FOR SALE DAKOTA PLAZA

Transcription

1 High-Performing Retail Strip Center FOR SALE DAKOTA PLAZA 3791 NORTH HUGHES AVENUE & 2211 WEST DAKOTA AVENUE FRESNO, CA HIGH-PERFORMING RETAIL STRIP CENTER 9% CAP Rate Value-Add Opportunity Police Department Anchored Center & Adjacent Parking Lot High-Performing Retail Strip Center CHARLES DUNN COMPANY 1925 Century Park East, Suite 2350 Los Angeles, CA Lic. # DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 1

2 3791 NORTH HUGHES AVENUE & 2211 WEST DAKOTA AVENUE 1 EXECUTIVE SUMMARY Executive Summary Property Maps Traffic Counts North Hughes Avenue 2 INVESTMENT SUMMARY Investment Summary Investment Analysis 3 MARKET OVERVIEW Property Demographic Report City of Fresno Overview ABBI W. SAPERSTEIN Associate (424) asaperstein@charlesdunn.com Lic. # CHARLES DUNN COMPANY 1925 Century Park East, Suite 2350 Los Angeles, CA Lic. # West Dakota Avenue DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 2

3 HIGHLIGHTS 100% Occupied»Anchor» tenant is the Fresno Police Department which has operated here for over 19 years Sale includes additional 1.22 acre parcel, 75% paved, fully fenced, and secured with card access gate Excellent individual storefront signage Retail center has unparalleled visibility from street with a lighted monument sign for the center, plus a separate sign location for each of the retail tenants Located in an established and well-trafficked area of central Fresno North Hughes Avenue Signalized Intersection Adjacent neighbors include a gas station with convenience store, and a U.S. Post Office Tenants are paying below market rents Located in densely populated residential area West Dakota Avenue DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 3

4 PROPERTY DETAILS Charles Dunn Company is pleased to present an Exclusive Investment Offering for a multi-tenant retail strip center located at 3791 N. Hughes Avenue & 2211 W. Dakota Avenue, Fresno, CA (the Property ). PROPERTY NAME PROPERTY ADDRESS PROPERTY TYPE DAKOTA PLAZA N. Hughes Avenue & 2211 W. Dakota Avenue, Fresno, CA Multi-tenant retail center Dakota Plaza is a single-story multi-tenant retail center in Fresno, CA. The Property is located on 1.04 AC on the heavily trafficked corner of North Hughes Avenue and West Dakota Avenue. It consists of two (2)buildings: one totaling 9,950 SF and the other building totaling 4,348 SF. The Sale also includes an additional 1.22 AC of partially paved land with approximately 80 parking spaces. There is direct ingress and egress from both Hughes Avenue and Dakota Avenue, and the retail center is situated in close proximity to Highway 99. APN , ZONING IMPROVEMENTS NO. OF BUILDINGS 2 C1; RA 14,298 SF total SITE AREA 1.04 AC (improved) 1.22 AC (unimproved) RBA 9,950 SF 4,348 SF = 14,298 SF total 14,400 SF per public record YEAR BUILT 1994 OCCUPANCY PARKING INGRESS/EGRESS FRONTAGE 100% leased to five (5) tenants Over 15 surface spaces in main lot; ± 80 spaces used as private parking by Police Department Signalized intersection 297 feet on Dakota Avenue DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 4

5 STREET MAP SUBJECT PROPERTY SUBJECT PROPERTY DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 5

6 PARCEL MAP DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 6

7 TRAFFIC COUNTS 6, ,613 17,769 8,917 4,680 8,541 Street Cross Street Cross Street Distance Count Year Avenuerage Daily Volume Volume Type Miles from Subject Property W. Griffith Way N. Hulbert Avenue 0.02 E MPSI 0.31 W. Dakota Avenue N. Marks Avenue 0.03 W ,178 MPSI 0.44 W. Dakota Avenue N. Marks Avenue 0.03 W ,217 MPSI 0.44 N. Hughes Avenue W. Simpson Avenue 0.03 S ,067 MPSI 0.49 N. Hughes Avenue W. Simpson Avenue 0.02 S ,229 MPSI 0.49 N. Marks Avenue N. Weber Avenue 0.11 S ,225 MPSI 0.50 N. Marks Avenue N. Weber Avenue 0.13 S ,380 MPSI 0.50 N. Hughes Avenue W. Ashlan Avenue 0.04 S ,689 ADT 0.51 N. West Avenue W. Robinson Avenue 0.03 S ,769 ADT 0.52 W. Shields Avenue N. Pleasant Avenue 0.05 S ,490 MPSI 0.53 DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 7

8 PHOTOGRAPHS DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 8

9 PHOTOGRAPHS Police Station & Police Parking DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 9

10 PHOTOGRAPHS DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 10

11 INVESTMENT SUMMARY Address SUMMARY N. Hughes Avenue & 2211 W. Dakota Avenue, Fresno CA Offering Price $1,950,000 CAP (Year 1)** 9.00% NOI (Year 1)* $176,378 Pro Forma NOI $230,000 Ownership Rights Land Size Building Size Financing Options Tenancy Fee Simple Interest 1.04 AC (improved) 1.22 AC (unimproved) ± 14,298 SF total Cash, to new loan 100% Occupied EXPENSES CURRENT Electric $3,872 Water $12,567 Trash $5,290 Gardner $5,761 Phone $2,612 Alarm $720 Fire Protection $1,000 Repairs/Porter/Maintanance $3,277 Insurance $6,100 Taxes $22,240 Annual Reported Expenses ($0.37 SF Before Management) $63,439 Management 3% Gross Rents (Projected) $7, Current Net Operating Income $176,378 RENT ROLL CURRENT Tenant Square Feet Rent/Annual Montly Rent Lease Start Lease End Fresno Police Department 6450 $140,634 Includes CAMs fixed at.38 / SF $9, /1/2008 M2M Valentine's Mexican Restaurant 3400 $37,800 Not including NNN $3, /1/ /30/2021 Saavedra Bakery 950 $27,600 Not including NNN $2, /1/ /30/2021 Launderland 2250 $28,000 Not including NNN $2, /18/2015 3/17/2025 Variety Discount Store 1250 $13,200 Not including NNN $1, /1/ /30/2019 Total: est. 14,300 Annual Rent: $247,234 Monthly Rent: $18, DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 11

