THE OLSEN RANCH Paso Robles, California 600+ UNIT PLANNED COMMUNITY DEVELOPMENT OPPORTUNITY << Click to View Aerial Tour >>
OLSEN RANCH TABLE OF CONTENTS OFFERING OVERVIEW... 3 PROPERTY PHOTOS...10 MAPS PASO ROBLES OVERVIEW HIGH AERIAL... 4 CITY OVERVIEW... 11 LOW AERIAL... 5 PASO ROBLES BUILDING SUMMARY... 12 SPECIFIC PLAN OVERLAY... 6 POPULATION DEMOGRAPHICS... 13 PARCEL MAP... 7 HOUSING DEMOGRAPHICS... 14 NEIGHBORHOOD DENSITY & EXISTING CONSTRAINTS... 8 CITY OF PASO ROBLES HOUSING TRENDS... 15 CITY MAP... 9 GREATER PASO ROBLES HOUSING TRENDS... 16 Hart Commercial Real Estate 236 West Grand Ave Grover Beach, CA 93433 www.hartcre.com
OLSEN RANCH OFFERING OVERVIEW 3 Offering Price: $24,000,000 Project Size: APN s: Number of Lots: Overview +/-212.88 Acres 009-795-001 (32.05 Acres) 009-795-002 (27.62 Acres) 009-795-003 (12.97 Acres) 009-795-006 (140.24 Acres) Estimated up to 600 units The Olsen Ranch is located on Paso Robles s east side, adjacent to existing residential developments and beautiful rolling vineyards. The property is part of the Olsen Ranch Specific Plan along with two other small land owners. The project allows for 673 units of which approximately 600 are designated for the Olsen property. The property can accommodate a variety of product types from multifamily to estate lots. Water, sewer and dry utilities are adjacent to the property. The site is in a raw state and has been farmed by the Olsen family for over 50 years. The property has 3 existing homes, several Ag related structures and 2 wells. Entitlement Summary In 2003 the Olsen Ranch was annexed into the City of Paso Robles. The City contracted Moule & Polyzoides to create a specific plan and EIR for the properties which was completed in late 2007. The city then conducted a traffic study which was completed in 2009. The city will allow for the proposed 673 units but may allow for additional density depending on the proposed plan. The city has indicated that they will require reimbursement for some of the prior planning work already completed. Project Highlights: Paso Robles is one of the fastest growing cities within San Luis Obispo county and has a unfulfilled need for new housing stock to meet this growing market demand. The Olsen Ranch is one of only a few large properties able to be developed within the city limits. Development outside of the city is currently limited due to water constraints. The city of Paso Robles is pro-development and eager to see the Olsen Ranch project move forward in order to help meet the city s growing housing needs (see page 12, annual building permits issued). Available Due Diligence Materials: Terms Draft Specific Plan for Beechwood and Olsen Ranch 2007 EIR 2009 City Traffic Study The Sellers would prefer an all cash transaction, but will entertain a variety of structures including a staged take-down of the property. Buyer Profile The Seller is seeking a buyer who can provide proof of capital to complete the purchase, that has a vision for the project, the ability to process the necessary entitlements and has a proven track record.
OLSEN RANCH HIGH AERIAL 4
OLSEN RANCH LOW AERIAL 5
OLSEN RANCH 2007 SPECIFIC PLAN OVERLAY Hart Commercial Real Estate 236 West Grand Ave Grover Beach, CA 93433 6 www.hartcre.com
OLSEN RANCH PARCEL MAP 7 NOT A PART
OLSEN RANCH NEIGHBORHOOD DENSITY & EXISTING CONSTRAINTS 8 NEIGHBORHOOD DENSITY EXISTING CONSTRAINTS OLSEN RANCH Olsen Ranch 670 Beechwood 671 Neighborhood 1 179 Neighborhood 2 88 Neighborhood 3 212 Neighborhood 4 415 Total 2,235 Riparian Corridor 50' Buffer Agricultural Buffer PG&E Easement
OLSEN RANCH PASO ROBLES CITY MAP 9
OLSEN RANCH PROPERTY PHOTOS 10
OLSEN RANCH PASO ROBLES CITY OVERVIEW 11 About Paso Robles Paso Robles is located approximately halfway between the cities of Los Angeles and San Francisco on the Salinas River north of San Luis Obispo, California. Simply "Paso, as it is referred to by locals, the is known for its hot springs, abundance of wineries, production of olive oil, almond orchards, and for playing host to the California Mid-State Fair. The topography of the area consists of gentle rolling hills on the eastern half of the city, and foothill peaks which rise in elevation to the Santa Lucia Coastal Range on the west. The elevation of Paso Robles ranges from 675 to 1,100 feet, but the majority of the main downtown area of the city sits at about 740 feet above sea level. According to the US Census Bureau, the Paso Robles city limits contain a total land area of 19.4 sq miles. Paso Robles s climate is defined by long, hot, dry summers and brief, cool, sometimes rainy winters. Paso Robles enjoys long-lasting, mild autumns and occasional early springs, giving the region a unique climate suitable for growing a variety of crops. The city receives an average annual rainfall of about 14.71 inches per year, and most of this precipitation falls during winter and early spring. Due to the somewhat close proximity to the Pacific Ocean, the marine layer occasionally makes it over the coast range and into Paso Robles, creating occasional fog. However, unlike typical California coastal marine fog in areas such as San Francisco, this fog is never long lasting, and typically burns off by late morning. Paso Robles as a wine region has been gaining in popularity in recent years and has received a number of accolades, including being named Wine Enthusiast Magazine s 2013 Wine Region of the Year. The Paso Robles American Viticultural Appellation (AVA) is home to more than 200 wineries and 32,000 vineyard acres focusing on premium wine production. The distinct micro-climates and diverse soils, combined with warm days and cool nights, make growing conditions ideal for producing more than 40 wine varietals from Cabernet Sauvignon and Merlot, to Syrah, Viognier and Roussanne, to Zinfandel, the area s heritage wine variety.
