Celina Estates Center Street, Bakersfield, CA ±15.16 Acres Available for Sale Brian Mason SIOR Grant Sedgwick Principal Real Estate Development & Brokerage D 408.913.6928 D 408 655 9296 [email protected] [email protected] Lic # 01229363 Lic # 01148214 EXECUTIVE SUMMARY THE OPPORTUNITY PROPERTY HIGHLIGHTS: Celina Estates is a well located, and fully entitled, site for a 120-unit ADDRESS: Center Street, Bakersfield, CA mobile or manufactured home park in Bakersfield, California. With a population of 458,959 Bakersfield is one of the 10 largest cities in the state and is growing fast. It is the most prosperous major city in the SUBMARKET: East Bakersfield Central Valley. Cost of living is relatively low, the weather is sunny and warm and employment opportunities are abundant within a variety ASSESSOR’S PARCEL NUMBER: 135-180-17 of industry clusters. These include agriculture, of course, but also petroleum exploration and production, renewal energy (solar and wind), manufacturing and services. Local sales tax, at only 7.25% is the lowest ZONING: MP - Mobile Home Park in California. ACREAGE: +/- 15.16 Acres The 15-acre corner property is flat with significant frontage on two major streets. Adjacent land uses include well-maintained single-family residential neighborhoods and a full-service neighborhood shopping APPROX. DIMENSIONS: +/- 1,087 feet x 606 feet center. Access to Golden Empire Transit service is nearby; schools, churches and hospitals are, likewise, in close proximity. Of the largest ASKING PRICE: $6,750,000 24 major employers in Bakersfield, 12 are located less than 10 miles from the site. Recreational opportunities are plentiful and easily accessible from Bakersfield. The Kern River offers great fishing and white water rafting. TRANSIT ORIENTED Windsurfing and waterskiing are popular at nearby Lake Ming and Lake Isabella, respectively. Winter sports, snow skiing and boarding, can be Golden Empire Transit bus service Route 45 is available within 250 yards of the site pursued at Alta Sierra - just 55 miles away. on Niles Avenue, providing direct service to both Downtown Bakersfield (6 miles) and the Amtrak Station. DEMOGRAPHICS $58,070 132,983 458,959 $72,890 143,850 Median HH Income Total Employees Total Population Average HH Income Total Households (10-Mile radius) (10-Mile radius) (10-Mile radius) (10-Mile radius) (10-Mile radius) Celina Estates, Bakersfield, CA 2 EXECUTIVE SUMMARY PROPERTY HIGHLIGHTS • Area: 15.16 acres • Approximate dimensions: 1,087 feet x 606 feet • Site Address / City: Center Street, Bakersfield, CA • Zip Code : 93306 • County: Kern • Corner Lot: Yes • Shape: Rectangular • Visibility: High • Accessibility: Excellent • Topography: Flat & Slightly Elevated • Primary Frontage: Center Street • Secondary Frontage: Shalimar Drive Celina Estates, Bakersfield, CA 3 4424 Center Street Area Map Bakersfield, CA HWY 178 NILES STREET MT. VERNON AVE VERNON AVE MT. 4424 CENTER STREET BAKERSFIELD, CA EDISON HWY STREET OSWELL 4424 Center Street Area Map Bakersfield, CA HWY 178 MEMORIAL HOSPITAL E. BAKERSFIELD 4424 CENTER STREET HIGH SCHOOL BAKERSFIELD, CA SIERRA MIDDLE SCHOOL FOOTHILL HIGH SCHOOL PIONEER DRIVE ELEMENTARY SCHOOL OSWELL STREET OSWELL CHURCH SCHOOL LAND USE & DEVELOPMENT Land Use & Zoning The Center Street site is currently zoned of MP- Mobile Home Park which allows for the for a mobile home or manufactured home community of 120 residences. The General Plan designation is HMRC (High Medium Density Residential) permitted. Property Highlights Curbs/Gutters/Sidewalks None Traffic Signal None Water East Niles Community Service District Sanitary Sewer East Niles Community Service District Electricity Pacific Gas & Electric Gas / Propane PG&E Telephone AT&T There are several providers for Cable and Internet/Cable Internet available. Seismic Flood Property is not located in Seismic Hazard Information Zone. Property is not located in an Earthquake Fault Earthquake Fault Zone Zone. Property is not located within a Special Hazard Flood Zone Severity Zone. Property is not located within a High Fire Fire Hazard Severity Hazard area. 6 POTENTIAL DEVELOPMENT Development Opportunities Celina Estates offers the opportunity for a developer to take this entitled ‘infill’ property and build it out to its own specifications. The buyer can develop lots for a Mobile Home Park or finish these with Manufactured Homes. Both alternatives will have very positive financial outcomes however having this asset operate as a multi-family leased investment may offer the best return over time. There are several manufacturers of high-quality homes located in Southern California and the Central Valley. The photographs on this page are indicative of the stylish designs – both contemporary and traditional – that can