MULTI-TENANT OFFICE SUITES
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
P R I V A T E C L I E N T G R O U P
Shaw Office Suites1543-1581 W SHAW AVE., FRESNO, CA 93711
$985,000 | 8 .49% CAP | $ PSF
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #[email protected]
2
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
CONFIDENTIALITY & DISCLAIMER
All materials and information received or derived from PCG Commercial its directors, officers, agents, advisors, affiliates and/or any thirdparty sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property,compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of theproperty, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither PCG Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied,as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from anysource, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own duediligence to determine these and other matters of significance to such party. PCG Commercial will not investigate or verify any suchmatters or conduct due diligence for a party unless otherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their owninspections and investigations including through appropriate third party independent professionals selected by such party. All financialdata should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriateindependent professionals. PCG Commercial makes no warranties and/or representations regarding the veracity, completeness, orrelevance of any financial data or assumptions. PCG Commercial does not serve as a financial advisor to any party regarding anyproposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes,may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do notnecessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for theproperty.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified publicaccountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding thecondition of the property and whether the property complies with applicable governmental requirements should be discussed by theparty with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services aremarketed by PCG Commercial in compliance with all applicable fair housing and equal opportunity laws.
PRESENTED BY:
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #[email protected]
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
EXECUTIVE SUMMARY
3
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
DEMOGRAPHICS 1 Mile 3 Miles 5 Miles
Total Households: 4,625 50,574 120,226
Total Population: 11,370 135,674 338,364
Average HH Income: $76,439 $64,404 $60,454
PROPERTY HIGHLIGHTS
• Owner-user opportunity to operate business and collect rental income
• Well maintained complex with newer roofs, paint, and parking lot
• Great street frontage visibility to a highly trafficked thorougfare
• Multi-tenant suites primarily medical related users which are considered
essential business
• Office suites perform well during economic slowdowns as they're an
affordable option for businesses.
• Excellent onsite parking (50 Spaces)
OFFERING SUMMARY
Sale Price: $985,000
Price / SF: $89
Number Of Suites: 13
Previous Cap Rate: 8.49%
Previous NOI: $83,652
Lot Size: 0.71 Acres
Year Built: 1968
Building Size: 11,118 SF
Occupancy: 63%
Zoning: CMX
4
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
PROPERTY DESCRIPTION
Shaw Office Suites is an 11,118 SF multi-tenant complex thatfeatures primarily dental, therapy, and medical related businesses.The property is comprised of 13 suites and has potential for anowner-user to operate their own business and rental income fromexisting tenants to offset operating costs. The leases are modifiedgross such that the tenants pay their own electrical (metered) plusportions of the gas and other expenses which vary per suite. Theownership has also made capital improvements that feature anewer roof (10 years ago), exterior paint, various HVACs, andparking lot. The sale is offered at well below replacement cost.
Currently there are eight (8) occupied suites totaling +/-6,785 SFand five (5) vacant suites approximately 3,910 SF. The in-placemonthly Gross Rent is $7,823 / month. The average rent is $1.27PSF with a range of $0.98 - $1.48 PSF.
Office suites tend to perform really well during economicdownturns as businesses prefer to decrease their facilities costsby downsizing their space. Furthermore, the suites are set up sowalls can be demised or moved to create larger suites for varioustenants.
LOCATION DESCRIPTION
Located on W Shaw Ave. which is a major thoroughfare in Fresnowith high daily traffic counts and within 1 mile to major anchoredcommercial businesses such as Whole Foods, CVS, Starbucks,Dutch Brothers, Rite Aid, Marriott Hotels and corporaterestaurants. Excellent visibility with plenty of parking in the back ofthe property and its also surrounded by well maintainedsingle-family residences. The property features 50 onsite spacesplus frontage street parking.
