offering memorandum 1083images3.loopnet.com/d2/7-ibyvtbu1em1rgov5u5wsdmxidlijy84...property type...

1083El

Ca

jon

N o r t h C u y a m a C a s t r e e t

Offering memOrandum

Licensed as Real Estate Salespersons by the CA Bur of Real Estate. The information contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, we do not guarantee it. ©2016 Voit Real Estate Services, Inc. All Rights Reserved. Real People. Real Solutions.® is a registered trademark of Voit Real Estate Services.

4747 Executive Drive, Suite 800, San Diego, CA 92121 | 858.453.0505 | 858.408.3976 Fax | Lic #01333376 | www.voitco.com

Brian Mulvaney, SiOr, CCiMSenior Vice PreSident

bre lic 00938944 [email protected]

JOSh WeStVice PreSident


Offering MeMOranduM1083 nOrth CuyaMaCa Street | el CaJOn, Ca 92020

I. ExECuTIVE SummARy

The Overview & Valuation Summary ...............1

II. ThE PROPERTy

Property Description .......................................3

Parcel map .....................................................4

III. mARkET OVERVIEW

Industrial Economic Overview .........................6

Aerial Photograph ...........................................7

IV. FInAnCIAL AnALySIS

Schedule of Cash Flow ...................................9

Tenant Profile ...............................................10

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41083 north CuyamaCa street Offering MeMOrAnDUM

ExECuTIVE SummARy

T h E O V E R V I E W

Voit Real Estate Services, as exclusive advisor, is pleased to present

for sale, 1083 north Cuyamaca Street, an approximately 9,600 square

foot freestanding industrial building located in the El Cajon submarket

within San Diego County. The property is currently 100% leased and

boasts an excellent curb appeal. This quality property offers an investor

the unique opportunity to acquire a well-located, Southern California

industrial asset, with a stable income stream.

VA L u AT I O n S u m m A R y

PriCe $1,500,000.00

Building Square Feet ±9,600 SF

nOi (September 1, 2017 - august 31, 2018) $82,500.00*

*nOI is estimated based on actual Gross Rents in the Lease Document, less estimated Operating Expenses. Buyer should verify their own numbers.

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GRADE LEVEL DOOR

BREAKROOM

BREAKROOM

UP

CLOSET

CONFERENCE ROOM

OFFICE OFFICE

OFFICE OFFICE

OFFICE

OFFICEOFFICE

OFFICE

WAREHOUSE

DOWN

MEZZANINE


P R O P E R T y D E S C R I P T I O n

ADDRESS 1083 north Cuyamaca Street, El Cajon, CA 92020

PROPERTy TyPE Industrial

LAnD AREA / APn ±0.58 Acres / APn # 482-310-25

BuILDInG RSF Approximately 9,600 square feet

yEAR BuILT 1981

FLOORS One (1)

ZOnInG C-m (heavy commercial - light industrial)

COnSTRuCTIOn Concrete Block

hVAC Roof-mounted units

ACCESS One (1) curb cut along north Cuyamaca Street

uTILITIES Water / Sewer - City of El CajonElectricity / Gas - SDG&E

ThE PROPERTy


PA R C E L I n F O R m AT I O n

ThE PROPERTy

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E L C A j O n I n D u S T R I A L m A R k E T

Overall

El Cajon is one of the region’s premiere locations in which to live, work and play. As the fifth largest city in San Diego County, El Cajon boasts a diverse and vibrant community. With safe and attractive residential neighborhoods, parks, libraries and other amenities, award-winning schools, and a quality of life that is highly sought, El Cajon is a shining example of exceptional municipal service. El Cajon is a full service City, with first-class police and fire departments.

This vibrancy is evident in the dynamic business environment. El Cajon is home to both global and nationally known corporations such as Taylor Guitars, one of the premier guitar manufacturing companies in the world. The City is also home to a long-time retail mall, Parkway Plaza, that boasts over 170 stores El Cajon is also known for the many car dealerships in town, with 14 currently within its boarders, including mercedes-Benz, BmW, and Lexus. Additionally, El Cajon has a wonderful downtown, with shops and restaurants that the entire family can enjoy. El Cajon’s location and attributes make it attractive and accessible to small investors and entrepreneurs, which enhances the City’s many business districts.

aBSOrPtiOn

The El Cajon industrial market posted 8,431 square feet of net absorption in the second quarter of 2017.

vaCanCy

Direct / sublease space (unoccupied) finished second quarter 2017 at 0.80 percent.

