28050 HIGHWAY 74, LAKE ELSINORE, CA 92532 28050 HIGHWAY …€¦ · LAKE ELSINORE COMMERCIAL...

28050 HIGHWAY 74, LAKE ELSINORE, CA 92532

28050 HIGHWAY 74EXCLUSIVELY LISTED BY

HARRY FOTINOSSenior [email protected] #01123009

DARRELL HOOVERBroker/[email protected] #00700687

CRISSCROSS SOLUTIONS TEAM1600 DOVE STREET #315SUITE 800 NEWPORT BEACH,CA 92660WWW.SPERRYCGA.COM

Confidentiality & Disclaimer

L A K E E L S I N O R E C O M M E R C I A L P R O P E R T Y 6 A C R E S + / - 2 8 0 5 0 H I G H W A Y 7 4 , L A K E E L S I N O R E , C A 9 2 5 3 2

CONFIDENTIALITY & DISCLAIMER // 2We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions,change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance ofthe property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

SperryCGA - CrissCross Solutions Team // 1600 DOVE STREET #315, NEWPORT BEACH, CA 92660 // SPERRYCGA.COM

CrissCross Solutions Team operates a commercial real estate business and is an affiliate or franchisee ("Affiliate") of CrissCross Solutions Team Global Affiliates, LLC ("SperryCGA"). CrissCrossSolutions Team is independently owned and operated. CrissCross Solutions Team and the owner ("Owner") of the property referenced herein ("Property") present this Confidential OfferingMemorandum ("Memorandum") to assist the recipient(s) ("You" or "Your") in evaluating the Property and it is intended solely for Your limited use in determining whether you desire to acquire theProperty. This Memorandum contains brief, selected information pertaining to the Property and should not be considered all-inclusive or permanent. The information in this Memorandum has beenobtained from sources believed to be reliable, but CrissCross Solutions Team and SperryCGA have not verified it and Owner, CrissCross Solutions Team and SperryCGA do not make any guaranty,warranty or representation, express or implied, as to the accuracy or completeness of this Memorandum or the information contained herein.

You should independently verify each item of information in this Memorandum and have the same reviewed by your tax or investment advisor and/or legal counsel. This Memorandum and anycommunications You may have with CrissCross Solutions Team, SperryCGA and/or Owner and their respective officers, brokers, agents or employees regarding this Memorandum or the Propertydoes not in any way constitute any legal, investment or tax advice to You. All assumptions, projections, estimates and/or opinions in this Memorandum are provided as examples only and allinformation is subject to change, error, omissions and/or withdrawal without notice. Any references in the Memorandum to area, height, acreage, building or premises size or square footage areapproximations only and should be independently verified by You. Any references in the Memorandum to any lease or tenant information, including without limitation the premises, rental rates, rentescalations, common area expenses, percentage rents and lease maturities should be independently verified by You. You should conduct your own investigations and due diligence of the Property,including without limitation environmental and physical condition inspections and reach your own conclusions regarding the suitability of the Property for investment.

CrissCross Solutions Team, SperryCGA and Owner assume no responsibility for the accuracy or completeness of any information in this Memorandum. CrissCross Solutions Team and Ownerexpressly disclaim any implied or expressed warranties of merchantability, fitness for a particular purpose or non-infringement of intellectual property relating to this Memorandum. In no event shallCrissCross Solutions Team, SperryCGA or Owner be liable for any damages resulting from the reliance on or use of any information in this Memorandum, including but not limited to direct, special,indirect, consequential or incidental damages.

By accepting receipt of this Memorandum, You agree to the following: (a) This Memorandum is of a highly confidential nature, will be held in the strictest confidence and shall be returned toCrissCross Solutions Team upon request; (b) You shall not contact any property manager, contractor, employee or tenant of the Property regarding the Property or this Memorandum, without priorapproval of CrissCross Solutions Team or Owner; and (c) You understand and agree that CrissCross Solutions Team represents Owner and not You and (iv) this Memorandum and this informationcontained therein shall not be used by You in any way that is detrimental to Owner, CrissCross Solutions Team or SperryCGA. Neither CrissCross Solutions Team, SperryCGA nor Owner shall have anyobligation to pay any commission, finder's fee, or any other compensation to any broker or other person. You may provide information to persons retained by You to evaluate the Property only afterfirst obtaining a signed confidentiality agreement from such persons and providing a copy of such agreement to CrissCross Solutions Team.

