An 8,080 square foot retail building located in the Rosedale Gateway Plaza with 63 parking spaces located on 43,125 square feet of land in affluent Bakersfield, CA Exclusively Listed By: Brandon Michaels Matthew Luchs Senior Managing Director of Investments First Vice President Investments Senior Director, National Retail Group COO of The Brandon Michaels Group Tel: 818.212.2794 Tel: 818.212.2727 [email protected] [email protected] CA License: 01434685 CA License: 01948233 www. BrandonMichaelsGroup .com www. BrandonMichaelsGroup .com Andrew Leff John Andreasen First Vice President Investments Investments Associate Director, National Retail Group National Retail Group Tel: 818.212.2815 Tel: 559.476.5585 [email protected] [email protected] License #01865688 CA License: 02093301 www. BrandonMichaelsGroup .com www. BrandonMichaelsGroup .com 2 04 12 18 28 Executive Property Area Financial Summary Overview Overview Analysis 3 71,700 Allen Road Allen Intersection: 71,700 VPD 4 13125 Rosedale Hwy BAKERSFIELD Rosedale Highway Executive Summary 5 Executive Summary 6 13125 Rosedale Hwy The Offering An 8,080 square foot retail building located in the Rosedale Gateway Plaza with 63 parking spaces located on 43,125 square feet of land in affluent Bakersfield, CA The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale 13125 Rosedale Highway. 13125 Rosedale Highway is located west of the signalized intersection of Rosedale Highway and Allen Road, an intersection which features 71,700 vehicles per day. It is part of a larger retail center, the Rosedale Gateway Plaza, which is also home to Starbucks, Goodwill, and Verizon. Directly east of the property on Rosedale Highway is a shopping center home to tenants such as Chase Bank, McDonalds, Albertsons, Wells Fargo Bank, and Chevron. The subject property is located five increases, and accounts for 60% of the miles from California State University total retail building. There are two vacant Bakersfield, a university which offers more suites, 1,589 square feet each representing than 50 bachelor’s and master’s degree the remaining 40% of the building. programs, enrolls over 11,000 students, and employs 1,210 faculty and staff The neighboring property to the west, members. The college inhabits a 375-acre 13129 Rosedale Highway, is also available lot surrounded by national retailers such for sale. 13125 and 13129 Rosedale as Vons, Jamba Juice, California Pizza Highway can be purchased separately or Kitchen, Subway, and McDonalds. together. 13129 Rosedale Highway is 100% vacant, and 13125 Rosedale Highway The subject property currently has one is 40% vacant, making this an excellent 4,825 square foot NNN lease in place, offering for an owner-user or value-add Mallory Dance. The lease commenced in investor to stabilize the properties. July of 2018, and expires in February of 2024 with one remaining five-year option to extend. The lease features 3% annual Executive Summary 7 investment highlights 13125 ROSEDALE HWY EXCELLENT VALUE-ADD OPPORTUNITY • 8,080 square foot retail building located in the Rosedale Gateway Plaza with 63 parking spaces • Part of a larger retail center, the Rosedale Gateway Plaza, which is also home to Starbucks, Goodwill, and Verizon • 40% Vacant • Can be purchased on its own, or along with the adjacent property at 13129 Rosedale Highway THE FOX THEATER STRONG BAKERSFIELD LOCATION, FIVE MILES FROM CALIFORNIA STATE UNIVERSITY BAKERSFIELD • The university offers more than 50 bachelor’s and master’s degree programs, enrolls over 11,000 students, and employs 1,210 faculty and staff members • The college inhabits a 375-acre lot surrounded by national retailers such as Applebee’s Grill + Bar, Ulta Beauty, Vons, Rite Aid, Williams-Sonoma, Subway, McDonald’s, P.F. Chang’s, BJ’s Restaurant & Brewhouse, Panera Bread, Target, Yogurtland, and CVS Pharmacy 8 13125 Rosedale Hwy investment highlights AFFLUENT DEMOGRAPHICS • Average household income is $136,589 within one mile of the property, $128,514 within three miles of the property, and $125,073 within five miles of the property • There are 8,347 people located within one mile of the property, 80,427 people located within three miles of the property, and 145,639 people located within five miles of the property • There are 2,795 households located within one mile of the property, 26,546 households located within three miles of the property, and 49,360 households located within five miles of the property THE BEALE MEMORIAL CLOCK TOWER THE HOTEL PADRE - LANDMARK Executive Summary 9 NEARBY AMENITIES Retail 1. 2. 3. 8 5 4. 5. 4 6. 7. 8. 7 3 5 Restaurants Intersection: Allen Road 6 71,700 VPD 4 3 1. 2 2. 2 3. 