LoopNet - Geneva Avenue Between DALY CITY Infill Development … · 2018-10-16 · San Mateo County...

OFFERING MEMORANDUM

DALY CITYCALIFORNIA

Geneva Avenue Between Pasadena Street and Castillo StreetInfill Development Site

N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

N O N - E N D O R S E M E N T SMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of

any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its

affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee

information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

D I S C L A I M E RTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information

has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information.

References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of

Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N LY.P L E A S E C O N S U LT Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E TA I L S .

A C T I V I T Y I D : Z 0 0 1 0 3 6 8

KIRK TR AMMELLSenior Managing Director Investments

Palo Alto OfficeCell: 650.450.0920 // Office: 650.391.1809

[email protected]: CA 01038657

DAVID CUTLERSenior AssociatePalo Alto Office

Cell: 650.269.5637 // Office: [email protected]

License: CA 01514751

JOSHUA JOHNSONSenior AssociatePalo Alto Office

Cell: 650.208.5282 // Office: [email protected]


E X C L U S I V E L Y L I S T E D B Y

OFFERING SUMMARY

ASKING PRICEO P E N B I D

G e n e v a A v e n u eD a l y C i t y , C A

INFILL DEVELOPMENT SITE

GENEVA AVENUE

GENERAL PLAN

COMMERCIALMIXED-USE

ZONING

LIGHT COMMERCIAL

LAND AREA

16,800 SF

GENEVA AVENUE / / MARKET & PROPERT Y ANALYSIS 3

SUBJECT PROPERT Y

GENEVA AVENUE / / MARKET & PROPERT Y ANALYSIS4

Marcus & Millichap has been selected to exclusively market for sale six development parcels located along Geneva Avenue in Daly City, California. The property includes a parcel at the northeast corner of Pasadena Street and Geneva Avenue that measures approximately 5,000 square feet and five adjacent parcels at the northwest corner of Castillo Street and Geneva Avenue that total about 11,800 square feet. The parcels are rectangular in shape and generally slope from west to east along Geneva Avenue. All off-site improvements are in place and utility service is available to the site at Geneva Avenue. The zoning for the parcels is C-1, Light Commercial and the land use designation in the general plan is Commercial—Mixed Use. Based on the zoning ordinance and general plan, the site has the potential to be developed with a mixed-use project with ground floor retail or commercial space and residential units or office on upper levels.

The site is located on the border of Daly City and San Francisco in a neighborhood that is seeing a resurgence. MidPeninsula Housing recently won a bid to redevelop the Midway Village housing development, located about one-half mile southeast of the subject property. The 15-acre site could potentially support several hundred new housing units. Adjacent to that site, Toll Brothers is developing a new residential project that will include 71 detached homes. Maracor Development also received approval to build 133 townhouse units on a 10.2-acre site located off Carter Street.

Further east of the subject property, there are several major development projects in the planning and construction stages. These include the Schlage Lock site and several sites along Executive Park Boulevard and in the Candlestick Point neighborhood. In total, these project will bring more than 15,000 new residential units and six million square feet of commercial and office space to the area.

The site has excellent visibility along Geneva Avenue and is easily accessible from nearby freeways and public transportation. An interchange with US Highway 101 is about one and one-half miles east of the property and Interstate 280 is less than two miles to the west. The Sunnydale Visitacion Valley station of the Muni Metro K Ingleside / T Third light rail line is approximately one mile east of the subject site; the Bayshore station for Caltrain is located nearly one and one-half miles to the east of the property; and the Balboa Park BART station is two miles west of the site. Public buses run along Geneva Avenue, with stops just one block away, and provide a linkage to these regional transportation services. Overall, the site is easily accessible by car or public transportation.

This asset offers buyers an opportunity to acquire an infill development site with excellent proximity to employment centers in San Francisco and on the Peninsula. According to the San Mateo County Association of Realtors, the median attached home price in the county was $930,000 at the end of the third quarter 2018. This represents a 14% percent increase over the median price of $812,500 at the end of the same period one year ago. With strong demand for new housing in the area and insufficient new inventory being added to the market, it is expected that home values will continue to increase in the near future.