The Owner expressly reserves the right, at its sole and absolute discretion, to reject any or all expressions of interest or offers to Purchase or Lease the Property, and/or to terminate discussion withYou or any other person or entity at any time with or without notice which may arise as a result of review of the Memorandum.

The Owner shall have no legal commitment or obligation to You or any person or entity reviewing this Memorandum or making an offer to purchase, lease, or finance the Property unless and untilwritten agreement(s) for the purchase or finance of the Property that are satisfactory to Owner in its sole and absolute discretion have been fully executed, delivered and approved by the Owner andany conditions to the Owner's obligations therein have been satisfied or waived.

PROPERTY INFORMATION5Executive Summary6Property Description7Complete Highlights8Additional Photos

LOCATION INFORMATION10Location Maps11Regional Map12Aerial Map

SALES COMPARABLES14Sale Comps16Sale Comps Summary17Sale Comps Map

DEMOGRAPHICS19Demographics Report20Demographics Map

ADDITIONAL INFORMATIONAGENT BIOS

23Agent Bio 124Agent Bio 2

Table Of Contents


TABLE OF CONTENTS // 3We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions,change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance ofthe property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.



SECTION 1 // 4We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions,change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance ofthe property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.


PROPERTY INFORMATION





PROPERTY OVERVIEW

A well located commercial property at the east entrance of the master plan community of RosettaCanyon. Area of growth for the City of Lake Elsinore. Adjacent to 18 acres of multi-family property onwhich zoning allows 400 plus units. Perfect opportunity to invest in up and coming neighborhood.

PROPERTY HIGHLIGHTS

• Entrance to Rosetta Canyon Master Plan

• Direct access to Highway 74 (the east / west connection between Interstate 15 and Interstate 215)

• Minutes from Interstate 15

• Newer neighborhood with house prices averaging near $400,000

• Current Zoning - Commercial 2 includes all permitted uses in C-1 and C

• Financial institutions

• Professional services

• Restaurants,

• Small animal veterinarian clinic

• Religious facilities

• Possible Uses:

• Conversion to multi-family residential (buyer shall contact city)

• Adjacent property zoned R-3 High Density Residential

• Allows 1 unit per 1,812 square feet of lot space

PROPERTY SUMMARY

Sale Price: $790,000

Lot Size: 6.08 Acres

APN #: 349-400-004

Zoning: Commercial

Market: Lake Elsinore

Sub Market: Riverside County

Cross Streets: Crumpton Road


Executive Summary

SITE DESCRIPTION

The site is unimproved with direct access to Highway 74 via Crumpton Road. There is approximately 150feet of frontage on Highway 74. The remaining northern boundary is adjacent to a car sales and autorepair business that fronts Highway 74. Crumpton Road is improved at the south property line andconnects to Riverside Drive, but is unimproved on the property boundary and at the connection toHighway 74.

LOCATION DESCRIPTION

The property is located minutes from Interstate 15 at the entrance of the Rosetta Canyon Masterplan. Acommunity of 0000 set in the eastern hills of Lake Elsinore. It is located on the major east-west corridorconnecting Interstate 15 and Interstate 215

ZONING

Commercial

CONSTRUCTION

add text...


Property Description





Complete Highlights

PROPERTY HIGHLIGHTS

• Entrance to Rosetta Canyon Master Plan

• Direct access to Highway 74 (the east / west connection between Interstate 15 andInterstate 215)

• Minutes from Interstate 15

• Newer neighborhood with house prices averaging near $400,000

• Current Zoning - Commercial 2 includes all permitted uses in C-1 and C-0

• Religious assembly and institutions

• Hotels, Motels

• Service businesses

• Motor vehicle sales

• Appliance stores

• Food stores, florists, general merchandise stores, hardware stores

• Financial institutions

• Professional services

• Restaurants,

• Small animal veterinarian clinic

• Possible Uses:

• Conversion to multi-family residential (buyer shall contact city)

• Adjacent property zoned R-3 High Density Residential

• Allows 1 unit per 1,812 square feet of lot space





Additional Photos







LOCATION INFORMATION



Location Maps







28050 Highway 74


Regional Map





Aerial Map




SALES COMPARABLES

SALES COMPARABLES

SALES COMPARABLES

Sale Comps




SUBJECT PROPERTY

28050 Highway 74 | Lake Elsinore, CA 92532

$790,000Sale Price:

6.08 ACLot Size:

$2.98Price PSF:

$129,934Price / AC:

CAMBERN18769 Cambern Avenue | Lake Elsinore, CA 92532

$825,000Sale Price:

6.25 ACLot Size:

$3.03Price PSF:

$132,000Price / AC:

07/11/2014Closed:

1

Seller

31510 RIVERSIDE DRIVE31510 Riverside Drive | Lake Elsinore, CA 92530

$1,700,000Sale Price:

12 ACLot Size:

$3.25Price PSF:

$141,666Price / AC:

04/06/2016Closed:

2

Buyer: Hedgemon Real LLCSeller: RJ Ptshp4/06/16 closedCommercial AcreageNarrow / Deep Lake Front Lot

WESTERN PACIFIC HOUSING PURCHASE15170 Machado Lane | Lake Elsinore, CA 92530


21 ACLot Size:

$6.23Price PSF:

$271,428Price / AC:

02/09/2017Closed:

3

DR Horton / Western Pacific Housing open community McKenna Point selling homes from$370,000 to more than $400,000. Bought graded lots.

*This information has been obtained from sources we believe to be reliable. While Sperry Commercial Global Affiliates – CrissCross Solutions Team does not doubt its accuracy, we make no representations or warranties, expressed or implied about it. It is yourresponsibility to independently confirm its accuracy and completeness.

SALES COMPARABLES

Sale Comps




33961 MISSION TRAILS33961 Mission Trails | Wildomar, CA 92595


4.76 ACLot Size:

$5.18Price PSF:

$225,840Price / AC:

02/14/2018Closed:

4

Seller: Morris Family TrustBuyer Carter Jared

POSSIBLE COMMERCIAL PROPERTY [BUYER TO VERIFY] OVER 25,000 CARS PASS BY EVERY DAY[BUYER TOVERIFY]PRESENTLY USED AS HORSE FACILITY WITH A 1980 MOBILE 1440 SQ FT

TEMESCAL CANYON ASSEMBLAGE23900 Temescal Canyon Road | Corona, CA 92883


27.86 ACLot Size:

$5.93Price PSF:

$258,435Price / AC:

06/07/2017Closed:

5

Three parcels totaling 27.86 Acres Seller: Tom Barnes Investments LLCBuyer Glen Ivy Investments Inc.10 Acres Commercial


