WEST GRAND AVENUE 555 ESCONDIDO, CA 92025 32 UNIT RESIDENTIAL TRANSIT-ORIENTED DEVELOPMENT SITE NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. 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AND CANADA www.marcusmillichap.com Exclusively Marketed By: AARON BOVE Senior Vice President Investments Director National Multi Housing Group Office 858.373.3237 Mobile 858.945.7094 Fax 858.373.3265 Email [email protected] License CA 01318320 01 THE INVESTMENT The Bove Group is pleased to exclusively present an opportunity comprising (12) one bedroom units and (20) two bedroom units to acquire a development site ideally located in downtown ranging from 700 to 1,123 square feet. Given the dense nature Escondido, California. The proposed project consists of a of this infill proposal and the density desired by the City, the tentative condominium map and a precise development plan project proposal includes an agreement to allow a reduction in for the construction of 32 rental condominium units and a flex on-site open space of approximately 75 square feet per unit. office/retail space on the ground floor of a four-story building. Each residence will have a private balcony as well as access The site is currently a vacant parking lot; a gas station was to the two amenity deck areas. These areas include BBQs, removed around 2012. The project will also include two parcels seating, landscaping, and gathering space. that are currently owned by the City of Escondido (APN’s 233- 022-021 and 023) totaling approximately 2,271 square feet. The design of the project is intended to engage with Grand Avenue by locating pedestrian access and resident amenities The proposed mixed-use development includes parking that focus on the Grand Avenue side of the site. The Transit and 300 square feet of flex office/retail space to be used Center services the Breeze Rapid bus transit line with service for commercial purposes on the ground floor. Proposed to downtown San Diego, and the light rail Sprinter line which condominium units are on the second through fourth levels connects Escondido, San Marcos, Vista, and Oceanside. 01 THE INVESTMENT INVESTMENT HIGHLIGHTS TRANSIT-ORIENTED DEVELOPMENT 19,745 SF Land Offering with Tentative Transit-oriented development (TOD) is a development strategy Mixed-Use/Condo Map currently being implemented throughout San Diego County to make public transit an easier alternative to driving, and which provides added development bonuses for affordable housing. In Process of Final Approval with City Restrictive land use rules constrain housing supply and drive up costs. Locating new development near public transit can make San Diego more affordable and has a clear benefit for economic Transit-Oriented Development growth. A parking concession is proposed in the building plan – Location a total of 43 vehicle spaces as opposed to the code required 61 spaces – due to the proximity to downtown and the transit center, as well as the increased use of rideshare. Other incentives can be Proposed 32 Apartment Units, Plus Ground offered to residents such as a 30-day transit pass or unbundled Floor Flex/Office parking. Unit Mix of Twelve (12) 1BR/1BA and Twenty (20) 2BR/2BA Units Plus Parking Garage Walking Distance to Many of Downtown’s Retail and Food Amenities Downtown SP – Specific Plan, Mercado District 02 THE OFFERING