COMMERCIAL INCOME PROPERTY AVAILABLE
CLASS C INDUSTRIAL WAREHOUSE
601 N McDowell Blvd, Petaluma, CA 94954 PROPERTY SUMMARY Type: Class C Industrial Subtype: Warehouse Tenancy: Single Year built: 1976 RBA: 11,692 Sq Ft Floors: 1 Typical floor: 11,692 Sq Ft Ceiling: 10' Parking: 29 Free surface spaces; ratio of 2.5/1,000 Construction: Reinforced concrete
Offered at $1,995,000
601 N McDowell.com David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
601 N McDowell Blvd, Petaluma, CA 94954
2
CLASS C WAREHOUSE FOR SALE
RE/MAX Marketplace is proud to present this turn-key investment opportunity in desirable East Petaluma. 11,692 sq. ft. free standing building on a .77 acre city lot. Zoned light industrial (ML), property is fully leased to a national environmental consulting firm. Flexible configuration, with approximately 50% warehouse and 50% ground floor office space. Well suited for a single user or multiple tenants. Main office features a reception area and a mix of private offices, conference rooms, a fully equipped kitchen and ample cubicle space. The warehouse space includes a private entrance, shipping/receiving, loading bay with depressed dock position and two roll-up metal doors. 24 parking spaces, excellent visibility and a central location provide endless possibilities.
Offered at $1,995,000
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
601NMcDowell.com
SUITE B
3
FLOOR PLAN INCLUDING EXTERIOR
MAIN ENTRANCE
SECONDARY ENTRANCE
NORTH MCDOWELL BOULEVARD
© 2017 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and 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. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.
w w w.c b r e.c om/walnutc r e e k
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
RE/MAX Marketplace 601 N McDowell Blvd, Petaluma, CA 94954 David Rendino
4
INCOME & EXPENSE Brokers Reconstructed Improvements Commercial Location 601 N Mcdowell Blvd City Petaluma State CA 94942 Terms
Proposed Financing Loans Balance First $ 1,396,500 Second $ Total $ 1,396,500 Expenses Insurance Maintenance/Repairs Tax and Licenses Total Expenses Expense/Income
Each office independently owned and operated
755 Baywood Dr Ste 201 Petaluma, CA 94954
Commercial Building Percent Leased Gross Multiplier Proj. G. R.M M Cap Rate 2017 Cap Rate 2018
2010
$
$23,940.00 $1,310 $6,346 $4,914 1,654 Income/Month $38,164.00 27% Income/Year
Site and Building Description Lot Size 33,106 Building 11,692 Zone Fourplex Year 1976 Land Use Office Bldg 1 Story Stories 1 Tenant Pays Roof Composition Personal Prop. n/a Current Assessments Land $ 398,147 Bldg $ 1,225,071 Total $ 1,623,218 %Land %Bldg A.P.N. 007-501-012
100% 13.99 13.58 5.2% 5.5%
Annual Property Stat. Price $ 1,995,000 Down $ 598,500 New Loans $ 1,396,500 Equity n/a $/Ft $ 171 Lease $/Ft
Payment #/Yr Annual Interest Interest Only Due $ 5,818 x12 $ 69,825 $ 5.0 5 $ - x12 $ x12 $ 69,825 Income Schedule Tenancy Tenant Space Single Cardno ERI 11692
Estimated Taxes
Operating Expenses
Direct Phone: (707) 696-3742 Derendino@gmail.com www.RendinosRealEstate.com
10
Comments
Unit Rent
Unit Rent 2018
$
11,887.21
$
12,244
$
142,647
$
146,926
11,887.21
12,243.82
Analysis Actual Market Gross Rent $ 142,647 $ 146,926 Vacancy Factor Operating Income $ 142,647 $ 146,926 Expenses $ 38,164 $ 38,164 Net Income $ 104,483 $ 108,762 Loan Payments $ 69,825 $ 69,825 Pre-Tax Cash Flow $ 34,658 $ 38,937 Annual Depreciation $ (33,250) $ (33,250) Tax Loss $ 1,408 $ 5,687 Possible Tax Savings $ (600) $ (2,423) After-Tax Cash Flow 34,058 $ 36,514 Max Tax Braket (US+CA) 42.60% 42.60% Rate of Return (Cash Flow Only) 5.7% 6% Projected Annual Appreciation Rate of Return (Appreciation Only) 0.00% 0.00% Total Rate of Return 5.7% 6%
Remarks **The above is a working document primarily based on past performance. Some estimates may be based on limited information. All income and expenses should be thoroughly verified by buyer during escrow. Cap rate projections have been rounded to the highest whole number.
