Picadilly Square 2225 - 2261 West Shaw Avenue Fresno, CA

Picadilly Square
2225 - 2261 West Shaw Avenue
Fresno, CA
For more information, please contact:
Lewis Smith lewis@retailcalifornia.com
John Lee
DRE License # 01214178
jlee@retailcalifornia.com
DRE License # 01406883
559-256-1700
Retail California
Commercial Real Estate Brokerage
7480 North Palm Ave., Suite 101, Fresno, CA 93711
Office 559.256.1700
Fax 559.432.2938
Matthew C. Sullivan
Managing Director, Principal
213-623-0800
matthew.sullivan@lee-associates.com
DRE License # 00848427
Lee & Associates® – Los Angeles - ISG
A Member of the Lee & Associates Group of Companies
515 S. Flower Street, Suite 3600, Los Angeles, CA 90071
Office 213.623.1305
Fax 213.623.1395
Picadilly Square - Fresno, CA
Table of Contents
SECTION I - EXECUTIVE OVERVIEW
Executive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Property Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
SECTION II - PROPERTY DESCRIPTION
Property Photos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Site Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Plat Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Aerial View. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
SECTION III - FINANCIAL ANALYSIS
Income & Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
SECTION IV - TENANT INFORMATION
Rent Roll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
SECTION V - AREA DESCRIPTION
Area Map. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Location Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
SECTION VI - SALES/ON MARKET COMPARABLES
Sales Comparables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
On Market Comparables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
SECTION VII - LEASE COMPARABLES
Lease Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Lee & Associates® - Investment Services Group
Picadilly Square - Fresno, CA
Section I
E x e c u t i v e O v e rv i e w
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Picadilly Square - Fresno, CA
Executive Summary
THE PROPERTY:
Picadilly Square
2225 - 2261 West Shaw Ave
Fresno, CA 93711
LISTING PRICE:
$ 2,100,000 ($ 84.52/sq. ft.)
CURRENT
CURRENT OCCUPANCY:
70 %
CURRENT NET INCOME: $ 178,579
STABILIZED
STABILIZED GROSS INCOME: $ 368,350
STABILIZED NET INCOME: $ 252,147
STABILIZED CAP RATE: 12.01 %
YEAR COMPLETED:
1972
BUILDING SIZE:
+/- 24,845 net rentable square feet
LAND AREA:
+/- 134,165 square feet (+/- 3.08 acres)
PARKING:
+/- 181 parking spaces (7.29 per 1,000 sf)
ZONING:
C2
TRAFFIC COUNTS:
43,589 ADT at W Shaw Ave (at N West Ave)
(at 85 % Occupancy)
DEMOGRAPHICS: 1-mile
POPULATION (2010):
AVG. HH INC. (2010):
CURRENT Tenants:
15,638
$66,600
3-miles
5-miles
143,237
$61,617
311,44
$57,571
iCicco’s Italian Restaurant
D
Pardini Enterprises
Mi Casa Restaurant
Salon Di Capelli
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Picadilly Square - Fresno, CA
Property Overview
Picadilly Square is a ±24,845 SF commercial shopping center located in Fresno, CA. The subject property is a multitenant commercial center on 3.08 acres of land located on Shaw Avenue between West Avenue and Van Ness Blvd, with
restaurants and retail within walking distance. Subject property has excellent street visibility. Picadilly Square offer customers
a range of services including: banking, lodging, dining, coffee house, beauty salon-barber, and hand car wash. Piccadilly
Square is one of the first life-style oriented commercial centers to be built in Fresno. The property offers nearby access to
Highways 41 and 99, with the 5 Freeway within close proximity of the subject property.
