Industrial Single Tenant Leased Investment Greater Airport Area - Orange County
2641 WALNUT AVENUE TUSTIN, CALIFORNIA 2641 WALNUT AVENUE Tustin, California
Investment Summary
Purchase Price: $5,868,016 ($188.55/SF) Approximate Building Size: 31,121 SF
Tenant: Braxton Caribbean Manufacturing Company, Inc. Lease Form: AIR Industrial/Commercial Single Tenant Lease - Gross Monthly Lease Rate: $27,557.93 ($0.886/SF) w/ 3% annual increases Monthly Expenses: $3,107.86 (including 5% vacancy/mgt reserve) Annual NOI: $293,400.80 Cap Rate: 5% Term: Approximately 7 years & 9 months (LED 1/31/25) PROPERTY DETAILS
ADDRESS 2641 Walnut Avenue
CITY Tustin
STATE California
ZIP 92780
BUILDING TYPE Industrial
YEAR BUILT 1978
STORIES Single Story
LAND SIZE 1.625 Acres
BUILDING SIZE 31,121 SF
CONSTRUCTION Concrete Tilt-Up
CLEAR HEIGHT ±20’
HVAC 100x
FIRE SPRINKLERS Fully Sprinklered
ELECTRICAL SERVICE 600 Amps, 3-Phase, 277/480 Volt
PARKING 2 Spaces per 1,000 SF (In common) CHAMBERS RD
SITE PLAN
FRANKLIN AVE GL
GL
GL GL
AssemblyD/C GL
Chambers Road
WALNUT AVE
Tustin Ranch Road
Walnut Avenue 2641 WALNUT
Franklin Avenue
Myford Road Bentley Circle FLOOR PLAN
Lunch Room
GL
RR RR RR RR
LOBBY MEN’S LOCKER
GL WOMEN’S LOCKER GL AERIAL
Edinger Avenue Walnut Avenue
Red Hill Avenue
E. Warner Avenue Tustin Ranch Road 2641 WALNUT
Barranca Parkway
Alton Parkway
Jamboree Road
Culver Drive
AREA AMENITIES
14 8 2 8 3
7 2 1 10 15 3 1 1 18 3 7 6 1 3 2641 6 19 WALNUT 1 Edinger Avenue
1 9 9 5 4 5 4 Walnut Avenue 3 11 5 4 3 14 E. Warner Avenue
11
3 1 Tustin Ranch Road 2 14 6 Barranca Parkway 3 Red Hill Avenue
11 1 7 8 6 9 13 16 2 4 7 Alton Parkway 5 9 21 10 12 1 20 2 10 13
8 Jamboree Road
3 DINING LIFESTYLE CENTERS
1. Starbucks 1. THE MARKET PLACE Thai Spice The Winery Restaurant & Wine Bar 2. 7 Leaves Cafe The Market Place Urban Plates Treatery 3. Subway Baja Fresh Mexican Grill Veggie Grill 4. Fresca’s BJ’s Restaurant & Brewhouse Wasa Sushi 3. DIAMOND JAMBOREE 5. Bread Basket Bonefish Grill Which Wich Superior Sandwiches 85 C Bakery Café 6. The Habit Burger Grill California Fish Grill Wokvano Asian Restaurant & Bar Afters Ice Cream 7. Garbanzo Mediterranean Grill California Pizza Kitchen Yogurtland Ajisen Ramen 8. House of Kabob Carl’s Jr. The Haute Room Balcony Grill & Bar 6 9. Taco Bell Chick-fil-A bike2thebeat BBQ Chicken 10. McDonald’s Class 302 Tea Cafe CorePower Yoga BCD Tofu House 11. Del Taco The Coffee Bean & Tea Leaf Bon Epi Patisserie & Café 12. Outback Steakhouse Corner Bakery Cafe 2. THE DISTRICT AT TUSTIN LEGACY1 Capital Seafood Restaurant 13. Tasty Garden Dairy Queen Aloha Hawaiian BBQ Chef Hung Noodles 14. Jack in the Box Daphne’s California Greek Auld Dubliner Irish Pub Coffeebar Byul 15. El Pollo Loco El Pollo Loco Ben & Jerry’s Curry House CoCo Ichibanya 16. Jersey Mike’s Subs Famous Dave’s Barbeque Bluewater Grill Seafood Restaurant Guppy Tea House Café 17. KFC The Flame Broiler Bowlology The Kickin Crab 18. Citrus Cafe Fresh Brothers Caffe