GARVEY - LoopNet · 2018. 1. 17. · GARVEY EXCHANGE EL MONTE, CA >Rare Mixed-Use Site of Retail & Industrial Warehouse >50K Warehouse Space & 20k Retail/ Office Space >Close Proximity

G A R V E YE X C H A N G E

E L M O N T E , C A

>Rare Mixed-Use Site of Retail & Industrial Warehouse>50K Warehouse Space & 20k Retail/ Office Space >Close Proximity to I-10 FWY

>Dock High & Ground Level Loading>Private & Secure Parking >Almost 3 Acres of Land >Over 20 Ft. Clearance I R E A

INVESTMENT REAL ESTATE ASSOCIATES

OFFICE16501 Ventura Blvd. Suite 448Encino, CA 91436Phone: 818.386.6888Fax: 818.386.2805

www.irea.com

Investment Advisors

Yubin TaoSenior Vice President, IREA(818) [email protected] BRE: 01271565

I R E A

Matt SillamanAssociate, IREA(818) [email protected] BRE: 01925847


E L M O N T E , C A

GARVEY EXCHANGE - IREA

Photo taken prior to business hours: 6:30AM

TEAM & TABLE OF CONTENTS | 3

05

07

09-13

15

17-19

21-23

Investment Summary

Plot Map

Aerials & “Garvey Corr.”

Property Photos

Highlights

Context Maps

Contents


E L M O N T E , C A

25

27

29

Financials & Rent Roll

Industrial Comps.

Retail/ Office Comps.

31

33

About South El Monte

Demographics



Property Type:Retail, Office, & Industrial; Flex

Address: 10050 - 10054 Garvey Ave, El Monte, CA 91733

# Tenants: 11 Including CTT Tools, INC. (Owner’s Business)

Rentable Area:69,995 Sq.Ft. Bldg. Total20,516 Sq. Ft. of Retail & Office Space49,479 Sq. Ft. of Industrial (Warehouse) Space

LOT Area: 2.98 AC (130,200 Sq. Ft.)

Parking: 51 dedicated spaces with separate additional parking for industrial section.

Parcel Info: 8103-032-034 | Zoning: EMC3-M1*

Built: 1997

Overview

PROPERTY HIGHLIGHTS | 5Photo taken prior to business hours: 6:30AM

Located on Prime Business Corridor w/ High Traffic CountLocated on south side of Garvey Ave on major arterial road with great visibility.

Flex Space A multitenant 2-story retail, office, and industrial warehouse; flex property. Elevator on-site; ADA accessible.

Owner User OpportunityIndustrial warehouse and some office space may become avaiable for owner user.

Parking Access51 dedicated surface stalls to office and retail, separate from additional parking for industrial section towards rear of property.

Large Industrial Warehouse Includes separate dedicated parking, gated entry, 15 loading docks, and 1 vehicle ramp; ADA accessible.

Highlights

e


A multitenant 2-story retail, office, and industrial warehouse; flex property.


.

INVESTMENT SUMMARY

PROPERTY SUMMARY | 7

GA

RV

EY

EX

CH

AN

GE

Garvey Exchange is a multitenant 2-story retail, office, and industrial warehouse; flex property. On-site amenities include one elevator (retail & office section), 15 loading docks, and one vehicle access ramp (warehouse). There are multiple ADA accessible ramps to warehouse and exterior staircase(s) to retail and office section. Totaling approximately 69.995 square feet of rentable space, 20,516 sq. ft. of retail & office situated on two levels and 49,479 sq. ft. of which is industrial warehouse with clearing heights and multiple loading areas. The subject property is composed of three separate parcels on 2.98 acres of land. The subject property was built in 1997 and has been well-maintained. 51 dedicated parking stalls are available to retail and office with separate additional stalls dedicated to industrial section.

Located on the prime business corridor of Garvey Avenue in El Monte, CA. The subject property is within close proximity to many local businesses, CVS, and Buy Low Market at the nearest intersection. Located on the south side of Garvey Avenue, the subject property benefits from excellent visibility and heavy traffic count of over 29,000 cars per day. Interstate 10 which has traffic counts in excess of 198,000 CPD is within one mile and continually feeds immediate area. The subject property also benefits from its location within South El Monte’s robust industrial corridor.

The demographics surrounding the property are strong with over 614,469 residents within a five-mile radius, with a median household income of $55,133. The racial makeup in the area is about 35 percent White, and 39 percent Asian, and 51 percent Hispanic. The Asian population has more than doubled from year 2000 from 18.5 percent, and it is expected to grow even more in the coming years due to the rapid growth of Chinese immigrants in the San Gabriel Valley.


