fairfield, ca single tenant commercial property for sale
TRANSCRIPT
PETER GETTNER(415) [email protected] LIC # 00785623
MARK COOPER(415) [email protected] LIC # 01814831
PREPARED BY:
HL Commercial Real Estate
1350 NORTH
T E X A S S T.FAIRFIELD, CA
Single Tenant
Commercial Property
For Sale
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
DISCLOSURE STATEMENT
DISCLOSURE STATEMENTNo warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions by our principals. The prospective purchaser/lessee should independently verify all information.
Golden Gate Park
Prepared by:
Mark Cooper(415) [email protected] LIC # 01814831
HL Commercial Real Estate70 Mitchell Blvd., Suite 202
San Rafael, CA 94903 www.hlcre.com
7/5/21
Peter Gettner(415) [email protected] LIC # 00785623
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
SUMMARYLOCATION: 1350 N. Texas Street Fairfield, CA 94533
APN: 0030-071-120
TOTAL BUILDING SQUARE FEET: 14,262 +/- sq. ft. (Owner is source)
TOTAL SQ. FT OF LAND: 54,014 +/- sq.
PARKING: 49 on site parking spaces
YEAR CONSTRUCTION: 1961 +/-
TYPE OF CONSTRUCTION: Concrete slab with metal walls
ROOF: Pitched Metal
STORIES: One story building (with mezzanine)
FIRE SPRINKLERS: In the front building only
ELECTRICAL: 400 AMPS/3 Phase
HEATING AND AIR CONDITIONING: Yes , in office area
SIGNAGE: Monument and building-mounted
PROPERTY OVERVIEW
This is a single-tenant commercial property that includes a 7,512 +/- sq. ft. warehouse with showroom, office and restrooms towards the front of the property. There are 2 roll-up doors, a 28’ +/- sq. ft. high, peaked roof and a 700 +/- sq. ft. bonus second floor mezzanine office/storage space.
A secondary building, 6,750 +/- sq. ft., resides towards the back of the property in a large gated lot with its own curb cut. It is currently divided in half and includes 6 roll-up doors and insulated ceilings.
There are 49 striped parking spaces on site.
PROPERTY DESCRIPTION - OVERVIEW
OFFERING SUMMARYASKING PRICE
$2,200,000PRICE PER SQ. FT.
$154.25TOTAL BUILDING SQUARE FEET
14,262 +/-
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
PROPERTY DESCRIPTION - HIGHLIGHTS
HIGHLIGHTS2 WAREHOUSES WITH 8 ROLL-UP DOORS
28’ PEAKED, INSULATED ROOF
PRIVATE OFFICES AND RESTROOMS
2 SPRAY BOOTHS ON SITE
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
LOCATION OVERVIEW
This property is located in Fairfield, CA on North Texas Street, close to many commercial services including auto, restaurants, banks an retail stores. Fairfield is approximately 46 miles northeast of Downtown San Francisco and halfway between San Francisco and Sacramento.
PROPERTY DESCRIPTION - LOCATION MAP
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N. TEXAS STREET
E. TRAVIS BLVD.
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
PROPERTY DESCRIPTION - ZONING
ZONING AND USES:
The current City of Fairfield zoning for the property is CT (Thoroughfare Commercial District).
The CT zoning district applies to portions of North Texas Street and Parker Road characterized by a mixture of small, individual and multi-tenant commercial buildings, shopping centers, automobile services, maintenance and sales, service stations, light industrial and fast-food restaurants.
Residential land uses may be appropriate, particularly as part of a mixed-use development. The CT zoning district is consistent with the Community Commercial land use category of the General Plan.
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
PROPERTY DESCRIPTION - FLOOD MAP
1350 N Texas St, Fairfield, CA 94533-5662, Solano County
FLOOD MAP
Flood Zone Code X Panel Date 05/04/2009
Report Date 06/02/2021 Community Name Fairfield
County Solano Special Flood Hazard Area (SFHA) Out
Flood Zone Panel 060370-06095C0268E Within 250 feet of multiple flood zone
No
Flood Code Description Zone X-An area that is determined to be outside the 100- and 500-yearfloodplains.
