,622 NNN $6,983

Avalibuel Space 2316 1,293 14.2% - - - - - - - - -

Owner/User 2318 6,788 74.6% - - - - - - - - -

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Total 9,097 $0.45 $4,146 $49,752 $13,369

Occupied Tenants: 2 Unoccupied Tenants: 2 Occupied GLA: 25.3% Unoccupied GLA: 774.7%

PROPERTY DETAILS

Property Address 2318 Central Avenue, Alameda, CA 94501

Assessor Parcel Number 071-0204-005

Year Built 1918

Parcel Size .19 Acres/ 8,400 Sq. Ft.

Lot Dimensions 60 FT. X 140 Ft

Gross Area Ground Floor 8,400 Sq. Ft

Gross Area Mezzanine Floor 2,411 Sq. Ft,

Number of Suites 4

9

Construction Type Masonry

Roof Type Pitched/ Roll Composition Waterproof Membrane

HVAC Roof Mounted/ Heat Pump Type/ Gas Fired

Gas Meters 4

Electrical Meters 4

Water Meters 4

Parking/On-Site None

Parking/ On- Street Metered

Parking/ Off- Street Adjacent Open-Air Parking Lot & Parking Structure

INCOME CURRENT PER SF PRO FORMA PER SF

Scheduled Base Rental Income 49,752 5.47 89,892 9.89

Expense Reimbursement Income

CAM 2,489 0.27 4,230 0.46

Insurance 1,215 0.13 2,065 0.23

Real Estate Taxes 9,665 1.06 16,433 1.81

Total Reimbursement Income $13,369 21.6% $1.47 $22,728 35.7% $2.45

Effective Gross Revenue $63,121 $6.94 $112,620 $12.38

OPERATING STATEMENT

OPERATING EXPENSES CURRENT PER SF PRO FORMA PER SF

Common Area Maintenance (CAM)

Utilities - Gas (House Meter) 3,857 0.42 3,954 0.43

Contract Services - Debris Removal 513 0.06 525 0.05

Contract Services - Sidewalk Powerwashing 769 0.08 788 0.08

Contract Services - HVAC Maint. 1,281 0.14 1,313 0.14

Contract Services - Roof & Downspouts Maint 1,281 0.14 1,313 0.14

Repair & Maintenance Reserve 3,844 0.42 3,940 0.43

Insurance 5,638 0.62 5,778 0.64

Real Estate Taxes 44,844 4.93 45,965 4.29

Total Expenses $62,026 $6.82 $63,576 $6.99

Expenses as % of EGR 98.3% 56.5%

Net Operating Income $1,095 $0.12 $49,044 $5.39

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Note: The subject property is separately metered for gas, electric, and water for each commercial space. Current and Pro Forma annual operating expenses in this offering memorandum areestimated examples and based upon typical retail/office space and are underwritten from a hybrid of industry standard expenses, Bay Area Office Managers Association (“BOMA”), andInternational Council of Shopping Centers (“ICSC”) guideline expense budgets for contract services, utilities, janitorial, maintenance and other expenses for similar assets the greater Bay Area,and Northern California markets.

