For Sale Value Add Retail Center Property Overview
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1400 NORTH NORMA STREET RIDGECREST, CA 93555 FOR SALE VALUE ADD RETAIL CENTER PROPERTY OVERVIEW Cushman & Wakefield | Pacific Commercial Realty Advisors is pleased to present the Tivoli Plaza Shopping Center. The property is located at the corner of Reeves Avenue and North Norma Street in the city of Ridgecrest with direct access to Hwy 178. Ridgecrest is situated at the foothill of the Sierra Nevada Mountains, at the cross roads of HWY 395, 14, and 178. Ridgecrest is the third largest city in Kern County and is the home of China Lake Naval Air Weapons Station. Approximately 10,000 square feet of the center is occupied by government tenants. There is also a gas station and mini-mart which is a pad to the overall center, generating good traffic flow into the center. PROPERTY OVERVIEW There is ample public transportation near the center to facilitate the commute to and from the property to various parts of the city. This Address: 1400 N Norma St, Ridgecrest, CA 93555 is a prime location in the heart of Ridgecrest. The property is always Total SF: 37,801 kept clean and is well maintained by ownership. Another pad to the property is Schooner’ s Patio Grille, one of Ridgecrest’ s most highly Land Area: 3.01 Acres frequented bar and restaurant establishment Great location in the city of Ridgecrest across from one of the only super markets in the city. Year Built: 1987 This property is nearby schools and a hospital. Ridgecrest is a city in APN: 419-020-41-00-7 Kern County, California, United States. It is located along U.S. Route 395 in the Indian Wells Valley in northeastern Kern County, adjacent Zoning: Commercial to the Naval Air Weapons Station China Lake (NAWS, or China Lake). The population was 27,616 at the 2010 census, up from 24,927 at the Use: Multi-Tenant Retail and Office Center 2000 census. The city of Ridgecrest is a largely company-oriented community big enough to provide plenty of schools, shopping and health care. It was incorporated as a city in 1963. Naval Air Weapons Station China Lake or NAWS China Lake is an airborne weapon testing FINANCIAL OVERVIEW and training range located adjacent to Ridgecrest and operated by the United States Navy and its contractors. Price: $4,325,000 Price/SF: $114.41 In Place CAP Rate: 3.59% In Place NOI: $155,850 Stabilized CAP Rate: 10.94% Stabilized NOI: $473,358 2 | Cushman & Wakefield | Tivoli Plaza | 1400 N. Norma Street, Ridgecrest, CA 93555 SITE PLAN | 3 4 | Cushman & Wakefield | Tivoli Plaza | 1400 N. Norma Street, Ridgecrest, CA 93555 AREA OVERVIEW Ridgecrest is located in the southern portion of the Indian Wells Valley China Lake Naval Weapons Center (NWC) and now the China Lake Naval and in the northeast corner of Kern County, surrounded by four mountain Air Weapons Station (NAWS) is home to the Naval Air Warfare Center ranges; the Sierra Nevada on the west, the Cosos on the north, the Weapons Division, which continues to be the major source of employment Argus Range on the east, and the El Paso Mountains on the south. It is for Ridgecrest residents. The economic stability of Ridgecrest as service approximately an hour and quarter from the Lancaster/Palmdale area and community for the NAWS has been essential to its successful emergence as approximately two hours from both Bakersfield and San Bernardino. A a community in its own right. In addition, the same location characteristics favorable characteristic of the City is its proximity to two major highways, that initially attracted the NAWS; growing space, clean air, good water, the 395 and 14. Air travel in and out of the city is provided through the highway accessibility, easy access to multiple recreational opportunities, Inyokern Airport. These attributes make Ridgecrest, a central location for and proximity to Los Angeles and Bakersfield. Ridgecrest friendly business shopping and business for the Eastern Kern County area. Ridgecrest is attitude continues to serve as an attraction for business to relocate to also easily accessible to the rest of southern California making it an ideal Ridgecrest and the Indian Wells Valley. location for industry. As the only incorporated community in the Indian Wells Valley, Ridgecrest Ridgecrest evolved into a growing and dynamic city during the 1950’s boasts a thriving economy and a robust population of just over 27,000 and 1960’s as a support community, vital to the mission of the Navy, by people. Ridgecrest acts as the shopping and business center for providing housing and services for Federal employees and contractors. northeastern Kern County. Ridgecrest incorporated in 1963 and now provides shopping for over 40,000 people throughout the Indian Wells Valley. (www.ridgecrest-ca.gov) | 5 W. Norma Street - ±9,500 VPD Sierra Vista Shopping Center Ed’s Mini Mart & Gas Station SUBJECT W. Reyes Avenue PROPERTY W. Grand Avenue 6 | Cushman & Wakefield | Tivoli Plaza | 1400 N. Norma Street, Ridgecrest, CA 93555 RENT ROLL Rent Roll Suite Tenant Name GLA (SF) % of Total SF Monthly Rent Rent/SF Annual Rent Increases Lease Start Lease Expire 101 Ed’s Mini Mart 3,162 8% $6,600 $2.09 $79,200 3% Annual 11/1/2002 6/30/2028 105-115 Vacant 7,700 20% $10,934 $1.42 $131,208 117-122 Vacant 9,439 25% $13,403 $1.42 $160,841 123-125 Pathways Community Services 2,500 7% $3,750 $1.50 $45,000 3% Annual 5/1/2019 6/30/2020 127-137 Pathways Community Services 7,440 20% $10,023 $1.35 $120,276 3% Annual 7/1/2017 6/30/2020 201-205 Schooner’s Patio Grill 3,000 8% $2,430 $0.81 $29,160 Fixed 1/19/2013 1/19/2023 207-209 Vacant 4,560 12% $6,475 $1.42 $77,702 Total Occupied 16,102 43% $22,803 $1.42 $273,636 Total Vacant 21,699 57% $30,813 $1.42 $369,751 Total 37,801 100% $53,616 $1.42 $643,387 Estimated 2020 Expenses Type Amount Property Taxes $59,416 Insurance $2,412 Utilities $15,010 Maintenance $15,094 Landscaping $14,495 Trash $2,038 Alarm/Security $3,000 Management (3%) $8,209 Total $119,674 | 7 MARKET OVERVIEW APPROXIMATE MARKET GLA VACANCY RATE MARKET RENT 1,600,000 SF 10.4% $13.03 PSF MARKET SALE PRICE PSF MARKET CAP RATE MARKET OCCUPANCY RATE $141 7.2% 89.6% 8 | Cushman & Wakefield | Tivoli Plaza | 1400 N. Norma Street, Ridgecrest, CA 93555 | 9 1400 NORTH NORMA STREET RIDGECREST, CA 93555 For more information, please contact: Vince Roche +1 661 633 3817 Direct +1 661 633 3801 Fax [email protected] Lic. 01155079 Duane Keathley +1 661 633 6816 Direct +1 661 633 3801 Fax [email protected] Lic. 00935011 Josh Sherley +1 661 633 3840 Direct +1 661 633 3801 Fax [email protected] Lic. 01876855 ©2019 Cushman & Wakefield | Pacific Commercial Realty Advisors. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE..