for sale ashford - loopnet...ashford retail center for sale 3536-3550 ashford st | san diego, ca...

S A N D I E G O R E TA I L I N V E S T M E N T G R O U P

CAPITAL MARKETS | INVESTMENT PROPERTIES

@sdretailbrokers

ASHFORD Retail Center

FOR SALE

3536-3550 Ashford St | San Diego, CA

O F F E R I N G M E M O R A N D U M

JOEL WILSONVice PresidentLic. [email protected]+1 858 546 4651

MICHAEL PETERSONAssociateLic. [email protected]+1 858 646 4749

REG KOBZISenior Vice PresidentLic. [email protected]+1 858 546 4604

http://invsandiegoretail.listinglab.com/AshfordRetailCenter

A SHADOW-ANCHORED NEIGHBORHOOD CENTER

2 | Ashford Retail Center

AFFILIATED BUSINESS DISCLOSURECBRE, 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 AGREEMENTYour 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.

DISCLAIMERThis Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information

which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein,

to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

© 2017 CBRE, Inc. All Rights Re-served.

Investment Summary

Demographics

Property Description

Area Overview

Financial Overview

TABLE OF CONTENTS

INVESTMENT SUMMARY

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INVESTMENT SUMMARY:

Offering Price: $5,700,000

NOI (Year 1): $351,329

Cap Rate (Year 1): 6.16%

Current Occupancy: 81%

Total Building Area: 21,280 SF

Total Land Area: 60,113 SF

INVESTMENT HIGHLIGHTS:

Value-Add Opportunity:

High lease up value with current occupancy rate of 81%

Neighborhood Location:

Situated in the dense residential market of Clairemont and less than a mile from Mesa College, this site presents a perfect neighborhood center opportunity. Positioned adjacent to a popular grocery store, Carnival Market, creates built in foot traffic.


INVESTMENT HIGHLIGHTS:

• Located at the entry way to Mesa College at the NWC of Ashford Street and Beagle Street serving the Clairemont/Baypark communities.

• Anchored by Carnival Market (NAP)

• Easy freeway access to I-805, I-163, I-5 and Highway 52

• Strong daytime demographics with a population of over 316,000 within 5-miles

• Located 1 Mile away from Mesa College with over 31,000 students enrolled in 2015 and less than 2 miles from Sharp Memorial Hospital a 666 licensed bed facility with over 10,000 faculty and staff

• Abundant parking with excellent access and visibility

DEMOGRAPHICS:TRAFFIC COUNTS:

INVESTMENT SUMMARY

SALE PRICE: $5,700,000

GLA: 21,280 SF

PRICE/SF: $267.86

CAP RATE: 6.16%

YEAR BUILT: 1961

LOT SIZE: ± 60,113

APN: 420-430-20-00

Ashford St 5,900 cars per day

Beagle St 3,800 cars per day

1 Mile 3 Miles 5 Miles

2016 Est. Population 17,802 140,753 373,065

2021 Project Population 18,597 147,969 389,768

2016 Est. Avg HH Income $74,200 $82,622 $83,753

2016 Est. Daily Population 33,359 173,042 316,344

Source: SanDag 2013

Ashford Retail Center | 7

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DEMOGRAPHICS


DEMOGRAPHICS

POPULATION 1 Mile 3 Miles 5 Miles2016 Population 17,802 140,753 373,065

2021 Population 18,597 147,969 389,768

2010 Population 16,905 132,293 354,747

2000 Population 16,664 126,782 345,436

Percent Pop Change: 2010 to 2016 5.31% 6.40% 5.16%

Percent Pop Change: 2016 to 2021 4.46% 5.13% 4.48%

HOUSEHOLDS2000 Average Household Income $49,537 $55,326 $56,245

2016 Average Household Income $74,200 $82,622 $83,753

2021 Average Household Income $82,885 $91,187 $92,282

2000 Median Household Income $42,711 $45,926 $42,666



2016 Per Capita Income $28,349 $32,464 $37,203


HOUSING UNITS2016 Housing Units 7,177 58,408 175,509

2016 Occupied Housing Units 6,801 55,304 165,714

2016 Vacant Housing Units 376 3,104 9,795

2016 Owner-Occupied Housing Units 2,868 26,788 68,042

2016 Renter-Occupied Housing Units 3,933 28,516 97,673

2016 Median Home Value $424,390 $461,234 $513,968

2016 Average Home Value $434,448 $498,765 $593,148

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PROPERTY DESCRIPTION


PROPERTY DESCRIPTION

ADDRESS:3536-3550 Ashford StreetSan Diego, CA 92111

THE OFFERING:

The San Diego Investment Properties Team is pleased to offer for purchase a fee simple multi-tenant project near Mesa College, in the densely populated Clairemont submarket. The property is well positioned, with limited retail competition. The site offers off street parking and excellent signage to serve both the nearby residential and large student popula-tion of Mesa College with over 31,000 students enrolled.