.


PROPERTY PHOTOS | 9


PROPERTY PHOTOS | 11

Photos taken prior to business hours: 6:30AM

Ph

oto

ta

ke

n p

rio

r to

bu

sin

ess

ho

urs

: 6

:30

AM

Garvey Avenue

LOT

Fo

otp

rint

Plo

t M

ap


PLOT MAP | 15


Garvey Ave

Downtown LA

12 Miles or 25-50 Mins. by 10 Fwy. El Monte

CONTEXT MAPS | 17

So Cal Edison HQ

Panda RestaurantGroup Inc. HQ

Whittier Narrows Golf Course & Rec. Area

Govt. Admin CampusIRS Offices

LA Dept. Public & SafetyCal Children’s Offices

Cal Traffic Offices Cultural & Econ. Offices

Ro

sem

ead

Blv

dNew El Monte Metro Station

Garvey Ave Garvey AveSubject Property

El Monte Industrial Corridor

Context Map& Traffic Count CPD: Cars Per Day

Garvey Avenue

Merced

Avenue

23k CPD

7.4k C

PD


5.4k C

PD

29k CPD

Garvey Avenue

New Lexington Elementary

Wilkerson Elementary Santa Anita A

venue

Santa Anita A

venue

Subject Property

29k CPD 22k CPD

CONTEXT MAPS | 19

El Monte Industrial Corridor

Property Aerial


Business Improvement District

GA

RV

EY

EX

CH

AN

GE

In just over five decades, El Monte has matured into a viable commercial and industrial base, with over 2,400 businesses (within 3.5 square miles) due to the City having a diverse land use pattern and excellent freeway accessibility to the 10, 60, and 605 freeways which provide ready access to points throughout Southern California. These factors contribute to the desirability of El Monte as a good location for commercial and industrial development. There are over 20,000 commercial and industrial jobs in El Monte.

The City’s economic strength lies in the industrial businesses which cover almost one-third of the City’s planning area. From an economic perspective, El Monet has a strong nonretail sales base and a weak retail sales base. Since much of the City’s revenue comes from the sales associated with industrial enterprises, the city recognizes the importance of maintaining the existing industrial businesses. The City sees the need to attract new businesses with diverse opportunities for workers to earn broad range of wages at varied skill levels. To do this the City is willing and able to meet with commercial owners and developers to see how best to assist and encourage continued commercial development.

The subject property is located within one of eight City’s designated promotional development areas entitled the “Garvey Corridor”. These designated focus areas have been identified for intensified City efforts to encourage uses vital to the growth of the community. These areas if renovated or developed have the potential to serve as focal points for new commerce and to result in spin-off economic benefits to immediate and surrounding properties.

The Garvey Corridor includes approximately 30 acres of land along Garvey Avenue in the north portion of the City. The corridor runs from Rosemead Boulevard to Potrero Avenue, and lies entirely within the City’s Business Improvement District. This area has the potential to draw commercial business from neighboring cities to the north and provide goods and services to all of Los Angeles County.

“GARVEY CORRIDOR”

AERIAL & “GARVEY CORRIDOR” | 21

Garvey Ave

“Garvey Corridor”


50K SF - Owner-User Warehouse. Value-Add

20K SF - 95% Leased With Retail Component

GA

RV

EY

EX

CH

AN

GE

AERIAL & “GARVEY CORRIDOR” | 23

Garvey Exchange is a mixed-use asset that consists of a total of 70,000 square feet of rentable area. The flex warehouse component consists of 50,000 square feet of rentable area with a clearing height of approximately 24 feet and convenient loading positions and access. The remaining 20,000 square feet of rentable area consists of a variety of retail and office tenants.

This opportunity allows for investors or owner users the option of acquiring the site with SBA financing. Ownership currently occupies the 50,000 square feet warehouse component along with 5000 square feet of office area.