Flood Zones
Coastal 100-year Floodway
Coastal 100-year Floodplain
100-year Floodway
100-year Floodplain
Undetermined
Unknown or Area Not Included
500-year Floodplain incl. levee protected area
Out of Special Flood Hazard Area
Flood Map Courtesy of Peter Gettner, Bay Area Real Estate Services Generated on: 06/02/21
The data within this report is compiled by CoreLogic from public and private sources. The data is deemed reliable, but is not guaranteed. The accuracy of the data contained herein can be
independently verified by the recipient of this report with the applicable county or municipality.
Page 1/1
FLOOD ZONE DESIGNATION: Zone X (An area that is determined to be outside the 100 - and 500-year floodplains.)
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
PROPERTY DESCRIPTION - ASSESSOR’S PARCEL MAP
SUBJECT PROPERTY
Fairfield County Tax Assessor’s Parcel No: 0030-071-120
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
PROPERTY DESCRIPTION - PHOTOS
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
PROPERTY DESCRIPTION - SITE PLAN
N. Texas Street
E. W
yom
ing
Str
eet
Site Plan Not to Scale
Driveway
Driveway
Driv
eway
Entry
Front Warehouse
Showroom & Offices
Back Building
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
PROPERTY DESCRIPTION - FLOOR PLAN
Floor Plan Not to Scale
EntryEntry
Restrooms
Office
Showroom
Front Warehouse
Back Building
Entry
Entry
Roil-up Door
Roil-up Door
Roil-up Door
Roil-up Door
Roil-up Door
Roil-up Door
Roil-up Door
Roil-up Door
Garage Door
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
PROPERTY RENT ROLL & FINANCIALSProperty Name:Property Address: 1350 N. Texas St., Fairfield, CAAs of Date: 6/9/2021
Unit Tenant NameRentable
Sq Ft Current
Monthly Rent * NNN Per
Month Current
Rent/ Sq Ft Sq. Ft.
% Lease StartLease
Expires Option2 VACANT Owner/User 14,262 14,262.00$ TBD 1.00$ 100% TBD TBD TBD
14,262 14,262.00$ TBD 1.00$ 100%
* NNN Tenant Expenses Include RE Taxes, Insurance and Maintenance/Repair
Option Terms - Other Notes
TBD
PROFORMA RENT ROLL
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
PROPERTY RENT ROLL & FINANCIALS
Property Name:Property Address: 97 Louise St., San Rafael, CAAs of Date: 6/14/2021
Gross Scheduled Income 14,262.00$ X 12 171,144.00$ Less Vacancy Allowance (5%) (8,557.20)$
Effective Gross Annual Income ("EGI") 162,586.80$
LESS PROFORMA TENANT NNN EXPENSESNNN Tenant
ExpensesReal Property Taxes (projected @ market value) 22,000.00$ Ad Valorum 4,493.02$ Insurance 4,500.00$ Management 3,000.00$ Water, Trash 2,400.00$ PG&E 2,400.00$ Maintenance & Repair 6,000.00$ Landscape Maintenance 1,200.00$ Janitorial 1,200.00$
Total Expenses 47,193.02$
NET OPERATING INCOME 162,586.80$
Sale PriceCAP Rate 7.39%
Size: 14,262 sq.ft.Price psf: $154.26 psf
Yield Sales Price: Sq. Ft Price:5.00% 3,150,000.00$ 107.62$ 5.50% 3,250,000.00$ 111.04$ 6.00% 3,300,000.00$ 112.74$ 6.50% 2,501,335.38$ 85.46$ 7.00% 2,322,668.57$ 79.35$
$2,200,000.00
PROFORMA FINANCIALS - NNN TENANT
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
SALES COMPARABLES
215 I Street
Address:
215 I Street.Davis, CA
Square Feet: 4,176Year Built: -Price: $750,000Price / SF: $179.60Land Area: 0.44 ACSale Date: February, 2021
1 975 Olive Drive
Address: 975 Olive Dr.Davis, CA
Square Feet: 12,791Year Built: -Price: $ 2,500,000Price / SF: $195.45Land Area: 1.25 AC Sale Date: December, 2020
2 1625 Research Park Dr.