UPSIDE POTENTIAL:

• Most tenants have rents below market rate

• Capital improvements to the exterior make for significant upside in appearance and generates better opportunity to increase rental rate

NEIGHBORHOOD LOCATION:

• Situated in the dense residential market of Clairemont and a mile from Mesa College (±31,000 enrolled), this site presents a perfect neighborhood center opportunity.

• Positioned adjacent to the popular Carnival Grocery Store (NAP), creates built in foot traffic.

STRONG CASH FLOW:

• The project is 81% leased, with upside in buyer leasing the remaining 2 spaces

• Provides an investor with strong cash flow from diverse tenant mix with rates below market

FREEWAY ADJACENT

• The center is located directly off of the I-805 allowing for easy access from north and south bound traffic -Proximity to freeway attracts tenants with a need for product distri-bution or deliveries


CLAIREMONT

MESA EAST

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3520 B

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AVAILABLESUITE 3548±3,100 SF

3548

SITE PLAN


PARCEL MAP

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AERIAL

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AREA OVERVIEW


SAN DIEGO OVERVIEWSan Diego County is bordered by 70 miles of scenic Pacific coast to the west, the Anza-Borrego Desert and Imperial County to the east, Orange and Riverside counties to the north and Mexico’s Baja California to the south. Encompassing 4,261 square miles, San Diego is celebrated as “America’s Finest City.” Tempered by the Pacific Ocean, San Diego is blessed with relatively cool summers, mild winters and an average annual temperature of 70.5 degrees. San Diego experiences an average of only 42 rainy days per year. With over three million in population, San Diego is California’s second largest county and ranks as the fifth most populated county in the United States.

AREA OVERVIEW


ECONOMY The San Diego economy is comprised of many diverse and entrepreneurial businesses in the fields of biotechnology, defense and aerospace, tourism and entertainment, medical technology, sports apparel, professional services, clean and green technologies, and foreign trade. The conversion of San Diego’s basic economic structures during the 1990’s has produced remarkable economic growth for the region. The growth from the 90’s and the nation’s largest military presence has made San Diego an economic hub for the state of California. San Diego is a major regional hub for the Southwestern United States as well, with its Gross Domestic Product (GDP) reaching $177.4 billion in 2012.

San Diego’s unemployment has been improving since 2009 dropping to approximately 5.2% as of December 2014. The unemployment figure will continue to improve as the markets recover.

ECONOMIC DRIVERS

San Diego’s military operations remain the strongest in the nation with the military’s choice to consolidate west coast operations here. San Diego is now home to the largest military complex in the world, housing one fifth of the U.S. Navy and Marine Corps fleet. Military expenditures produced a total economic impact of more than $20 billion in 2012. San Diego boasts nearly 15,000 companies in the defense and aerospace sector, employing hundreds of thousands of people. San Diego has a strong presence in the development of unmanned drones (UAV), cyber-security and other intellectual property related to the defense industry.

Over 500 biotech companies in San Diego County employ more than 36,000 people and generate approximately $8.5 billion annually. As a national leader

S A N D I E G O R E TA I L I N V E S T M E N T G R O U P

@sdretailbrokers

JOEL WILSONVice PresidentLic. [email protected]+1 858 546 4651

WWW.CBRE.COM/SANDIEGOINVRETAIL

MICHAEL PETERSONAssociateLic. [email protected]+1 858 646 4749

REG KOBZISenior Vice PresidentLic. [email protected]+1 858 546 4604


3536-3550 Ashford StreetSan Diego, CA

CBRE, INC Broker

Lic. 00409987

© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct acareful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.

CBRE and the CBRE logo are service marks of CBRE, Inc. All othermarks displayed onthis document are the property of their respective owners.

Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

for sale ashford - loopnet...ashford retail center for sale 3536-3550 ashford st | san diego, ca...

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