Yoga Kula Revolving Sushi Bar 19. Maki Zushi G Burger Chick-fil-A Lollicup Coffee & Tea 20. All that BBQ H20 Poke & Grill Daphne’s California Greek Meet Fresh Taiwanese Desserts 21. Little Sheep Mongolian Hot Pot Hopdoddy Burger Bar Dirty Cookie Papaya Thai Bistro In-n-Out Burger Five Guys Burgers and Fries Pho Saigon Pearl Islands Fine Burgers and Drinks Ike’s Love & Sandwiches Spice Bar HOTELS Lazy Dog Restaurant and Bar In-N-Out Burger SWSH Shabu Shabu Luna Grill It’s Boba Time Tokyo Table - Tokyo City Cuisine 1. Residence Inn Macaroni Grill J. Zhou Oriental Cuisine Urban Seoul 2. Fairfield Inn The Melt JT Schmid’s Restaurant & Brewery Yi-Gah Korean Cuisine 3. Embassy Suites Miguel’s Jr. Homestyle Mexican Food Juice It Up Mizu Sushi Bar & Grill Lucille’s Smokehouse Bar-B-Que 4. Holiday Inn SERVICE/RETAIL 5. Candlewood Suites Natraj’s Tandoori Luna Rossa Ristorante Nekter Juice Bar Mendocino Farms Panda Express Milk Box 1. Target FITNESS Piadina - Italian Market Sandwich Mobtown Pizza 2. 99 Ranch Market Pieology Pizzeria Nothing Bundt Cakes 3. Trader Joe’s 1. 24 Hour Fitness Rubio’s Pei Wei Asian Diner 4. WalMart 2. My Gym Children’s Fitness Center Sawleaf Vietnamese Café Planet Fitness 5. Staples 3. Wildfire Gymnastics See’s Candies RA Sushi 6. Home Depot 4. CrossFit Tustin Snooze, an A.M. Eatery Red Robin Gourmet Burgers 7. Lowe’s 5. Olympia Training Center Starbucks Coffee Rocky Mountain Chocolate Factory 8. Costco 6. Full Circle Fitness Taco Bell Sharky’s Woodfired Mexican Grill 9. Michael’s 7. Planet Fitness Taco Rosa Subway 10. Jo-ann Fabric & Craft Stores 8. Sender One Climbing, Yoga, Fitness Taps Fish House & Brewery Thai Bamboo Bistro 11. Petsmart 9. A Fitness Club Texas de Brazil The Flame Broiler 12. Whole Foods Market INVESTMENT ANALYSIS
INVESTMENT VALUATION
Tenant Braxton Caribbean Manufacturing Co., Inc. (www.braxtonmfg.com) CAP RATE 5% Building SF 31,121
Lease Term Expires January 31, 2025 NOI $293,401 Monthly Rent Schedule Months Total Rent Rent/SF 2/1/2017 $27,557.92 $0.886 2/1/2018 $28,384.66 $0.922 Purchase Price $5,868,016 2/1/2019 $29,236.20 $0.939 2/1/2020 $30,113.00 $0.968 2/1/2021 $31,016.00 $0.997 Price PSF $188.55 2/1/2022 $31,947.00 $1.027 2/1/2023 $32,905.00 $1.057 2/1/2024 $33,893.00 $1.089
Lease Type Industrial Gross
Operating Expenses Property Tax Base Year $15,868.00 Property Insurance Base Year $4,892.00 Vacancy/Mgmt. Reserve (5%) $16,534.76 Annual Net Operating Income $293,401.00
Lease Terms Base Year - 2010 Tenant has two (2) 5-year options to renew at FMV, but not less than the last month’s rent
2641 WALNUT TUSTIN• CALIFORNIA
EXCLUSIVE AGENTS:
J. CHIP WRIGHT DAVE DESPER +1 949 725 8526 +1 949 725 8504 Lic. 0899669 Lic. 01094144 [email protected] [email protected]
3501 Jamboree Rd., Ste 100 | Newport Beach, CA 92660
www.cbre.com
© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. 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. Newport Beach / 2641 Walnut Investment Brochure