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15 Marconi IRVINE, CALIFORNIA Table of Contents Exclusive Agents FOR SALE ±18,177 SQUARE FEET Newly Refurbished Multi-Tenant Industrial Building Owner-User Opportunity 50% Leased / 50% Vacant 15 Marconi IRVINE, CALIFORNIA Table of Contents Exclusive Agents Property Jeff Carr CBRE, Inc. Images Lic. 01009600 +1 949 725 8631 Financials [email protected] Market Gregg Haly CBRE, Inc. Lic. 00937913 +1 949 725 8632 Irvine Center Drive [email protected] 3501 Jamboree Road Suite 100 Newport Beach, CA 92660 www.cbre.com © 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. 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. 15 Marconi IRVINE, CALIFORNIA Jeronimo Barranca Parkway Alton Parkway Muirlands Marconi Bake Parkway Rockfield Blvd. Research Irvine Center Drive Scientific Way Lake Forest Drive Property Summary Purchase Price $4,888,000.00 Price Per SF $269.00 Total Building Size 18,177 SF Address 15 Marconi Irvine, CA 92618 Property Description 15 Marconi is a stand-alone, multi-tenant (2 tenants) building located minutes from the Intersection of the 5/405, Irvine Entertainment Center and The Great Park Exterior Renovations Freshly power washed, exterior lighting enhancements and new slurry and striping Interior Creative Renovations New paint, carpeting and flooring were just installed in both halves of the building Parking Surface parking reserved for each side of the building, approximately 2 stalls per 1,000 square feet. Freshly re-slurried and striped. Asset Highlights Convenient South Orange County location. 15 Marconi enjoys easy access to the 5/405 freeways and the 133 Freeway. The building is only minutes from numerous amenities including restaurants, shoppping and movie theaters in the world reknown Irvine Entertainment Center. Attractively priced. Recent sale comps demonstrate that 15 Marconi is priced to sell. Now is the time to lock in occupancy costs before market vacancy continues to fall and values rise even further. Owner-user opportunity with income in-place. A lease was recently completed for 9,057 square feet with a solid company through September 2022. The monthly rental rate is $1.08/SF/NNN ($9,782.00). This leaves 50% of the building available for a user to occupy or an Investor to lease out. Low After Tax Ownership. Based on the income in place, an owner/user’s monthly cost after tax, could be as low as $0.30 to $0.40 per square foot, per month. Images Aerial - Parcel Number Mason APN: 590-032-04 Marconi Faraday Wrigley Rockfield Blvd. Bake Parkway Autry Irvine Center Drive Research Barranca Parkway 15 Marconi IRVINE, CALIFORNIA Bake Parkway Alton Parkway Muirlands Rockfield Blvd. Marconi Jeronimo Area Amenities Irvine Spectrum Entertainment Center Restaurants • P.F. Chang’s China Bistro • Yard House • California Pizza Kitchen • Johnny Rockets • Ruby’s Diner • Chipotle Mexican Grill • Cucina Enoteca • Veggie Grill • Javier’s Cantina & Grill • Red Robin • Paul Martin’s American Grill • Wahoo’s Fish Tacos • The Cheesecake Factory • Corner Bakery Cafe’ • Izakaya Wasa • Capital Seafood • Subway Surrounding Restaurants Surrounding Hotels • Pei Wei Asian Diner • Comfort Inn at Irvine Spectrum • Daphne’s California Greek • Courtyard Laguna Hills 405 Toledo Way • Olive Garden • Best Western Plus Irvine • Mother’s Market • Holiday Inn Irvine South 15 MARCONI • In-N-Out • Quality Inn & Suites Irvine • Pita Pit • Candlewood Suites Tesla • Coco’s Bakery • Candlewood Suites Irvine East • Solomon’s Bakery • Residence Inn Irvine Spectrum • Peppino’s Italian Restaurant • Nory’s Restaurant • Dellcias Peruanas • Tasty Thai • Habit Burger • Cafe Matinee Floor Plan GL OPEN TO BELOW BONUS MEZZANINE MARCONI OPEN TO BELOW GL Second Floor First Floor Ownership Analysis Samples Ownership Analysis Sample with 10% Down Square Feet 18,177 Price/SF $ 269.00 Purchase Price $ 4,888,000.00 Percentage Down 10% Down Payment $ 488,800.00 Loan Amount $ 4,399,200.00 Interest Rate 4.75% Amortization (in years) 25 Total Monthly Loan Payment $ 25,080.60 Tax Bracket 40% Depreciation Base $ 1,955,200.00 Depreciation Monthly $ 4,177.78 Property Tax 1.1% Monthly Property Tax Payment $ 4,480.67 Monthly Interest Expense $ 22,572.54 Potential Deductible Items $ 31,230.99 Potential After Tax Savings $ 12,492.39 Potential After Tax Cost $ 18,738.59 Potential After Tax Per SF NNN Rate $ 1.03 Rental Income from Suite A $ 11,755.00 Potential Net Ownership Cost After Rent and OPEX $ 6,983.59 Potential Per SF Cost of Ownership $ 0.38 *Numbers should be verified with your tax