78 Lot Detached SFR Site

Transcription

LANCASTER, CA
OFFERING MEMORANDUM
LANCASTER, CA
CONFIDENTIALITY AND 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. Marcus & Millichap has not
made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject
property, the future projected financial performance of the property, the size and square footage of the property and
improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal
regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant,
or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this
Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified,
and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation
regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the
information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this
marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or
sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,
service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR
MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
TABLE OF CONTENTS
Section 1
PROPERTY DESCRIPTION
Section 2
PRICING AND FINANCIAL ANALYSIS
Section 3
RECENT SALES - SINGLE FAMILY HOMES
Section 4
RECENT SALES - VACANT LAND
Section 5
DEMOGRAPHIC ANALYSIS
LANCASTER, CA
LANCASTER, CA
INVESTMENT OVERVIEW
Investment Highlights
■ ±16.93 Acres of Infill Residential Land
■ Recently Expired Tract Map for 78 Lots (Detached SFR)
■ Re-submitting the Previous Map Could Reduce Costs and
Expedite the Entitlement Process
■ Previous Map Consisted of 4.7 du/Acre (Avg 6-7,000 SF
Lots)
■ Great Location Near Newer Subdivisions, High School and
Elementary School
■ Located in the Linda Verde Neighborhood Just East of
Downtown Lancaster
■ Priced at $16,667 per Lot Based on the Previous
Entitlements
The subject property is a ±16.93 acre parcel of vacant residential land located at the southeast corner of Avenue I and
12th Street in the city of Lancaster. Previously entitled for a 78 lot detached single family development, the tract map
has expired and the property is currently in an unentitled state. It is possible that this tract map could be re-submitted
with minor changes which would expedite the entitlement process and save a developer some up-front funds.
The site is generally rectangular in shape and is relatively flat. Sewer is located in Avenue I and there is sufficient capacity
for this development. All other utilities are to the site.
This site is located in the Linda Vista neighborhood on busy Avenue I which is the major east-west arterial through
central Lancaster. The surrounding neighborhood is characterized primarily by other detached single family
communities.
In discussions with the city of Lancaster, it may be possible to increase the yield on this site if a developer wants to
process a whole new map. The unit density on the previous map was 4.7 du/acre and the city has approved similar tracts
for densities up to 5 or 6 du/acre. This could possibly increase the unit count on this site up to 102 homes if a more
compact lot product is desired.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 X0130258 Marcus &
Millichap. All rights reserved.
1
LANCASTER, CA
PROPERTY PHOTOS
2
LANCASTER, CA
AREA MAPS
Local Map
Regional Map
3
LANCASTER, CA
PLAT MAP
4
LANCASTER, CA
PREVIOUS TRACT MAP #062675 (EXPIRED)
5
LANCASTER, CA
AERIAL PHOTO
6
LANCASTER, CA
AERIAL PHOTO
7
LANCASTER, CA
LANCASTER, CA
FINANCIAL OVERVIEW
Summary
Property
Property Address
Cor Avenue I 12th STE
Lancaster, CA 93535
Financing
Price
Down Payment
Lot Size (SF)
Price/SF
$1,300,000
100% / $1,300,000
Price/Acre
$76,787
Buildable SF
737,470
Price/Unit
Number of Acres
Price/Acre
Lot Dimensions
Type of Ownership
All Cash
$1.76
16.9300
Number of Units
Loan Type
737,470
Lot Size (Acres)
Price/Buildable SF
FIRST TRUST DEED
$1.76
78
$16,667
17
$76,471
16.36 AC
Fee Simple
Site Description
Assessor's Parcel Number
Zoning
3147-001-052
LRRPD13U
9
LANCASTER, CA
LANCASTER, CA
Lancaster Sales Comps (Detached SFR)
May 20, 2016
Address
City
Age BR/ BA
Sales
Price
SqFt
Price/
Lot Size
SqFt
COE
1
45131 Palm Ln
Lancaster
2005
7 2.5 $ 324,000.00
3,520 $ 92.05
7,322 SF
2
2115 East Jenner St
Lancaster
2015
4
3 $ 276,123.00
2,181 $ 126.60
6,300 SF 11/5/2015
3
2129 East Jenner St
