±13.6 AC ZONED RESIDENTIAL MULTIFAMILY

±13.6 AC - ZONED RESIDENTIAL MULTIFAMILYNWQ EDUCATION STREET @ BLUE OAKS DRIVEAuburn, CA 95603

FOR SALE

www.cbre.us/kevin.larscheid

±$5,924,160 ($10 psf)

FOR SALE±13.6 ACRESNWQ EDUCATION STREET @ BLUE OAKS DRIVE

ZONED MULTIFAMILYAuburn, CA 95603


PROPERTY HIGHLIGHTS + Asking price ±$5,924,160 ($10 psf)

+ Placer County Parcel number: 051-180-095-000

+ Approximately 932 feet of Education Street frontage

+ Easy access to Highway 49 and to Interstate 80

+ Near major shopping and services

+ Neighboring Timberline at Auburn Retirement Community is comprised of ±828 residential units and mixed use of commercial/retail; currently under construction on a 119-acre site.

+ Strong Demographics

CONTACT USKEVIN LARSCHEIDExecutive Vice President+1 916 781 [email protected]. 00816790

SCOTT RUSHFirst Vice President+1 916 781 [email protected] Lic. 01228497

DEVELOPMENT POTENTIALThe property is surrounded by existing professional/commercial, residential developments, and neighboring Sutter Auburn Faith Hospital (a 63-bed acute care hospital) in the established community of Auburn, CA . It is located near shopping and services. It’s nearest major intersection is Education Street at Highway 49 and is just a short drive to Interstate 80. The site also has immediate access on Highway 49 to public transportation.

The parcel is a primarily rectangular in shape with gently rolling hills and flat areas with mature trees.

The parcel could potentially be developed in accordance with its current residential / professional land use and zoning. Current zoning is OP-RM-Dc (Office Professional, Residential Multifamily, Design Corridor).

View from Education Street of easterly edge of parcel.




GENERAL INFORMATION

WATER

Nevada Irrigation District (NID)

Water line runs along Education Street frontage. There is a 10” water line that narrows to an 8” water line approximately midway along the frontage area in a westerly direction. A second 8” line meets the parcel on the northern boundary where Galena Dr meets the parcel. Water service would require stub to the site. Nevada Irrigation District 530-273-6185.

SEWER

6” Placer County Sewer line on Education Street is approximately 120’ along parcel, the remainder of the sewer line along Education Street, in a westerly direction, is a private sewer line that may require annexation into the Placer County sewer system. A second 6” line meets the parcel on the northern boundary where Galena Dr. meets the parcel. Sewer service would require stub to the site. Placer County 530-889-6856.

ELECTRIC / GAS

PG&E service area. 1-800-468-4743.

TAXES & ASSESSMENTS

Minimal direct charges and/or assessments. No Mello-Roos bonds.

IMPROVEMENTS

Curb only along Education Street. Sidewalk up to property line and on opposite side of street.

View from Education St toward Blue Oaks Dr and Hwy 49 - Note sidewalk end.

View from Education Street at Blue Oaks Dr intersection.




NEW MULTIFAMILY CONSTRUCTIONTimberline at Auburn a Retirement Community is an upscale retirement village adjacent to the subject property which encompasses 119 acres. Timberline at Auburn will be comprised of approximately 828 units that are a mix of single family homes, duplexes, and apartments. Mixed-use amenities and ancillary service buildings will house restaurants, retail shops, an in-community medical office, and an aquatic center.

Epperle Corners is a ten building single family and duplex homes development that is nearing completion on Auburn Ravine Road at Epperle Lane. The duplex units are two-bedroom units advertised with a monthly rental rate of $1,690 for a single story unit and $1,890 per month for a two-story unit. The 3-bedroom single family homes have an advertised introductory rental rate of $2,090. All units/homes have garages.

As yet unnamed, a six-unit duplex development is planned with the City of Auburn at the northeast corner of Sacramento St and Pacific Ave.

PLACER COUNTY ZONING & USE + OP-RM-DC (Office Professional, Residential Multifamily, Design Corridor)

+ Multifamily over 21 units: MUP (minor use permit)

+ Multifamily under 21 units: C (clearance)

+ Professional offices, medical offices, banking, child care (allowed use), mini storage, multifamily, care home, and senior housing. See reports for full detail. In part due to the design corridor designation, most uses require a zoning clearance (±2 wks), MUP (zoning ordinance ±3 mos), or CUP (planning commission ±6 mos)*. Placer County 530-745-3000.

POTENTIAL USES* + Multifamily Residential development

+ Assisted living facility

+ Daycare

+ General Office

+ Medical/Dental Office

*All potential uses are subject to appropriate governmental approvals which neither the owner nor the broker can guarantee. Some of the above uses may be subject to a conditional use permit and/or other entitlement and approvals, the investigation and cost of which are the responsibility of the buyer.

View from Education Street of westerly portion of parcel.



GENERAL INFORMATION

+ Currently there are three multi-family offerings in Auburn, CA. Highway 49 near Luther Road (17.16 Ac, up to 212 units); Highway 49 near Ivy Lane (3.2 Ac, up to 32 units); and Silver Bend Way near Lincoln Way (3.0 Ac; up to 20 duplex units).

+ Parcel is owned by Sutter Health

+ Supervisorial District: Supervisorial District 3

+ Municipal Advisory Council Area: North Auburn Municipal Advisory Council

+ Community Plan Area: Auburn/Bowman Community Plan

+ Elementary School District: Auburn Union School District

+ High School District: Placer Union High School District

+ Fire District: North Auburn/Ophir Fire (CSA 28 Zone 193)

AREA OVERVIEWThe subject property benefits from fully-signalized access point from Education Street at Highway 49, the region’s primary north-south traffic artery to communities including Grass Valley, Nevada City and points north.

Interstate 80 and Highway 49 provide regional access. There are nearby public bus stops for the County’s Regional Transit Service. The Auburn Train Depot is approximately 4.8 miles from the location and services Amtrak’s Capital Corridor Rail Service.

The City of Auburn is an affluent community in the Greater Sacramento MSA and boasts strong household income demographics of $91,490 within a 5-mile radius of the site.

PLACER COUNTY OVERVIEWBetween 1990 and 2015 (estimated) Placer County population grew by an astounding 117 percent – due in part to in-state migration from the Bay Area and Los Angeles regions. Broken down, during the period of 2000-2015 the increase was 51% and in the last five years of that timeframe (2010-2015) Placer County has grown eight percent. As part of Placer County, Roseville/Rocklin market has surpassed every other submarket in the Sacramento region. Between 1994 and 2004, Placer County job opportunities increased to just over 134,000, a growth of over 88%. This is almost three times higher than the Sacramento region, 10 times higher than the Bay Area and over four and a half times higher than California’s rate over the same time period. Placer County is projecting an increase of total employees in 2020 to be 165,233 and jumping to 209,797 by 2035. (Source Placer County Economic & Demographic Profile, SACOG 2020 and 2035 MTP/SCS Land Use Forecast).

Placer County recently announced a more defined vision (Aug. 2017) to revise its 20-year plan for the county’s 200-acre Historic DeWitt Center, originally constructed in 1944, in North Auburn which potentially could include low income housing, a new three-story Health and Human Services Headquarters, and a 30,000 sq. ft. community center surrounded by expansive landscaped areas.

Placer County is located just 80 miles northeast of San Francisco, California. The county’s strong growth and development can, in large part, be attributed to the relocation of Hewlett-Packard from the Bay Area to Roseville in the beginning of the 1980s. The continued interest shown by new, expanding, and relocating companies to Placer County developed into a demand for substantial expansion of the available commercial and residential space. Today’s Placer County represents a rapidly growing and prosperous community characterized by a healthy and mature economy, attractive business environment, and residents who benefit from a developed educational, safety, and healthcare infrastructure, in addition to abundant recreational opportunities.



TIMBERLINE AT AUBURN

Timberline at Auburn Retirement Community will include approximately 828 residential units. This retirement community, to be built in phases, will be composed of a range of senior housing options, including attractive and well-appointed residential homes and spacious villas; and loft-type housing for those who work in the community.

This development is conveniently located near a plethora of amenities on a lush, forested site with hiking trails and other recreation areas close by and will offer access to the adjacent senior facilities, and extensive on-site services, including dining options, an aquatic center, a library, a business office, and attractive facilities for social receptions and business functions.

Western Care Construction Company (Western Care), headquartered in Rocklin, California, is the applicant and developer of Timberline at Auburn. Western Care primarily supports internal projects and rarely does contracting work outside of the development projects associated with the family’s core companies. Martin Harmon, President of Western Care Construction company has devoted his life to senior care for the last 50 plus years.

