Offering Memorandum for Sale Or Lease
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OFFERING MEMORANDUM FOR SALE OR LEASE 1549 SHATTUCK AVE. BERKELEY, CA Exclusive Brokers Tom Limon Tom Southern [email protected] [email protected] CA RE License# 01894442 CA RE License# 01808807 EXECUTIVE SUMMARY Executive Summary Newmark Cornish & Carey is pleased to present, for Sale or Lease, the property at 1549 Shattuck Avenue. This rare restaurant opportunity in Berkeley’s Gourmet Ghetto has been the home of Dara Thai Lao Cuisine for over 24 years and will be delivered vacant at close of escrow. The ground floor restaurant space offers a kitchen with hood, grease trap, walk-in cooler, dishwasher, and storage area and features a bar with a type 41 beer and wine license, indoor seating, and extensive seating in the wraparound outdoor patio area. On the second floor there is a small seating or private dining area, an office area, a storage area, and two bathrooms. Located in the heart of the gourmet ghetto, just a two-minute walk from the world renowned Chez Panisse, at the corner of Cedar Street and Shattuck Ave, the site delivers unprecedented visibility at two important thoroughfares. The surrounding area contains a vibrant mix of student housing for University of California students as well as single family homes for the professors, scientists, professionals and cultural creatives that make Berkeley the unique place it has become. One Mile Three Miles Five Miles Estimated 2016 Population 42,402 200,506 347,900 Estimated 2016 Households 17,825 82,128 147,548 Estimated 2016 Household Income $106,180 $114,018 $114,051 PRICING Building: ±2,240 sq. ft. on two floors Parcel: ±3,580 sq. ft. Sale Price: $1,820,000 (Includes restaurant equipment and furniture) LEASING INFORMATION Lease Rate: $3.60 per sq. ft. NNN Key Money: $375,000 NNN costs: Estimated at $0.85 per sq. ft. 1549 Shattuck Ave Offering Memorandum 1 LOCATION MAP AERIAL VIEW 1 Mile 3 Miles 1549 Shattuck Ave Offering Memorandum 2 ABOUT PROPERTY HIGHLIGHTS PROPERTY SUMMARY • Excellent Owner User Opportunity Year Built: 1910 • Prime Location – near UC Berkeley in the “Gourmet Ghetto” Rentable Building Area: ±2,240 SF • Great Visibility on Corner of Shattuck & Cedar Number of Buildings: One • West Facing with Generous Natural Light • High Foot Traffic Stories: Tw o • Large Main Dining Room with Outdoor Seating and Construction Type: Wood Frame Second Floor Private Dining Roof: Modified Bitumen • Kitchen with separate Prep and Dishwashing Areas • Hood with Fire Suppression System Exterior Walls: Stucco • Cold Storage Walk-in Unit Parking: Surface Parking - 1 Space • Two Bathrooms on Ground Floor APN#: 59-2260-15-1 • Additional Storage Acreage .08 acres / 3,580 SF • Outdoor Trash Area • Second floor office area and storage area HVAC Gas Wall heater • Two bathrooms on second floor Utilities Separate Meters for Electric, Gas, & Water • SBA financing available with as little as 10% down PRICING Price: $1,820,000 (includes equipment, furniture & fixtures) Rent Rate: $3.60 per sq. ft. NNN Key Money: $375,000 NNN Costs: Estimated at $0.85 per sq. ft. 1549 Shattuck Ave Offering Memorandum 3 AMENITIES MAP CHEESE BOARD PIZZA GUERILLA CAFE THE LOCAL BUTCHER SHOP THE WALK SHOP CHEZ SITE PANISSE 1549 Shattuck Ave Offering Memorandum 4 ABOUT Nearly a half of a century later, the BERKELEY (Gourmet) Ghetto remains a hallowed pilgrimage for foodies around the world” HISTORY - Downtown Berkeley’s form and location are the enduring results of transit patterns established in 1878 when Francis Kittredge “ Forbes Magazine Shattuck brought a Southern Pacific spur line from Oakland along Adeline Street through his property, terminating at Stanford Square, later to be named Berkeley Square, now Shattuck Square. Two streets, Shattuck Avenue and University Avenue, have always played major roles in the organization of the Downtown. Rare for a California city of its size, Downtown Berkeley has retained its original purpose and historic character, while showing evidence of a city which has adapted over time. The Downtown Area Plan places great emphasis on respecting the scale, use, and architectural character of Downtown Berkeley, while simultaneously encouraging architecture that addresses contemporary challenges with new forms of expression. EDUCATION AND TECHNOLOGY - One of the nation’s leading research institutions, The University of California, Berkeley sits on a 178 acre hillside campus less than one-half mile from 1549 Shattuck Ave. The Cal campus serves a 40,000 strong student body in addition to staff and professors. Lawrence Berkeley National Laboratory sits on 200 acres with a staff and student body of about 4,100 and is a 1.8 mile walk away. The University and Lab spur innovation and act as feeders to spaces like the Skydeck Innovation Center, a tech incubator of 10,000 sq. ft. at 2150 Shattuck Ave, about one-half mile from the Gourmet Ghetto. ARTS AND ENTERTAINMENT - Berkeley is home to such world renown museums and theatres as: Berkeley Arts Museum, Pacific Film Archive, Bancroft Library, Zellerbach Hall, The Greek Theater, UC Theatre Taube Family Music Hall, Freight & Salvage, and the Berkeley Repertory Theatre. On Campus, Memorial Stadium and Haas Pavilion host Cal football and basketball games. These events draw regional and national crowds and fill up the local restaurants and bars before and after shows and on game days. HOW THE GOURMET GHETTO GETS IT’S NAME - Perhaps no Berkeley institution has been more written about than Alice Water’s Chez Panisse. Visited by Presidents and Princes as well as your local Nobel Prize winners, the Chez continues to impress 40 years after its founding in 1971. But the Gourmet Ghetto is also home to The Cheese Board Collective and the original Peet’s (at Walnut & Vine). Other well regarded local dining options include: Saul’s Deli, Cesar, Epicurious Garden, Barney’s Gourmet Burgers, The Local Butcher Shop, Philz, Agrodolce and Crepevine. 1549 Shattuck Ave Offering Memorandum 5 1549 Shattuck Ave Offering Memorandum 6 Offering Memorandum 1549 Shattuck Avenue, Berkeley, CA Exclusive Brokers Tom Limon Tom Southern 510.300.0218 510.923.9158 [email protected] [email protected] CA RE License #01894442 CA RE License #01808807 This Information is Confidential This Confidential Offering Memorandum is being provided on behalf of the Seller by Newmark Cornish & Carey, (“the Listing Agent”) to a limited number of parties who may be interested in a transaction involving 1549 Shattuck Avenue, Berkeley, California (the “Property”). This Confidential Offering Memorandum does not purport to be all-inclusive or to necessarily contain all the information that a prospective Buyer may desire in investigating the Property. This Confidential Offering Memorandum has been prepared for informational purpose relating to this transaction only and upon the expressed understanding that it will be used for only the purposes set forth above. Any projections or similar materials should be considered hypothetical only, and no assurance can be given as to the accuracy of assumptions or the predictability of any given result or outcome. Any purchase must be based upon the prospective Buyer’s own investigations and not upon any information contained herein. Such investigations shall be at the prospective Buyer’s own risk. Newmark Cornish & Carey and the Sellers make no express or implied representation or warranty as to the accuracy or completeness of the information contained herein or made available in connection with any further investigation of the Property. Newmark Cornish & Carey and the Sellers expressly disclaim any and all liability that may be based on such information, errors therein or omissions therefore. Disclaimer The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice..