Investment Opportunity in Oroville, CA INVESTMENT SUMMARY | GALLELLI REAL ESTATE
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LAKE OROVILLE THE RIDGE 70 Finished Lots | Investment Opportunity in Oroville, CA INVESTMENT SUMMARY | GALLELLI REAL ESTATE INVESTMENT SUMMARY • 70 finished PUD lots with utilities to site • Not in a flood zone • Gated community • +/- 17.1 acres with average lot size +/- 10,500 SF • Minimum 1,900 SF detached single family residence • Building fees estimated to be $40,000 per lot for 2,000 SF residence • Converting raw land into finished lots similar to The Ridge is estimated to be $50,000 - $60,000 / lot. • In 2018 & 2019, The Ridge had 6 transactions of home resales for homes that were built in 2006 & 2007: - Average Sales Price: $417,333 - Average Square Footage: 2,084 - Average Land Size: 10,163 - Average Age: 2006/2007 - Average Sales Price / Square Foot: $200 • In 2019, the neighborhood directly to the north of The Ridge known as the Kelly Ridge neighborhood, had 63 transactions. The Kelly Ridge neighborhood is bordered on the south by Olive Hwy 162, on the west by Canyon Dr and on the north & east by Lake Oroville. - Average Sales Price: $337,508 - Average Square Footage: 1,897 - Average Land Size: 11,443 - Average Age: 1988 - Average Sales Price / Square Foot: $178 02 | THE RIDGE 70 FINISHED LOTS THE RIDGE | 03 THE OFFERING | GALLELLI REAL ESTATE THE RIDGE THE OFFERING MARKET DRIVERS Gallelli Real Estate is delighted to present the “The Ridge”, 70 finished residential lots • Oroville Medical Complex (Hospital) adding 5 story tower, doubling its square in Oroville, CA ready for vertical construction. The site offers unparalleled opportunity footage which will add 700 new jobs to build out the local market’s premier subdivision and deliver the end user a • Butte County agriculture production averaged over $700,000,000 / year for 2008 – prestigious residential product. 2018 which is led by Rice, Almonds and Walnuts. • Oroville is home to the Butte County seat and employs over 2,200 individuals The Ridge is a fully gated PUD that sits atop of the rolling hills of Butte County just • Lake Oroville and Bidwell Canyon Marina is 3 miles from The Ridge. Lake Oroville is south of Lake Oroville. Conveniently, The Ridge is just a few miles from Bidwell known as one of the best fishing lakes in the state of California and hosts many Canyon Marina and Lake Oroville providing for an abundance of recreational activities. fishing tournaments The City of Oroville is the Butte County seat and a short drive to the west along Olive • Oroville is home to an abundance of outdoor recreation such as camping, hiking, Hwy 162 which provides many restaurants, shopping and services. The Ridge offers cycling and water activities. a serene location that is relaxed and comfortable while providing excellent access to • California State University, Chico is in Butte County and is the state’s 9th ranked nature’s favorite activities. public university • Several national and international companies have chosen to put facilities in Price To Be Determined By Market Oroville: Pacific Coast Producers, Graphic Packaging International, Roplast Industries, Sierra Pacific Industries and RCBS. Quantity of Lots 70 • The regional population growth rate for the next 5 years is expected to be 4.5x the US population growth rate Current Status Finished Lots PROPERTY CONDITION Average Size 10,500 SF The Ridge is comprised of 70 finished, ready to build lots with utilities to the site. The gated community has a completed park featuring a kid’s playground, baseball Lots over 10,000 SF 44 diamond, basketball court and picnic tables. The community park has great views of the valley floor to the west. The project began with 39 homes built in 2006 and 2007. Security Gated LOCATION & ACCESS HOA $127 / mo (est.) The Ridge is located east of the Oroville city hub and south of the Bidwell Canyon Marina at Lake Oroville. The site is accessed from Olive Highway 162 just west of the Utilities To Site Kelly Ridge Road intersection via south on Saddle Drive and left on Lariat Loop through the security gates. Special Feature Community Park THE RIDGE | 05 THE LOCATION | GALLELLI REAL ESTATE THE LOCATION OROVILLE TOP EMPLOYERS Employer 2010 2019 County of Butte 2,388 2,283 *Oroville Medical Complex 1,008 1,454 Pacific Coast Producers 594 1,060 Wal Mart Stores, Inc. 302 386 Graphic Packaging International 0 220 Roplast Industries, Inc. 111 121 Home Depot USA 113 121 Sierra Pacific Industries 114 124 Ammunition Accessories 96 104 City of Oroville 112 91 Currier Square Spe. LLC 106 118 The city of Oroville is home to a diverse collection of employers. The trend over the 9 year spread presented above depict stable or slight growth to employment from the City’s top employers. Oroville retains a healthy 4.9% unemployment rate which is better than other local markets: Yuba City 7%, Chico 6%, Marysville 7%, Redding 5% and Orland 6.5%. *Oroville Medical Complex (Hospital) began expansion in 2018 to add a new 5 story tower increasing its size by 165,000 square feet which will double its current space. There will be approximately 700 new jobs created at the Oroville Medical Complex once the new tower opens. It is anticipated that due to the hospital expansion, the surrounding area will also increase business activity and create additional jobs to support the influx of hospital staff. 