SITE PLAN AND RENDERING ARE OWNED BY WESTERN CARE CONSTRUCTION

SITE




SITE

PARCEL MAP

APN: 051-180-095-000




MORE ABOUT AUBURN

HISTORY

Auburn is the county seat of Placer County, California. It is known for its California Gold Rush history and is registered as a California Historical Landmark. The city is bursting with energy, optimism and spirit for all ages to enjoy. Visitors are attracted to the charming Downtown and Old Town districts as well as to the multitude of events that come to the City of Auburn each year – from rodeos to the antique fair to parade of lights – the city of Auburn offers activities and events for everybody to enjoy.

The new Historic Placer County Courthouseconstructed in part in 1894 and was dedicated in1898. The courthouse is one of Placer County’s active Superior Court locations. The Placer County Museum occupies the first floor of Auburn’s historic courthouse.

ECONOMY

Auburn has a stable economic environment withits population steadily growing each year. Theunemployment rate in Auburn is 4.8%, which is lower the U.S. average of 5.2%. Compared to the rest of the country, the cost of living is also 39.3% higher than the U.S. average. The city continues to

experience positive revenue growth as well as a flourishing economy.

HIGHER EDUCATION

Sierra College: Sierra College is a public communitycollege located in Rocklin, California and is 10 miles from the center of Auburn. The campus extends over 300 acres and has almost 19,000 students enrolled. Extended campuses are located in Auburn and Grass Valley.

William Jessup University: William Jessup Universityis a private liberal arts university located in Rocklin,California and is 13 miles from the center of Auburn. The campus has a total enrollment of just over 1,100 students and offers both undergraduate and graduate programs.

AIRPORTS

Auburn Municipal Airport: Auburn Municipal Airportis a public airport located three miles north of Auburn, serving Placer County, CA and its surrounding area. The airport is mostly used for general aviation and is owned by the City of Auburn. It totals approximately 285 acres with 80 acres within the industrial park complex.

Sacramento International Airport: SacramentoInternational Airport is a public airport centrallylocated in Sacramento, a city in Sacramento County,CA and is only 40 miles away from Auburn, CA. It isowned by the Count of Sacramento and is run by the Sacramento County Airport System. Over 10 million people use this airport a year, making it the seventh busiest airport in California.

TOURISM

Old Town Auburn: Old Town Auburn is a quainttown with a lot of character. Tourists can found outabout local history, walk around the town, and enjoythe variety of shops. There are plenty of things to doin the town, including boutique shops, wine tastings,museums and concerts.

Auburn State Recreation Area: Auburn StateRecreation Area is a state park unit of California. Itruns for 40 miles along the North and Middle Forks of the American River. Once teeming with gold mining activity, the area now offers a wide variety of outdoor recreational opportunities. Major recreational uses include trail running, hiking, swimming, boating, fishing and camping.




SACRAMENTO MSA

The population of the Sacramento area stands at 2.32 million, 32nd largest of the apartments tracked by CBRE Econometric Advisors. The average per capita income (according to recent data from Moody’s is estimated to be $53,236 - approximately 5% above the national average. Total employment stands at 959,600 workers.

The short-term forecast calls for an overall increase in the number of workers through year-end 2018. Total net absorption is forecasts to be a negative 697 units, lagging supply during the same period. By year-end 2018, the annualized vacancy rate is expected to be 4.9% while rents are forecasted to grow - reaching $1,557.67 compared to current market rents of $1,438.09.

Key Statistics Level US Rank

Per Capita Income ($000) 53.24 28

Total Employment (mil.) 1.0 42

Total Inventory (units x 1000) 128 40

Vacancy Rate (%) 3.6 8

Rent Index ($/unit) 1,438 21

ROSEVILLE SUBMARKET (S. PLACER COUNTY)

Roseville, located in South Placer county. CBRE reports that Roseville’s rents are up 7.1% with no new product brought to market in the second quarter of 2017. According to CBRE Economic Advisors Apartment Outlook, there are no new units coming to Roseville in 2017. Roseville’s apartment 2-year forcast shows that the submarket is average in rent growth preformance relative to the greater sacramento MSA.