I N V E S T M E N T O V E R V I E W

Marcus & Millichap has been

selected to exclusively market for

sale six parcels of developable land

located on Geneva Avenue between

Castillo Street and Pasadena Street.


I N V E S T M E N T H I G H L I G H T S

GENEVA AVENUE

GENEVA AVENUE / / MARKET & PROPERT Y ANALYSIS

S T R O N G I N C R E A S E I N H O M E VA LU E S

Over the past year, the median attached home price in San Mateo County has

increased by 14%

C LO S E P R OX I M I T Y TO M A J O R E M P LOY E R S

Salesforce, United Airlines, Genetech, Visa, Kaiser Permanente, Wells Fargo, PG&E, Gap, and Uber

T R A N S I T - F R I E N D LY P R O P E R T Y

Located near a bus stop that provides direct linkage to Muni Metro light rail,

Caltrain, and BART

DY N A M I C N E I G H B O R H O O DMore than 15,000 new residences and several major commercial projects are being built within three miles of the

property

M A J O R CO M M E R C I A L T H O R O U G H FA R E

Geneva Avenue is a major east-west traffic carrier and the site has exposure

to thousands of cars per day

G E N E R A L P L A N D E S I G N AT I O N CO M M E R C I A L M I X E D U S E

General plan land use designation of Commercial—Mixed Use allows for retail, office,

residential, and personal service uses

6

CASTILLO STREET

PASADENA STREET GENE

VA AV

ENUE


L O C A T I O N H I G H L I G H T S

QUALIT Y OF LIFEThe area has abundant recreational and cultural opportunities, numerous institutions of higher learning, and high discretionary income levels

DENSELY POPULATED REGION

More than 4.7 million people live in the San Francisco metro area

D A L Y C I T Y , C A L I F O R N I A

STRONG ECONOMIC GROW TH

GDP growth in the San Francisco-Oakland-Hayward MSA exceeded 5.4% last year

POSITIONED NEAR MAJOR EMPLOYMENT CENTERS

The City of San Francisco and the Peninsula are home to many Fortune 500 companies in a wide

range of industries

GENEVA AVENUE


SUBJECT PROPERT YGENEVA AVENUE Bayshore Station

Bayshore ShoreElementary School

McDonald’s

San Francisco

9GENEVA AVENUE / / MARKET & PROPERT Y ANALYSIS

N E A R B Y D E V E L O P M E N T P R O J E C T S


2

3

4

5 6

7

1. Point Martin (Proposed)2. Midway Village (Proposed3. The Overlook (Under Construction)4. Schlage Lock Site (Proposed)5. Executive Park (Proposed)6. Thomas Mellon Waterfront Residences

(Proposed)7. San Francisco Shipyard / Candlestick

(Under Construction)

SUBJECT PROPERT YGENEVA AVENUE

1

N E A R B Y D E V E L O P M E N T P R O J E C T S

1

2

3

4

5

6

7

Point Martin (Proposed)Maracor Development received approval to construct 133 attached single-family residences on a hillside site off Carter Street. The project will be situated on a 10.2-acre site that has been assembled over the past several years.

Midway Village (Proposed)MidPeninsula Housing was selected to redevelop the Midway Village housing site in Daly City. The 15-acre property is currently im-proved with 150 affordable housing units. This site has the potential to support several hundred residential units. MidPen Housing is conducting community outreach to get feedback on future plans for the site.

The Overlook (Under Construction)Toll Brothers is developing 71 detached residences on the former site of Robertson Intermediate School. The 6.96-acre site will be developed with three- and four-story residences with four-bedroom and five-bedroom floor plans. Pricing for these new homes starts at $1.3 million.

