~baldwin park, ca~files.ctctcdn.com/32c4bbe7401/a56392e2-cdb1-4ab2... · the property is just down...

TA B L E O F C O N T E N T S

I N V E S T M E N T O V E R V I E W

A R E A O V E R V I E W

S A L E C O M PA R A B L E S

D E M O G R A P H I C S

Exclusive Agent | Hook Retail Advisors

Scott G. Hook | Executive Vice PresidentO: 949.954.3724 | C: 949.290.8884 | F: 949.954.3701E: [email protected] | LIC# 00914392

Daniel Tyner | AssociateO: 949.954.3723| C: 562.810.1282E: [email protected] | LIC# 01959818

2600 Michelson Drive, Suite 100 Irvine, CA 92612 www.CBCAlliance.com | DRE #01929723

4 3 4 5 - 4 3 5 1 M A I N E AV E , B A L D W I N PA R K , C A

INVESTMENT OVERVIEW

The Hook Retail Advisors are proud to offer for sale two freestanding single tenant buildings located in the heart of Baldwin Park, CA. The Property is at the corner of Maine Avenue and Los Angeles Street which receives over 22,000 CPD passing the subject property. The attractive 19,766 square foot parcel has easy access, parking,

and large scale signage to benefit the tenants. Currently Yum Yum Donuts occupies a 1,492 SF building on the corner and Twins Grill occupies a 1,891 SF building with a drive thru. The property is just down the street from major tenants including 7-Eleven, Superior Grocers, CVS, Chase Bank, Bank of America, and El Pollo Loco among others.

The subject property offers tremendous upside potential for an investor, located in a dense area of Southern California and rapidly growing trade area of Baldwin Park. The investment provides a new investor the ability to add value to the property by increasing rents over time to market rates or re-tenanting the building with strong

national tenants who would benefit from the prime location and exposure on Maine Avenue. A long term investment can also provide a new investor with the ability to redevelop the property at the expiration of the two tenant’s leases.


LOCATION4345-4351 Maine Ave, Baldwin Park, CA

FINANCIAL OVERVIEW

Price: $2,090,000

Down Payment: (100%)$2,090,000

Cap Rate: 4.08%

GLA: 3,383 SF

Price Per Square Foot: $617.79

Year Built: 1978

Lot Size: 19,766 SF

Cost Per SF (Land) $106

APN: 0141-412-30

CURRENT FINANCIAL OVERVIEW ANNUALIZED OPERATING DATA

Rent Roll

Tenant GLA % of GLALease

CommencementLease Expire

Annual RentMonthly

RentRent/SF Cam Reimbursements Escalations Options

Lease Type

(Monthly)

Yum Yum Donuts 1,492 44.10% 12/8/2003 12/7/2018 $40,746.84 $3,395.57 $2.28 $299.78 CPI Every 2 Years None NNN

44.1% Pro Rata Share Scheduled for December 2015

Twins Grill 1,891 55.90% 5/1/2013 3/31/2019 $44,430.76 $3,583.13 $2.35 $380.00 3/31/2016: $3,762.28 1 x 6 Year NNN

55.9% Pro Rata Share 4.76% Yearly Fair Market

Baldwin Park

TOTAL 3,383 100.00% $85,177.60 $6,978.70 $2.31

Scheduled Rent $85,178Expense Reimbursements NNN Net Operating Income $85,178


INVESTMENT HIGHLIGHTS

Excellent Fast Food Opportunity• Potential opportunity to re-tenant or redevelopment property into a new fast food concept.• Corner location surrounded by dense residential is very attractive to major national fast food chains due to strong visibility, access and high traffic along Maine

Avenue.Drive Thru Building

• This feature provides ease of access and convenience for customers.• Tenants benefit from strong street visibility and signage attract customers and boast sales.• Low building to land ratio for additional building redevelopment.

Prime Los Angeles County Location• Maine Avenue is a major corridor of Baldwin Park, with over 22,000 CPD passing the subject property.• Population is over 138,000 within 3-mile radius of the subject property• Daytime population within 5-mile radius exceeds 174,000.