be achieved with factory-built homes. In most cases, the quality of fit and finish exceeds that of onsite home building. Beyond quality, manufactured homes offer several advantages including the following: building permits are approved at the factory, turnkey on-site completion can be achieved in as little as thirty days, and once the site improvements (foundation, grading and utilities) are signed off no further inspections are required The property’s location and its overall design offer some great amenities. Celina Estates will include a Club House for gatherings and recreation. The significant Storm Retention area is designed with a sufficiently shallow grassy slope that it can be used as open recreation space and exercise area. Shopping, public transportation, churches, schools and major employers are all located nearby. PROPOSED SITE DEVELOPEMENT MAP Celina Estates, Bakersfield, CA 7 FINANCIAL OVERVIEW Construction Overview: (2010 Estimates) Celina Estates, Bakersfield, CA 8 AREA OVERVIEW AREA OVERVIEW Bakersfield Recreation, Entertainment & Culture The current population of Bakersfield is approximately458,959 – among the 10 The city has a number of cultural assets including the Kern County largest cities in California. The population is young with a median age of 30.2 Museum and the Buena Vista Museum of Natural History. Events held years versus 37.4 US average - with larger household size 3.2 compared to 2.6 within the city include a number of horse shows held year round, one of nationally. Approximately 47% claim Hispanic heritage. It is a very fast growing the California’s Scottish Games and Clan Gatherings, the Greek Festival, City with population increase of 51% since 2000 compared to only 12.8% the Low-rider National in the Kern County Fairgrounds, drag racing events at the Auto Club Famoso Raceway and Kern County Fair. Other nationally. Households enjoy relatively low cost of living with an index of 109 recreational opportunities in the area include whitewater rafting, rock versus 100 nationally - but 164 in California as a whole. climbing, mountain biking, fossil collecting and skiing in the southern Sierra Mountain range. The weather is warm and dry with an average 272 sunny days per year compared to 205 across the country. It experiences an average of only 7” of Kern County's tourism, recreation & entertainment cluster provides almost rain annually. Average high temperatures in July/August are 97 degrees and 23,000 jobs throughout the County primarily in accommodation and low temperatures in January/February are 38 degrees. food services. Increasing strengths within this cluster are in sports and recreation related to outdoor assets such as off-roading, water sports, and The median household Income in Bakersfield – at $58,070 is substantially hiking. higher than in Sacramento, Stockton, Modesto, Fresno or Merced. The median home price in November 2018 was $235,250. The average apartment rental rate is $1,030 per month. Public schools are located nearby with Pioneer Drive Elementary (0.4 miles), Sierra Middle School (1.4 miles) and Foothill High (1.5 miles). Bakersfield Jr. College and Cal State University Bakersfield provide post-secondary education and are located 5.5 and 12.5 miles from the site, respectively. Fishing along the Kern River Lake Isabella - 45 miles from Bakersfield Rafters Cool Off on the Kern River Alta Sierra – Just 55 miles from Bakersfield Kern County Museum - Bakersfield Celina Estates, Bakersfield, CA 10 AREA OVERVIEW Top Employers in the Immediate Area Agriculture, manufacturing, petroleum extraction oil engineering & training and refining are the primary factors for Bakersfield's economy. Bakersfield is one of the 2nd largest agricultural producing counties in the nation. It's also the nation's largest oil producing counties. The technology-based sector includes companies such as DIVR Systems, Lort Manufacturing and ProSoft Technology. The Dreyers Grand Ice Cream facility located in Bakersfield is one of the largest single-location This cluster within Kern County's economy provides over 53,000 private sector ice cream facilities in the world. Victory Circle Inc. manufactures new stock car jobs. The leading crops in the County are milk, grapes, citrus, almonds and carrots. bodies, assembles race cars and includes a repair shop. Bakersfield is also home The County is also strong in agricultural support activities, such as crop harvesting, to the ACS Call Center, one of the country's largest student loan management farm labor contractors and crew leaders, as well as farm management services. companies. Kern County's energy and natural resources cluster provides nearly 18,000 Inc. Magazine has ranked the city #5 for the nation’s medium sized cities for private sector