advisor jcarr/misc/Ownership Analysis Form-10% Down (002).xlsx Ownership Analysis Sample with 25% Down Square Feet 18,177 Price/SF $ 269.00 Purchase Price $ 4,888,000.00 Percentage Down 25% Down Payment $ 1,222,000.00 Loan Amount $ 3,666,000.00 Interest Rate 4.75% Amortization (in years) 25 Total Monthly Loan Payment $ 20,900.50 Tax Bracket 40% Depreciation Base $ 1,955,200.00 Depreciation Monthly $ 4,177.78 Property Tax 1.1% Monthly Property Tax Payment $ 4,480.67 Monthly Interest Expense $ 18,810.45 Potential Deductible Items $ 27,468.90 Potential After Tax Savings $ 10,987.56 Potential After Tax Cost $ 16,481.34 Potential After Tax Per SF NNN Rate $ 0.91 Rental Income from Suite A $ 11,755.00 Potential Cost After Tenant's Rent and OPEX $ 4,726.34 Potential Per SF Cost of Ownership $ 0.26 *Numbers should be verified with your tax advisor jcarr/misc/Ownership Analysis Form-25% Down.xlsx Loan Illustration - SBA Financing Options Purchase Price $4,888,000.00 SBA 504 SBA 7a LOAN PROGRAM LOAN PROGRAM FIXED FIXED FIXED WELLS FARGO SBA Down Payment $488,800.00 $488,800.00 Combined LTV% 90% 90% Loan Amount $2,444,000.00 $1,955,200.00 $4,399,200.00 Financed Fee $44,537.00 $124,733.00 Rate (%) 4.45% 4.57% 4.85% Amortization 30 20 25 Term (Years) 10 20 25 1st & 2nd TD Payments $12,311.00 $12,727.00 Total Monthly Loan Payments $25,038.00 $26,053.00 Builidng Income (per broker) $11,775 Total Monthly less building income $13,263.00 $14,278.00 Tax benefits of depreciation Assume a business owner or Trust personally purchases 15 Marconi and leases it to his/her business at a market rate (this is allowable under the SBA program). Cash flow and taxable income of the business are not affected. However, this owner’s personal financial situation would benefit from depreciation of the building. In terms of this scenario, depreciation is the spreading of cost over the useful life of an asset. The Internal Revenue Service allows for a tax deduction of commercial property improvements depreciation based on a 39-year life. Simply stated, a portion of the cost of the building (excluding land) reduces taxable income, and thus tax liability, for a period of up to 39 years. In this scenario, let us assume the following facts: Purchase Price: $4,888,000.00 Building Size: 18,177 Square Feet ($269/SF) Percentage of Building to Land: 45% / 55% Owner’s personal income tax bracket: 33% The amount subject to depreciation, in this example, is 45% of $4,888,000.00, or approximately $2,200,080.00. Spread over the IRS’ mandated 39 years, the deduction per year is approximately $56,400.00. At a tax rate of 33%, the tax savings due to depreciation is $18,612.00 per year of ownership. If you are considering this on a monthly per-square-foot basis consistent with the example on the previous page, this tax savings equates to an additional ownership benefit of nearly $0.09/sf per month. As time progresses, the cost basis of the building is being reduced by depreciation accumulated since purchase. Should the owner decide to sell, the depreciation is recaptured and taxed, but it is at a standard 25% as opposed to the 33% ordinary income rate used when the deduction was realized. This yields an overall tax benefit during the building ownership period, especially if the building is kept and passed down to future generations. It is important to note that this example may differ from your situation. Please consult with your tax advisor. Orange County, California Known for its luxurious suburban lifestyle and its spectacular coastline, Orange County continues to benefit from a well-diversified economy, high quality labor force, direct access to major airport facilities and its strategic location along the Pacific Ocean. The vibrant economy, along with the area’s tremen- dous residential desirability, strong educational institutions, and various recreational and cultural options, provide an excellent location for commercial properties. The mid and long-term picture for Orange County is bright, due to the following: •Diverse economy with a wide range of industries •Continually growing population given the unparalleled quality of life with low crime, temperate weather, abundant housing and coastal cities •Convenient and improving transportation infrastructure including the toll road system, Metrolink stations and the renewed Measure M providing over $15 billion in additional investment through 2041 •Relatively low rental rates compared to other metropolitan areas both regionally and globally •World-class
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