COMPANY OVERVIEW

YUM YUM DonUts

In 1971, Philip C. Holland started Yum Yum Donut Shops, Inc. The first shop was a former Orange Julius in Highland Park, California. This shop is still in operation and is one of the highest volume shops in the chain.Phil had become familiar with the donut business through a friend who owned a shop. He had also spent time in North Carolina working with Vernon Rudolph, the founder of Krispy Kreme Donuts.By 1973, Phil had three Yum Yum donut shops and was anxious to expand. Frank Watase joined as an equal partner.

Since donut shops are open 7 days a week, Phil and Frank put in endless amounts of time and effort to op-erate the shops and develop new locations. Because of their experiences building the business through hard work and dedication, Yum Yum has a very strong work ethic throughout the organization to this day.

twins Grill

Twins Grill offers a wide selection of food at affordable prices. We serve breakfast, lunch and dinner. Our menu includes Greek, American and Mexican food such as: Gyros, Burgers, Burritos, Sandwiches, Salads and much more...

On behalf of Twins Grill, we wish to thank our loyal customers for their patronage and we pledge to continue to uphold the high standards on which Twins Grill was founded.


AREA OVERVIEW

Baldwin Park is a city located in the central San Gabriel Valley region of Los Angeles County, California, United States. Located 17 miles east of Los Angeles in the central San Gabriel Valley region of Los Angeles County is the California city of Baldwin Park. The city’s beginnings can be traced back to the mid-1800’s when the land now comprising the city was part of cattle grazing land belonging to the San Gabriel Mission. By 1880 the community became known as Vineland and by 1906 the name had changed to Baldwin Park. It was named after Elias J. “Lucky” Baldwin, a wealthy landowner during the late 1800’s/early 1900’s. The city was incorporated in 1956, becoming the 47th incor-porated city in the State of California.

Cities close to Baldwin Park include Irwindale, West Puente Valley, Vincent, Mayflower Village, La Puente, Avocado Heights, and El Monte. Freeways serving the city are Interstate-10 and Interstate-605. Nearby colleges and universities include Azusa Pacific University, Whittier College, Mt San Antonio College, Pasadena City College, and East Los Angeles College. Currently the city is pushing to revitalize its economic base. There are six active Project Redevelopment Areas located in strategic areas of the city. Projects within these redevelopment areas are as diverse, including high-quality senior housing, Home Depot, Starbucks, Harley Davidson, a transit oriented district (TOD) near the Metrolink Train Station and various other thriving businesses.

Baldwin Park is home to the first In-N-Out burger stand, opened on October 22, 1948. It was the first drive-thru in California[7] and was replaced in November 2004 with a new building. The new In-N-Out University and company store opened in 2006 on Francisquito Avenue. Also, the company’s first meatpacking plant is located down the street from the locations at the company headquarters on Hamburger Lane. In/N/Out now has a second meat processing plant in Texas to serve their Texas restaurants.The Baldwin Park Historical Society Museum holds more than 1,000 representative artifacts for the period from 1850 to 1950, including area maps, agricultural artifacts, radios, clothing, and phonographs. Summertime in Baldwin Park brings free outdoor musical entertainment during the annual Summer Concert in the Park Series, held at Morgan Park. Baldwin Park’s close proximity to Los Angeles and also to Anaheim (located 28 miles to the south) allows visitors quick access to several major Southern California attractions. Some of these are:

• Hollywood Bowl• Los Angeles Zoo• Aquarium of the Pacific• Paramount Film and TV Studio• Universal Studios• Catalina Island• Knott’s Berry Farm• Disneyland• Warner Bros. Studios• Arboretum of Los Angeles County• California Science Center• Grauman’s Chinese Theater

Lovers of professional sports can see the following teams in the Los Angeles area: Hockey (NHL’s Los Angeles Kings); Baseball (Los Angeles Dodgers); Basketball (The NBA has two local teams: The LA Lakers and the LA Clippers); Soccer (Los Angeles Galaxy); and Lacrosse (LA Riptide).A drive in the opposite direction finds the following Anaheim-based teams: Hockey (NHL’s Anaheim Mighty Ducks); Baseball (the Los Angeles Angels of Anaheim).


