CIVIC - LoopNet · • 124 townhomes • 2018 delivery Shea Homes • 73 Single Family Homes •...

OFFICE BUILDING

510CIVICCENTERD R I V E

VISTA, CALIFORNIA

MIKE HANNASenior Vice President

[email protected]

DRE #01456055

SHERI SHOEMAKERSenior Vice President

[email protected]

DRE #00846946

No warranty or representation has been made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. Lee & Associates Commercial Real Estate Services, Inc. - Riverside. 25240 Hancock Avenue, Suite 100 - Murrieta, CA 92562 Corporate ID# 01048055


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VISTAVISTACIVICCIVIC

CENTERCENTER

VISTA INNOVATIONVISTA INNOVATIONDESIGN ACADEMYDESIGN ACADEMY

MOONLIGHTMOONLIGHTAMPHITHEATREAMPHITHEATRE

BRENGLEBRENGLETERRACETERRACE

PARKPARK

LUZ DURANLUZ DURANPARKPARK

VISTAVISTALIBRARYLIBRARY

WAVEWAVEWATERPARKWATERPARK VISTA MAGNETVISTA MAGNET

MIDDLE SCHOOLMIDDLE SCHOOLOF TECHNOLOGYOF TECHNOLOGY

BEAUMONT BEAUMONT ELEMENTARYELEMENTARY

SCHOOLSCHOOL

TOTORIVERSIDERIVERSIDE

TOTOSANSAN

DIEGODIEGO

VISTAVISTA

VISTA VILLAGE DRVISTA VILLAGE DR

S SAN

TA FE A

VES SA

NTA

FE AVE

S SANTA FE AVE

S SANTA FE AVE

CIVIC CENTER DRCIVIC CENTER DR

SUPERIOR COURTSUPERIOR COURTNORTH COUNTY NORTH COUNTY

DIVISIONDIVISION

VALE TERRACE DR

VALE TERRACE DR


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THE

OFFERINGLee & Associates Commercial Real Estate Services is pleased to present three (3) individual office condominium suites for sale within the Civic Center Office Building. The three units are part of a five unit development at 510 Civic Center Drive in beautiful downtown Vista, CA. These units are referred to as a Planned Unit Development which lenders look more favorably upon.

The Civic Center Office Building holds two triple net leases (NNN) with national cellular companies for cell towers; T-MOBILE and Sprint respectively. The monthly income of $1,234 from these towers is shared among building ownership. As an owner, you participate by receiving a percentage of this income based on the prorata share of each unit. This income pays the owners’ common area maintenance and insurance on the building. Each unit also has a large, secure storage room located on the second floor of unit E.

Each unit has its own restroom, heating and air conditioning unit and separate gas and electric meters.

OFFERING PRICE: $700,000

PRICE PSF: $209.96

UNITS: (3) Units

OCCUPANCY: 33%

BUILDING SIZE: 3,334 SF

Suite C 1,098 SF$1.08 MGMTM Lease(3) Private Offices, Reception, conference room, open area, one restroom.Available with 30 days notice.

Suite D1,098 SFVacant(3) Private Offices, Reception, open area, one restroom.

Suite E1,138 SFVacant (Former Law Firm)(2) Private Offices, Reception, conference room, open area, one restroom.Includes 2nd Floor consisting of six (6) approximately 10x13 SF Private Storage Rooms for each of the Units. (A-E)

MG Rate: Tenant pays separately metered gas & electricity

Unit Descriptions

Amazing Owner User Opportunity! Own your own real estate for your business as potentially low as $486 per month! *See the Lease vs. Own Comparison on the next page.


VISTA, CALIFORNIA Lease vs. Own Comparison

Address: 510 Civic Center Dr., Vista, CA 92084Property Size: 3,334 Square Feet*Unit C, D & E totaling 3,334 Square Feet

SBA 504 FINANCING PROGRAM

OWNPURCHASE ASSUMPTIONS:

Per Sq. Ft.

Purchase Price $209.96 $700,000SBA Fees (Financed) $11,000Total Project Cost $711,000START-UP COSTS

Cash down payment (10%) $70,000

MONTHLY COSTS Per Sq. Ft. AmountMonthly Payment $0.995 $3,319Association Dues $0.180 $600

Property Mgmt.