DETAILS ADDRESS 555 W Grand Ave, Escondido PROPERTY TYPE Vacant Land EXISTING IMPROVEMENTS None 233.022.01 233.022.02 PARCEL NUMBER 233.022.021 233.022.23 LOT SIZE 19,745 SF / 0.45 Acres POTENTIAL UNITS 32 ZONING S.P. Specific Plan (100 du/ac) TERMS PRICE $1,575,000 PRICE PER UNIT PROPOSED $49,218.75 PRICE PER SF (LAND) $79.77 DISCLAIMER: The property will be sold on an “as-is” basis. It is in the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase 03 CONCEPTUAL PLAN ELEVATIONS 03 CONCEPTUAL PLAN FLOOR PLANS UNIT MIX UNIT DESCRIPTION AREA TYP QTY TOTAL TOTAL AREA BY TYPE % A-1 1 Bedroom / 1 Bathroom 700 4 12 8,400 12 37.5% B-1 2 Bedroom / 2 Bathroom 1,065 1 3 3,195 3 9.38% B-2 2 Bedroom / 2 Bathroom 1,059 1 3 3,177 3 9.38% B-2R 2 Bedroom / 2 Bathroom 1,092 1 3 3,273 3 9.38% B-3 2 Bedroom / 2 Bathroom 1,091 1 3 3,273 3 9.38% B-4 2 Bedroom / 2 Bathroom 1,074 1 3 3,222 3 9.38% B-5 2 Bedroom / 2 Bathroom 1,123 1 3 2,246 3 9.38% B-6 2 Bedroom / 2 Bathroom 1,088 1 3 3,264 3 9.38% TOTAL 11 32 30,050 100% AVERAGE UNIT AREA 939 SF A1 (12) B1 (3) B2 (3) 03 CONCEPTUAL PLAN B2-R (3) B3 (3) B4 (3) B5 (2) B6 (3) 03 CONCEPTUAL PLAN PARKING CALCULATIONS PARKING SCHEDULE UNIT TYPE PARKING REQUIREMENT SUBTOTAL Studio 1.00 Space / D.U. - Stalls 1 Bedroom 1.50 Space / D.U. 18.00 Stalls 2 Bedroom 1.75 Space / D.U. 35.00 Stalls 3+ Bedrooms 2.00 Space / D.U. - Stalls Guest 0.25 Space / D.U. 8.00 Stalls TOTAL PARKING REQUIRED 61.00 Stalls PARKING BREAK-DOWN TYPE COUNT Compact 7 Standard 34 Handicapped 1 Handicapped-Van 1 TOTAL 43 PARKING STALLS 03 CONCEPTUAL PLAN 04 AERIALS & RENDERS 04 AERIALS & RENDERS 04 AERIALS & RENDERS 04 AERIALS & RENDERS CAL STATE SAN MARCOS 5 Miles 9 Min PALOMAR MEDICAL CENTER 2.7 Miles 9 Min SUBJECT PROPERTY ESCONDIDOESCONDIDO TRANSITTRANSIT CENTER CENTER 0.2 0.2Miles Miles 4 Min4 Min SUBJECT PROPERTY 05 SALES COMPARABLES 5 8 2 4 7 3 6 1 555 W GRAND AVENUE 3 2724 Reynard Way 6 3085-3095 El Cajon Blvd Escondido, CA, 92025 San Diego, CA 92103 San Diego, CA 92104 Price: $1,750,000 Price: $918,000 Price: $2,350,000 SF: 18,374 On Market SF: 9,135 Date: 7/5/2018 SF: 10,646 Date: 2/13/2018 $ SF: $95 Proposed: Multifamily $ SF: $100 Proposed: Multifamily $ SF: $220 Proposed: Multifamily 1 1507 Howard Avenue 4 700 Stevens Ave 7 El Cajon & Mississippi Blvd San Diego, CA 92173 Solana Beach, CA 92075 San Diego, CA 92104 Price: $1,710,000 Price: $2,800,000 Price: $2,180,000 SF: 44,867 Date: 11/15/2018 SF: 28,976 Date: 9/12/2018 SF: 10,681 Date: 12/11/2018 $ SF: $38 Proposed: Multifamily $ SF: $96 Proposed: Mixed-Use $ SF: $204 Proposed: Mixed-Use 2 1909 S Myers St 5 150 S Myers St 8 301-307 West ST Ocenaside, CA 92054 Ocenaside, CA 92054 Ocenaside, CA 92049 Price: $3,350,000 Price: $1,000,000 Price: $1,300,000 SF: 18,295 Date: 2/1/2019 SF: 9,000 Date: 5/1/2018 SF: 10,001 Date: 8/31/2018 $ SF: $183 Proposed: Multifamily $ SF: $111 Proposed: Multifamily $ SF: $129 Proposed: Multifamily 06 MARKET OVERVIEW CITY OF ESCONDIDO Escondido is enjoying a development and housing boom thanks to the strong economy, and much of the focus has been on giving rise to its downtown area. Integral Communities has two notable projects underway, including over 450 planned units on the 14-acre site of the old Palomar Hospital, as well as the Gateway Grand Project that is under construction across the street from the subject property.