MAI

NE A

VE (2

2,00

0 VPD

)4TH ST

LOS ANGELES ST (22,000 VPD)

N


LOS ANGELES ST (22,000 VPD)

MAI

NE A

VE (2

2,00

0 VPD

)

N


Subject Property

N


SALE COMPARABLES

15716 Arrow HwyIrwindale, CA

4323 E Live OakArcadia, CA

420 N Azusa AveCovina, CA

1 2

3

Sales Price: $1,800,000 Sales Date: 7/13/2015

Building SF: 2,400 SF Price/SF: $750.00

Cap Rate: 4.25%


Building SF: 2,416 SF Price/SF: $1,035

Cap Rate: 4.64%


Building SF: 1,700 SF Price/SF: $1,205.88

Cap Rate: 4.90%

Twins Grill/Yum Yum Donuts4345-4351 Maine Ave

Baldwin Park, CA

Sales Price: $2,090,000 SUBJECT


Cap Rate: 4.08%

Subject Property

4

11780 Ramona BlvdEl Monte, CA

Sales Price: $4/17/2014 Sales Date: 4/17/2014


Cap Rate: N/A

860 W Foothill BlvdMonrovia, CA

5


Building SF: 1,055 SF Price/SF: $1,516.68

Cap Rate: N/A


$618

$750

$1,035

$1,206

$861

$1,517

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Subject Property 1 2 3 4 5

Comparables"Price per Square Foot"

SALE COMPARABLES


DEMOGRAPHICS

Population 1 Mile 3 Mile 5 Mile

2015 Total Population: 38,084 184,307 562,445

2020 Population: 39,173 190,071 579,661

Pop Growth 2015-2020: 2.86% 3.13% 3.06%

Average Age: 34.3 35.5 36.3

Households

2015 Total Households: 8,856 46,425 153,699

HH Growth 2015-2020: 3.14% 3.36% 3.21%

Median Household Inc: $50,829 $58,593 $59,397

Avg Household Size: 4.3 3.9 3.6

2015 Avg HH Vehicles: 2 2 2

Housing

Median Home Value: $301,765 $338,544 $365,809

Median Year Built: 1963 1960 1961


If you have no interest in the Property at this time, please return this Offering Memorandum immediately to:

CONFIDENTIAL MEMORANDUM AND DISCLAIMER

Coldwell Banker Commercial Alliance | CBCA OC DRE# 019297232600 Michelson Drive, Suite 100, Irvine CA 92612

949.954.3700

Coldwell Banker Commercial Alliance (“Agent”) has been engaged as the exclusive agent for the sale of 4345-4351 Maine Ave, Baldwin Park, CA by the owner of the Property (“Seller”). Hook Retail Advisors and Scott G. Hook are affiliated with and considered an investment sales agent, of agent.

The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered Coldwell Banker Commercial Alliance as a “Registered Potential Investor” or as “Buyer’s Agent” for an identified “Registered Potential Investor.” The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to delivery of this Offering Memorandum. The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations thereunder have been satisfied or waived.

By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/or Registration Agreement executed and delivered by the recipient(s) to Coldwell Banker Commercial Alliance.

O: 949.954.3700 | F: 949.954.3701

2600 Michelson Drive, Suite 100, Irvine CA 92612

www.CBCAlliance.com | CBCA OC DRE# 01929723

A L L IA N C E

SCOTT G. HOOKExecutive Vice President

CBC Alliance

Lic# 00914392(949) 954-3724

[email protected]

Daniel Tyner Associate

CBC AllianceLIC# 01959818(949) 954-3723

[email protected]

© 2015 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates.

~baldwin park, ca~files.ctctcdn.com/32c4bbe7401/a56392e2-cdb1-4ab2... · the property is just down...

Documents