RETAIL PROPERTY FOR SALE WINSTON PLAZA24 8-278 NORTH SANDERSON AVENUE , HEMET, CA 9 25 4 5
$ 5,50 0,0 0 0
OFFERING MEMORANDUM
Table of Contents
No warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein. Logos are for identification purposes only and may be trademarks of their respective companies. NAI Capital, Inc. Cal DRE Lic. #01990696.
Pablo Rodriguez Executive Vice President | [email protected] | CA DRE #01870757
1. Investment Highlights
2. Financials
3. Investment Information
4. Site Plan
5. Property Photos
6. Location Map
7. Drivetime Map
8. Retail Map
9. Hemet Riverside County, CA
10. Demographics
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
INVESTMENT HIGHLIGHTS
Offering Summary
SALE PRICE: $5,500,000
CAP RATE: 6.05%
YEAR 1 NOI: $333,006
PRICE / SF: $249.92
LOT SIZE: 1.97 Acres
YEAR BUILT: 2006
BUILDING SIZE: 22,007 SF
Occupancy: 84%
ZONING: C2
TRAFFIC COUNT 29,000 CPD
PROPERTY OVERVIEW
Winston Plaza provides an investor a great opportunity with significant upside. The subject property is a well-positioned investment situated in one of the fastest grow-ing submarkets in the Inland Empire. This investment opportunity allows an investor to collect competitive cash flow while stabilizing the asset.
LOCATION OVERVIEW
Winston Plaza is located within the primary retail corridor of east and west transpor-tation in Hemet, at the intersection of Sanderson and Devonshire Avenues, in close proximity to Highway 74. The investment is between the cities of Hemet and San Jacinto with traffic counts of approximately 29,000 cars per day. Hemet is easily accessible from Interstates 215, 15 and 10. Hemet is a city in the San Jacinto Valley of Riverside County, California. In 2017, the city had a population count of 160,128 people. It is estimated that the population will be 174,367 people five years from now, which represents an increase of 8.89 percent from the current year. Some of the major employers are Hemet Unified School District, Valley Health System, Walmart and Deutsch Industrial
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
FINANCIALS
Tenant SF Lease StartedLease End
Dec. 2019 Rent/SF Dec. 2019 Rent/Mo Rental Increases Lease Type Renewal Options
235 Subway 1,300 5/1/2005 11/30/2020 $1.95 $2,535 "Annual CPI Increase (Min CPI% / Max 3%)
(12/20)"NNN 2-Five Yr
239 Sunshine Dental 1,200 9/1/2009 2/29/2020 $1.76 $2,112 "Fair Market Value at
Option (2/20)"
NNN 2-Two Yr
243 Aguayo Insurance 1,109 1/1/2017 12/31/2020 $1.25 $1,386 "Annual CPI Increase (Min 3% / Max 6%)
(10/20)"NNN 1-Three Yr
247 Dream Spa 1,436 6/1/2017 5/31/2020 $1.47 $2,111 2% Annually (9/20) NNN 1-Two Yr
249 Gettin Faded Barber Shop 1,042 9/15/2019 9/1/2024 $1.45 $1,510 3% Annually (9/20) NNN 1-Five Yr
251 Nail Salon 1,400 7/1/2019 6/31/2022 $1.35 $1,890 3% Annually (7/20) NNN None
255 Celebrity Hair Salon 1,500 2/1/2011 1/31/2020 $1.57 $2,355 3% Annually (3/20) NNN None
259 Paradise Market 1,920 2/1/2016 1/31/2026 $2.40 $4,612 2% Annually (7/21) NNN 2-Five Yr
263 Nanami Sushi 1,500 2/1/2018 1/31/2021 $1.49 $2,240 5% Annually (2/24) NNN 2-Three Yr
267 Cleaners 1,500 12/1/2012 11/30/2018 $1.25 $1,875 None NNN None
269 Vacant 1,230 $0.00 $0
271 Vacant 1,260 $0.00
275A Waba Grill 1,600 8/1/2018 1/31/2029 $1.55 $2,472 "3% Annually
(8/20)"NNN 2-Five Yr
275B Vacant 1,130 $0.00 $0
281 Cotijas Taco Shop 2,880 1/1/2016 12/31/2021 $1.39 $3,991 4% Annually (2/20) NNN 1-Five Yr
TOTAL SQUARE FOOTAGE:22,007 $29,090
Total Monthly Rent
TOTAL AVAILABLE: 3,620 16% Vacancy $349,074 Total Annual Rent
TOTAL OCCUPIED: 18,387 84% Occupancy
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
FINANCIALS
Annualized Operating Data Dec. 2019
Scheduled Gross Income (SGI) $349,074
Expense Reimbursement $129,670
Total Operating Income $478,744
Total Operating Expenses ($145,738)
Net Operating Income $333,006
Purchase Price 5,500,000 Current 6.05%
Operation Expenses Amount
Taxes (1.1%) ($62,314)
Insurance ($1,500)
CAM ($65,724)
Management Fee ($16,200)
Total Expenses ($145,738)
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
INVESTMENT INFORMATION
Property Overview
• Multi-tenant neighborhood shopping center located on major arterials in
Hemet, California (South Riverside County).