mARkET OVERVIEW

leaSe rateS

The average asking nnn lease rate per month per square foot in El Cajon was $0.77 at the end of 2nd quarter 2017. Vacancy rates have steadily moved downward and asking rental rate will continue to rise.


mARkET OVERVIEW

A E R I A L P h O T O G R A P h

SITEBradley avenue

FletCher ParkWay BrOadWay

Main Street

navaJO rOad

Bradley avenue

FletCher ParkWay BrOadWay

Main Street

navaJO rOad

Fin

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F I n A n C I A L S u m m A R y

GROSS InCOmE(September 1, 2017 - August 31, 2018) $103,236.00

CuRREnT ESTImATED OPERATInG ExPEnSES $0.18 PSF / monthly

nOI (September 1, 2017 - August 31, 2018) $82,500.00*

BuILDInG SquARE FEET ±9,600 SF

LEASE TERm 4+ years Remaining (Expires: 8/31/2021)

R E n T S C h E D u L E

1 SEPTEmBER 1, 2016 - AuGuST 31, 2017$8,352 gross per month





*nOI is estimated based on actual Gross Rents in the Lease Document, less estimated Operating Expenses. Buyer should verify their own numbers.

FInAnCIAL AnALySIS


TEnAnT InFORmATIOn

j . P. W I T h E R O W R O O F I n G

REnTABLE SquARE FEET 9,600 SF

TEnAnT SInCE 2016

% OF PROjECT RSF 100%

WEBSITE www.jpwitherow.com

j.P. Witherow Roofing is a professional roofing company that has been operating in San Diego since 1935. The company was established by j.P. Witherow who brought the company to the area to take advantage of the city’s growing opportunities. j.P. operated the company until he passed away in 1986. his son, Richard took the helm and led further expansion of the company until a couple of years ago. It has continued to flourish in the expanding San Diego community for more than 80 years.

j.P. Witherow Roofing has now completed over 55,000 roofing projects throughout San Diego. Thanks to their stellar reputation and highly skilled and experienced professionals, the company continues their success with hard work, dedication, integrity, dependability, commitment to quality, and excellence in customer service.


This is a confidential Offering Memorandum that is intended solely for your limited use and benefit in determining whether you desire to express any further interest in the refinance of 1083 north Cuyamaca Street San Diego, CA 92020 (the “Property”). You are obligated and bound by the Confidentiality Agreement executed in connection with your receipt of this memorandum.

The Offering memorandum was prepared by Voit Real Estate Services (“Voit”). It contains selected information pertaining to the Property and does not claim to be all-inclusive or to contain all of the information, which prospective lenders may desire. It should be noted that all market analysis projections are provided for general reference purposes and are based upon assumptions relating to the general economy, competition and other factors beyond our control and therefore are subject to material variation.

Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective lenders. no representation or warranty, expressed or implied, is made by the property owner, Voit, or any of their respective affiliates as to the accuracy or completeness of the information contained herein, as to engineering or environmental matters or as to the future performance of the Property. Prospective lenders should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence, including engineering and environmental inspections to determine the condition of the Property and the existence of the potentially hazardous material located at the Property site or used in the construction or maintenance of the Property.

In this memorandum, certain documents are described in summary form. The summaries do not purport to be complete. They are not, necessarily, accurate descriptions of the full agreement involved. nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to independently review all such documents.

This Office Memorandum shall not be deemed an indication of the property owner’s state of affairs nor constitute an indication that there has been no change in the business or affairs of the property owner since the date of preparation of the memorandum.

Photocopying or other duplication of the Offering memorandum, in part or in its entirety, whether received as an original copy or downloaded from the internet, is not authorized.

D I S C L A I m E R & C O n F I D E n T I A L I T y A G R E E m E n T

Offering MeMOranduM1083 nOrth CuyaMaCa Street | el CaJOn, Ca 92020

Licensed as Real Estate Salespersons by the CA Bur of Real Estate. The information contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, we do not guarantee it. ©2017 Voit Real Estate Services, Inc. All Rights Reserved. Real People. Real Solutions.® is a registered trademark of Voit Real Estate Services.

4747 Executive Drive, Suite 800, San Diego, CA 92121 | 858.453.0505 | 858.408.3976 Fax | Lic #01991785 | www.voitco.com

Brian Mulvaney, SiOr, CCiMSenior Vice PreSident


JOSh WeStVice PreSident


www.voitco.com

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San diego, Ca858.453.0505

offering memorandum 1083images3.loopnet.com/d2/7-ibyvtbu1em1rgov5u5wsdmxidlijy84...property type...

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