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PAGE 1 28222 AGOURA ROAD. AGOURA HILLS | CALIFORNIA FOR SALE Medical/Office Building Agoura Hills, California
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28222 AGOURA ROAD. AGOURA HILLS | CALIFORNIA
FOR S
ALEMedical/Offi ce Building
Agoura Hills, California
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AGOURA HILLS | CA | 91301
Jeff rey C. Albee, CCIMSenior Vice PresidentLicense No. 00969071818 325 4121jeff [email protected]
OFFERING MEMORANDUM
28222 Agoura Road.
Jeff rey Gould, CCIM, LEED APSenior AssociateLicense No. 01437048818 325 4108jeff [email protected]
FOR S
ALE
COLLIERS INTERNATIONAL16830 Ventura Blvd., Suite JEncino, CA 91436www.colliers.com/losangeles
Chris ItuleSenior AssociateLicense No. 01444658818 325 [email protected]
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Colliers International Greater Los Angeles, Inc. (“Broker”) exclusive marketing representative of Sellers (“Seller”), is solely authorized to present this property investment off ering (the “Off ering”).
Prior to submitting an off er to purchase (the “Property”), interested parties should perform and rely upon their own investigations, analyses, estimates and projections and otherwise satisfy any concerns regarding material aspects of the proposed transaction including, but not limited to, legal, municipal, environmental, operational, seismic, fi nancial and physical issues, and all other matters aff ecting or pertaining to the Property. The Seller will be off ering the Property including all appurtenances and tenant improvements, solely on an “As-Is, With-All-Faults” basis, without any representations or warranties. No person is authorized to make any representations or warranties on behalf of the Seller regarding the Property. Any and all information regarding the Property provided to any interested party by the Seller or Colliers International including all information contained in the Off ering, is provided without any representation or assurance, express or implied, regarding the accuracy, completeness or current status of applicability of such information. Each interested party is expected to undertake such reviews and investigations and make such inquiries as such party may believe to be necessary, appropriate or advisable for the purpose of forming a decision to make an off er to acquire the Property.
All requests for additional information should be directed to the attention of the following:
The material contained herein is confi dential and is presented strictly as information for the exclusive use of the prospective purchaser. Receipt and review of this Off ering by the prospective purchaser constitutes an agreement not to divulge, share or distribute the information to any other party, except the prospective purchaser’s legal counsel and fi nancial advisors, without the prior specifi c written authorization of the Seller or Colliers International. Each prospective purchaser shall also agree to and comply with the provisions of the confi dentiality agreement executed by such prospective purchaser prior to receipt of this Off ering.
This Off ering is submitted subject to errors, changes, omissions, changes in price, market and other conditions. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all the information that prospective purchasers may desire. It should be noted that any and all market analyses, estimates and projections contained in this Off ering are provided for general reference purposes only and are based on assumptions related to the general economy, competition, real estate market trends, and other factors beyond the control of the Seller or Colliers International. Such analyses, estimates and projections are therefore subject to material variation, and may not be consistent with the views or assumptions held by other professionals.
CONFIDENTIALITY AGREEMENT
Photocopying or other duplication of this off ering is not authorized
JEEFFF AAALLBBEEEEESENIOR VICE PRESIDENTLICENSE NO. 00969071DIR 818-325-4121jeff [email protected]
JJEEEFFFFFRRREEYYY GOUULDDSENIOR ASSOCIATELICENSE NO. 01437048DIR 818 325 4108jeff [email protected]
CCCHHHRRISS IITTUULLLE SENIOR ASSOCIATELICENSE NO. 01444658DIR 818 325 [email protected]
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28222 AGOURA ROAD.Investment Highlights
» Long Term Medical Tenancy With Surgical Center and Dental Offi ce
» Property is Well-Maintained With Recent Captital and Tenant Upgrades
» Secure Cash Flow With Diverse Tenant Mix
» Elevator Served
» Attractive SBA Financing Available. Cost Less to Own vs. Lease
» Situated Off Chesebro Road and Agoura Road
» High End Agoura Hills Demographics $157,000 Avg. HH Income
» Strategic Location With Convenient Access To The Ventura 101 Freeway
INVESTMENT SUMMARY
Sale Price: $2,700,000.00Building Size: 9,946 SFPrice Per SF: $271
Land Size: .32 AcresBuilding Class: BYear Built: 1981Parking Spaces: 32Parking Ratio: 3/1000Assessor’s Parcel: #2061-016-065Market: Conejo ValleySubmarket: Westlake Village/Ventura/Calabasas
EXCELLENT OWNER/USER MEDICAL/OFFICE BUILDING
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28222 AGOURA ROAD.Area & Property Description
Area Description
The property is located in Agoura Hills on Agoura Road, just off the Kanan Rd. exit of the 101 freeway. Geographically, Agoura Hills is located just west of the San Fernando Valley, in the Conejo Valley. Its neighboring cities, Calabasas to the east, Westlake Village to the west, Malibu to the south and Oak Park to the North, are some of Los Angeles County’s most affluent areas. Agoura Hills boasts strong demographics of its own with an average annual household income average of $157,000 within a 5 mile radius. Agoura Hills is also known as an area with extremely high barriers to entry for both tenants and developers.