Lancaster
2015
4
3 $ 274,900.00
2,181 $ 126.04
6,300 SF 8/20/2015
4
2134 East Jenner St
Lancaster
2015
4
3 $ 274,900.00
2,181 $ 126.04
6,200 SF 7/23/2015
5
2122 East Jenner St
Lancaster
2015
4
3 $ 270,000.00
2,181 $ 123.80
6,000 SF 1/21/2016
6
2103 East Jenner St
Lancaster
2015
4
3 $ 269,900.00
2,181 $ 123.75
6,300 SF
7
44635 Driftwood St
Lancaster
2011
5
3 $ 254,900.00
2,533 $ 100.63
N/A 7/31/2015
8
44622 Driftwood St
Lancaster
2008
4
3 $ 246,000.00
2,260 $ 108.85
8,451 SF 4/12/2016
9
45625 Rodin St
Lancaster
2007
5
3 $ 245,000.00
2,640 $ 92.80
7,034 SF 9/11/2015
10 45645 Rodin St
11 1818 Linda Vista Ave
Lancaster
2007
5
3 $ 245,000.00
2,640 $ 92.80
7,034 SF
Lancaster
2006
4
3 $ 245,000.00
2,244 $ 109.18
9,211 SF 5/29/2015
12 2316 East Norberry St Lancaster
13 2135 East Jenner St
Lancaster
14 1829 East Kettering St Lancaster
2006
4
2 $ 240,000.00
1,730 $ 138.73
6,780 SF 2/29/2016
2015
4
2 $ 237,000.00
1,750 $ 135.43
6,649 SF
9/1/2015
2006
4
3 $ 230,000.00
2,244 $ 102.50
7,535 SF
6/3/2015
Lancaster
2007
4
3 $ 220,000.00
2,781 $ 79.11 12,879 SF
2/1/2016
Lancaster
2006
4
3 $ 220,000.00
1,959 $ 112.30
8,292 SF 9/18/2015
17 2159 East Donatello St Lancaster
18 1847 East Lingard St Lancaster
2012
5
3 $ 220,000.00
2,525 $ 87.13
7,338 SF 6/25/2015
2005
4 2.5 $ 218,500.00
2,191 $ 99.73
7,243 SF 7/20/2015
15 1723 East Holguin St
16 45124 Parkview Ln
3/8/2016
9/3/2015
7/8/2015
11
LANCASTER, CA
RECENT SALES- SINGLE FAMILY HOMES MAP
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
13)
14)
15)
16)
17)
18)
45131 Palm Lane
2115 East Jenner Street
44635 Driftwood Street
44622 Driftwood Street
45625 Rodin Street
45645 Rodin Street
1818 Linda Vista Avenue
2316 East Norberry Street
1829 East Kettering Street
45664 Palm Lane
45124 Parkview Lane
2159 East Donatello Street
1847 East Lingard Street
12
LANCASTER, CA
LANCASTER, CA
RECENT SALES MAP
1)
2)
3)
4)
84 Lots
31325 Sage Road
Jackson Street
8th Avenue E
14
LANCASTER, CA
PRICE PER SF AND PRICE PER ACRE
AVERAGE PRICE/SF
3.00
2.70
2.40
2.10
1.80
1.50
1.20
0.90
0.60
0.30
0.00
Subject
84
Lots
31325
Sage
Road
Jackson
Street
8th
Avenue
E
AVERAGE PRICE/ACRE
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
Subject
84
Lots
31325
Sage
Road
Jackson
Street
8th
Avenue
E
15
LANCASTER, CA
RECENT SALES
Cor Avenue I 12th STE
Lancaster, CA 93535
Sale Price:
$1,300,000
Lot Size (SF):
737,470
Down Payment:
$1,300,000
Price/SF:
$1.76
Down Payment %:
100%
Lot Size (Acres):
16.9300
Zoning:
LRRPD13U
Price/Acre:
$76,787
Lot Dimensions:
16.36 AC
Subject Property
Comments
$16,667 Per Lot Based on Previous Entitlements.
84 Lots
1
Mesa View and Cliffwood Road
Victorville, CA 92392
Close of Escrow:
8/7/2015
Lot Size (SF):
823,284
Sale Price:
$1,150,000
Price/SF:
$1.40
Down Payment:
$1,150,000
Lot Size (Acres):
18.9000
Down Payment %:
100%
Price/Acre:
$60,847
Zoning:
R-1
Lot Dimensions:
N/A
Comments
Approved for 84 Homes - This Property was Sold for $13,690 Per Lot.
2
31325 Sage Road
Hemet, CA 92544
Close of Escrow:
1/20/2016
Lot Size (SF):
1,754,596
Sale Price:
$600,000
Price/SF:
$0.34
Down Payment:
$600,000
Lot Size (Acres):
40.2800
Down Payment %:
100%
Price/Acre:
$14,896
Zoning:
RA
Lot Dimensions:
N/A
Comments
$14,285 Per Lot - 42 Single Family Residential Lots
16
LANCASTER, CA
RECENT SALES
3
Jackson Street
Indio, CA 92203
Close of Escrow:
9/14/2015
Lot Size (SF):
1,493,813
Sale Price:
$2,800,000
Price/SF:
$1.87
Down Payment:
$2,800,000
Lot Size (Acres):
34.2900
Down Payment %:
100%
Price/Acre:
$81,656
Zoning:
N/A
Lot Dimensions:
N/A
Close of Escrow:
6/8/2015
Lot Size (SF):
309,276
Sale Price:
$946,000
Price/SF:
$3.06
Down Payment:
$946,000
Lot Size (Acres):
7.1000
Down Payment %:
100%
Price/Acre:
$133,239
Zoning:
LRR7000*
Lot Dimensions:
N/A
Comments
4
8th Avenue E
Lancaster, CA 93535
Comments
17
LANCASTER, CA
LANCASTER, CA
DEMOGRAPHIC REPORT
2000 Population
2010 Population
2014 Population
2019 Population
1 Mile
14,938
17,742
18,291
18,924
3 Miles
70,512
85,510
87,981
92,354
5 Miles
99,540
121,322
124,713
131,683
2000 Households
2010 Households
2014 Households
2019 Households
4,777
5,188
5,397
5,555
23,025
25,910
26,931
28,203
33,784
38,408
39,894
42,071
3.39
3.22
3.07
1,386
15,285
36,340
2000 Owner Occupied Housing Units
2000 Renter Occupied Housing Units
2000 Vacant