Address: 1625 Research Park Dr.Davis, CA
Square Feet: 5,907Year Built: 2002Price: $ 1,620,000Price / SF: $274.25Land Area: .30 ACSale Date: March, 2021
3
SOLANO/YOLO COUNTY SALES COMPARABLES
SOLANO/YOLO COUNTY SALES COMPARABLES
SUBJECT: 1350 N. TEXAS STREET
Sales Comparables
975 OLIVE DRIVE, DAVIS, CA2
1635 RESEARCH PARK DR., DAVIS, CA1
1
215 I STREET, DAVIS, CA1
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
SOLANO COUNTY/ FAIRFIELD CITY DESCRIPTION & HISTORY
SOLANO COUNTY DESCRIPTION
Solano County is approximately halfway between San Francisco and Sacramento. Solano county has seven cities and towns and nine unincorporated communities. The county seat is Fairfield and the largest city is Vallejo. Solano County is bordered by Yolo County to the north, Contra Costa County to the south, Sacramento County to the east and Sonoma & Napa Counties to the west. Solano County is one of the nine counties that form the Bay Area region and is located at the northern end of the San Francisco Bay Area (popularly referred to as the Bay Area).
FAIRFIELD CITY HISTORY & DESCRIPTION
The earliest native inhabitants of the Fairfield area were the Indians who settled in the Rockville and Green Valley areas, dating as far back as five to six thousand years. In 1835 General Mariano Guadalupe Vallejo, under order by the Mexican government, arrived to colonize the Suisun area and create a buffer zone against the Russians at Fort Ross. In 1856 Robert Waterman, a clipper ship captain from Fairfield, Connecticut laid out the township of Fairfield and in 1858 it become the county seat. The city of Fairfield was incorporated in 1903 and currently covers an area of approximately 37.6 square miles.
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
FAIRFIELD DEMOGRAPHICS
FAIRFIELD, CAPOPULATION
114,101MEDIAN AGE
35MEDIAN HOUSEHOLD INCOME
$80,950NUMBER OF EMPLOYEES
52,627MEDIAN PROPERTY VALUE
$377,400
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
SBA 504 LOAN PROPOSALSBA 504 Loan Scenario1350 N Texas St, Fairfield CA Scenario as of: 6/8/2021
Own the Business? Own the Building.
Land and Building Acquisition $2,200,000 Building Size 14,262 sf
Tenant Improvements $0 Price per Sq. Ft. $154 psf
Equipment & Other Eligible Costs $0
Total Project Costs $2,200,000Down Payment $220,000Est. Monthly Mortgage Pmt $10,008Est. Monthly Mortgage Pmt (includes taxes and insurance)
$12,061For Property Information:Peter Gettner, Senior Vice President [email protected]:+1.415.269.3622
Amount Rate Term Amort Monthly Pmt
Conventional Bank Loan 50% $1,100,000 4.00% 10 Yrs 25 Yrs $5,806SBA 504 - TMC Financing* 40% $893,000 2.93% 25 Yrs 25 Yrs $4,202Down Payment 10% $220,000
$10,008
● Below market, fixed interest rates amortized over 25-years makes ownership affordable● TI's, Construction, Furniture, and Equipment can often be included in the financing● Government program benefits established companies and new or high-risk companies alike● 10% Down for most property types● Anyone can help contribute to the down payment● Ability to generate income by subleasing up to 49% of building SF
Cash Down Payment 10% $220,000
Estimated Bank Fees 0.5% $6,500
Total Cash Required $226,500
Assumptions: The following assumptions were made in the preparation of this sample. Please let us know if there are specific values you'd like to see.
● Bank rate, terms and fees are estimated and vary depending on lender.
● All fees and expenses are estimated and will vary by vendor.
For more SBA 504 loan information contact us:Your SBA 504 Loan Experts
Anna O'Brien SVP, Business Development415.272.45441720 Broadway, 3rd Floor, Oakland, [email protected]
Unique Aspects of 504 Loans
Out of Pocket Expenses Invest in Your Future: Equity Over First 10 Years
90% SBA 504 Financing Example
*Includes financed SBA fee of $13,000
● SBA rate is as of Jun '21. Actual rate is set at debenture sale.
● 90% LTV financing generally does not require additional collateral.
● SBA Fee is estimated at 1.15% plus a $2,500 legal fee.
● Equity is based on a 2.0% annual appreciation rate less the outstanding loan balance.
Year $-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
1 5 10 15 20 25
OFFERING MEMORANDUM 1350 N. TEXAS STREET, FAIRFIELD, CAHL Commercial Real Estate
CONTACT INFORMATION
Golden Gate Park
For Information Contact:
HL Commercial Real Estate70 Mitchell Blvd., Suite 202
San Rafael, CA 94903 www.hlcre.com
Mark Cooper(415) [email protected] LIC # 01814831
Peter Gettner(415) [email protected] LIC # 00785623