Thousand Oaks, Ca Investment Advisors
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BRANDON MICHAELS GROUP east THOUSAND A 9,250 SF VALUE-ADD STRIP CENTER IDEALLY SITUATED 1501 ON 28,459 SF OF LAND IN THE HIGH-DEMAND VENTURA OAKSblvd COUNTY SUBMARKET OF THOUSAND OAKS, CA INVESTMENT ADVISORS: BRANDON MICHAELS AUSTIN SREDEN TABLE OF CONTENTS Senior Managing Director of Investments Investment Associate Senior Director, National Retail Group National Retail Group Tel: (818) 212-2794 Tel: (818) 212-2805 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] License: CA #01434685 License: CA #01434685 www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com 1 2 3 4 BRANDON PROPERTY OVERVIEW FINANCIAL ANALYSIS COMPARABLES AREA OVERVIEW MICHAELS 16830 Ventura Blvd. Suite 100, Encino, CA 91436 GROUP www.marcusmillichap.com SOUTHERN CALIFORNIA'S PREMIER SALES TEAM 2 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 3 1501 east THOUSAND OAKS Thousand Oaks Civics Arts Plaza William Rolland Stadium Gardens of the World KCLU Broadcast Center blvd 1501 east THOUSANDOAKSblvd The Brandon Michaels Group of Marcus & Millichap has been selected to market for sale 1501 E. Thousand Oaks Blvd, a 9,520 square foot strip center ideally situated on 28,495 SF of land in the high-end, affluent Ventura County sub-market of Thousand Oaks, CA. 1501 E. Thousand Oaks Boulevard is ideally located along Thousand Oaks Boulevard, the main retail thoroughfare that stretches from Thousand Oaks through Westlake Village to Agoura Hills. Ideally located on the east side of Thousand Oaks Boulevard, just south of Rancho Road and just north of Erbes Road, the subject property consists of a one-story retail strip with 30 surface parking spaces, a ratio of 3.15 per 1,000. The property benefits from 277 feet of linear frontage along Thousand Oaks Boulevard. The site has undergone significant improvements, including a brand new smooth stucco façade and high-end accents, adding to the appeal of the asset and creating a memorable impression on the over 20,000 vehicles that pass the center daily. 1501 E. Thousand Oaks Boulevard offers a plethora of options. This center is currently 63% occupied by the property owner, who will consider a sale-leaseback or vacating, depending on the desires of the Buyer. With ultimate flexibility, the center is prime for an owner-user Buyer looking to occupy a portion or all of the center, or an investor looking for a unique value-add opportunity to reposition a high-end Ventura County strip center. With an ideal layout and minimal bay depths, the center can be easily reconfigured into multiple smaller units, further adding to the value-add proposition. Thousand Oaks Boulevard is undergoing a transformation as the city is providing developers with an increased incentive to develop through the advent of the Thousand Oaks Boulevard specific plan. The Thousand Oaks Boulevard (TOB) Specific Plan guides development to revitalize, beautify and create a mixed- use, pedestrian-friendly destination between Duesenberg Drive and Moorpark Road. Spearheaded by local business owners, the award-winning plan lays the foundation for improvements that benefit residents, visitors and businesses. There are a number of residential units slated for development, in addition to the brand-new development directly behind the subject property. With significant growth projections as a result of increased development, the future is bright for this affluent Ventura county locale. 1501 E. Thousand Oaks Boulevard benefits from an amenity rich location with a plethora of dining options and an immediate population of over 144,145 people within a five-mile radius. The affluent area boasts an average household income of over $125,515 within a three-mile radius, and over $138,948 for households within five miles, 10% with household incomes north of $200,000. The area is lined with multi-million-dollar homes, high-end hotels, and upscale restaurants and is a haven for a host of celebrities, athletes, and executives who reside in the surrounding areas. 