SALES COMPARABLES

Sale Comps Summary

SUBJECT PROPERTY PRICE LOT SIZE PRICE/SF PRICE/AC

28050 Highway 7428050 Highway 74Lake Elsinore, CA 92532

$790,000 6.08 AC $2.98 $129,934

SALE COMPS PRICE LOT SIZE PRICE/SF PRICE/AC

1Cambern18769 Cambern AvenueLake Elsinore, CA 92532

$825,000 6.25 AC $3.03 $132,000

231510 Riverside Drive31510 Riverside DriveLake Elsinore, CA 92530

$1,700,000 12 AC $3.25 $141,666

3Western Pacific Housing Purchase15170 Machado LaneLake Elsinore, CA 92530

$5,700,000 21 AC $6.23 $271,428

433961 Mission Trails33961 Mission TrailsWildomar, CA 92595

$1,075,000 4.76 AC $5.18 $225,840

5Temescal Canyon Assemblage23900 Temescal Canyon RoadCorona, CA 92883

$7,200,000 27.86 AC $5.93 $258,435

TOTALS/AVERAGES $3,300,000 14.37 AC $5.27 $229,645





SALES COMPARABLES

Sale Comps Map




28050 Highway 74 | Lake Elsinore, CA 92532SUBJECT PROPERTY

1

18769 Cambern AvenueLake Elsinore, CA 92532

CAMBERN

2

31510 Riverside DriveLake Elsinore, CA 92530

31510 RIVERSIDE DRIVE

3

15170 Machado LaneLake Elsinore, CA 92530

WESTERN PACIFIC HOUSING PURCHASE

4

33961 Mission TrailsWildomar, CA 92595

33961 MISSION TRAILS

5

23900 Temescal Canyon RoadCorona, CA 92883

TEMESCAL CANYON ASSEMBLAGE





DEMOGRAPHICS

DEMOGRAPHICS

DEMOGRAPHICS

Demographics Report




1 MILE 3 MILES 5 MILES

Total households 942 6,568 22,741

Total persons per hh 3.5 3.4 3.4

Average hh income $78,042 $68,926 $69,894

Average house value $254,223 $268,223 $293,738

1 MILE 3 MILES 5 MILES

Total population 3,336 22,503 76,446

Median age 30.1 29.6 30.3

Median age (male) 28.0 28.7 29.6

Median age (female) 32.1 30.9 31.5

* Demographic data derived from 2010 US Census




* Demographic data derived from 2010 US Census

1 Mile 3 Miles 5 Miles

Total Population 3,336 22,503 76,446

Population Density 1,062 796 973

Median Age 30.1 29.6 30.3

Median Age (Male) 28.0 28.7 29.6

Median Age (Female) 32.1 30.9 31.5

Total Households 942 6,568 22,741

# of Persons Per HH 3.5 3.4 3.4

Average HH Income $78,042 $68,926 $69,894

Average House Value $254,223 $268,223 $293,738

DEMOGRAPHICS

Demographics Map




ADDITIONAL INFORMATION

ADDITIONAL INFORMATION




AGENT BIOS

AGENT BIOS

AGENT BIOS

Agent Bio 1




1600 Dove Street #315Newport Beach, CA 92660

Senior AssociateHARRY FOTINOS

Professional BackgroundHarry J. Fotinos provides clients with a complete strategy for the sale or acquisition of residential property fordevelopment. He provides clients with site identification, market analysis and initial valuation. He is quick to identifypotential feasibility issues and able to provide deal structure advice and financial modeling. Fotinos works throughfeasibility issues to solve them to the satisfaction of all parties in a transaction.

During his career, he managed the acquisition of thousands of developed and undeveloped residential lots. Hisexperience includes negotiating acquisitions that allowed for the entitlement and development of raw land anddelivered maximum value to both the seller and buyer.

Fotinos comes to CrissCross Solutions Inc. with more than two decades of experience in many areas of the realestate industry. He spent 17 years working as an employee and consultant to KB Home where he served in manyroles.

In addition to his extensive land acquisition experience with KB Home, Fotinos managed outreach programs toprospective buyers and brokerage firms, managed a new home outside sales force, and worked in residential homesales before joining the KB Home staff.

Memberships & Affiliations

T [email protected] #01123009

AGENT BIOS

Agent Bio 2

1600 Dove Street #315Newport Beach, CA 92660




DARRELL HOOVERBroker/Owner

Professional Background

Mr. Hoover’s real estate career has spanned more than 37 years throughout the United States with a particularfocus in the Western States of California, Arizona and Nevada. His background and knowledge of residential realestate has served to include many of the well-known names in the real estate industry. Mr. Hoover’s real estateworkout experience is extensive and spans more than 30 states over the last several decades during downturnsin the real estate markets. A graduate of Arizona State University, Darrell played baseball and football, followed bya 5-year career in the National Football League. After establishing an advertising, marketing and public relationsfirm that included some of the largest residential developer/home builders in the country, Mr. Hoover continuedhis career in real estate.

Former President of Beazer Homes of California. Within 3 1/2 years Beazer became the 6th largest home-builderin the United States that went public and is now traded on the NYSE. Former President and CEO of R. ThomasAshley Group Inc. A real estate marketing sales group specializing in the auction and disposition of residential realestate in 23 states. The U.S. client base included the FDIC, RTC, Credit Unions in the Northeast and Developers.Home builders in Florida and California. President/Founder of Diamond Crest Homes of California, ahome-builder of medium size affordable communities.

President/Founder of Hoover Related Companies which has created development, building and marketingpartnerships with several developer/home-builders in the Southwest and Northern California including: SilverOaks Communities, Cameo Homes and G Companies combined for 21 single family home locations with a teamrole that includes acquisitions, disposition, land use planning, product design and selection and sales andmarketing.

Memberships & AffiliationsICSC - International Council of Shopping CentersNAHB - National Association of Home BuildersCAHB - California Association of Home Builders

T [email protected] #00700687

28050 HIGHWAY 74, LAKE ELSINORE, CA 92532 28050 HIGHWAY …€¦ · LAKE ELSINORE COMMERCIAL...

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Transcript of 28050 HIGHWAY 74, LAKE ELSINORE, CA 92532 28050 HIGHWAY …€¦ · LAKE ELSINORE COMMERCIAL...