PRICING DETAILS

PRICE $3,975,000

Down Payment $397,500

Number of Suites 4

Price Per SqFt $437

Gross Leasable Area (GLA) 9,097

Lot Size 8,400 SqFt

Year Built/Renovated 1918

Occupancy 25.3%

RETURNS CURRENT PRO FORMA

Cap Rate 0.03% 1.2%

11

MARKET SALE COMPARABLES

2318 CENTRAL AVE

3

1 2 3

1523-1525 PARK ST

1

24

4

1424 PARK ST 1528 WEBSTER ST 1349 PARK ST 2318 CENTRAL AVE

12

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

$400.00

$450.00

1523-1525Park St

1424Park St

1528WebsterSt

1349Park St

AveragePrice Per Square Foot

$500.00

$350

SALES COMPARABLES SALES COMPS AVG

MARKET SALE COMPARABLES

13

1523-1525 PARK STREET1523-1525 Park St, Alameda, CA 94501

1

Close of Escrow: 6/4/2018

Sales Price: $1,350,000

Price/SF: $334.74

Year Built 1925

1424 PARK STREET1424 Park St, Alameda, CA 94501

2



Price/SF: $307.69

Year Built 1910

1528 WEBSTER STREET1528 Webster St, Alameda, CA 94501

3



Price/SF: $335.09

Year Built 1925

1349 PARK STREET1349 Park St, Alameda, CA 94501

4



Price/SF: $405.24

Year Built 1940 14

RETAIL LEASE COMPARABLES

2318 CENT2RAL AVE

3

1 2 3

2315-2323 CENTRAL AVE

4

1336-1364 PARK ST 1620-1640 PARK ST 1419 PARK ST 2318 CENTRAL AVE

5 6

1205-1209 PARK ST 1419 PARK ST

5

64

1

15

SALES COMPARABLES SALES COMPS AVG

AVERAGE RENT PER SQUARE FOOT

$39

$33

$28

$22

$17

$11

$6

$0

$44

$55

$50

23 15-2323CentralAve

1336-1364Park St

1620-1640Park St

1419Park St

1205- 1209Park St

1419Park St-2

$38.92

RETAIL LEASE COMPARABLES

16

2315-2323 CENTRAL AVE2315-2323 Central Ave, Alameda, CA 94501

1

Survey Date: 1/9/2020

Rentable SF: 700

Asking Rent/SF: $47.40

Year Built: 1910

Lease Type: NNN

1336 -1364 PARK ST1336-1364 Park St, Alameda, CA 94501

2

1620-1640 PARK ST1620-1640 Park St, Alameda, CA 94501

3 1419 PARK ST1419 Park St, Alameda, CA 94501

4


Rentable SF: 1,573


Year Built: 1893

Lease Type: NNN


Rentable SF: 2,193


Year Built: 1890

Lease Type: NNN


Rentable SF: 1,200


Year Built: 1926

Lease Type: Modified Gross

17

1205-1209 PARK ST1205-1209 Park St, Alameda, CA 94501

5


Rentable SF: 1,700


Year Built: 1921

Lease Type: Modified Gross

1419 PARK ST1419 Park St, Alameda, CA 94501

6


Rentable SF: 800


Year Built: 1926

Lease Type: Gross

18

FLOOR PLANS - LOWER

COMMON AREA'

11'2 X 14'5

OFFICE11'2 X 11'11

OFFICE11'2 X 10'9

CLOSET

6'11x6'4

COMMON AREA11'2 X 21'8

HAIR SALON

OFFICE

34'6 x 31'6

I•, '1'J1

OFFICE

16'11 x9'8

CLOSET

6'5 • T11· '

OFFICE

10'2 X 10'1,0 1 ,,

CLOSET6"4.s·,o -::1

OFFICE

10'3 X 21'5 . . . . . . . _

COMMON AREA

57'10 X 57'10

- - , I-I'{

CLOSET

10'8x8'4 CLOSET

OFFICE

13'1 X 11'5

OFFICE

11'10 X12'1

16'9 x57'3 .....COMMON AREA16'10 x 28'11

OFFICE7'3 X15'8

COMMONAREA11•2 X41'4

19D i s c l a i m e r : "Flo or plans are not drawn to sca l e . Buyer is respons ible for ver i fy i ng the i r own m e a s u r e m e n t s and surveys of the premi ses .”

HAIR SALON

COMMON AREA16'9 x 14'6 -,

C , J , ;

COMMON AREA ••

16'10 K 37'2

OFFICE 16'10 x 19'10

AREA11'6 X 28'11

OFFICE11'6 X 13'0

OFFICE11'6 X 15'0

COMMONAREA11'3 X 28'2

OFFICE11'3 X 147

TROY20

FLOOR PLANS - UPPER

D i s c l a i m e r : "Flo or plans are not drawn to sca l e . Buyer is r respons ible f or ver i fy i ng the i r own m e a s u r e m e n t s and surveys of the premi ses .”

PROPERTY PHOTOS

21

HEARING ZONE - PHOTOS

22

HAIR SALON - PHOTOS

23

TROY - PHOTOS

24

General . The Community Commercial Zoning District is intended to provide for general retail, personal service use, offices, restaurants, hotels/motels,service stations, public and quasi-public uses and similar and compatible uses serving a community-wide need under design standards which ensurecompatibility and harmony with adjoining land uses. Emphasis is on pedestrian-oriented retail and service uses on the ground floor level, with office and

residential uses on the upper levels. Automobile related uses are regulated by use permit and prohibited on Park Street and Webster Street frontages.