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
PROPERTY DESCRIPTION
5
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
PHOTOS
6
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
TENANTNAME
UNITNUMBER
UNITSIZE (SF)
LEASESTART
LEASEEND
ACTUALRENT
ACTUALRENT/SF
ANNUALRENT
% OFBUILDING
PRICEPER SF/YR
Hokokian 1543 1,248 5/01/1996 8/31/2011 $1,497 $1.20 $17,971 11.23 $14.40
Bingham 1553 1,889 7/1/2010 8/31/2022 $1,850 $0.98 $22,196 16.99 $11.75
Vacating 1555 910 6/1/2017 8/31/2020 $0 $0.00 $0 8.18 $0.00
Vacant 1557 (A/B) 1,180 $0 $0.00 $0 10.61 $0.00
Vacant 1559 662 3/31/2019 $0 $0.00 $0 5.95 $0.00
DDS 1561 235 5/1/2020 MTM $100 $0.43 $1,201 2.11 $5.11
Vacant 1563 420 7/31/2020 $0 $0.00 $0 3.78 $0.00
DDS-Nahigian 1569 990 11/1/1984 1/31/2011 $1,138 $1.15 $13,662 8.9 $13.80
Vacant 1571 738 $0 $0.00 $0 6.64 $0.00
Shunian Yu 1575 1,130 11/1/2014 12/31/2020 $1,412 $1.25 $16,950 10.16 $15.00
Zeluff 1579 440 9/15/2019 MTM $650 $1.48 $7,801 3.96 $17.73
Tarc Const. 1581 413 2/1/2020 MTM $600 $1.45 $7,199 3.71 $17.43
Alterations 1573 440 2/1/2008 3/31/2021 $575 $1.31 $6,899 3.96 $15.68
Totals/Averages 10,695 $7,823 $1.27 $93,879 $8.78
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
RENT ROLL
7
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
INCOME SUMMARY PER SF
Gross Scheduled Income $163,211 $14.68
Vacancy Allowance/Rent Loss (-15%) -$24,482 -$2.20
GROSS INCOME $138,729 $12.48
EXPENSE SUMMARY PER SF
Property Taxes 1.25% of Price $12,313 $1.11
Insurance $6,824 $0.61
Electric / Gas $5,446 $0.49
Water, Sewer $1,597 $0.14
Garbage $1,709 $0.15
Janitorial $7,800 $0.70
Landscaping $5,160 $0.46
HVAC $1,800 $0.16
Pest Control $780 $0.07
Maintenance Repair $3,324 $0.30
Management Fee @ 6% $8,324 $0.75
GROSS EXPENSES $55,077 $4.95
NET OPERATING INCOME $83,652 $7.52
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
INCOME & EXPENSES
8
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
SUBJECT PROPERTY
1543-1581 W Shaw Ave. | Fresno, CA 93711
$985,000Sale Price: 0.71 ACLot Size:
1968Year Built: 11,118 SFBuilding SF:
$88.60Price PSF: 8.49%Cap:
$83,652NOI:
600 W SHAW600 W Shaw Ave. | Fresno, CA 93704
$2,750,000Sale Price: 1.71 ACLot Size:
1968Year Built: 18,557 SFBuilding SF:
$148.19Price PSF 6.52%CAP:
12/07/2018Closed: 100%Occupancy:
1
1
600 W Shaw Ave sold for $2.75M on December 7th 2018. The property is an18,557 square foot office building, built in 1968, zoned RP, Multi-Tenant. *Note:931 Days on the market
REO SALE1525 E Shaw Ave. | Fresno, CA 93710
$900,000Sale Price: 0.54 ACLot Size:
1973Year Built: 10,381 SFBuilding SF:
$86.70Price PSF 03/26/2020Closed:
100%Occupancy:
2
2
Property sold as a foreclosure. 1525 E Shaw Ave in Fresno California sold for $900,000 onMarch 26th 2020. The office building offers elegant upgrades, premium fixtures, state of theart security system and extensive parking. The property is located along the Shaw businesscorridor across from Fresno State with easy access to Freeways 168 and 41.
CHANNING COURT OFFICE COMPLEX1680 W Shaw Ave. | Fresno, CA 93711
$5,700,000Sale Price: 3.55 ACLot Size:
1990Year Built: 78,510 SFBuilding SF:
$72.60Price PSF 5%CAP:
11/27/2019Closed: 69%Occupancy:
$278,896NOI:
3
3
These two story office structures total 78,510 square feet of Class B office space. Thebuildings are situated on a 3.55 acre parcel and the property features both surface andcovered parking. The property was 59% occupied at the time of sale, making this a strongvalue add opportunity for the buyer.
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
SALE COMPS
9
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
225 W SHAW OFFICE225 W Shaw Ave. | Fresno, CA 93704
$712,000Sale Price: 0.63 ACLot Size:
1973Year Built: 7,200 SFBuilding SF:
$98.89Price PSF 04/19/2019Closed:
4
4
Public Record Comp. Appears to be a multi-tenant medical office verysimilar to the subject property.
1665 W SHAW OFFICE1665 W Shaw Ave. | Fresno, CA 93711
$2,000,000Sale Price: 0.66 ACLot Size:
1978Year Built: 9,264 SFBuilding SF:
$215.89Price PSF 7.95%CAP:
09/03/2019Closed: 100%Occupancy:
$159,000NOI:
5
5
The property has great visibility, convenient parking & easy access to Highway198 on/off ramps. There are many front parking spaces and existing signage.Each unit is separately metered.
N WEST OFFICE COMPLEX6760-6780 N West Ave. | Fresno, CA 93711
$5,313,700Sale Price: 0 ACLot Size:
1988Year Built: 32,000 SFBuilding SF:
$166.05Price PSF 05/17/2019Closed:
75%Occupancy:
6
6
3 property portfolio sale to (1) Buyer. Separate buildings and APNs within thesame complex. Good owner-user and investment opportunity. All 3 buildings soldfor an aggregate price.