12 DEMOGRAPHICS DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 12

13 FRESNO, CA MARKET OVERVIEW Fresno California Fresno is the fifth largest city in California, the largest inland city in California, and the 34th largest city in the nation. Fresno is 200 miles north of Los Angeles and 170 miles south of Sacramento. Fresno is known as a diverse city. It is comprised of people coming from more than 90 different nationalities who speak over 75 languages. Fresno has an ethnic mix from early years due to Chinese, Scandinavian, German, Russian, Japanese, and Armenian settlers, and home to a large Hispanic population by the early 20th century. The Fresno Hmong community is one of the largest two urban Hmong communities in the United States. Population (2016) 523,783 Population Change 20.5% (2000 to 2016) Area square miles ETHNIC COMPOSITION Median Income (2016) $41,314 Median Age (2016) 30.5 Education (25+) No High School Diploma % High School Graduate % Some College % College Degree % DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 13

14 FRESNO, CA ECONOMY Fresno County is the number one agricultureproducing county in the United States. Industries related to agriculture, wholesale distribution, recreation and tourism are the other components of the Fresno economy. Fresno s position as the hub for education, healthcare, government and professional services makes it unique among the county s economy. Food processing had led the manufacturing sector with such notable companies as Conagra Foods, Lyons-Magnus, Del Monte, Wawona Foods, E&J Gallo Winery, Kraft Foods, Foster Farms, Harris Ranch and others. Distribution has many centers in the city, led by the 80-acre site of the Gap Pacific Distribution Center. Companies specializing in machinery manufacturing, medical services and water technology are also present. Public sector employment is also a major contribution to Fresno s economy.. Company PRINCIPAL EMPLOYERS Number of Employees Fresno Unified School District 11,162 County of Fresno 6,400 Internal Revenue Service 5,600 Community Regional Medical Center 4,789 City of Fresno 3,321 Saint Agnes Medical Center 2,812 California State University, Fresno 2,310 Kaiser Permanente Medical Center 2,300 State Center Community College District 1,630 Alorica, Inc. 1,300 TRANSPORTATION Fresno Yosemite International Airport (FAT) is a joint civil-military public airport in eastern Fresno. Despite its name, the airport is located more than 60 miles south of Yosemite National Park. Home to Fresno Air National Guard Base and California Air National Guard, the airport has flights to airline hubs throughout the Western United States, international flights to Mexico, and cargo services. The top three domestic routes from FAT are: Phoenix, Los Angeles and Dallas/Fort Worth. FAT was the first airport in the nation to install a web-based, wireless system (PASSUR Flight Information Display) to list active flight arrivals and departures and the first one to implement an anti-terrorist facial recognition system, shortly after 9-11 attacks. Fresno Area Express (FAX) is ultimately the largest mass public transportation provider in the San Joaquin Valley. The public transportation has 16 Fresno routes and 4 Clovis routes, stopping at schools, government offices, transportation stations, shopping centers, hospitals and ballparks. Additionally, a rapid transit system run by the City of Fresno Bus Rapid Transit is expected to be in service in December DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 14

15 FRESNO, CA NOTABLE LOCATIONS California State University, Fresno, also known as Fresno State, is a public and comprehensive university and major 23 campuses. Fresno State is located at the northeast of Fresno, a three-hour drive of both Los Angeles and San Francisco. The university offers 64 undergraduate degree programs, 44 master degree programs and 3 different doctoral subjects. Fresno State has 2,200 full and part-time faculty and staff members; 96% of the tenured faculty hold doctoral or other terminal degrees in their areas of study. Fresno Convention & Entertainment Center is a four building complex center located in downtown Fresno. It is the premier performing arts and convention center in California s Central Valley. The Selland Arena entertainment center was home to the Central Valley Coyotes, the former Fresno professional football team that ceased operations in December of The William Saroyan Theatre is home to Fresno Philharmonic and the Fresno Ballet. Saroyan theatre has hosted nationally acclaimed performers, and plays. These include shows with Jerry Seinfeld, David Copperfield, The Sound of Music, Evita, Chicago, and the Miss California Pageant. Forestiere Underground Gardens is an unusual manmade creation of subterranean gardens built by Baldasare Forestiere, an immigrant from Sicily, over a period of 40 years from 1906 to until his death in The plants and trees, some of which are over 100 years old, are protected, by virtue of construction, from the frost in the winter months. Each level was planted at different times, so they bloom in succession, in order to lengthen the growing season. Trees and vines were also planted above the dwelling, acting as insulation and forming canopies that provide protection from the elements. DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 15

16 DAKOTA PLAZA 3791 NORTH HUGHES AVENUE & 2211 WEST DAKOTA AVENUE FRESNO, CA CONTACT: ABBI W. SAPERSTEIN Lic. # Direct (424) Office (310) Fax (310) CHARLES DUNN COMPANY 1925 Century Park East Suite 2350 Los Angeles, CA Lic. # DAKOTA PLAZA, FRESNO, CA // CHARLES DUNN COMPANY // 16