1 4. Rosedale Highway 1 10 13125 Rosedale Hwy property summary Address 13125 Rosedale Highway Bakersfield, CA 93314 Price $2,000,000 Building Size 8,080 SF Lot Size 43,124 SF Price/SF (Building) $248 Price/SF (Land) $46 Current CAP Rate 4.28% Pro Forma CAP Rate 7.18% Occupancy 60% Parking 66 Spaces; 8.17 per 1,000 SF Year Built 2007 APN Number 495-010-64-00-7 Zoning C-2 Executive Summary 11 PROPERTY OVERVIEW 12 13125 Rosedale Hwy property description LOCATION 13125 Rosedale Highway Bakersfield, CA 93314 SITE The property is located west of the signalized intersection of Rosedale Highway and Allen Road. BUILDING SIZE 8,080 SF LOT SIZE 43,124 SF BAKERSFIELD COLLEGE PARKING 66 Parking Spaces; A Parking Ratio of 8.17 Parking Spaces per 1,000 SF ZONING C-2 CALIFORNIA STATE TRAFFIC COUNTS UNIVERSITY, BAKERSFIELD Intersection of Rosedale Highway and Allen Road: 71,700 vehicles per day Property Overview 13 property PHOTOS 14 13125 Rosedale Hwy Property Overview 15 parcel map FLOOR PLAN 16 13125 Rosedale Hwy Rosedale Highway Allen Road Property Overview 17 PROPERTY OVERVIEW bakersfield, CA Location 13125 Rosedale Highway Bakersfield is a city in Kern County, California. Kern county is Primeis located in an affluent the most productive oil-producing county in California, and sector of Bakersfield, a city the fourth-most productive agricultural county (by value) in which is projected to see the United States. an increase in market retail Oil provides jobs for approximately 15,000 people in Kern rents of over 7% over the County. The county produces 66% of the oil in California, 10% next five years of the U.S. oil supply, and 1% of the global oil production. Kern County is the leading producer of carrots with over 80% 18 13125 Rosedale Hwy of the total national production. Other popular agricultural products out of the county include potatoes, lettuce, garlic, onions, tomatoes, bell peppers, and watermelons. There are a total of over 100,000 acres of vegetables farmed each year within the county, amounting to approximately $320 million. The subject property is located five miles from California State University Bakersfield. The university was established in 1965, and has since grown to enroll over 11,000 students. The area surrounding the university is lined with national retailers, such as Applebee’s Grill + Bar, Ulta Beauty, Vons, Rite Aid, Williams-Sonoma, Subway, McDonald’s, P.F. Chang’s, BJ’s Restaurant & Brewhouse, Panera Bread, Target, Yogurtland, and CVS Pharmacy. The submarket features affluent demographics, with average household income being $136,589 within one mile of the property, $128,514 within three miles of the property, and $125,073 within five miles of the property. There are 8,347 people located within one mile of the property, 80,427 people located within three miles of the property, and 145,639 people located within five miles of the property. There are 2,795 households located within one mile of the property, 26,546 households located within three miles of the property, and 49,360 households located within five miles of the property. Area Overview 19 Bakersfield, California Bakersfield is a city on the Kern River, north of Los Angeles. Displays at the Buena Vista Museum of Natural History focus on geology and paleontology. On the city’s northeastern edge, the California Living Museum explores the state’s flora and fauna, and has a reptile house and a touch tank. Northeast, trails wind through the mountains of the Kern River Ranger District, part of Sequoia National Forest. Bakersfield is a significant hub for both agriculture and energy production. Kern County is the most productive oil- producing county in California and the fourth-most productive agricultural county (by value) in the United States. Industries in and around Bakersfield include natural gas and other energy extraction, mining, petroleum refining, distribution, food processing, and corporate regional offices. The city is also the birthplace of the country music genre known as the Bakersfield sound. The historic downtown Fox Theater has been renovated and is now a venue for concerts, musicians, comedians, and movies. The Fox Theater Truxtun Tower The Baker Street Branch Library Downtown Bakersfield Garces Circle The Bakersfield Californian Building 20 13125 Rosedale Hwy California State University, Bakersfield (CSUB, Cal State Bakersfield, or CSU Bakersfield) is a public university in Bakersfield, California. It USCB was established in 1965 as Kern State College and officially in 1968 as California State College California State University, Bakersfield on a 375-acre campus, becoming Bakersfield is a public university the 20th school in the 23-campus California in Bakersfield, California. It was State University system. First classes were held established in 1965 as Kern State October 1, 1970. The university offers 45 different Bachelor’s degrees and 21 types of Master’s College and officially in 1968 as degrees. The university offers a Doctoral Program California State College Bakersfield in Educational Leadership (Ed.D). on a 375-acre campus, becoming the 20th school in the 23-campus As of fall 2020, there were more than 11,000 undergraduate and graduate students at either California State University system.