OLSEN RANCH PASO ROBLES BUILDING SUMMARY 12 CITY OF EL PASO DE ROBLES 16-YEAR BUILDING SUMMARY JANUARY 2000 - DECEMBER 2015 RESIDENTIAL DWELLING RESIDENTIAL COMM/IND COMM/IND *OTHER OTHER TOTAL TOTAL YEAR PERMITS UNITS VALUATION PERMITS VALUATION PERMITS VALUATION PERMITS VALUATION 2000 372 385 $ 55,162,656 17 $ 17,347,070 413 $ 6,090,220 802 $ 78,599,946 2001 421 428 $ 63,360,187 22 $ 7,604,684 431 $ 5,861,699 874 $ 76,826,570 2002 307 315 $ 48,310,962 25 $ 12,520,398 476 $ 7,804,021 808 $ 68,635,381 2003 417 461 $ 82,123,370 24 $ 8,715,409 511 $ 9,519,033 952 $ 100,357,812 2004 436 512 $ 107,443,800 27 $ 12,659,746 644 $ 11,637,308 1107 $ 131,740,854 2005 287 371 $ 66,901,128 39 $ 25,522,289 646 $ 11,719,602 972 $ 104,143,019 2006 181 241 $ 44,497,006 36 $ 25,341,177 730 $ 16,039,114 947 $ 85,877,297 2007 45 46 $ 11,378,474 27 $ 14,645,607 582 $ 17,236,018 654 $ 43,260,099 2008 24 24 $ 5,836,341 20 $ 12,171,302 463 $ 8,678,929 507 $ 26,686,572 2009 34 35 $ 8,643,353 9 $ 14,578,801 389 $ 7,625,814 432 $ 30,847,968 2010 14 94 $ 10,642,873 8 $ 19,636,095 402 $ 8,175,356 424 $ 38,454,324 2011 43 44 $ 11,880,618 3 $ 2,285,874 387 $ 16,759,463 433 $ 30,925,955 2012 40 44 $ 11,582,025 8 $12,226,511 526 $ 16,138,369 574 $ 39,946,905 2013 62 128 $ 26,109,030 9 $17,865,083 666 $ 35,905,144 737 $ 79,879,257 2014 39 39 $ 11,357,185 13 $5,944,336 633 $ 16,380,874 685 $ 33,682,396 2015 76 153 $ 28,414,112 13 $14,158,247 937 $ 17,988,857 1026 $ 60,561,215 *Other Permits include new airport hangars, residential accessory buildings; additions, repairs and alterations to residential, commercial or industrial buildings, solar permits; plus other miscellaneous permits issued which are not included in the above categories.
OLSEN RANCH PASO ROBLES POPULATION DEMOGRAPHIC SUMMARY 13 Radius 1 Mile 3 Mile 5 Mile Population: 2020 Projection 7,845 27,161 39,372 2015 Estimate 7,535 25,971 37,843 2010 Census 7,245 24,465 36,487 Growth 2015-2020 4.11% 4.58% 4.04% Growth 2010-2015 4.00% 6.16% 3.72% 2015 Population by Race: White 6,844 23,514 34,350 Black 165 530 780 Am. Indian & Alaskan 101 379 576 Asian 190 665 855 Haw aiian & Pacific I sland 9 59 86 Other 226 823 1,196 U.S. Armed Forces 17 75 142 Households: 2020 Projection 2,843 9,913 14,496 2015 Estimate 2,727 9,468 13,915 2010 Census 2,610 8,898 13,383 Growth 2015-2020 4.25% 4.70% 4.18% Growth 2010-2015 4.48% 6.41% 3.98% Ow ner Occupied 1,963 6,246 8,728 Renter Occupied 764 3,221 5,187 2015 Avg Household Income $77,121 $79,221 $78,962
OLSEN RANCH PASO ROBLES HOUSING DEMOGRAPHIC SUMMARY 14 PASO ROBLES INFORMATION POPULATI ON 31,287 NUMBER OF HOMES AND APARTMENTS 10,833 TYPE OF PASO ROBLES HOMES SI NGLE FAMI LY DETACHED 68.52% ROWHOUSES AND ATTACHED HOMES 5.41% SMALL APARTMENT BUI LDI NGS 10.35% COMPLEXES OR HI GH RI SE APARTMENTS 12.24% MOBI LE HOMES 3.49% OTHER 0.00% AGE OF PASO ROBLES HOMES NEWER HOMES (2000 OR LATER) 29.80% ESTABLI SHED, BUT NOT OLD HOMES (1970-1999) 52.59% WELL-ESTABLISHED, OLD HOMES (1940-1969) 13.96% HISTORIC (1939 OR BEFORE) 3.65% PASO ROBLES REAL ESTATE INFORMATION DETAILS MEDI AN HOME VALUE $450,290 HOME VALUE RANGE $0 - $65,000 3.44% $65,001 - $130,000 0.21% $130,001 - $259,000 7.55% $259,001 - $389,000 25.05% $389,001 - $519,000 29.12% $519,001 - $648,000 22.09% $648,001 - $973,000 11.10% $973,001 - $1,297,000 0.54% > $1,297,000 0.9
OLSEN RANCH CITY OF PASO ROBLES HOUSING TRENDS 15
OLSEN RANCH GREATER PASO ROBLES HOUSING TRENDS 16