C-C ZONING PERMITTED USES

(a) Antiques and collectibles,

(b) Appliances, large and small,

(c) Art gallery,

(d) Arts and crafts supplies,

(e) Arts and crafts store,

(f) Bakery, including use of the commercial kitchen for catering as an accessory use,

(g) Bank, saving and loan, including ATM facilities but excluding drive-through facilities,

(h) Bicycle store,

(i) Blueprint shop,

(j) Books, periodicals, and comics, including reading rooms,

(k) Camera store,

(l) Candy store,

(m) Clock or watch store,

(n) Clothing store, new inventory only,

(o) Coffee house, including retail,

(p) Coin store,

(q) Computer store,

(r) Delicatessen,

(s) Department store,

(t) Drug store and pharmacy, including fountain and food service,(u)Dwelling units—when the units are located in structures also containing nonresidential uses

and are not located on the ground floor,

(v) Electronic items, retail only,

(w) Fabric and notions,

(x) Florist,

(y) Frame shop,

(z) Furniture store, new inventory only,(aa) Hairstyling and beauty salons, including but not limited to body care services such as mani-

cures, pedicures, make up, facials, waxing, electrolysis, tanning within the Park Street C-C District

only. Piercing, tattoo and massage allowed when accessory to the primary use of hairstyling pro-

vided no more than two (2%) percent of the floor area is devoted to the accessory use,

(bb) Hardware store,

(cc) Home furnishings,

(dd) Ice cream store,

(ee) Jewelry or beads store, including piercing as an accessory use provided no more than two

(2%) percent of the floor area is devoted to the accessory use,

25

(ff) Laundry and cleaning establishments, including pressing, spotting, garment repairandalterations and self-operated facilities when accessory to the primary use,

(gg) Lighting fixtures,

(hh) Luggage store,(ii) Massage businesses located above the ground floor,

(jj) Medical supplies store,

(kk) Music store, including the sale of recorded music, sheet music and instruments,

(ll) Newspaper offices,

(mm) Office uses, provided that such use shall not occupy the front fifty (50%) percent of

the ground floor space directly fronting a public street, alley or sidewalk, which shall be

reserved for retail sales and/or service uses permitted in the district. Parcels that have a

frontage on Santa Clara Avenue and are located between Park Avenue and Broadway may

have office uses occupying the entire ground floor space,

(nn) Paint and wallpaper store,(oo)Pet supplies, pet grooming, or pet sales providing a finding is made by the Planning

Director that sufficient air conditioning and soundproofing will be provided to effectively

confine odors and noise so as not to interfere with the public health, safety and welfare of

adjoining properties. No outside pens or runs shall be permitted. Pet boarding allowed as

an accessory use,

(pp)Photography store, including photo developing and studio,(qq) Plumbing and electrical supply or fixture store, provided more than fifty (50%) per-

cent of the floor space is devoted to retail sales,

(rr) Political campaign offices, not to exceed six (6) months total time nor eight (8) months

if the campaign is both primary and election,

(ss) Printing establishment,(tt) Repair shop for shoes, radios/televisions, small domestic appliances, watches and

jewelry and similar non-auto related items,

(uu) Restaurant, coffee shop, snack bar, lunch counter, including catering as an accessory

use but excluding drive-through service,

(vv) Shoe store,

(ww) Sporting goods store, golf shop and similar sports supplies store,

(xx) Stationery and card store,(yy) Tailor and dressmaking, haberdashery, millinery excluding wholesale manufacturing,

(zz) Tattoo parlors located above the ground floor,

(aaa) Toy store,

(bbb) Travel agency,

(ccc) Video store, including retail and rental,

(ddd) Yoga studios located above the ground floor.

2. Other uses which the Planning Director finds similar to the above listand consistent with the purpose of the C-C Zoning District, provided thefollowing uses are expressly prohibited: Check cashing business, gun andfirearms sales when more than five (5%) percent of the floor area isdevoted to this use, massage establishments except massage is allowedas a home occupation and accessory to health care uses and hairstyl-ing, pawn shop, tobacco and tobacco products stores except the sale oftobacco and tobacco products is allowed as accessory to other permittedor conditionally permitted uses in the C-C District. The determination ofsimilar use by the Planning Director shall be included on the agenda forthe next available Planning Board meeting and confirmed by the PlanningBoard. Determinations of similar use are also subject to appeal pursuant

to Section 30-25.