62.25%
27.21%
10.54%
56.25%
34.50%
9.25%
53.39%
37.72%
8.89%
2014 Vacant
63.89%
36.11%
6.43%
55.60%
44.40%
7.52%
54.27%
45.73%
7.10%
2019 Vacant
64.18%
35.82%
5.95%
55.67%
44.33%
7.21%
54.41%
45.59%
6.82%
18.7%
15.7%
11.1%
15.9%
18.0%
10.2%
5.1%
2.5%
1.4%
0.5%
1.1%
19.3%
13.8%
11.0%
15.4%
18.8%
9.7%
5.9%
2.6%
1.7%
0.7%
1.1%
17.2%
12.6%
10.7%
15.1%
19.0%
10.7%
6.6%
3.1%
2.8%
0.9%
1.4%
2014 Median Household Income
2014 Per Capita Income
$39,251
$15,607
$39,858
$16,857
$44,408
$19,485
2014 Average Household Income
$52,759
$54,046
$60,026
2014 Average Household Size
2014 Daytime Population
$ 0 - $14,999
$ 15,000 - $24,999
$ 25,000 - $34,999
$ 35,000 - $49,999
$ 50,000 - $74,999
$ 75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 +
Demographic data © 2012 by Experian.
19
LANCASTER, CA
SUMMARY REPORT
Geography: 5 miles
Population
In 2014, the population in your selected geography is 124,712. The population has changed by 25.28% since 2000. It is estimated
that the population in your area will be 131,683 five years from now, which represents a change of 5.58% from the current year. The
current population is 47.92% male and 52.07% female. The median age of the population in your area is 29.6, compare this to the
Entire US average which is 37.3. The population density in your area is 1,587.42 people per square mile.
Households
There are currently 39,893 households in your selected geography. The number of households has changed by 18.08% since 2000.
It is estimated that the number of households in your area will be 42,071 five years from now, which represents a change of 5.45%
from the current year. The average household size in your area is 3.07 persons.
Income
In 2014, the median household income for your selected geography is $44,408, compare this to the Entire US average which is
currently $51,972. The median household income for your area has changed by 14.76% since 2000. It is estimated that the median
household income in your area will be $50,772 five years from now, which represents a change of 14.33% from the current year.
The current year per capita income in your area is $19,484, compare this to the Entire US average, which is $28,599. The current
year average household income in your area is $60,026, compare this to the Entire US average which is $74,533.
Race & Ethnicity
The current year racial makeup of your selected area is as follows: 47.68% White, 20.83% Black, 0.22% Native American and 3.89%
Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and
5.02% Asian/Pacific Islander.
People of Hispanic origin are counted independently of race. People of Hispanic origin make up 41.56% of the current year
population in your selected area. Compare this to the Entire US average of 17.13%.
Housing
In 2000, there were 19,797 owner occupied housing units in your area and there were 13,986 renter occupied housing units in your
area. The median rent at the time was $561.
Employment
In 2014, there are 36,340 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed
that 57.50% of employees are employed in white-collar occupations in this geography, and 42.60% are employed in blue-collar
occupations. In 2014, unemployment in this area is 10.88%. In 2000, the average time traveled to work was 33.1 minutes.
20
LANCASTER, CA
POPULATION DENSITY
Number of people living in a given area per square mile.
21
LANCASTER, CA
EMPLOYMENT DENSITY
The number of people employed in a given area per square mile.
22
LANCASTER, CA
AVERAGE HOUSEHOLD INCOME
Average income of all the people 15 years and older occupying a
single housing unit.
23
LANCASTER, CA
TRAFFIC COUNTS
Traffic Count data © 2012 by TrafficMetrix. All rights reserved.
Two-way, average daily traffic volumes.
* Traffic Count Estimate
24
LANCASTER, CA
OFFERING MEMORANDUM
Matthew D. Wenzel
Vice President Investments
Director, National Land Group
Long Beach Office
Tel: (562) 257-1239
Fax: (562) 257-1210
matthew.wenzel@marcusmillichap.com
www.marcusmillichap.com/MatthewDWenzel
Kent Williams
Broker
Marcus & Millichap, San Diego
License: CA: 00823860
Tel: (858) 373-3100
Fax: (858) 373-3110
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com

78 Lot Detached SFR Site

Transcription

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