For Sale: Owner/User Industrial Building · 2018-07-18 · This land covered by the floodwaters of the base flood is the Special Flood Hazard Area (SFHA) on the NFIP maps. The SFHA

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. The prospective purchaser/lessee should independently verify all information.

HL Commercial Real Estate70 Mitchell Blvd., Suite 202 San Rafael, CA 94903 www.hlcre.com

Contact:Bob Knez

(415) [email protected]#: 00640535

For Sale: Owner/User Industrial Building

• Fenced Parking Area• 2 Roll-up Doors• Automotive Use Allowed• Possible 10% Down Payment for SBA Qualified Buyer

118-120 Mitchell Blvd., San Rafael, CA

Asking Price: $1,100,000Price Per Sq. Ft.: $273.29 psfBuilding Sq. Ft: 4,025 +/- sf

Offering Summary

7/18/18

mailto:[email protected]



Contact:Bob Knez


For Sale: Owner/User Industrial Building118-120 Mitchell Blvd., San Rafael, CA 94903

Building/Space Description:

The property at 118-120 Mitchell Blvd is an approximately 4,025 square foot multi-tenant industrial building located in the Northgate Industrial Park in North San Rafael. The rear space has approximately 210 sq. ft. of mezzanine space. Marin Sun Printing master leases the entire property and subleases a portion to Pacific Performance Auto Repair. Constructed in 1965 the property is concrete tilt-up with a concrete slab floor.

The building has two small office areas with exterior doors, two bathrooms, and two 14-foot roll-up warehouse doors. The warehouse has 15-foot clear height ceilings to the bottom of the roof joists. Most parking is located at the rear of the building, however, in front of the building there are 4 tandem spaces used by the auto repair tenant. The roof is an older bitumen membrane.

Location Description:

The property is located in North San Rafael in Northgate Industrial Park which is comprised of a mixture of office, retail, and industrial buildings mostly which were constructed during the 1960’s and 1970’s. The area is well established and stabilized. The County of Marin Health & Human Services, Social Security Administration, AAA Insurance, Westamerica Bank, HL Commercial Real Estate, Regency Theaters, Kaiser Permanente and Bank of America are the major businesses located in the park. The majority of businesses are small with spaces of less than 2500 square feet. Also located nearby are the County Sheriff and Emergency Services Department, McInnis Park Golf Course and Smith Ranch Airport. There are also various restaurants, cafes, and retail services nearby.




Contact:Bob Knez



Property Details:

Assessor’s Parcel #: 155-151-17Total Building Square Feet: 4,025 +/- sq. ft. (the BAREIS records and original building permit) Total Square Feet of Land: 12,240 +/- sq. ft. (the Assessor’s records) Year Constructed: 1965 +/-Number of Parking Spaces: 10-14 on siteType of Construction: Concrete tilt up and concrete slabRoof Type: Built-up bitumenWarehouse Ceiling Clear Height: 15 FeetPower Available at Sub-Panel: 3 electric meters - power TBDNumber of Roll-up Doors: 2 Zoning/Permitted Uses: LI/O (Light Industrial/Office District)Fire Sprinklers: NoHeating & Air Conditioning: No Flood Zone Designation: Zone AE (An Area Inundated by 100-year flooding)This land covered by the floodwaters of the base flood is the Special Flood Hazard Area (SFHA) on the NFIP maps. The SFHA is the area where the NFIP’s floodplain management regulations must be enforced and the area where the mandatory purchase of flood insurance applies.

Financial Terms:

Sale Price: $1,100,000Financing: All cash to seller or all cash to new financing. Possible 10% down payment for qualified SBA buyer.


https://www2.municode.com/library/ca/san_rafael/codes/code_of_ordinances?nodeId=TIT14ZO_DIVIIBADIRE_CH14.06INDIILIOCCOLM_14.06.010SPPU



Contact:Bob Knez



Current Rent Roll

Proforma Rent Roll

RENT ROLL – Current 5/1/2018 118-120 Mitchell Blvd., San Rafael Unit Tenant RSF Monthly Rent Rent/SF Term 120 Marin Sun 2,801 $3,275.00 $1.17 MTM 118 Pacific Performance 1,224 (est) included in above sublease from Marin Sun (Sublease) TOTAL 4,025 RSF $3,275.00

RENT ROLL – ProForma 118-120 Mitchell Blvd., San Rafael Unit Tenant RSF Monthly Rent Rent/SF Term 120 Marin Sun 2,801 $3,781.30 $1.35 3-5 Yrs 118 Pacific Performance 1,224 (est) $2,019.60 $1.65 3-5 Yrs TOTAL 4,025 RSF $58,800.95


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Contact:Bob Knez



Floor Plan Not to Scale

Entry

2,801 +/- M/L Plate and

210 +/- Mezzanine

1,224 +/- M/L

Roll-up Door

Roll-up Door

Entry

Mitchell Blvd.