Property Attributes
• ± 24,845 SF Retail Property
• Mixed Uses Property with Street-front Retail & Office
Suites
• Prime Location at SEC Shaw/Van Ness
• Located in the Geographic and Population Center
of Fresno
• Surrounded by National and Major Retail Tenants:
Pardini’s Restaurant, Citibank, DiCicco’s, Planet
Java, Piccadilly Hotel and Suites
• Located in the Heart of the West Shaw Retail/Office
Corridor
• Large Parking Field in Back of the Shopping Center
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Picadilly Square - Fresno, CA
S e c t i o n II
P r o p e rt y D e s c r i p t i o n
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Picadilly Square - Fresno, CA
Property Photos
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Picadilly Square - Fresno, CA
Site Plan
S
N
A
B
R
D
P
E
C
F
G
Q
O
N
M
K1
K2
L
I
J
T
H
Site Plan
Suite#
A
100
Vacant
260
B
101
Personalized Fitness
803
C
102
Vacant
651
D
103
Hot Local Deals Realty
1,284
E
104
Mi Casa
1,321
F
106
Piccadilly Liquor
2,463
G/H
107/109
The Makeup Imaginarium
2,496
I
110
Essentials Hair Studio
1,267
J
111
Basic Hair Salon
553
K1
112A
Vacant
700
K2
112C
Planet Java
300
L
113
Vacant
482
M
114
Piccadilly Barber Salon
530
N
115
Salon Di Capelli
952
O
117
Vacant
2,476
P
118
Vacant
996
Q
119
Pardini Enterprises
1,636
R
120
Vacant
1,800
S
2221
DiCicco's Italian Restaurant
3,000
T
2261
Piccadilly Hand Car Wash
Tenant
Sq.Ft.
TOTAL
Lee & Associates® - Investment Services Group
875
24,845
Vacant
7,365
Occupied
17,480
8
Picadilly Square - Fresno, CA
Stewart Title
Plat Map
N
P
2012 Core
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Picadilly Square - Fresno, CA
Aerial View
Picadilly Square
Fresno, CA
N
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Picadilly Square - Fresno, CA
S e c t i o n III
F i n a n c i a l A n a ly s i s
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Picadilly Square - Fresno, CA
Income & Expense
Piccadilly Square
PRICING
Price
$2,100,000
Rentable Square Feet
24,845
Price/Rentable Square Feet
$84.52
Current Physical Occupancy
70.36%
INCOME & EXPENSE
INCOME
Base Rent
CAM Reimbursements
Less: Vacancy (%)
Effective Gross Revenue
ESTIMATED EXPENSES
RE Taxes + Assessments
Insurance
Management Fee
Common Area Maintenance
Utilities
Current
ProForma
$357,774
$76,167
($144,059)
$289,881
$357,774
$76,167
($65,091)
$368,850
(30%)
PSF
1.22831%
1.04
0.39
$17,680
0.71
$17,680
0.71
Janitorial
$18,900
0.76
$18,900
0.76
Repairs & Maintenance
$16,716
0.67
$16,716
0.67
Security
1.04
PSF
$25,794
$6,530
$15,000
4%
$25,794
$6,530
$9,600
(15%)
0.26
0.26
0.60
$3,600
0.14
$3,600
0.14
Lanscaping
$12,482
0.50
$12,482
0.50
Total Expenses
$111,302
4.48
$116,702
4.70
TOTALS
Net Operating Income
Cap Rate
Lee & Associates® - Investment Services Group
$178,579
8.50%
$252,147
12.01%
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Picadilly Square - Fresno, CA
S e c t i o n IV
T e n a n t I n f o r m at i o n
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Picadilly Square - Fresno, CA
Rent Roll
Address
Tenant
Rentable Sq.Ft.