Property Description
Agoura Oaks Professional Medical Center is a very unique approximate 9,946 SF Building located in Agoura Hills. The building features a surgical center with significant improvements, a dental office, and optometrist and a variety of professional tenants. The property produces a stable income stream from a diverse tenant mix.
Given its proximity to major area amenities, the freeway access and the fact that the building is well maintained, this investment offers solid long-term value in a high end market.
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Suite Tenant LeasedSq/Ft.
ActualRent
$ Sq,FtActual
Deposit Lease From
Lease To
Orig Occ Inc Lease OrigLease
101/102 Surgeon 2,464 $6,208.84 $2.42 $5,685.50 1/1/13 1/31/15 9/1/07 3% NNN 1991
103 Optomotrist 896 $1,541.06 $1.57 $972.21 1/1/06 12/31/16 2/1/90 3% CPI NNN 1992
104/105 Dentist 1400 $2,547.33 $1.65 $2,250.00 4/1/07 3/31/14 12/16/94 3% NNN 1992
Rent Roll
Fir
st
Flo
or
200 CPA 1176 $2,108.86 $1.73 $1,155,000 MTM MTM 8/15/98 3% NNN 1997
201 Owner 784 $0.00 $0.00 $0.00 MTM 1998
205 Insurance
Broker
347 $450.00 $1.30 $450 12/1/09 11/30/14 3% MG 12/1/09
206 D&E Prop 213 $0.00 $0.00 MTM 0% MG 7/4/05
207 Attorney 213 $350.00 $1.60 $350 MTM MTM 12/31/11 MG 4/1/11
208 Common
Break Area
213 $0.00 $0.00 N/A N/A
209 Building Developer 336 $400.00 $1.40 $0 9/1/12 MTN MG 7/10/11
210 Building Developer 213 $250.00 $1.36 $0 9/1/12 MTM MG 8/14/11
211 Common
Conference Room
213 $0.00 $0.00 N/A
218 Therapist 1075 $1,881.25 $1.75 $2,363 5/1/13 4/30/16 5/1/13 3% MG+E 2009
Total 9543 $15,737.34
S
econd F
loor
28222 AGOURA ROAD.
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28222 Agoura Rd., Agoura Hills
Financial Summary
Current Proforma (Leased Up)
Potential Gross Operating Income $188,848.08 $214,258.08
Common Area Charges (NNN Reimbursements) $34,085.00 $34,085.00
Total Gross Income $222,933.08 $248,343.08
Vacancy Factor (5%) $(12,417.15)
Common Area Electricity ** $1,333.59 $1,333.59
Second Floor Electricity *** $14,367.70 $14,367.70
Elevator Main/ License/ Phone $4,240.25 $4,240.25
Gardening $996.00 $996.00
Gas $1,008.18 $1,008.18
Water $3,288.00 $3,288.00
Property Taxes **** $33,750.00 $33,750.00
Insurance $4,110.89 $4,110.89
Pest Control $1,392.00 $1,392.00
Rubbish $2,001.52 $2,001.52
Supplies $1,067.89 $1,067.89
Janitorial $4,200.00 $4,200.00
Total Expenses $71,756.02 $71.756.02
Net Operating Profi t $151,177.06 $164,169.91
Current Vacancy (w/owner’s space & common area) 1210
Current Vacancy %(w/owner’s space & common area) 13%
Notes:
**Landlord pays common area electricity charges
***2nd Floor Tenants are on a single meter and pay their pro-rata share of electricity to the landlord on a modifi ed gross basis.
1st Floor Tenants are all on separate meters and pay electricity charges directly to the utility.
****New property taxes are assumed at 1.25% of purchase price.
Proforma Assumptions:
*Proforma Rents for approximately 1,210 SF of vacant space is $1.75 PSF
*Vacancy factor is 5%
*Common Area Charges are based on 2012 numbers provided by Landlord. Subject to change based on allowable NNN pass
through expenses due to increase in taxes.