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
Property Summary Report 601 N McDowell Blvd
vd Petaluma, CA 94954 - Petaluma/Cotati/Rohnert Ind Submarket 601NMcDowell.com
etaluma/Cotati/Rohnert Ind Submarket 601 N McDowell Blvd
5 BUILDING
Petaluma, CA 94954 - Petaluma/Cotati/Rohnert Ind Submarket
Class C Industrial
Type: Subtype: BUILDING
Warehouse
Ceiling Ht: Floors:
10'
BUILDING Tenancy: Type: Type: Year Built: Subtype: RBA: Subtype: Tenancy: Floors: Tenancy: Year Built: Typical Floor: RBA: Year CeilingBuilt: Ht: Floors: Construction: RBA: Typical Floor: Construction:
Typical Floor:
LAND
EXPENSES PER SF
Land Area:
0.77 AC
Zoning: LAND Parcel Land Area:
ML, Petaluma
Zoning: LOADING Parcel Docks:
ML, Petaluma
Cross Docks: LOADING
10'
Construction:
Reinforced Concrete
$1.59 (2017)
007-501-012 1 ext
Drive Ins:
4 tot./10'w x 10'h
None
Rail Spots:
None
Drive Ins:
4 tot./10'w x 10'h
EXPENSES Rail PER Spots: SF
Property Summary Report Type
SF Avail
Sublet
3,390
Flr Contig
Bldg Contig
3,390
3,390
Rent
601 N McDowell Blvd SALE PSale: 1st Industrial Sublet 3,390 3,390 Petaluma, CA 94954 - Petaluma/Cotati/Rohnert Ind Submarket Last Sold on Oct 13, 2003 for $1,325,000 ($113.33/SF) Drive Ins: 3,390 Use
Type
SF Avail
Flr Contig
None
$1.59 (2017)
Taxes:
Availability: 29.0% Available; 29.0% Vacant LEASING lumaAvailable Spaces: 3,390 SF Available in 1 Space AVAILABLE SPACES 29.0% Available; 29.0% Vacant 012 Availability:
Floor
Ceiling Ht:
Taxes:
Use
11,692 SF
EXPENSES PER SF
007-501-012 0.77 AC
P 1st Industrial AVAILABLE SPACES
1
Reinforced Concrete
$1.59 (2017)
Taxes:
Docks: 1 ext LEASING Cross Docks: None SF Available in 1 Space Available Spaces: 3,390
Floor
Single Class C Industrial Class C Industrial 1976 Warehouse 11,692 Warehouse SF Single 1 1976 Single 11,692 SF 11,692 SF 1976 10' 1 Reinforced Concrete SF 11,692 11,692 SF
Bldg Contig
Rail Spots: PROPERTY CONTACTS SALE TRANSPORTATION Last Sale: Sold on Oct 13, 2003 for $1,325,000 ($113.33/SF) Recorded Owner:29Rokz Llc Spaces are available; Ratio of 2.51/1,000 SF Parking: free Surface
TRANSPORTATION KEY TENANTS MARKET CONDITIONS Parking: 29 free Surface Spaces are available; Ratio of 2.51/1,000 SF Cardnoin ERI1 Space Available
Occupancy
Withheld Vacant Rent
Term
Thru May 2020
Occupancy
Withheld Vacant
4 tot./10'w x 10'h
Term
Thru May 2020
None Recorded Owner: Steve M Zigan Living Trust
11,692 SF
Vacancy Rates
Current
YOY
Asking Rents Per SF
Current
ailable; 29.0% Vacant Current Building KEY TENANTS
29.0%
29.0%
Submarket 1-3 Star
$12.14
Submarket Cardno ERI 1-3 Star
3.2%
1.2%
Market Overall
$10.91 11,692 12/6/2017 SF
Market Overall
Copyrighted report licensed 2.6% 1.5%to Re/Max Marketplace - 797331.
blet
Submarket Leasing Activity
SF Avail
12 Mo. Leased SF
Months On Market
3,390
Current
YOY
Submarket Sales Activity
231,733
40.7%
12 Mo. Sales Volume (Mil.)
Flr Contig Contig Rent CopyrightedBldg report licensed to Re/Max Marketplace - 797331.
3,390 11.0
Oct 13, 2003 for $1,325,000 ($113.33/SF)
3,390 3.7 mo
Withheld 12 Mo. Price Per SF
YOY
10.5% 19.7%
Page 1
Current 12/6/2017 YOY
Occupancy
Vacant
$35
$130
Page 1 Term
130.6%
Thru May1.5% 2020
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
601 N McDowell Blvd, Petaluma, CA 94954
6
LOCATION
Conveniently located 1.3 miles to Hwy 101 and .3 miles to the proposed Rainier cross-town connector and Deer Creek Village Shopping Center. Less than a mile (.6 miles) to Petaluma Valley Hospital and various medical offices. Within walking distance to National chains, including Habit Burger, Mary’s Pizza Shack, Rubios, Jamba Juice, City Sports, Friedman Brothers and Smart and Final to name a few.