RARE OPPORTUNITY

Current ProformaPrice: $13,500,000 $46,477 $102,371Down Payment %: 100%

Financing: All Cash Purchase$46,477 $102,371

24 Mo. Horizon Proforma CAP Rate: 9.18%

Cost Per Sq Ft (20,516 Sq Ft Retail/ Office) $281 hgjghmCost Per Sq Ft (49,479 Sq Ft Industrial) $168 Cost Per Sq Ft (Blended Averge): $193

Current ProformaCurrent Average Rent Per Sq Ft (MOD GROSS): $0.53 Taxes: $168,750 $557,730 $1,228,446Market Average Rent Per Sq Ft (NNN): Utilities: $27,986 $13,156 $414,259Expenses Per Gross Sq Ft: ($4.59) Landscape and Lot: $19,285 $0

Maintenance and Repairs: $32,585Property Description Insurance: $22,560 $13,156 $414,259Current # of Tenants: 11 CAM: $27,852 $570,886 $1,642,705Bldg Gross Sq. Ft. 69,995 Management: $22,309

20,516 Sq. Ft. Retail & Office 3% ($17,127) 5% ($82,135)49,479 Sq. Ft. Industrial $553,759 $1,560,570

Lot Size: 130,200 Sf. Ft. (2.98 AC) 56% ($321,327) 20% ($321,327)Parking Spaces: 51 Surface Stalls + Add. Ind. Parking $232,432 $1,239,243Original Year Built: 1997 Total Expenses: ($321,327)

Zoning: EMC3-M1* 1.72% 9.18%

Vacant CAM:

Total CAM:Total Gross Scheduled Income:

Vacancy:Gross Operating Income:

Scheduled Gross Income:Current CAM:

Est. Annualized Operating Data

Leased Rent:Source of Income

Total Monthly Income:

Less Expenses:Net Operating Income:

CAP Rate:

Property Use Breakout:

Est. Annualized Expenses (Current)

Financial Indicators

Financial SummaryGARVEY EXCHANGE - IREA









Zoning: EMC3-M1* 1.72% 9.18%

Vacant CAM:








CAP Rate:












Zoning: EMC3-M1* 1.72% 9.18%

Vacant CAM:








CAP Rate:












Zoning: EMC3-M1* 1.72% 9.18%

Vacant CAM:








CAP Rate:












Zoning: EMC3-M1* 1.72% 9.18%

Vacant CAM:








CAP Rate:












Zoning: EMC3-M1* 1.72% 9.18%

Vacant CAM:








CAP Rate:




Unit Tenant Sq. Ft. % of TotalMonthly Rent

(PSF)Current Monthly

RentCAM

CHARGES Total Monthly

RentCurrent Annual

Rent

Proforma Monthly rent

(PSF)

Proforma Monthly Rent

Proforma Annual Rent

Lease Commence Lease End

Timothy Hu 1,000 1.43% $1.40 $1,400.00 $100.00 $1,500.00 $18,000 $1.75 $1,750.00 $21,000.00 July 1, 2008 June 30, 2010

Professional Law

Group

Lu Acupuncture 1,000 1.43% $1.35 $1,350.00 $250.00 $1,600.00 $19,200 $1.75 $1,750.00 $21,000.00 July 28, 2000 February 29, 2016

Steve Lu

Bright Smile Dental 1,000 1.43% $1.49 $1,485.26 $265.23 $1,750.49 $21,005.88 $1.75 $1,750.00 $21,000.00 April 1, 2008 January 31, 2019

Care

Kayla Kieu Phan 1,000 1.43% $1.60 $1,600.00 $0.00 $1,600.00 $19,200 $1.75 $1,750.00 $21,000.00 March 1, 2007 February 28, 2008

Sunny Massage 1,000 1.43% $1.59 $1,591.35 $0.00 $1,591.35 $19,096 $1.75 $1,750.00 $21,000.00 October 1, 2013 September 30, 2018

Jia Liu

Central City 1,840 2.64% $1.44 $2,653.88 $400.00 $3,053.28 $36,639 $1.75 $3,220.00 $38,640.00 February 1, 2015 January 31, 2018

Community Health

Center

Dr. Ramin Lavi DC 800 1.1% $1.13 $900.00 $81.11 $981.11 $11,773 $1.75 $1,400.00 $16,800.00 December 1, 2010 November 30, 2011

Don Tam Corp 2,483 3.56% $1.65 $4,097.00 $0.00 $4,097.00 $49,164 $1.75 $4,345.25 $52,143.00 July 1, 2011 June 30, 2016

Vacant 1000 1.43% $1.75 0 $0.00 $0.00 $0 $1.75 $1,750.00 $21,000.00 TBD TBD

KL Plus Investment 1,000 1.43% $1.40 $1,400.00 $0.00 $1,400.00 $16,800 $1.75 $1,750.00 $21,000.00 September 1, 2013 August 31, 2015