Schlage Lock Site (Proposed)The former site of the Schlage Lock factory is proposed for development with 1,679 residential units, 46,000 square feet of commercial space, and two public parks. This nearly 20-acre site will be divided into nine distinct building parcels and constructed in phases. Phase 1 will include development of three parcels with a total of 574 residential units, a grocery store, supporting retail, and a public park. The developer, Universal Paragon Corporation, expects construction to commence at the end of 2019.

Executive Park (Proposed)United Paragon Corporation is working to implement a plan to redevelop an existing office complex near the former site of Candlestick Park into a mixed-use neighborhood. The site is approximately 14.5 acres and could support up to 1,100 residential units and 75,000 square feet of retail space.

Thomas Mellon Waterfront Residences (Proposed)SingHaiyi Group/Ocean Landing received approval to develop 585 residential units in five buildings on a 4.8-acre site near Candlestick Park. Construction is expected to commence in 2019, with completion in late 2020.

San Francisco Shipyard / Candlestick (Under Construction)FivePoint Holdings is developing the former Hunter’s Point Naval Shipyard and the former site of Candlestick Park. Combined, the two sites encompass over 750 acres that are proposed for development with up to 6 million square feet of office, R&D, and hotel space, 12,000 residences, 1 million square feet of retail space, and over 350 acres of parks and open space. The first phase of housing has already been completed and construction for future phases is underway. GENEVA AVENUE / / MARKET & PROPERT Y ANALYSIS 11

1819

4856 El Camino Real

4880 El Camino Real


12 4

7653

1 005-061-010

2 Contact Agents for Details

3 005-061-030

4 005-061-040

5 005-061-050

6 005-061-060

7 005-061-070

P A R C E L S I N C L U D E D I N T H E O F F E R I N G


Daly City Code of OrdinancesSection 17.18 – C-1 Light Commercial District

Permitted Uses – Art studio, bakery (retail), bank, barber or beauty shop, book or stationery store, business office, cloth-ing or department store, drugstore, retail electrical and household appliance sales and services, florist, grocery store, hardware store, health studio, laundry or cleaning agency (retail), liquor store, manufacturing and assembly of electronic and scientific equipment which requires no use of chemicals, photographic studio, payday lending establishment, restau-rant (excluding drive-in), shoe repair, tailor shop, trade or business school, uses permitted in R-4 district, except dwellings or any commercial developments in the coastal zone.

Conditionally Permitted Uses – Accessory building or use, animal kennel, bar or cocktail lounge, bowling alley, car wash, commercial parking lot, dwellings as permitted in the R-3 district subject to the same requirements, fortunetelling (and related services), manufacturing and assembly of electronic and scientific equipment when chemicals are used in the pro-cess, garden supply, full-service gasoline station, self-service gasoline station, conversion to self-service gasoline station, gasoline service station with accessory use, golf range or miniature golf, greenhouse, mortuary, motor vehicle repair or parts supply, new or used car sales, massage establishments, nursery, outdoor sales, pawnshop, tattoo establishment, pet shop, businesses whose principal use is for the operation of amusement devices, restaurant (drive-in), theater (includ-ing drive-in), trailer court, upholstery, veterinary hospital or office or any commercial developments in the coastal zone.

Maximum Height – 36 FeetMinimum Lot Area – 2,500-3,000 Square FeetMinimum Lot Width – 25-33 FeetMinimum Front Yard – NoneMinimum Rear Yard – NoneParking – See Section 17.34 for Specific Parking Requirements

ZONING


Commercial—Mixed Use Land Use

This land use designation pertains generally to areas fronting Mission Street and Geneva Avenue, and includes certain areas within the Sullivan Corridor Specific Plan and BART Station Area Specific Plan intended for mixed-use development. The designation applies to areas where the City intends to provide, through the Zon-ing Ordinance, regulatory incentives and/or requirements for developers to construct buildings which contain a vertical mix of uses, e.g. retail or restaurant uses at the street level and office or residential uses at levels above the street.