26

C-C ZONING PERMITTED USES

1. The following retail sales and services require approval of a use permit in the C-C District by the Planning Board as regulated by subsection 30-21.3.In addition to the findings included in subsection 30-21.3 approval of a use permit is subject to finding the use consistent with the policies of the GeneralPlan and the purpose of the C-C Zoning District:

C-C ZONING REQUIRING USE PERMITS

27

(a) Any use in this district that does business between the hours of 10:00 p.m. and 7:00 a.m.,

(b) Any permitted or conditional use which is not conducted within an enclosed structure,

(c) Athletic club and health facilities, including massage as an accessory use,

(d) Auditoriums,(e)Automobile detail shop. In the Park Street C-C District this use shall not front on nor have ac-

cess to Park Street. In the Webster Street C-C District this use shall not front on nor have access to

Webster Street and shall be further limited to the area north of the centerline of Pacific Avenue and

the area at the southwest corner of Webster Street and Pacific Avenue bounded by lines eighty-five

(85′) feet south of the Pacific Avenue right-of-way and one hundred eighteen (118′) feet west of

the Webster Street right-of-way,

(f) Automobile parts store, wholesale and retail,

(g) Automobile rental, subject to the location restrictions specified in subsection 30-4.9Ac.1.(e),(h)Automobile repair shop, subject to the location restrictions specified in subsection 30-

4.9Ac.1.(e),

(i) Automobile showroom/sales, provided it is within a completely enclosed building and excluding

businesses with sales devoted primarily to use vehicles,

(j) Bars,(l)Bed and breakfast facility, upon compliance with standards set forth in the definition for bed

and breakfast in Section 30-2,

(m) Business college,

(n) Catering business,

(o) Commercial parking lot or structure,

(p) Commercial recreation,

(q) Convenience store,

(r) Grocery stores,

(s) Drive-through restaurant and other drive-through establishments, but excluding drive-in movie

theater subject to the location restrictions specified in subsection 30-4.9Ac.1.(e),(t)Dwelling units, provided they are located on the second or third floor only when the units do not

comply with the off-street parking requirements,

(u)Gasoline service stations, exclusive of body, chassis and painting work, provided that all op-

erations except the service with gasoline, oil, air and water shall be conducted within a building.

See also yard requirements for gasoline stations, paragraph (g) of this subsection and driveway

requirements subsection 30-5.7i,

(v)Gun and firearms sales when accessory to a sporting goods store provided the gun and fire-

arms sales are limited to no more than five (5%) percent of the retail area,

(w)Hairstyling and beauty salons, including, but not limited to, body care services such as man-

icures, pedicures, make up, facials, waxing, electrolysis, tanning within the Webster Street C-C

District only,

(x)Hotel and motel, provided floor area devoted to a retail service use allowed within this district is

included on the ground floor,

(y) Liquor store,

(z) Lodge hall and social club,(aa) Martial arts, dance, jazzercise and similar uses,

(bb) Massage businesses located on the ground floor,

(cc) Medical facility,

(dd) Music studios,(ee) Office uses not associated with a permitted or conditional use in this district and/or occupying

the front fifty (50%) percent of the ground floor space directly fronting a public street, alley or

sidewalk,

(ff) Plant nursery,

(gg) Public park, public and private school, church and religious institution, library, nursery andday care center, playground, fire station and other public buildings and uses included in the

General Plan,

(hh) Public and private utilities, including above ground and underground facilities primarily for

local service such as substations, gas regulators, manned or unmanned communications equip-

ment buildings, and similar uses,

(ii) Self-operated laundry and cleaning establishments,(jj) Large format retail including conversion of existing multiple retail tenant spaces to a single

tenant space larger than thirty thousand (30,000) square feet (if part of a planned development,

no use permit is required). Super stores, as defined in Section 30-2, are prohibited,

(kk) Shared living, provided the facility is located above the ground floor,(ll) Small upholstery shops, exclusive of refinishing and other furniture repair or manufacturing,

(mm) Stores devoting commercial area, gross sales, or inventory, to the sale of second quality,

irregular or discontinued merchandise or to the liquidation of merchant’s or manufacturer’s stock,

(nn) Taverns,

(oo) Theater, including movie and live,

(pp) Those portions of grocery stores devoted to the sale of alcoholic beverages,(qq) Upholstery shop, exclusive of refinishing and other furniture repair or manufacturing,

(rr) Used household articles and clothing stores,

(ss) Veterinary clinic and/or veterinary hospital, provided the Planning Board finds the use has

sufficient air conditioning and soundproofing to effectively confine odors and noise so as not to

interfere with the public health, safety and welfare. No outside pens or runs shall be permitted,

(tt) Work/live studios subject to the requirements of Section 30-15,

(uu) Yoga studios located on the ground floor,

(vv) Commercial recreation.