Market (Sub) Units Completions Vacancy Rent/Unit

Roseville 13,915 0 3.8%$1,593.65 (up 7.1%)

Sacramento MSA 127,907 424 3.6%$1,438.09 (up 8.0%)

APARTMENT OUTLOOK

Key Statistics- Sacramento MSA

Apartment Market Snapshot

Studio/Other 1 Bed 2 Bed 3+ Bed

Avg. Rent $995 $1,135 $1,206 $2,287

Total Units 107 / 137 552 780 195

Apartment Market Snapshot

Source: Costar Analytics/Apartments.com

SACRAMENTO MSA MARKET DEFINITION

The Sacramneto market is defined as El Dorado, Placer, Sacramento and Yolo counties in California

AUBURN SUBMARKET (S. PLACER COUNTY)

There are currently 55 multifamily apartment bulidings with a total of 1,771 existing units in Auburn with an average rent of $ 1,215 per month with a low 3.1% vacancy rate. The city of Auburn reports a 6 unit project is under construction. Place County reports no Construction starts other than the senior community timberline at Aubrun. The average sale price per unit is $121,487 with an average Cap rate of 5.8%

Source:CBRE Apartment Outlook Q2 2017

Source:CBRE Apartment Outlook Q2 2017




Major Employers - Placer County

Sutter Health 5,435

Kaiser Permanente 5,361

Placer County 2,700

Squaw Valley / Alpine Meadows 2,500

Hewlett-Packard 2,100

Sierra College 1,940

Thunder Valley Casino Resort 1,915

Safeway, Inc. 1,254

Pride Industries 1,155

SolarCity Corp 1,120

Union Pacific Railroad 1,091

Source: 2016 Book of Lists, Sacramento Business Journal

INCOME $80,976 MEDIAN HH INCOME

$40,953 PER CAPITA INCOME

EMPLOYMENT 157,894 EMPLOYEES

14,119 BUSINESSES

4.7% RESIDENTIAL UNEMPLOYMENT RATE

DEMOGRAPHICS PLACER COUNTY

Property Demographics 1 Mi 3 Mi 5 Mi

Projected Population 2022 7,951 23,139 43,079

Total Population 2017 7,517 23,070 41,211

No. Households 2017 2,640 9,090 16,688

Avg. HH Income $66,089 $85,669 $91,490

Traffic Count

±1,134 ADT Education St @ Professional Dr (2013)± 8,032 ADT Bell Rd @ Blue Oaks Dr (2014)

±28,000 ADT Highway 49 (Grass Valley Hwy) @ Education St (2013)

Source: Esri

DEMOGRAPHICS PROPERTY 1,3 & 5 MILEPLACER COUNTY

POPULATION BY YEAR

2022

2017

2010

300,000 320,000 340,000 360,000 380,000 400,000 420,000

407,755

381,674

348,432



AERIAL WITH AMENITIES

Sutter Auburn Faith Hospital

To Hwy 49BELL ROAD

RICHARDSON DR

Timberline at Auburn Retirement

Community

Placer County DeWitt Center

Placer County Offices

SITE EDUCATION ST

BLUE OAKS

1ST STREET

B AVENUE

C AVENUE



AERIAL WITH AMENITIES

Shopping Center

Starbucks

Sutter Auburn Faith Hospital

To Auburn Airport

BELL ROADBELL ROAD

PROF

ESSI

ONAL

DR

Shopping Center

®STARBUCKS

SITE




AREA & REGION MAPS

SITE

SITE




LOCATION MAP

SITE

CONTACT USKEVIN LARSCHEIDExecutive Vice President+1 916 781 [email protected]. 00816790

SCOTT RUSHFirst Vice President+1 916 781 [email protected] Lic. 01228497

© 2018 CBRE, INC. ALL RIGHTS RESERVED. THIS INFORMATION HAS BEEN OBTAINED FROM SOURCES BELIEVED RELIABLE, BUT HAS NOT BEEN VERIFIED FOR ACCURACY OR COMPLETENESS. YOU SHOULD CONDUCT A CAREFUL, INDEPENDENT INVESTIGATION OF THE PROPERTY AND VERIFY ALL INFORMATION. ANY RELIANCE ON THIS INFORMATION IS SOLELY AT YOUR OWN RISK. PHOTOS HEREIN ARE THE PROPERTY OF THEIR RESPECTIVE OWNERS. USE OF THESE IMAGES WITHOUT THE EXPRESS WRITTEN CONSENT OF THE OWNER IS PROHIBITED. CBRE AND THE CBRE LOGO ARE SERVICE MARKS OF CBRE, INC. ALL OTHER MARKS DISPLAYED ON THIS DOCUMENT ARE THE PROPERTY OF THEIR RESPECTIVE OWNERS. ALL MARKS DISPLAYED ON THIS DOCUMENT ARE THE PROPERTY OF THEIR RESPECTIVE OWNERS.

±13.6 AC ZONED RESIDENTIAL MULTIFAMILY

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