Vacant 1,000 1.43% $1.75 0 $0.00 $0.00 $0.00 $1.75 $1,750.00 $21,000.00 TBD TBD

Wu, Liang & Hung CPA 2,000 2.87% $1.50 $3,000.00 $0.00 $3,000.00 $36,000.00 $1.75 $3,500.00 $42,000.00 November 1, 1999 October 31, 2002

CTT TOOLS 5,140 7.37% $5.25 $27,000.00 $0.00 $27,000.00 $324,000.00 $1.75 $8,995.00 $107,940.00 TBD TBD

CTT TOOLS 49,479 70.95% $1.25 0 $0.00 $0.00 $0.00 $1.25 $61,848.75 $742,185.00 TBD TBD

69,742

$46,477.49 $1,096.34 $47,573.23 $570,878.76 $97,309.00 $1,167,708.00

67,742 20,516 Sq. Ft.2,000 49,479 Sq. Ft.

207&209

Total/Averages:

101

103

105

107

109

111

113

115&117

201

203

205

Retail & Office TotalIndustrial Total

Occupied Sq. Ft.Vacant Sq. Ft.

211

WHS

FINANCIALS & RENT ROLL | 25Rent Roll

Property Yr. Built Sales Price Gross Sq. Ft. Land Sq. Ft. Price/Sq. Ft. COE

A 9480 Telsar Ave 1974 $4,105,933 36,081 65,586 $114 12/22/16

El Monte, CA 91731

B 3445 Fletcher Ave 1969 $9,500,000 72,000 142,441 $132 12/15/16

El Monte, CA 91731

C 3446 Fletcheer Ave 1968 $3,499,000 21,000 42,569 $167 11/30/16

El Monte, CA 91731

D 4183 Temple City Blvd 2016 $11,068,000 69,173 156,900 $160 09/26/16

El Monte, CA 91731

E 9438 Gidley St 2006 $4,225,000 28,621 46,762 $148 09/07/16

Temple City, CA 91780

F 4189 Temple City Blvd 2016 $20,700,000 139,208 330,071 $149 08/09/16

El Monte, CA 91731

SALE AVERAGES 1992 $8,849,656 61,014 130,722 $145

Garvey Exchange 1997 $7,957,472 49,479 130,200 $161

Property Type: Industrial (Warehouse) | Sale Type: Owner/User

Property Type: Industrial (Office/Flex) | Sale Type: Investment

Property Type: Industrial (Office/Flex) | Sale Type: Owner/User

Property Type: Industrial (Manufacturing) | Sale Type: Owner/User



Industrial Sales Comps


C

D

A

E

B

F

Subject Property

FD

E

CB

A

INDUSTRIAL SALES COMPS | 27

Retail & Office Sales CompsProperty Yr. Built Sales Price Gross Sq. Ft. Land Sq. Ft. Price/Sq. Ft. COE

A 111 N Atlantic Blvd 1986 $25,557,500 94,698 83,562 $270 09/20/16

Monterey Park, CA 91754 (Renov '93)

B 247 E Main St 1947 $4,000,000 36,000 16,918 $111 03/25/16

Alhambra, CA 91801

C 10530 Whittier Blvd 1990 $3,088,000 13,242 38,333 $233 03/23/16

Whittier, CA 90606

D 3500-3610 Peck Rd 1985 $76,327,104 427,327 795,293 $179 01/14/16

El Monte, CA 91731 (Renov '89)

SALE AVERAGES 1977 $27,243,151 142,817 233,527 $198

Garvey Exchange 1997 $5,542,528 20,516 130,200 $270

Multi Tenant Retail/Office; 96% Leased | Sale Type: Investment

Multi Tenant Retail; 100% Leased | Sale Type: Investment

Multi Tenant Retail; 100% Leased | Sale Type: Investment

Multi Tenant Power Retail; 97.4% Leased | Sale Type: Investment


C

D

A

B

C

B

A

D

Subject Property

RETAIL & OFFICE SALES COMPS | 29

R io Hondo Col lege

Star l i te Swap Meet

Whitt ier Narrows Rec. Area

El Monte Metro Stat ion


About El Monte, CA

GA

RV

EY

EX

CH

AN

GE

Located approximately 12 miles east of downtown Los Angeles, El Monte is the hub of the San Gabriel Valley, where two major freeways – Interstates 605 and 10 – intersect and is the ninth largest city (out of 88) in Los Angeles County with a population of approximately 120,000. The land uses within its 10 square mile area are 58 percent residential, 11 percent retail, 10 percent industrial, 7 percent office/retail, and 14 percent other of amenities. El Monte also has an ethnically diverse and dynamic population with 72 percent Hispanic, 18 percent Asian, and 7 percent White.