DISTANCES: Petaluma Valley Hospital
.6 miles
Highway 101 exit @ Washington St.
1.3 miles
Proposed Rainier Cross-town Connector .3 miles Deer Creek Village Shopping Center
.3 miles
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
601NMcDowell.com
7
CURRENT TENANT
CARDNO Cardno Inc. is an ASX-listed professional infrastructure and environmental services company, with expertise in the development and improvement of physical and social infrastructure for communities around the world.
Over $120,000 of lease improvements include: • New VCT tile in bathrooms and kitchen • Repair and re-striping of asphalt
Lease Start Date
2010
• Full sprinkler code upgrades
Current Rent
$11,887.21
• New floor coverings
2017 Scheduled Rent
$11,887.21
• Weather-stripping on roll-up doors
2018 Scheduled Rent
$12,243.82
• Repair and replacement of HVAC system
2019 Scheduled Rent
$12,611.14
• Perimeter security lights
Lease End Date*
May 31, 2020
• Resealed roof
Total expenditures by landlord subject to current five year lease: $141,783 *Subject to an early termination fee of $56,713.36 Owner pays for taxes, licensed, CAN insurance and some maintenance per lease.
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
8
601 N McDowell Blvd, Petaluma, CA 94954
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
601NMcDowell.com
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
9
601 N McDowell Blvd, Petaluma, CA 94954
10
ABOUT PETALUMA
Incorporated in 1858, Petaluma is one of California’s oldest cities. With the distinction of being the birthplace of the first egg-hatching incubator, Petaluma quickly came to be known as the undisputed “egg basket of the world” by the early 1900s. And where did the farmers take their chickens when they were under the weather? To the Poultry Pharmacy to visit the Chicken Doctor, of course! It’s true, Petaluma had the world’s only Chicken Pharmacy, Chicken Rodeo and Egg Queen Ball, which helped cement its 100+ year nickname of “Chickaluma”. *Population: 59,340
Employment by Occupation—Most to Least:
Median Age: 40.8
Administrative Sales Management
Median Household Income: $80,276 Number of Employees: 30,031 Employment Growth: 1.27%
Education, Training, & Library Business & Financial Operations * Dataset: ACS 5-year Estimate Source: Census Bureau
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
601NMcDowell.com
11
Population for 1 Mile ONE-MILE Radius POPULATION WITHIN RADIUS 601 N McDowell Blvd, Petaluma, CA 94954 Population 16.4 16.2 16.0
15.6 15.4 Thousands
15.0
3 Mile 63,379 65,555 3.43% 41.10
5 Mile 73,769 76,323 3.46% 41.10
5,908 3.83% $78,562 2.60 2.00
24,037 3.53% $83,846 2.60 2.00
27,934 3.55% $84,459 2.60 2.00
Median Home Value: $486,541 1987 Median Year Built:
$550,976 1976
$584,753 1976
1 Mile 15,637 16,211 3.67% 40.40
3 Mile 63,379 65,555 3.43% 41.10
5 Mile 73,769 76,323 3.46% 41.10
5,908 3.83% $78,562 2.60 2.00
24,037 3.53% $83,846 2.60 2.00
27,934 3.55% $84,459 2.60 2.00
Median Home Value: $486,541 1987 Median Year Built:
$550,976 1976
$584,753 1976
2017 Total Households: HH Growth 2017-2022: Median Household Inc: Avg Household Size: 2017 Avg HH Vehicles: Housing
15.8
15.2
1 Mile 15,637 16,211 3.67% 40.40
2017 Total Population: 2022 Population: Pop Growth 2017-2022: Average Age: Households
14.8 14.6 14.4 14.2 14.0 2000 Census
2010 Census
2017 Estimate
2022 Projection
BusinessesWITHIN for 1 Mile Radius BUSINESSES ONE-MILE RADIUS 601 N McDowell Blvd, Petaluma, CA 94954
12/27/2017
Copyrighted report licensed to Re/Max Marketplace - 797331.
Population 2017 Total Population: 2022 Population: Pop Growth 2017-2022: Average Age: Households
Retail/Wholesale
Financial/Insurance/Real Estate
Services
2017 Total Households: HH Growth 2017-2022: Median Household Inc: Avg Household Size: 2017 Avg HH Vehicles: Housing
Information
Health Care & Social Assistance
Manufacturing
Construction
Utilities & Waste Management
Pubic Admin & Sales
Agriculture, Mining & Fishing 1
50
100
150
200
250
300
350
Thousands
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com Copyrighted report licensed to Re/Max Marketplace - 797331.