06 | THE RIDGE THE RIDGE | 07 THE LOCATION | GALLELLI REAL ESTATE THE CITY OF OROVILLE Originally established as one of the first gold mining locations in California, Oroville Thermalito Diversion Pool at +/- 240 feet elevation and water flows to the west. The sits along the banks of the Feather River as it flows from the Sierra Nevada mountains Ridge is not in a flood zone and does not appear to have any risk of flooding. to the California Central Valley. Oroville serves as the county seat for Butte County and offers small town living with first class access to natures best: cycling, hiking, Lake Oroville has 1,000,000 visitors annually and is known as one of the best Bass equestrian, camping, swimming, fishing, boating and other water activities. lakes in California and hosts several fishing tournaments throughout the year. In addition, Lake Oroville is the only lake in California where you can fish for Coho The city has over $540,000,000 in taxable retail spending annually. Oroville provides Salmon. great opportunity for the workforce. Currently under expansion, Oroville Medical Complex (Hospital) will double its size with a new 5 story facility and add 700 new jobs There are 15 individual equestrian camping sites at Loafer Creek. Each campsite has upon completion. The expansion will include ambulatory care services, intensive care room for two horses, plenty of parking and access to a 17.5-mile loop trail. The facility unit, labor and delivery center, and two floors for medical / surgical units. The County offers horse shower stalls, feeding troughs, a circle ring and beautiful scenery. of Butte employs over 2,200 individuals and is seated in Oroville. Lake Oroville offers a variety of camping options. Popular choices are sprinkled around Lake Oroville was created by the construction of the Oroville Dam in 1967. The dam the lake for tents and RVs. Lake Oroville also has one of the most unique options you is the largest earth filled dam in the country at 775 feet tall and the spillway was will find which is floating campsites that are on a double decker platform that can fit recently repaired and upgraded at a cost of $1.1 billion. The lake has 167 miles up to 15 people. Boat in campsites are available around the lake which provide more of shoreline and provides for many recreational opportunities. The lake totals over privacy as these sites are only accessible by boat. 15,000 acres and has a maximum depth of 695 feet boasting over 3.5 million-acre feet of water making Lake Oroville the second largest reservoir in California. Biking and Hiking are some of the locals most favorite activities at Lake Oroville. There are a variety of trails for all skill levels. Feather Falls, a 410-foot waterfall located on The Ridge (subject property) sits at +/- 900 feet elevation and looks down at the valley the Fall River which is a tributary of the middle fork of the Feather River offers two floor to the west. The spillway which is north west from The Ridge, exits into the hiking trails that are 7 and 9 mile loops. 08 | THE RIDGE N 5 MILE LAKE OROVILLE HIGHWAY 99 20 MINUTE DRIVE 13.3 MILES 3 MILE DOWNTOWN OROVILLE 1 MILE 10 MINUTE DRIVE 5.5 MILES THE RIDGE THE OROVILLE MARKET | GALLELLI REAL ESTATE OROVILLE THE MARKET Number of 2019 Home Sales 124 (homes built in 1995 or newer) In 2019, the 52 home Olive Grove development by DR Horton was built and sold • Average Sales Price: $286,563 Average Sales Price $312,938 • Average Square Footage: 1,584 • Average Land Size: 7,112 Average Square Footage 1,644 • Average Age: 2019 • Average Sales Price / Square Foot: $181 Average Land Size 9,253 • All homes were sold from February 26, 2019 to December 15, 2019 Average Age 2010 Average Sales Price / Square Foot $190 In 2019, 84 homes sold for $350,000 or more • Average Sales Price: $410,304 • Average Square Footage: 2,123 • Average Land Size: 14,447 • Average Age: 1982 • Average Sales Price / Square Foot: $193 10 | THE RIDGE • In 2019, the neighborhood directly to the north of The Ridge known as the Kelly Ridge N neighborhood, had 63 transactions. The Kelly Ridge neighborhood is bordered on the south by Olive Hwy 162, on the west by Canyon Dr and on the north & east by Lake Oroville.