The introduction of the C-MU designation along Mission Street and Geneva Avenue is intended to allow for residential intensification of these corridors, both of which are well-served by public transportation, so that they may be transformed into more vibrant urban streets as identified during the Envision Daly City process. The FAR for mixed-use land uses generally ranges from 1.0 to 6.0, except in mixed use areas of the BART Station Area Specific Plan and Sullivan Corridor Specific Plan Area, which contain specific development standards for properties within the boundaries of these plans.

GENERAL PLAN


Daly City is located in northern San Mateo County in the San

Francisco Bay Area and borders the city of San Francisco; it is part of

the greater San Francisco-Oakland-Hayward metropolitan statistical

area. The San Francisco MSA is the one of the most populous

metropolitan areas in the United States, with an estimated population

of 4.7 million people as of 2017. It encompasses five counties—San

Francisco, San Mateo, Alameda, Contra Costa, and Marin. The region

is an important economic and cultural center for the United States.

The San Francisco metro area has long been a financial hub for the

West Coast. Wells Fargo is headquartered in San Francisco, as is First

Republic Bank, Union Bank of California, Bank of the West, and

Charles Schwab. Visa and Franklin Templeton Investments also have

their headquarters nearby on the San Francisco Peninsula. With the

emergence of the technology sector in Silicon Valley, the region is

now unparalleled in terms of innovation and business success. The

area is home to world class companies, including Google, Hewlett-

Packard, Facebook, Apple, Cisco, Intel, Oracle, eBay, Netflix, Tesla

Motors, LinkedIn, Yahoo, and many more.

While finance and technology play a central role in the local economy,

the area is not entirely dependent on these sectors. Major companies

with headquarters in the region also include McKesson Corporation,

Gap, PG&E, Salesforce, Tesla, Bechtel, United Airlines, Blue Shield

of California, Kaiser Permanente, Genentech, Chevron, and Safeway.

This area has a well-educated population, with more than 50 percent

of the workforce over the age of 25 having obtained a bachelor’s

degree or higher. This is well above the national average of 29 percent.

The high educational attainment of the local population is reflected

in the high income of residents. The median household income in

the San Francisco metro area is nearly double the median income

of the nation. The region is home to several top-ranked educational

institutions, including Stanford University, University of California

at Berkeley, University of California at San Francisco, Santa Clara

University, San Francisco State University, and University of San

Francisco.

San Francisco is recognized worldwide for its spectacular physical

beauty, culture, business opportunities, outdoor recreation, and

professional sports teams. The region’s cost of living is one of the most

expensive in the nation due in part to the tight housing market and

soaring cost of goods and services. The San Francisco Bay Area has

one of the highest discretionary income levels in the United States as

a result of the metro’s educated workers and its concentration of jobs

in well-paying industries. Cultural and recreational opportunities for

residents abound, including a theater district, symphony, opera and

more than 20 museums.

The Bay Area has a transportation network that includes freeways,

commuter rail, light rail, subway, regional express buses, and local

buses. In recent years, the freeways have become increasingly

congested as a result of the tremendous job growth in the region.

Local transportation planners are looking at ways to improve and

increase the number of public transportation options in order to

reduce traffic on roadways. The recent addition of Sonoma-Marin

Area Rail Transit and the extension of the Bay Area Rapid Transit

line in the East Bay and South Bay will help ease some of the gridlock.

Looking forward, the addition of high speed rail service may further

reduce the number of vehicle trips on local roads.

SAN FRANCISCO METRO AREA

4.7MILLION

SAN FRANCISCO METRO POPULATION

DYNAMIC REGION THAT IS A CULTURAL,

ECONOMIC, AND EDUCATIONAL

CENTER FOR THE U.S.

THE WORLD’S MOST PROMINENT

TECHNOLOGY HUB


DEMO GRAPHICS // GENEVA AVENUE

654,379To t a l D a y t i m e P o p u l a t i o n Wi t h i n 5 - M i l e

GENDER

51%

49%

$136,138Average Household Income within

5-Mile R adius

$96,902Median Housing Income within

5-Mile R adius

262,299Total Households in 5-Mile R adius

8.6%From 2010

GENEVA AVENUE


POPULATION 1 Mile 3 Mi les 5 Mi les

2022 Projection

Total Population 37,176 314,385 733,219

2017 Estimate


2010 Census


2000 Census


Daytime Population

2017 Estimate 20,552 197,419 654,379

HOUSEHOLDS 1 Mile 3 Mi les 5 Mi les

2022 Projection

Total Households 10,016 97,889 272,074

2017 Estimate


Average (Mean) Household Size 3.49 3.07 2.60

2010 Census


2000 Census


HOUSING UNITS 1 Mile 3 Mi les 5 Mi les

Housing Units

Occupied Units

2022 Projection 10,016 97,889 272,074

2017 Estimate 9,480 94,779 262,299

Owner-Occupied 5,552 54,924 122,051

Renter-Occupied 3,928 39,855 140,247

Vacant 43 1,636 4,750

Persons in Units

2017 Estimate Total Occupied Units 9,480 94,779 262,299

1 Person Units 17.3% 22.4% 30.1%

2 Person Units 22.6% 27.3% 30.6%

3 Person Units 17.7% 17.1% 15.4%

4 Person Units 15.7% 13.9% 11.5%

5 Person Units 10.0% 7.5% 5.5%

6+ Person Units 16.8% 11.8% 6.8%

HOUSEHOLDS BY INCOME 1 Mile 3 Mi les 5 Mi les

$200,000 or More 7.8% 13.6% 16.2%

$150,000 - $199,999 9.1% 10.8% 11.7%

$100,000 - $149,999 17.6% 20.4% 20.7%

$75,000 - $99,999 12.7% 12.6% 11.8%

$50,000 - $74,999 15.2% 13.4% 12.4%

$35,000 - $49,999 10.2% 9.2% 8.3%

$25,000 - $34,999 7.4% 6.2% 5.4%

$15,000 - $24,999 9.2% 6.1% 5.6%

Under $15,000 10.8% 7.8% 7.9%

Average HH Income $100,824 $125,695 $136,138

Median HH Income $70,630 $89,321 $96,902

Per Capita Income $26,608 $38,514 $49,852

POPULATION PROFILE 1 Mile 3 Mi les 5 Mi les

Population By Age

2017 Estimate Total Population 36,078 310,499 721,409

Under 20 23.3% 20.5% 18.0%

20 to 34 Years 14.8% 14.7% 16.3%

35 to 39 Years 13.8% 15.6% 18.3%

40 to 49 Years 13.5% 14.3% 14.6%

50 to 64 Years 20.1% 20.5% 19.2%

Age 65+ 14.7% 14.2% 13.6%

Median Age 38.5 39.3 38.4

Population 25+ by Education Level

2017 Estimate Population Age 25+ 25,403 228,636 548,103

Elementary (0-8) 10.1% 7.5% 5.2%

Some High School (9-11) 10.6% 7.3% 5.5%

High School Graduate (12) 25.6% 20.7% 16.4%

Some College (13-15) 18.9% 18.7% 17.5%

Associate Degree Only 6.9% 6.6% 6.5%

Bachelors Degree Only 18.1% 23.5% 29.2%

Graduate Degree 4.1% 12.0% 16.9%

Population by Gender

2017 Estimate Total Population 36,078 310,499 721,409

Male Population 48.9% 49.8% 51.0%

Female Population 51.1% 50.3% 49.0%

DEMO GRAPHICS // GENEVA AVENUE


KIRK TRAMMELLSenior Managing Director Investments

Palo Alto OfficeCell: 650.450.0920 / Office: 650.391.1809

[email protected]: CA 01038657

DAVID CUTLERSenior AssociatePalo Alto Office

Cell: 650.269.5637 / Office: [email protected]


JOSHUA JOHNSONSenior AssociatePalo Alto Office

Cell: 650.208.5282 / Office: [email protected]


E X C L U S I V E L Y L I S T E D B Y

LoopNet - Geneva Avenue Between DALY CITY Infill Development … · 2018-10-16 · San Mateo County...

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