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Silver Plaza A 12,000 SF strip center situated on 32,995 SF of land. DEVONSHIRE SILVER PLAZA 21615 DEVONSHIRE STREET, CHATSWORTH, CA 91311 BRANDON MICHAELS GROUP INVESTMENT ADVISORS BRANDON MICHAELS Senior Managing Director Investments 1 2 3 4 Senior Director, National Retail Group EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS FINANCIALS SALES COMPARABLES Tel: (818) 212-2794 [email protected] License: CA #01434685 www.BrandonMichaelsGroup.com BRANDON MICHAELS GROUP 16830 Ventura Blvd. Suite 100, Encino, CA 91436 www.marcusmillichap.com 2 3 EXECUTIVE SUMMARY A 12,000 square foot value-add or owner/user 7.75% 12,000 32,995 61 22,202 opportunity situated on 32,995 square feet of land. PROFORMA CAP RATE BLDG SF LAND SF PARKING SPACES VEHICLES PER DAY The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale Devonshire Silver Plaza, a 12,000 square foot strip center situated on 32,995 square feet of land in Chatsworth CA. The subject property is ideally located just west of the northwest corner of Owensmouth Avenue and Devonshire Street between Topanga Canyon Boulevard and Canoga Avenue. Devonshire Silver Plaza is currently 67% vacant, and the two remaining tenants are currently on month to month leases. The current operations create a unique value-add opportunity or an ideal scenario for an owner-user Buyer to acquire this asset and occupy a portion or all of the center. Devonshire Silver Plaza benefits from excellent visibility on Devonshire Street with 151 feet of frontage. Devonshire Street is a major retail thoroughfare in Chatsworth. There are multiple national retailers in the immediate area, including Ralphs, Waba Grill, 7-Eleven, USPS, Taco Bell, McDonalds, Trader Joe’s, Smart & Final, Round Table Pizza, and Starbucks. Devonshire Silver Plaza offers a unique opportunity to acquire 32,995 square feet of land zoned C2 is a strong San Fernando Valley location. The center has 61 parking spaces consisting of 28 parking spaces in the front of the property and 33 parking spaces in the rear of the property. The parking ratio of 5.08 per 1,000 allows for a multitude of potential uses, including general retail, restaurant, and medical. The overall land square footage and advantageous zoning creates a wide variety of long term uses for the property, including re-development of the property to create additional square footage, or the re-positioning of the asset to mixed-use, residential, or hotel/motel. Chatsworth is an affluent neighborhood in the northwestern San Fernando Valley region of Los Angeles, California. Chatsworth was established as a farming community and is home today to single family home communities, shopping centers, and major corporations such as 3M Corporation, Hydraulics Iternational, and Lamps Plus. The average household income within a 1 mile radius is over $101,000 and there are over 320,000 people within a five mile radius. Daily traffic counts exceed 27,000 vehicles. 4 5 PROPERTY INFORMATION PROPERTY INFORMATION 21615 Devonshire Street, Address Chatsworth, CA 91311 Property Name Devonshire Silver Plaza Property Type Retail Gross Square Feet 12,000 SF A 12,000 SF strip center situated on 32,995 SF of land. Lot Size 32,995 SF DEVONSHIRE Year Built 1956 SILVER PLAZA 21615 DEVONSHIRE STREET, APN 2722-009-006 CHATSWORTH, CA 91311 Zoning LAC2 Type of Ownership Fee Simple FINANCIAL INFORMATION DEVONSHIRE STREET DEVONSHIRE Asking Price $2,900,000 SILVER PLAZA (22,202 VEHICLES PER DAY) 21615 DEVONSHIRE STREET, Price/SF $241.67 CHATSWORTH, CA 91311 ProForma CAP Rate 7.75% Current Occupancy 33% OWENSMOUTH AVENUE 6 7 INVESTMENT HIGHLIGHTS • Value-add opportunity to acquire 12,000 square foot strip center ideally situated on 32,995 square feet of land zoned C2 • Ample parking with 61 parking spaces • Parking ratio of 5.08 per 1,000 • 33% current occupancy • Month to month leases combined with 67% current vacancy creates the potential for an owner-user Buyer to occupy a portion or all of the property • Close proximity to national retailers such as Ralphs, 7-Eleven, Trader Joe’s, Smart & Final, Round Table Pizza, McDonald’s and Taco Bell • Devonshire Street is a main thoroughfare through the San Fernando Valley with daily traffic counts at this location of 22,202 vehicles per day • Excellent visibility with 151 feet of frontage on Devonshire Street • Affluent demographics with an average household income of over $101,000 within a one mile radius • 320,000 people within a 5 mile radius • 32,995 SF of C2 zoned land creates a potential re-development opportunity Devonshire Silver Plaza has a parking ratio of 5.08 vehicles to 1,000 SF. 8 9 A 12,000 SF strip