12/27/2017
Radius
1 Mile
3 Mile
5 Mile
65,555
76,323
15,637
63,379
73,769
14,839
60,888
70,760
3.67%
3.43%
3.46%
4.09%
4.25%
3,527 1 Mile
14,125 3 Mile
15,944 5 Mile
13,601 16,211 281 15,637 132 14,839 1,022 3.67% 31 5.38% 569 3,527 35
56,280 65,555 1,040 63,379 653 60,888 2,986 3.43% 160 4.09% 2,259 14,125 137
65,580 76,323 1,188 73,769 749 70,760 3,422 3.46% 182 4.25% 2,647 15,944 283
13,601 6,134 281 5,908 132 5,581 1,022 3.83% 31 5.86% 569 4,131 35 1,776
56,280 24,885 1,040 24,037 653 23,074 2,986 3.53% 160 4.17% 2,259 15,523 137 8,514
65,580 28,925 1,188 27,934 749 26,789 3,422 3.55% 182 4.27% 2,647 18,092 283 9,842
$96,379 6,134 $78,562 5,908
$104,281 24,885 $83,846 24,037
$105,727 28,925 $84,459 27,934
5,581 766 3.83% 1,065 5.86% 988 4,131 937 1,776 540 $96,379 640 $78,562 540
23,074 3,030 3.53% 3,789 4.17% 3,852 15,523 3,808 8,514 2,691 $104,281 2,153 $83,846 2,313
26,789 3,419 3.55% 4,371 4.27% 4,558 18,092 4,279 9,842 3,123 $105,727 2,472 $84,459 2,811
429 766
2,401 3,030
2,901 3,419
$25,000 - $50,000
1,065
3,789
4,371
$50,000 - $75,000
988
3,852
4,558
$75,000 - $100,000
937
3,808
4,279
$100,000 - $125,000
540
2,691
3,123
$125,000 - $150,000
640
2,153
2,472
$150,000 - $200,000
540
2,313
2,811
$200,000+
429
2,401
2,901
Population:
12 2022 601 N McDowell ProjectionBlvd
601 N McDowell Blvd, Petaluma, 16,211CA 94954
Petaluma, CA 94954 - Petaluma/Cotati/Rohnert I Submarket Estimate 3,390 2017 SF Available for lease 11,6922010 SF Class C Industrial Warehouse Building Built in 1976 Census
DEMOGRAPHICS Growth 2017-2022
Growth 2010-2017 Daytime Employment Summary Demographics
2017 Population Hispanic Origin Radius 2017 Population by Race: Population: White 2022 Projection Black 2017 Estimate Am. Indian & Alaskan 2010 Census Asian Growth 2017-2022 Hawaiian & Pacific Island Growth 2010-2017 Other 2017 Population Hispanic Origin U.S. Armed Forces: 2017 Population by Race: Households: White 2022 Projection Black 2017 Estimate Am. Indian & Alaskan 2010 Census Asian Growth 2017 - 2022 Hawaiian & Pacific Island Growth 2010 - 2017 Other Owner Occupied U.S. Armed Forces: Renter Occupied Households: 2017 Avg Household Income 2022 Projection 2017 Med Household Income 2017 Estimate 2017 Households by Household Inc: 2010 Census <$25,000 Growth 2017 - 2022 $25,000 - $50,000 Growth 2010 - 2017 $50,000 - $75,000 Owner Occupied $75,000 - $100,000 Renter Occupied $100,000 - $125,000 2017 Avg Household Income $125,000 - $150,000 2017 Med Household Income $150,000 - $200,000 2017 Households by Household Inc: $200,000+ <$25,000
5.38% Consumer Spending Traffic
David and Erika Rendino, Income Property Specialists | (707) 696-3742/318-1851 | Derendino@gmail.com | RendinosRealEstate.com
David Rendino & Erika Rendino Income Property Specialists DRE# 01252035/01465104
8220 Old Redwood Hwy, Cotati, CA 94931
Direct: (707) 696-3742 | Español: (707) 318-1851 | Email: drendino@mac.com
The Rendino Team EXPERIENCE INTEGRITY RESULTS
601McDowell.com
The Rendino Team
The information contained herein has been obtained through sources deemed reliable by RE/MAX Marketplace, but cannot be guaranteed for its accuracy. We recommend to the buyer that any information, which is of special interest, should be obtained through independent verification. ALL MEASUREMENTS ARE APPROXIMATE.