2. Other uses which the Planning Director finds similar to the above list andconsistent with the purpose of the C-C Zoning District subject to use permitapproval by the Planning Board, provided the following uses are expressly pro-hibited: check cashing business, gun and firearms sales when more than five(5%) percent of the floor area is devoted to this use, massage establishmentsexcept massage is allowed as a home occupation and accessory to health careuses and hairstyling, pawn shop, tobacco and tobacco products stores exceptthe sale of tobacco and tobacco products is allowed as accessory to other per-mitted or conditionally permitted uses in the C-C District. The determinationof similar use by the Planning Director shall be included on the agenda for thenext available Planning Board meeting and confirmed by the Planning Board.Determinations of similar use are also subject to appeal pursuant to Section30-25.

C-C ZONING REQUIRING USE PERMITS

28

MARKET STATS

2018 Estimate 28,327 221,914 463,814

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

Total Households 14,562 88,230 181,756Average (Mean) Hous ehold Size 2.26 2.53 2.46

2023 Projection 14,754 90,717 187,0752018 Estimate 14,587 90,183 186,864

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

$150,000 orMore 22.16% 16.09% 17.70%$100,000 - $149,000 21.42% 16.61% 16.51%$75,000 - $99,999 13.10% 11.59% 11.39%$50,000 - $74,999 14.42% 15.03% 14.40%$35,000 - $49,999 9.31% 10.58% 10.17%Under $35,000 19.57% 30.11% 29.83%

Average Hous ehold Income $119,207 $95,403 $101,235Median Household Income $87,692 $64,439 $66,756Per Capita Income $51,705 $36,978 $40,160

POPULATION 1 Miles 3 Miles 5 Miles 2023 Projection

Total Population 34,079 230,104 465,347 2018 Estimate

Total Population 33,786 228,920 462,110 2010 Census

Total Population 31,999 211,421 425,246 2000 Census

Total Population 31,459 219,401 431,780 Current Daytime Population

2023 ProjectionTotal Households 14,754 90,717 187,075

2018 Estimate

2010 CensusTotal Households 13,497 80,527 165,122

2000 CensusTotal Households 13,646 79,325 162,323

Occupied Units

2018 Estimate

HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure $88,169 $76,372 $76,878

Consumer Expenditure Top 10 Categories

Hous ing $25,825 $22,674 $22,982Shelter $16,733 $14,928 $15,088Transportation $14,648 $12,568 $12,737Personal Insurance and Pensions $10,010 $8,398 $8,376Food $9,036 $8,007 $8,055Health Care $4,833 $4,043 $4,087Utilities $3,999 $3,532 $3,568Entertainment $3,592 $2,969 $3,043Household Furnishings and Equipment $2,527 $2,032 $2,116

Apparel $2,410 $2,129 $2,152

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

2018 EstimateTotal Population 33,786 228,920 462,110Under 20 20.33% 22.09% 22.16%20 to 34 Years 18.30% 24.28% 24.27%35 to 39 Years 7.69% 8.41% 8.43%40 to 49 Years 15.76% 13.81% 14.01%50 to 64 Years 21.89% 18.33% 18.32%Age 65+ 16.04% 13.07% 12.78%Median Age 42.30 37.08 37.04

2018 Estimate Population Age 25+ 25,490 165,373 333,187Elementary (0-8) 3.02% 8.67% 7.90%Some High School (9-11) 4.77% 8.84% 8.36%High School Graduate (12) 14.80% 17.64% 16.85%Some College (13-15) 20.97% 19.81% 19.72%Associate Degree Only 7.01% 6.24% 6.15%Bachelors Degree Only 29.99% 21.13% 22.24%Graduate Degree 17.79% 12.89% 15.06%

Population By Age

Population 25+ by Education Level

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2318 CENTRAL AVENUE

CAMERON BIERWITHSan Francisco OfficeCell: 510-418-3717

Office: [email protected]

License CA 02031076

MARK MASONSan Francisco OfficeCell: 415-722-7061

Office: [email protected]

License CA 000971464

mailto:[email protected]

mailto:[email protected]

offering memorandum - loopnet...the subject property presents a business owner with the opportunity...

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