As the San Gabriel Valley continues to grow so does the City of El Monte through new businesses and quality housing. Many public improvements are underway to provide an attractive and safe environment for its economic growth. El Monte has maintained a reputation for a “business friendly attitude” by attracting commercial and retail businesses as well as international corporations through its Foreign Trade Zone. Other business tools include business financing through Grow El Monte, a pro-active Chamber of Commerce, and a Recycling Market Development Zone. Several trade and professional colleges are also located in the city, providing workforce education to support local businesses.

Pictured to the left are notable area destinations.

El Monte Metro Stat ion

Hac

ien

da

Hil

ls T

rail

hea

d Location

ABOUT EL MONTE | 31

El Monte By The Numbers (5 Mile Radius)

*Projected

Total Population

2016

2021*

Total Households

2016

2021*

Median Household Income

2016

2021*

Total Businesses & Employees

Within 1 Mile Radius



614,469

631,797

178,485

182,682

$54,570

$59,028

1,785/ 16,563

8,225/ 72,776

19,150/ 195,849


South facing view from Hacienda Hills Trailhead overlooking El Monte.

San Gabriel Mts.

THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.

Garvey Exchange

4/2/2017 Business Analyst

https://bao.arcgis.com/esriBAO/index.html?cacheBust=1# 1/2

Households By IncomeThe largest group: $50,000 $74,999 (18.9%)The smallest group: $200,000+ (2.9%)Indicator Value Difference<$15,000

$25,000 $34,999$15,000 $24,999

$50,000 $74,999$35,000 $49,999

$75,000 $99,999$100,000 $149,999

$200,000+

11.9%

$150,000 $199,999

12.5%10.8%15.7%18.9%

11.9%10.9%

0.6%

2.9%4.5%

+1.5%+2.7%

+2.5%+3.4%

0.9%2.2%1.8%4.6%

Bars show deviation from

Los Angeles County

Age Pyramid

20%1001020%

The largest group:

2016 Males Age2529

The smallest group:

2016 Males Age 85+

Dots show comparison to

Los Angeles County

EMPLOYMENT

51%

White Collar

28%

Blue Collar

21%Services

6.0%

UnemploymentRate

INCOME

$48,770Median Household

Income

$17,362Per Capita Income

$42,729Median Net Worth

Race and EthnicityThe largest group: Hispanic Origin (Any Race) (52.22)The smallest group: Pacific Islander Alone (0.07)

Value DifferenceIndicatorWhite AloneBlack AloneAmerican Indian/Alaska

Pacific Islander AloneAsian AloneNative Alone

Other RaceTwo or More Races

31.30

Hispanic Origin (Any Race)

0.76

0.61

0.0742.02

2.8122.43

52.22

17.72

+0.03

7.74

0.20+27.55

+0.021.93+3.18

Bars show deviation from

Los Angeles County

HOUSING STATS

$459,435Median Home Value

$7,280Average Spent onMortgage & Basics

$1,057Median Contract

Rent

EDUCATION

35%

No HighSchool

Diploma 27%High School

Graduate

20%Some College 18%

Bachelor's/Grad/ProfDegree

Sources: IREA; ESRI Information Services; U.S. Census Bureau of Labor Statistics; Wikipedia; Fortune/Money.CNN.com; Forbes; Business Insider;Moody's; Zillow; Trulia; City of Glendale; Los Angeles County; Los Angeles Times; REIS; California Association of Realtors; DataQuick; Curbed LA; Glendale News-Press; San Fernando Valley Business Journal; Glendale Unified School District; Glendale Community College; ThinkGlendale.com; Los Angeles Times.

El Monte By The Numbers (3 Mile Radius/ Subject Property)

Demographics

DEMOGRAPHICS | 33

INVESTMENT REAL ESTATE ASSOCIATES

OFFICE16501 Ventura Blvd. Suite 448Encino, CA 91436Phone: 818.386.6888Fax: 818.386.2805

www.irea.com

Investment Advisors

Yubin TaoSenior Vice President, IREA(818) [email protected] BRE: 01271565

I R E A

Matt SillamanAssociate, IREA(818) [email protected] BRE: 01925847

G A R V E YE XC H A N G E

E L M O N T E , C A


Documents

GARVEY - LoopNet · 2018. 1. 17. · GARVEY EXCHANGE EL MONTE, CA >Rare Mixed-Use Site of Retail & Industrial Warehouse >50K Warehouse Space & 20k Retail/ Office Space >Close Proximity