%
Total Rent/Mo
Rent SF/Mo
Annual Rent
Annual CAM
Lease Type
Start
Expire
8/28/2009
8/31/2013
100
Vacant
260
1.2%
$325.00
$1.25
$3,900
$1,185.60
NNN
101
Personalized Fitness
803
3.8%
$762.85
$0.95
$9,154
$4,153.78
NNN
102
Vacant
651
3.1%
$813.75
$1.25
$9,765
$2,968.56
NNN
103
Hot Local Deals Realty
1,284
6.1%
$963.00
$0.75
$11,556
$6,641.91
NNN
11/11/2009
12/31/2015
104
Mi Casa
1,321
6.3%
$2,163.54
$1.64
$25,962
$6,833.30
NNN
9/17/2007
9/30/2012
106
Piccadilly Liquor
2,463
11.7%
$2,980.23
$1.21
$35,763
$2,076.58
MG
12/1/2009
11/30/2014
The Makeup Imaginarium
2,496
11.9%
$1,996.80
$0.80
$23,962
$12,911.37
NNN
12/30/2011
10/31/2017
110
Essentials Hair Studio
1,267
6.0%
$1,064.28
$0.84
$12,771
Gross
1/1/2009
12/31/2013
111
Basic Hair Salon
553
2.6%
$691.25
$1.25
$8,295
$2,860.57
NNN
3/1/2000
11/30/2016
112A
Vacant
700
3.3%
$875.00
$1.25
$10,500
$3,192.00
NNN
112C
Planet Java
300
1.4%
$300.00
$1.00
$3,600
$1,551.85
NNN
113
Vacant
482
2.3%
$602.50
$1.25
$7,230
$2,197.92
NNN
114
Piccadilly Barber Salon
530
2.5%
$821.50
$1.55
$9,858
$2,741.60
NNN
10/1/2011
11/30/2016
115
Salon Di Capelli
952
4.5%
$1,094.80
$1.15
$13,138
$4,924.53
NNN
6/1/1999
12/31/2013
117
Vacant
2,476
11.8%
$3,095.00
$1.25
$37,140
$11,290.56
NNN
118
Vacant
996
4.7%
$1,245.00
$1.25
$14,940
$4,541.76
NNN
119
Pardini Enterprises
1,636
7.8%
$1,150.00
$0.70
$13,800
6/15/2002
11/30/2014
120
Vacant
1,800
8.6%
$2,250.00
$1.25
$27,000
2221
DiCicco's Italian Restaurant
3,000
14.3%
$4,320.00
$1.44
$51,840
Gross
2/1/2010
1/31/2013
2261
Piccadilly Hand Car Wash
875
4.2%
$2,300.00
$2.63
$27,600
$4,526.22
NNN
9/8/2006
8/31/2016
24,845
100.0%
$29,815
$357,774
$76,167
107/109
TOTAL
Gross
$8,208.00
Vacant
7,365
29.6%
$9,206
$110,475
$33,584
Occupied
17,480
70.4%
$20,608
$247,299
$42,582
Lee & Associates® - Investment Services Group
5/1/2002
NNN
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Picadilly Square - Fresno, CA
Section V
Area Description
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Picadilly Square - Fresno, CA
Area Map
Picadilly Square
N
Fresno, CA
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Picadilly Square - Fresno, CA
Location Overview
The City of Fresno is located in Fresno County and within the Central San Joaquin Valley and is California’s 6th largest
city. Fresno is 175 miles south of San Francisco/Bay Area, 215 miles north of Los Angeles and 110 miles east of the central
coast. Fresno County is growing at a rapid rate of 3.5% per year, which is twice the state average and the countywide
population is just shy of 1,000,000. Fresnos building industry believes that by the year 2020 more than one million people will
inhabit the Fresno metropolitan area. Within three miles of the subject shopping center the population is nearly 150,000
and the average household income is ±$70,000. To the West, the corridor has a natural boundary of the 99 Highway and
the retail district populated with tenants like Costco, WInco, Target, Wal Mart, Home Depot to many regional and local
operators. To the East, the corridor is bounded by the 41 Freeway and Blackstone Avenue along with the core of the West
Shaw Avenue office district and Fig Garden neighborhood and commercial center.