center situated on 32,995 SF of land. DEVONSHIRE PROPERTY SILVER PLAZA 21615 DEVONSHIRE STREET, OVERVIEW CHATSWORTH, CA 91311 LOCATION Pho Saigon 1 21615-21625 Devonshire Street, Chatsworth, CA 91311 CHATSWORTH PARK ELEMENTARY SITE SCHOOL The subject property is located west of the northwest signalized intersection of Devonshire Street and Owensmouth Avenue. TOPANGA CANYON BOULEVARD CANYON TOPANGA SQUARE FOOTAGES DEVONSHIRE STREET (22,202 VEHICLES PER DAY) The Subject Property consists of a strip center building totaling 12,000 SF on a 32,995 SF lot. FRONTAGE AND ACCESS AVENUE OWENSMOUTH 151 feet of frontage on Devonshire Street. YEAR BUILT The property was built in 1956. PARKING Front parking lot: 28 spaces ZONING Rear parking lot: 33 spaces The property is zoned LAC2 Total: 61 parking spaces Parking ratio of 5.08:1,000 SF TRAFFIC COUNTS APN Owensmouth Avenue: 4,968 vehicles per day Les Sisters Vegan My Thai The APN is 2722-009-006. Southern & Seaood Devonshire Street: 22,202 vehicles per day Kitchen & BBQ 10 11 FINANCIAL FINANCIAL ANALYSIS ANALYSIS RENT ROLL ANNUALIZED OPERATING DATA PRICING % OF LEASE PROFORMA UNIT TENANT SF CURRENT RENT RENT/SF PROFORMA RENT INCOME AND EXPENSE CURRENT % PROFORMA Sales Price $2,900,000 BLDG EXPIRATION RENT/SF Current CAP Rate -0.36% 21615 Chatsworth Liquor 2,000 17% M2M $2,300.00 $1.15 $4,000.00 $2.00 Scheduled Lease Income: $53,268 $240,000 ProForma CAP Rate 7.75% 21617 Vacant 2,000 17% - - - $4,000.00 $2.00 NNN Charges - $63,826 Price/SF (bldg) $241.67 Effective Gross Income: $53,268 $303,826 21619 Vacant 2,000 17% - - - $4,000.00 $2.00 Price/SF (land) $87.89 Vacancy: - 5% $15,191 21621 Laundromat 2,000 17% M2M $2,139.00 $1.07 $4,000.00 $2.00 Bldg SF 12,000 SF Expenses: $63,826 $63,826 21623 Vacant 2,000 17% - - - $4,000.00 $2.00 Lot Size 32,995 SF Net Operating Income: -$10,558 $224,809 21615 Vacant 2,000 17% - - - $4,000.00 $2.00 Total 12,000 100% $4,439.00 $1.11 $20,000.00 EXPENSES $/YEAR $/SF Occupied SF 4,000 33% Taxes $36,250 $3.02 Vacant SF 8,000 67% Insurance $4,800 $0.40 Electricity $1,848 $0.15 Grounds Cleaning $2,508 $0.21 33% Pest Control $1,692 $0.14 OCCUPIED SIGNIFICANT Repairs & Maintenance $3,600 $0.30 RENTAL UPSIDE Signs $3,528 $0.29 Total Expenses $54,226 $4.52 12 13 SALES COMPARABLES 1 2 3 4 5 7217-7227 De Soto Avenue, 20849-20857 Sherman Way, 20247-20251 Saticoy Street, 19744-19762 Sherman Way, 7549-7559 Topanga Canyon Address Address Address Address Address Canoga Park Winnetka Canoga Park Canoga Park Boulevard, Canoga Park Sales Price $8,629,600 Sales Price $2,300,000 Sales Price $1,900,000 Sales Price $4,500,000 Sales Price $2,150,000 Price/SF $564.36 Price/SF $396.55 Price/SF $397.74 Price/SF $352.22 Price/SF $315.34 Bldg SF 15,291 Bldg SF 5,800 Bldg SF 4,777 Bldg SF 12,776 Bldg SF 6,818 Lot SF 51,070 Lot SF 9,574 Lot SF 22,346 Lot SF 33,480 Lot SF 13,669 Close of Escrow 6/29/2017 Close of Escrow 9/16/2016 Close of Escrow 8/1/2017 Close of Escrow 1/10/2017 Close of Escrow 11/23/2016 CAP Rate 5.69% CAP Rate 5.69% CAP Rate 6.07% 14 15 SALES COMPARABLES $600.00 $564.36 $500.00 $405.24 $396.55 $397.74 $400.00 $352.22 $315.34 $300.00 5 3 $200.00 1 2 4 $100.00 $- 7217-7227 De Soto 20849-20857 Sherman 20247-20251 Saticoy 19744-19762 Sherman 7549-7559 Topanga Average Avenue, Canoga Park Way, Winnetka Street, Canoga Park Way, Canoga Park Canyon Boulevard, Canoga Park 16 17 CHATSWORTH DEMOGRAPHICS Chatsworth is home to nearly 2,000 businesses employing approximately 40,000 people. Over 500,000 people are employed within an approximately 20-mile radius of Chatsworth. 32% of residents within a 1 mile radius have an average household income over $101,013 $99,607 32% $100,000 Average household income $91,638 1 3 Average household income 5 Average household income MILE MILE MILE 18 19 AREA AREA OVERVIEW OVERVIEW CHATSWORTH MAJOR EMPLOYERS Chatsworth is a neighborhood in the northwestern San Chatsworth is home to nearly 2,000 businesses employing approximately 40,000 people. Over 500,000 Fernando Valley region of Los Angeles, California. Chatsworth people are employed within an approximately 20-mile radius of Chatsworth. With manufacturing was established as a farming community and is home today being the most common industry classification, the Chatsworth community is particularly known for its to single family home communities, shopping centers, and strong presence in the technology sector. Major employers in Chatsworth and adjacent communities major corporations such as 3M Corporation, Hydraulics include: 3M Company, Health Net, Nestle USA, Farmers Insurance, Universal Music Group, Woodland International, and Lamps Plus.
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