28222 AGOURA ROAD.
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Floor Plan- First Floor
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
Waiting Room
Admin
1st Floor not to scale
Exam Room
Exam Room
Lab
Admin
Therapy Room
Exam Room
Office
Waiting Room
Womens RestRoom
Mens Rest Room
Electrical Panels
Elevator
Rest Room
Exam RmExam RmExam Rm
Lab
Lunch RoomWaitingRoom
ReceptionArea
Office
Office
Exam Room
65
Surgery
Clean Room
RecoveryArea
Storage
Storage
28222 AGOURA ROAD.
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Floor Plan- Second Floor
UP
UP
UP
201
218
205206207209
210
211
200
HP
Lunch Room
Elevator
28222 AGOURA ROAD.
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Aerial With Amenities
Subject Property
28222 AGOURA ROAD.
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Bird’s Eye View
Subject Property
28222 AGOURA ROAD.
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Parcel Map: APN 2061-016-065
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TRADE AREA DEMOGRAPHICS POPULATION
1 - Mile 3 - Miles 5 - Miles
2018 Projection 6,890 38,211 72,749
2013 Estimate 6,491 37,230 70,4812010 Census 6,249 36,753 69,3112000 Census 5,160 37,360 68,642
Growth 2013 - 2018 6.15% 2.63% 3.22%Growth 2010 - 2013 3.87% 1.30% 1.69%Growth 2000 - 2010 21.10% -1.62% 0.97%
HOUSEHOLD
1 - Mile 3 - Miles 5 - Miles
2018 Projection 2,687 14,147 27,920
2013 Estimate 2,538 13,757 26,979
2010 Census 2,454 13,564 26,481
2000 Census 1,882 13,083 25,184
Growth 2013 - 2018 5.87% 2.83% 3.49%
Growth 2010 -2013 3.42% 1.42% 1.88%
Growth 2000 - 2010 30.39% 3.68% 5.15%
HOUSEHOLD INCOME
1 - Mile 3 - Miles 5 - Miles
2013 Est. Average Household Income $135,998 $151,530 $157,122
2013 Est. Median Household Income $88,540 $105,494 $107,099
Prime Location| Trade Area Demographics & Area
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Agoura Hills is a city in Los Angeles County, California, and has the ZIP code 91301. The population was 20,537 at the 2000 census. It is located in the eastern Conejo Valley between the Simi Hills and the Santa Monica Mountains. This city on the Ventura Freeway (U.S. Route 101) straddles the border between the county of Los Angeles to the east, west and south and Ventura County to the north. Agoura Hills and unincorporated Agoura are also situated next to Calabasas, Malibu, Oak Park, and Westlake Village.
Agoura Hills is a unique suburban community exemplifi ed by a commitment to the preservation of its history, a high quality of life, a vibrant business community, and environmental sensitivity.
Perched on the western edge of Los Angeles County in the foothills of the Santa Monica Mountains, Agoura Hills is located just forty-fi ve minutes from busy downtown Los Angeles, but is nevertheless rich with undulating hills and inspiring canyons. For many centuries the area that would become Agoura Hills was familiar territory for Native Americans who wandered inland from their haunts along the sea in search of game and other food. The permanent arrival of the Spanish in the late 1700s banished the Indians from their homes and introduced a ranching culture that would linger into the early twentieth century.
In the 1900s, vast cattle and sheep ranches conceded ground to rows of lettuce and celery, orchards, and wheatfi elds. Ranching and agriculture eventually diminished in importance. Ranchers began dividing up their property and selling individual tracts for housing. From the outset, ranchers and farmers had worried about water supplies and these concerns were shared by the citizens of Agoura Hills into the mid 1950s. Then, provision of outside sources of water helped ensure the growth of the community, aided by the new highways which acted as a conduit for fresh faces and commercial development and contributed to the maturation of Agoura Hills.
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• Income: Average Household income exceeds $154,000 in 5 miles• Educated Demographics: Over 50% of residents have advanced degrees• Daytime Employment: Commercial space exceeds 1,000,000 sq.ft with 3,000businesses within 3 miles
Agoura Hills and the surrounding trade areas are known for the quality of the schools and family orientation. A large percentage of the residents have relocated from Ventura and Los Angeles County to obtain a good public school education. The focus on education is a refl ection of the demographics in the area and helps ensure a strong and resilient customer base. The presence of Trader Joe’s as part of The Shops at Oak Creek as well as the superb visibility from the 101 Freeway just add to the quality of the project.
EXTENSIVE HIGH-END RETAIL
STRONG EMPLOYMENT BASE
CONEJO VALLEY MARKET OVERVIEW
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CONEJO VALLEY’S LARGEST EMPLOYERSPrime Location | Top Employers
16830 VENTURA BLVD. | SUITE J | LOS ANGELES, CA
LOCAL MARKET
CHRIS ITULE SENIOR ASSOCIATELICENSE NO. 01444658DIR 818 325 [email protected]
JEFF ALBEESENIOR VICE PRESIDENTLICENSE NO. 00969071DIR 818-325-4121jeff [email protected]
JEFFREY GOULDSENIOR ASSOCIATELICENSE NO. 01437048DIR 818 325 4108jeff [email protected]