• Three buildings with over 300 feet of frontage on Sanderson Avenue and
Devonshire Avenue with multiple ingress and egress points.
• Current rent roll consists of service oriented and internet-resistant
businesses, including restaurants and medical.
• Well-maintained and newer-construction -- built in 2006.
• Situated at signalized intersection of Devonshire and Sanderson which
features 29,000 vehicles per day.
• Current tenants are on triple net leases with annual increases.
• Growing trade area with over 160,218 people in desirable West Hemet
area, which is near many anchored shopping centers and national credit
tenants, including Home Depot and LA Fitness.
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
10COLDWELL BANKER COMMERCIAL | WWW.CBCLYLE.COM | RETAILCONFIDENTIAL OFFERING MEMORANDUM
SITE PLAN
SUITE 2711,260 SF
SUITE 2691,230 SF
SUITE 2671,500 SF
SUITE 2631,500 SF
SUITE 2591,920 SF
SUITE 255 1,500 SF
SUITE 2511,400 SF
SUITE 2491,042 SF
SUITE 2471,436 SF
SUITE 2812,880 SF
SUITE 275A1,600 SF
SUITE243
1,109 SF
SUITE235
1,300SF
SUITE239
1,200SF
SUITE 275B
1,130 SF
SUITE TENANT SIZE235 SUBWAY239 DENTIST
243 INSURANCE
247 DREAM SPA
249 VACANT
251 NAIL SALON
255 HAIR SALON
259 MARKET
263 NANAMI SUSHI
267 DRY CLEANERS
269 VACANT
271 VACANT
1,300 SF 1,200 SF 1,109 SF 1,436 SF 1,042 SF 1,400 SF 1,500 SF 1,920 SF 1,500 SF 1,500 SF 1,230 SF 1,260 SF
275A WABA GRILL 1,600 SF
275B VACANT 1,130 SF
281 COJITAS MEXICAN FOOD 2,880 SF
INVESTMENT INFORMATION
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
PROPERTY PHOTOS
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
LOCATION MAP
SITE
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
DRIVETIME MAP
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
RETAIL MAP
TARGET
SITE
BURGER
HEMET
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
HEMET RIVERSIDE COUNTY, CA
Hemet is situated in the San Jacinto Valley of Riverside County in Southern California. Born from agricultural roots, Hemet began first as a cattle ranch in the early 1800’s and became a farming community thanks to a reliable water supply from the Hemet Dam in 1895. During World War II, the city hosted the Ryan School of Aeronautics, training Air Force pilots between 1940 and 1944. Hemet-Ryan Airport still exists today at the site of the flight school. The modern City of Hemet came to life in the 1960s when large-scale resi-dential development began, including the nation’s first mobile home park, and Hemet became known as a working-class retirement community. Single-fam-ily subdivisions took off in the 1980s, which brought a flood of residents and retailers that catered to the local population. Today, the city has a population of about 86,585. Hemet retains its retirement orientation but is also attracting younger families who provide services to the senior population or who are fleeing the more urbanized areas of Southern California. The area’s affordabil-ity, its proximity to employment centers including Corona, Riverside and San Bernardino, and its rural charm make it an attractive location for working-class families priced out of other areas of Southern California. The economy is based primarily on service to the senior community and ancillary services such as healthcare, retail and education.
Fast Facts:
Size: 28 square milesPopulation: 86,585*Estimated Households: 32,962*Average Household Income: $50,692**2019, Estimated by Applied Geographic Solutions
Rank Employer Employees
1 Hemet Unified School District 3,642
2 Physicians For Healthy Hospitals 1,042
3 Horizon Solar 650
4 County of Riverside 509
5 Gosch Ford, Toyota, Hyumdai & Inland Chevrolet 447
6 Walmart Supercenter 400
7 TE Connectivity 380
8 City of Hemet 300
9 Manorcare Health Services 285
10 Forest River, Inc. 284Source: City of Hemet CAFR 2018
247-278 NORTH SANDERSON AVENUE, HEMET, CA 92545
DEMOGRAPHICS
Population 1 Mile 3 miles 5 Miles
Total Population 13,164 88,359 156,016
Median Age 44.7 39.7 37.7
Median Age (Male) 41.5 37.4 35.8
Median Age (Female) 47.6 41.8 39.5
Households 1 Mile 3 miles 5 Miles
Total Households 5,642 32,488 54,378
Average HH Size 2.3 2.7 2.8
Income 1 Mile 3 miles 5 Miles
Average HH Income $46,209 $50,863 $54,806
Median Home Value $222,269 $241,657 $257,741
Source: NAI Capital Research, CoStar
Investment Advisor:
Pablo Rodriguez Executive Vice President | [email protected] | CA DRE #01870757
NAI Capital - Palm Desert
75-410 Gerald Ford Drive, Suite 200
Palm Desert, CA 92211
No warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein. Logos are for identification purposes only and may be trademarks of their respective companies. NAI Capital, Inc. Cal DRE Lic. #01990696.
RETAIL PROPERTY FOR SALE WINSTON PLAZA