RearParking Lot

Bathroom

Bathroom

Driveway

106’

36’




Contact:Bob Knez



Income & Expenses as a Leased Investment

Income & Expenses as a Leased Investment Current Pro-Forma INCOME Total Gross Income $39,300 $69.611 Vacancy Allowance (2%) (786) (1,392) Effective Gross Income $38,514 $68,219 EXPENSES Real Estate Taxes $ 4,026 $10,000 Direct Assessments 2,436 2,436 Insurance (estimated) 1,800 2,000 Management (4% of GI) -0- 2,339 Utilities Tenants Tenants Maint/Repairs 1,200 2,500 Trash Tenants Tenants Miscellaneous 125 125 Landscaping/Parking Lot Tenants Tenants Total Expenses $ 9,587 $19,400 Net Operating Income $20,027 $48.819 Single




Contact:Bob Knez



Sales Comparables

41 BelvedereAddress: 41 Belvedere Street San Rafael, CA

Square Feet: 6,054Year Built: 1984Price: $1,365,000 Price / SF: $225.46Land Area: 0.28 AC CAP RATE: N/A Sale Date: March 2017

1525 Francisco Blvd. EastAddress:1525 Francisco Blvd., #15 San Rafael, CA

Square Feet: 1,257Year Built: 1980 Price: $445,000Price / SF: $354.02Land Area: 1.26 ACCAP RATE: N/ASale Date: March 2018

240 W. FranciscoAddress: 240 W. Francisco Blvd.. San Rafael, CA

Square Feet: 11,640Year Built: - Price: $2,750,000Price / SF: $236.25Land Area: 0.62 ACCAP RATE: N/ASale Date: July 2017




Contact:Bob Knez



Sales Comparables

57 JordanAddress; 57 Jordan Street San Rafael, CA

Square Feet: 4,396Year Built: 1966 Price: $1,250,000Price / SF: $284.35Land Area: 36 ACCAP RATE: N/ASale Date: August 2016

7-11 Mark DriveAddress: 7-11 Mark Drive San Rafael, CA

Square Feet: 7,330Year Built: 1969 Price: $2,125,000Price / SF: $289.90Land Area: 0.37 ACCAP RATE: 4.42%Sale Date: July 2017




Contact:Bob Knez



SBA FINANCING SCENARIO BUILDING PURCHASE PRICE $1,100,000 LOAN STRUCTURE Bank 1st Mortgage (50%) $ 550,000 SBA 504 2nd Mortgage (40%) $ 452,000* Buyer Down Payment (10%) $ 110,000 Total Property Cost with SBA Fees $1,112,000 90% SBA 504 FINANCING EXAMPLE

Loan Amount Rate Term Amortization Monthly Payment Annual Payment

Bank 1st Mortgage $ 550,000.00 5.50% 10 yrs 25 Yrs $ 3,377.48 $ 40,529.77 SBA 504 2nd Mortgage * $ 452,000.00 5.02% 20 Yrs 20 Yrs $ 2,988.00 $ 38,844.00 * Includes financed SBA Fee of $12,000

Total Financing $ 1,002,000.00

$ 6,365.48 $ 76,385.71

Financing Assumptions Loan Rates, terms and fees are estimated and will vary depending on lender and market conditions.

SBA 504 Rate is as of April 2018 and is subject to change. Actual rate is set at time of debenture sale. SBA Fee is financed and estimated as 2.15% of 2nd loan + $2,500 legal fee.

Other costs of buyer not included in the SBA Fee will include appraisal, environmental reports, title insurance, escrow, recording fees. The above estimate is not a guarantee of financing. All buyers and the property must meet the financial and other qualifications of lender bank and SBA. An owner/user taking advantage of SBA 504 Financing with a 10% down payment would be paying the “rent” equivalent of $1.58 per square foot, plus the operating costs of the property (real estate taxes, insurance, utilities, maintenance, etc). Given fair market rent for the property is at or near $1.58 per square foot, it is an attractive option for owner occupant buyers.


Documents

For Sale: Owner/User Industrial Building · 2018-07-18 · This land covered by the floodwaters of the base flood is the Special Flood Hazard Area (SFHA) on the NFIP maps. The SFHA