4 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 5 1501 INVESTMENT HIGHLIGHTS east THOUSAND EXCELLENT THOUSAND OAKS LOCATION WELL LOCATED STRIP CENTER WITH VALUE-ADD OPPORTUNITY WITH 1ALONG THOUSAND OAKS BOULEVARD 2 SIGNIFICANT UPGRADES AND IMPROVEMENTS 3 DEVELOPMENT POTENTIAL 4 AFFLUENT VENTURA COUNTY SUB-MARKET ▶ Ideally located just North of Erbes Road along prestigious ▶ 9,520 square foot strip center ideally situated on 28,495 square feet ▶ 3,500 square foot vacancy combined with 6,020 square foot space ▶ Average household income over $103,000 Thousand Oaks Boulevard of land zoned that is occupied by the seller creates numerous options for an OAKS Owner-User buyer looking to occupy a portion or all of the building ▶ Over 11,000 households within five miles. 22% of households have ▶ 277 feet of linear frontage with excellent visibility ▶ Complete renovation enhances the positive business environment or an investor looking to reposition the center immediately an average income north of $200,000 and access ▶ Memorable smooth stucco / stone façade caters to the local ▶ Unique value-add opportunity with a multitude of options ▶ Thousand Oaks Specific Plan promotes development along blvd ▶ Amenity rich submarket with multiple restaurants, retailers, and national tenants in the immediate area Thousand Oaks Boulevard office space, and hotels in the immediate area ▶ Potential development opportunity utilizing the Thousand Oaks ▶ Plentiful parking totaling 30 parking spaces in the front Specific Plan, which promotes mixed-use development and a ▶ Multiple residential units slated for construction in the immediate ▶ Within close proximity to the 101 Ventura Freeway & the Moorpark of the property pedestrian friendly environment area creating significant growth opportunity 23 Freeway allowing for easy freeway access ▶ High daily traffic counts of 28,036 vehicles per day ▶ Strong rental pocket with significant growth projections ▶ Close proximity to Amgen, a major Ventura County employer ▶ Significant development in the immediate area creates a unique value-add opportunity in a high-demand growing submarket ▶ Excellent ingress and egress 7 6 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 7 1501 PROPERTY HIGHLIGHTS east THOUSAND PRICE/SF(BLDG) PRICE/SF(LAND) $420 $140 NEWBURY PARK CAMARILLO OAKS 1501 Thousand Oaks Boulevard Address blvd Thousands Oaks, CA 91362 Price $4,000,000 Price/SF (Building) $420 MOORPARK FWY Price/SF (Land) $140 N RANCHO RD ProForma Cap Rate 7.75% Building SF 9,520 Lot Size 25,495 Current Occupancy Vacant D LV B S Parking Spaces 30 Surface Parking Spaces K A O Parking Ratio Ratio of 3.15/1,000 SF D N A S Year Built 2000 U O H APN Number 670-0-160-360 T Zoning Commercial 8 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 9 1501 PROPERTY DETAILS east THOUSAND CAMARILLO MOORPARK ADDRESS 1501 Thousand Oaks Boulevard Thousand Oaks, CA 91364 $137,948 SITE LOCATION OAKS Avg Household Income The property is located South of Rancho Road and North of in a 5-mile radius Ebers Road on the Northern Corner of Thousand Oaks Boulevard MOORPARK FWY and Megan Place, between N. Rancho Road and South Conejo blvd School Road SQUARE FOOTAGES N RANCHO RD The total building SF is 9,520 SF. The total land SF is 28,495 SF. TRAFFIC COUNTS The traffic counts at the intersection of East Thousand Oaks Boulevard and South Rancho Road are approximately 8,822 139,727 vehicles per day. Population in a 5-mile radius PARKING SPACES The property offers 30 surface parking spaces. PARKING RATIO The parking ratio is 3.15 per 1,000 SF. THOUSAND OAKS BLVD YEAR BUILT The property was built in 2000. ZONING 50,375 The zoning is Commercial Households in a 5-mile radius APN NUMBER The APN number is 670-0-160-360. 10 10 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 11 1501 FINANCIAL ANALYSIS east THOUSAND RENT ROLL PRICING TENANT SF BLDG % PRO FORMA RENT PRO FORMA RENT/SF LEASE TYPE OAKS Vacant 3,000 32% $2.50 $7,500.00 NNN 1491-1501 E Thousand Oaks Blvd Address Instrumental Music-Seller 6,520 68% $2.50 $16,300.00 NNN Thousand Oaks, CA 91362 TOTAL 9,520 100% $23,800.00 blvd Price $4,000,000 Price/SF (Building) $420 PRO FORMA OPERATING DATA Price/SF (Land) $140 PRO FORMA PROJECTED EXPENSES PROJECTED EXPENSES/SF Scheduled Lease Income $237,480 [email protected]% $50,000 $5.25 Pro Forma CAP Rate 7.75% NNN Charges $84,251 Insurance $3,332 $0.35 Building SF 9,520 Effective Gross Income $321,731 Utilities $4,284 $0.45 Vacancy (5%) $11,874 Trash $3,808 $0.40 Land SF 28,495 Expenses $84,251 Grounds Maintenance $2,951 $0.31 Net Operating Income $225,606 Repairs & Maintenance $6,664 $0.70 APN Number 670-0-160-360 Miscellaneous $3,713 $0.39 Management $9,499 $1.00 TOTAL $84,251 $8.85/$0.74 12 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 13 1501 SALES COMPARABLES east