Location Attributes
• L ocated on the SEC of Shaw and Van Ness Avenues
in the heart of the West Shaw Office-Retail District
• L ocated in lifestyle oriented retail center services an
upscale community and office district
• Located near Highways 41 & 99
• Excellent ingress and egress
• California’s 6th largest city
• A
djacent to the Piccadilly Inn, one of Fresno’s most
notable hotels
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Picadilly Square - Fresno, CA
S e c t i o n VI
S a l e s /O n M a r k e t C o m pa r a b l e s
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Picadilly Square - Fresno, CA
Sales Comparables
Property Name / Location
Price
SF
PSF
Year Built
CAP
COE
Sub
Piccadilly Square
2225-2261 W. Shaw Ave.
Fresno, CA
$2,100,000
24,845
$84.52
1972
8.5%
N/A
1
1311-1333 Country Club Dr.
Madera, CA
$4,750,000
86,238
$55.08
1990
8.5%
06/17/11
2
8871 N. Chesnut Ave.
Fresno, CA
$2,700,000
27,615
$97.77
1988
N/A
01/14/11
3
2730 Whitson St.
Selma, CA
$2,050,000
16,726
$122.56
1987
8.9%
05/18/11
4
4105 W. Swift Ave.
Fresno, CA
$560,000
8,874
$63.11
2000
11.8%
11/01/11
5
464 E. Bullard Ave.
Fresno, CA
$1,600,000
14,950
$107.02
2001
N/A
12/16/10
6
The Dakota Plaza
Fresno, CA
$1,645,000
14,298
$115.05
1981
10.4%
05/10/11
Average
$2,217,500
28,117
$93.43
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Picadilly Square - Fresno, CA
On Market Comparables
Property Name / Location
Price
SF
PSF
Year Built
CAP
DOM
Sub
Piccadilly Square
2225-2261 W. Shaw Ave.
Fresno, CA
$2,100,000
24,845
$84.52
1972
8.5%
N/A
1
4041-4069 E. Ashlan Ave.
Fresno, CA
$13,800,000
160,104
$86.19
1967
9.3%
571
2
140-170 W. Shaw Ave.
Clovis, CA
$2,600,000
52,000
$50.00
1986
8.5%
462
3
1650-1660 E. Blackstone Ave.
Fresno, CA
$2,795,000
16,251
$171.99
1993
9.0%
660
4
380 W. Sierra Street
Kingsburg, CA
$800,000
9,180
$87.15
1995
11.6%
125
Average
$4,998,750
59,384
$98.83
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Picadilly Square - Fresno, CA
S e c t i o n VII
L e a s e C o m pa r a b l e s
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Picadilly Square - Fresno, CA
Lease Comparables
Property Name / Location
Property SF
Available SF
Rent/SF
Occupancy
Lease Type
Sub
Piccadilly Square
2225-2261 W. Shaw Ave.
Fresno, CA
24,845
7,365
$1.25
70.4%
NNN
1
NEC Shaw & Brawley
Fresno, CA
16,232
2,200
$1.65
86.4%
NNN
2
NEC Shaw & Brawley
Fresno, CA
14,040
3,360
$1.50
76.1%
NNN
3
3043 W Shaw Ave.
Fresno, CA
11,280
888
$1.15
92.1%
NNN
4
3043 W Shaw Ave.
Fresno, CA
11,280
3,440
$1.25
69.5%
NNN
5
3043 W Shaw Ave.
Fresno, CA
11,280
1,080
$1.25
90.4%
NNN
Average
105,054
2,194
$1.36
91.8%
Lee & Associates® - Investment Services Group
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Matthew C. Sullivan
Managing Director, Principal
213-623-0800
matthew.sullivan@lee-associates.com
Lee & Associates® – Los Angeles - ISG
Corp ID #: 01859073
A Member of the Lee & Associates® Group of Companies
515 S. Flower Street, Suite 3600, Los Angeles, CA 90071
Office 213.623.0800
Fax 213.623.1395
Lewis Smith
559-256-1700
lewis@retailcalifornia.com
John Lee
559-256-1700
jlee@retailcalifornia.com
Retail California
Commercial Real Estate Brokerage
7480 North Palm Ave., Suite 101, Fresno, CA 93711
Office 559.256.1700
Fax 559.432.2938