for sale ± 10,650SF Retail building at Ontare Plaza state St. santa barbara, ca 93105

Transcription

1 Price Reduction! property brief Incredibly rare opportunity to purchase a small strip center known as Ontare Plaza in Santa Barbara s San Roque neighborhood. Offering a great list of tenants who service the community, including a number who have held tenancies for more than 30 years. Contact Listing Agents for more details. Price $5,250,000 Building Size ±10,650 SF Price Per SF Bldg. $493/SF Land Size ±24,394 SF CAP 5.41% NOI $287,586 APN ; 006 Zoning C-2 (General Commercial) Parking Shared HVAC Yes

2 f o r s a l e ± 1 0, SF R e ta il b uil din g at O n ta r e P l a z a s tat e S t. s a n ta b a r b a r a, c a On tar er d. State St E. C a r r i l l o s t. S u i t e S a n ta B a r b a r a C A Fa x r a d i u s g r o u p.c o m

3 State St. 1 San Roque Plaza 2 Whole Foods 3 The Marc 4 5 Points Shopping Center Hwy U.S. Post Office 6 Chuck s of Hawaii 7 Montecito Bank & Trust 8 Coffee Bean & Tea Leaf 9 Bank of America YMCA 11 McDonalds 12 Trader Joe s Las Positas 13 Gelson s 14 CVS Pharmacy 12 8 De La Vina St. 14

4 income analysis Income Analysis State Street, Santa Barbara 10,650 SF Current Income Address Tenant Sq.Ft. Lease Type NNN Rent/SF NNN Rent NNN's Gross Rent Lease Exp. Options 3,609 Big City Futon 2,450 NNN $1.67 $4,096 $2,098 $6,194 6/30/ Year 3,609-A Super Cuts 975 NNN $2.25 $2,194 $835 $3,029 2/24/ Year 3,611 Ace Cash Express 975 NNN $3.57 $3,479 $835 $4,314 12/31/ Year 3,611-A Baskin Robbins 1,300 NNN $2.39 $3,102 $1,113 $4,215 7/31/ Year 3,613 Vegan Go Green 975 NNN $2.55 $2,483 $835 $3,318 5/30/ Year 3,613-A Rudy's Mexican 975 NNN $2.62 $2,556 $835 $3,391 5/31/ Year Restaurant 3,615 Tri-Couny Blinds & 1,500 NNN $2.47 $3,705 $1,285 $4,990 6/30/ Year Drapes 3,617 Proforma 1,500 NNN $2.25 $3,375 $1,285 $4,660 Price Analysis: Total Bld SF: 10,650 Monthly Base Rent: $24,989 Tenant Reimbursable (NNN's): $9,121 Gross Monthly Rent (Base Rent + NNN's): $34,110 Annual Scheduled Income: $409,316 Vacancy Factor: 3% Annual Gross Income: $397,036 Property Taxes $59,950 Insurance $8,500 Maintenance $25,000 Property Management $16,000 Annual Commercial Expenses: $0.86 $109,450 (Monthly Expenses/Total Bldg SF) PSF Net Operating Income: $287,586 Proforma Space Lease up Costs (All Are Estimates) TI Costs $15 /SF $22,500 Lease Up Time 6 Months $27,958 Leasing Brokerage (6% on 5 Year Deals) $12,150 Total Lease Up Costs $62,608 Cap Rate on Fully Stabilized Sale Price Fully Stabilized Sale Price Lease Up Costs Sale Price Sale Price/SF Values: 5.41% $5,312,608 $62,608 $5,250,000 $493

5 santa barbara the american riviera Symbolizing the ultimate in casual California lifestyle, Santa Barbara is undoubtedly one of America s most desirable travel destinations. Located on a pristine coastline approximately 337 miles south of San Francisco and 93 miles north of Los Angeles, Santa Barbara is nestled between the Pacific Ocean and the Santa Ynez Mountains. This stretch of coast is known as the American Riviera because of its Mediterranean climate. With a population of approximately 92,000 in 2014, Santa Barbara is both small and vibrant. Locals and visitors alike are drawn to the city s charming downtown and picturesque State Street with its rich Spanish architecture and historical sites, and wide variety of shops and galleries, numerous Zagat-rated restaurants, thriving open-air shopping centers like the famed Paseo Nuevo, pristine, sunny beaches and harbor, and countless other outdoor attractions including the Santa Barbara Zoo, Santa Barbara Mission, Stearns Wharf and Santa Barbara Museum of Natural History, to name just a few. Plus, with nearly 100 wineries within a short drive, Santa Barbara County is a world renowned wine region.

6 santa barbara economy & demographics Economy As a major travel destination, Santa Barbara s tourism and hospitality industry are vital components of the local economy, which also includes a very large service sector (nearly 35% in 2004), education, technology, health care, finance, agriculture, manufacturing, and local government. Education in particular is well-represented with five higher learning institutions including UCSB, Santa Barbara City College and Westmont College Rank Employer # Employees 1 University of California, Santa Barbara 6,200 2 County of Santa Barbara 4,000 3 Santa Barbara Cottage Hospital 2,500 4 Santa Barbara City College 2,000 5 Santa Barbara School Districts 1,800 Rank Employer # Employees 6 Raytheon 1,500 7 Sansum Clinic 1,500 8 City Of Santa Barbara 1,000 9 United States Postal Service 1, Union Bank 950 Demographics 2015 Population ±91,842 Population Density ±2,105 per square mile Households ±35,449 Age 0 18 ±18.6% Age ±42.0% Age ±25.2% Age 65+ ±14.2%