SHORT SALE - CROMWELL GENERAL OFFICE340 W Cromwell Ave. | Fresno , CA 93711
$1,300,000Sale Price: 0.68 ACLot Size:
1994Year Built: 9,682 SFBuilding SF:
$134.27Price PSF 09/03/2019Closed:
7
7
There was bankruptcy, and then a revaluation of the property. It ended up being ashort sale. Good condition previously owned by an Orthodontist. Multi-Tenant
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
SALE COMPS
1 0
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
BULLARD OFFICE INVESTMENT6011 N Fresno St. | Fresno , CA 93710
$2,810,000Sale Price: 0.79 ACLot Size:
1991Year Built: 20,000 SFBuilding SF:
$140.50Price PSF 7.46%CAP:
03/29/2019Closed: 100%Occupancy:
$209,260NOI:
8
8
The property is a 20,000 square foot office building, built in 1991, zoned CP, andsits on .79 acres of land. The property is full leased and earns about $209,000 peryear.
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
SALE COMPS
1 1
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP
Shaw Executive Suites1543-1581 W Shaw Ave.Fresno, CA 93711
$985,000 11,118 SF $88.60 8.49%
SALE COMPS PRICE BLDG SF PRICE/SF CAP CLOSE
1600 W Shaw600 W Shaw Ave.Fresno, CA 93704
$2,750,000 18,557 SF $148.19 6.52% 12/07/2018
2REO Sale1525 E Shaw Ave.Fresno, CA 93710
$900,000 10,381 SF $86.70 N/A 03/26/2020
3Channing Court Office Complex1680 W Shaw Ave.Fresno, CA 93711
$5,700,000 78,510 SF $72.60 5.0% 11/27/2019
4225 W Shaw Office225 W Shaw Ave.Fresno, CA 93704
$712,000 7,200 SF $98.89 N/A 04/19/2019
51665 W Shaw Office1665 W Shaw Ave.Fresno, CA 93711
$2,000,000 9,264 SF $215.89 7.95% 09/03/2019
6N West Office Complex6760-6780 N West Ave.Fresno, CA 93711
$5,313,700 32,000 SF $166.05 N/A 05/17/2019
7Short Sale - Cromwell General Office340 W Cromwell Ave.Fresno , CA 93711
$1,300,000 9,682 SF $134.27 N/A 09/03/2019
8Bullard Office Investment6011 N Fresno St.Fresno , CA 93710
$2,810,000 20,000 SF $140.50 7.46% 03/29/2019
PRICE BLDG SF PRICE/SF CAP
TOTALS/AVERAGES $2,685,713 23,199 SF $115.77 6.73%
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
SALE COMPS SUMMARY
1 2
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
1543-1581 W Shaw Ave. | Fresno, CA 93711SUBJECT PROPERTY
1600 W Shaw Ave.Fresno, CA 93704
600 W SHAW 21525 E Shaw Ave.Fresno, CA 93710
REO SALE 31680 W Shaw Ave.Fresno, CA 93711
CHANNING COURT OFFICE COMPLEX
4225 W Shaw Ave.Fresno, CA 93704
225 W SHAW OFFICE 51665 W Shaw Ave.Fresno, CA 93711
1665 W SHAW OFFICE 66760-6780 N West Ave.Fresno, CA 93711
N WEST OFFICE COMPLEX
7340 W Cromwell Ave.Fresno , CA 93711
SHORT SALE - CROMWELL GENERALOFFICE
86011 N Fresno St.Fresno , CA 93710
BULLARD OFFICE INVESTMENT
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
SALE COMPS MAP
1 3
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
Fresno, CA
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
REGIONAL MAP
1 4
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
LOCATION MAPS
1 5
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
RETAILER MAP
1 6
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
AERIALS
1 7
PCG COMMERCIAL PCGCOMMERCIAL.COMSACRAMENTO | CENTRAL VALLEY | BAY AREA
ADRIAN DEL RIODirect: 916.303.0133Bay Area: 415.933.7303CalDRE #01431059adelr [email protected]
POPULATION 1 MILE 3 MILES 5 MILES
Total Population 11,370 135,674 338,364
Average age 44.3 35.5 32.9
Average age (Male) 39.7 33.7 31.7
Average age (Female) 48.9 36.7 33.9
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 4,625 50,574 120,226
# of persons per HH 2.5 2.7 2.8
Average HH income $76,439 $64,404 $60,454
Average house value $360,529 $323,296 $280,899
* Demographic data derived from 2010 US Census
S H A W O F F I C E S U I T E S | 1 5 4 3 - 1 5 8 1 W S H A W A V E . , F R E S N O , C A 9 3 7 1 1
DEMOGRAPHICS MAP & REPORT