Insurance

Property Taxes $0.227 $757Total Monthly Costs $1.403 $4,676MONTHLY OWNERSHIP BENEFITS

Per Sq. Ft AmountMonthly Depreciation estimate $0.144 $479Property Tax Benefit $0.091 $303Interest Deduction $0.240 $802Monthly Cell Tower Income $0.370 $1,234Monthly Rental Income from Suite C $1.250 $1,373Total Ownership Benefits $0.475 $4,190TOTAL EFFECTIVE MONTHLY COST $486

LEASELEASE ASSUMPTIONS:

Lease rate per square foot per month $1.25Lease rate per month $11,000

START-UP COSTS

Prepaid lease payment and security deposit $8,335MONTHLY COSTS Per Sq. Ft. AmountLease payment $1.250 $4,168

Total Monthly Costs $1.250 $4,168MONTHLY LEASE BENEFITS

AmountMonthly Depreciation estimate $0.00Property Tax Benefit $0.00Interest Deduction $0.00

Total Ownership Benefits $0.00

TOTAL EFFECTIVE MONTHLY COST $4,168

Property Taxes: $9,087 per year for all 3 units

Insurance: Based on $10,000 estimated property insurance.

Depreciation: Estimated based upon 80% allocation of purchase price to building cost and 40% tax bracket.

Property Tax Benefit and Interest Deduction: Estimated at 40% tax bracket.

Monthly Cell Tower Income: Estimated at 60% of total $2,029 monthly income from Sprint and T Mobile

Owner's Equity: Estimated equity after 3 years would be $134,909 (assumes annual appreciation at 3%; plus initial equity injection).

Appreciation Benefits of Ownership

Rate of Assumed Appreciation 3%

Appr Value Year 1 721,000



Benefits of owning include: equity growth, control of costs, cash flow, tax benefits, and retirement investment.

Total Project Cost $711,000

Cash down payment: 10% of Purchase Price $70,000

Amount financed (includes SBA fees) $652,000

Note that interest rates vary from month to month and loan terms differ from one lender to another.

Monthly payment $3,319

The SBA 504 program provides 90% financing by combining a loan from a regular bank for 50% of the total loan amount and a loan from the SBA for 40% of the total loan amount (plus financed SBA loan fees). The buyer provides a 10% cash down payment.

SBA Financing Loan Amount Interest Rate Amortization in yearsPercent of Total Loan Amount Loan FeeMonthly Payment

1st Mortgage by Bank$350,0003.90% (estimate)25 year amortization50% of total$3,500 1.00% (estimate)$1,828

SBA Financing Loan Amount Interest Rate Amortization in yearsPercent of Total Loan Amount Loan FeeMonthly Payment

2nd Mortgage by SBA$280,0003.71% (Jan '20)25 year amortization40% of total$11,000 2.65% + $3,000 legal fee$1,490 (includes SBA fees)

For more information, please contact:Lisa Matta

951-400-2213


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Lease vs. Own Comparison

• Well-proportioned and move in ready suites from 1,098 RSF – 3,334 RSF

• High image professional office space for sale in the fastest growing submarket in Vista, CA

• Excellent Owner User Opportunity - Occupy the entire or a portion of the building and lease the balance for income reserving future expansion capability. Perfect opportunity for legal services, architects, lenders, title or escrow or real estate companies

• Convenient access to Highway 78 and I-15 freeway and minutes from the Pacific Ocean

• Cell Tower Income and shared common area expenses allowing for low maintenance costs

• Located within walking distance to City of Vista offices at the Vista Civic Center with various retail, professional services, hotel and restaurant amenities nearby

• Ample and Abundant onsite parking fronting each of the units

• On-site management

• Seller may consider selling each of the three suites individually

Investment Highlights


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ADDRESS: 510 Civic Center Drive, Suites C, D, E

CITY: Vista

STATE, ZIP: California, 92084

APN:Suite C: 176-171-21Suite D: 176-171-22Suite E: 176-171-23

BUILDING SIZE: 3,334 square feet

LAND SIZE: 0.45 acres

YEAR BUILT: 1991

STORIES: Two (2), Second Floor Storage Only

PARKING RATIO: 2.5 per 1,000 square feet

CONSTRUCTION TYPE: Wood / Stucco

ELEVATOR: No

ZONING: Mixed Use / M-U

Property Description


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NAP

Floor Plan

STORAGE #510 X 12

STORAGE #410 X 13

STORAGE #310 X 13

STORAGE #210 X 13

STORAGE #115 X 10

SECOND FLOOR PLAN

SUITE E1,138.80 SQ. FT.

SUITE D1,098.90 SQ. FT.

SUITE C1,098.90 SQ. FT.

SUITE B1,103.38 SQ. FT.

SUITE A1,200.50 SQ. FT.

STORAGE #610 X 12

E

Extra - Andy DePauer

C

D

BA

POTENTIALLY AVAILABLE FOR SALE


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Property Photos


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Property Photos


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31,689 CPD CIVIC CENTER DR

31,689 CPD CIVIC CENTER DR

EUCALYPTUS AVEEUCALYPTUS AVE

CRESCENT DRCRESCENT DR

Birds Eye Aerial


VISTA, CALIFORNIA

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Birds Eye Aerial

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Carlsbad

Oceanside

Escondido

Vista

Encinitas

San Marcos

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UV76

UV78San Diego

Pacific Ocean

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§̈¦15510CIVICCENTERD R I V E

VISTA, CALIFORNIA


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VISTA VILLAGE

Enclave at Delpy’s Corner

• 124 townhomes• 2018 delivery

Shea Homes• 73 Single Family

Homes• $500K-$550K

Laurel Pointe by Pulte

• 160 new homes• 95% sold• $650k-$850k

Tesoro Homes• 50 new homes• $400k-$500k• Sold out

Higher income residential neighborhoods to the north

and east of Vista Terrace

Alexan Melrose• 410 high-end

apartment units• 96% leased


VISTA, CALIFORNIA

Amenities Aerial


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Amenities Aerial

City of Vista

Vista is a city in Southern California and is located in northwestern San Diego County. Vista is a medium-sized city within the San Diego Metropolitan Area and has a population of 101,659. Vista's sphere of influence also includes portions of unincorporated San Diego County to north and east, with a county island in the central west.[10] Located just seven miles inland from the Pacific Ocean, it has a Mediterranean climate.

Originally the lands of Rancho Buena Vista and Rancho Guajome, Vista was founded on October 9, 1882 with the establishment of a post office.[11] It was incorporated on January 28, 1963 and became a charter city on June 13, 2007.

Vista has more than 25 educational institutions for youth, and a business park home to over 800 companies. Vista is ranked as the 173rd-best place in California out of 240 for families, based on factors such as family life, recreational opportunities, education, health, safety, and affordability in a 2015 review.


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With more than 1.37 million people, San Diego is the eighth-largest city in the United States and the second-largest in California.

14 advanced industries produce $42.1 billion and pay $116,600/year on average (Brookings Institute)

San Diego County Demographics

2019 Estimated Population 3,317,749

2024 Projected Population 3,460,000

2010 Census Population 3,100,000

2000 Census Population 2,810,000

Growth 2010-2019 0.9%

Growth 2019-2024 0.5%

2019 Estimated Median Age 35.5

2019 Estimated Average Age 36

2019 Estimated Households 1,190,000

2010 Census Households 1,090,000

Growth 2000-2019 1.0%

2019 Est. Median Household Income $80,999

Wave Waterpark - Vista, CA

South Carlsbad Beach - Carlsbad, CA

Demographics


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Demographics

Rancho Guajome Adobe - Vista, CA

Vista Demographics2019 Estimated Population 102,055

2010 Census Population 94,047

2000 Census Population 89,006

Growth 2019-2024 0.5%

2019 Estimated Median Age 33.2

2019 Estimated Average Age 33

2019 Estimated Households 32,031

2010 Census Households 30,986

Growth 2019-2024 0.8%

2019 Est. Median Household Income $68,864

The Average Housing Value $480,071 Batiquitos Lagoon - Carlsbad, CA

Alta Vista Botanical Garden - Vista, CA

Demographics

No warranty or representation has been made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. Lee & Associates Commercial Real Estate Services, Inc. - Riverside. 25240 Hancock Avenue, Suite 100 - Murrieta, CA 92562 Corporate ID# 01048055

MIKE HANNASenior Vice President

[email protected]

DRE #01456055

SHERI SHOEMAKERSenior Vice President

[email protected]

DRE #00846946

CIVIC - LoopNet · • 124 townhomes • 2018 delivery Shea Homes • 73 Single Family Homes •...

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Transcript of CIVIC - LoopNet · • 124 townhomes • 2018 delivery Shea Homes • 73 Single Family Homes •...