a 3,906 square foot restaurant and retail property ......3029 east main street was formerly home to...

3029 E MAIN ST, VENTURA, CA 93003

A 3,906 SQUARE FOOT RESTAURANT AND RETAIL PROPERTY SITUATED ON 13,884 SQUARE FEET OF LAND IDEALLY LOCATED IN THE AFFLUENT COASTAL

CITY OF VENTURA, CA WITHIN CLOSE PROXIMITY TO THE PACIFIC OCEAN

BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com

16830 Ventura Blvd. Suite 100, Encino, CA 91436www.marcusmillichap.com

G R O U P

BRANDON MICHAELS

SOUTHERN CALIFORNIA'S PREMIER SALES TEAM

PROPERTY OVERVIEW

FINANCIALS

COMPARABLES

AREA OVERVIEW

INVESTMENT ADVISORS

1

2

3

4

32

MATTHEW LUCHSChief Operating OfficerThe Brandon Michaels GroupCell: (818) 519-1429 Fax: (818) [email protected]: CA # 01948233www.BrandonMichaelsGroup.com

5

OVERVIEWOVERVIEWPROPERTYPROPERTY

3171 East Main Street offers the unique opportunity to acquire an irreplaceable, premier location within the boundaries of Ventura County in close proximity to some of the most beautiful California Beaches. 3171 E Main is located 2.8 miles from the Ventura Pier.

Median age: 38.8

Average household income within a 5-mile radius: $90,449

Population within a 5-mile radius: 88,223

Ventura is a California coastal city, northwest of Los Angeles. It’s known for its beaches, like San Buenaventura State Beach, with the long, wooden Ventura Pier. Surfer's Point is popular for surfing and windsurfing. Landmarks on downtown’s Main Street include the Mission San Buenaventura, with its 1809 church. Boats depart Ventura Harbor for Channel Islands National Park, a habitat for rare island foxes and scrub jays.

SIGNIFICANT OPPORTUNITY

NEIGHBORHOOD

VENTURA, CA

DEMOGRAPHICS

Ventura offers eclectic, locally owned shops where you can find items you won’t see anywhere else. A variety of these shops line the streets of Ventura, featuring clothing boutiques, antique stores, home and garden shops, art galleries, gift stores and other specialty shops. Ventura’s dining scene thrives on so many fronts, from Artisan chefs setting up eateries that celebrate California’s abundance of fresh local ingredients.

3171 E Main Street has a score of 76/100 for Walkability, and 50/100 for Bike-ability. Discover great selections of dining, shopping, and accommodations.

Amtrak’s Pacific Surfliner is a great alternative for transportation to Ventura connecting cities from San Diego in southern California to San Luis Obispo on the Central Coast with a convenient stop in downtown Ventura. It also stops at Burbank airport providing easy train connections for travelers.

SHOPPING & DINING

GETTING AROUND

WEATHER

WALKABILITY

While other parts of the world may experience brutal winters and hot humid summers, Ventura has a Mediterranean climate, typical of most coastal California cities, with the sea breeze off the Pacific Ocean moderating temperatures. Ventura is fortunate to enjoy bright blue skies, stunning sunsets, and cool breezes year round. This near-perfect weather allows an active and relaxing lifestyle throughout the entire year.

WHY BUYWHY BUYIN IN

VENTURAVENTURA

VE

NTU

RA

, CA

76

The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale 3029 East Main Street, a 3,906 square foot retail property, the front of which consists of a former restaurant space, situated on 13,884 square feet of land. The back of the property, off of Dos Caminos Avenue, features a building formerly used for storage which is approximately 1,200 square feet (included in the total 3,906 square feet). The property is located just West of the corner of East Main Street and South Dis Caminos Avenue in the affluent coastal city of Ventura, CA. 3029 East Main Street features over 95 feet of frontage on Main Street, and 120 feet of frontage on Dos Caminos Avenue. It is located approximately 1.25 miles from Ventura City Beach.

3029 East Main Street was formerly home to Sidecar Restaurant, a popular local restaurant situated in a 1910 Pullman Dining Car, reflecting the character of a city with a history that spans thousands of years. The property is situated proximate to a number of retail amenities, including the nearly 440,000 square foot Pacific View Mall. The Pacific View Mall is home to a number of retail amenities, such as 24 Hour Fitness, Aeropostale, Charlotte Russe, Claire’s, Express, H&M, Hot Topic, Target, and JCPenney. The mall is also home to a number of restaurants, such as California Pizza Kitchen, Jersey Mike’s, Panda Express, Wetzel’s Pretzels, and Wood Ranch.

The property will be delivered vacant, giving value-add investors the ability to stabilize the asset, or owner-users the ability to occupy the property. The unique features and walkability of the property create an interesting opportunity for a multitude of businesses.

3,906 SFBUILDING SF

13,884 SF 9 SPACES VACANT RETAILLAND SF PARKING OCCUPANCY PROPERTY TYPE

E MAIN

ST

E MAIN

ST

TELEGRAPH RD

TELEGRAPH RD

E MAIN

ST

E MAIN

ST

E THOMPSON BLVD

E THOMPSON BLVD

S DOS CAMINOS AVE

S DOS CAMINOS AVE

SAN BUENAVENTURA SAN BUENAVENTURA STATE BEACHSTATE BEACH

BORTON HEIGHTSBORTON HEIGHTS


A 3,906 square foot restaurant and retail property situated on 13,884 square feet of land ideally located in the affluent coastal city of

Ventura, CA within close proximity to the Pacific Ocean


8 9

EXECU

TIVE SUM

MA

RY

3029 East Main Street is located in the City of Ventura which sets northwest of Los Angeles. The city was originally founded in 1782 and has a rich history which began when Mission San Buenaventura, the ninth California Mission, was established. The property is located just over 2.5 miles from Downtown Ventura, a creative area home to historic architecture and a mix of retail shops, historic homes, museums, boutiques restaurants, service businesses, as well as Mission San Buenaventura. The eclectic downtown is also home to the famous ArtWalks twice a year.

Ventura is home to a number of attractions, such as Surfers’ Point, Marina Park Beach, and Ventura Harbor Village. Surfer’s Point is considered one of California’s top destinations for surfing and windsurfing sports. The harbor at Marina Park is guarded by a mermaid statue, and sailing lessons are offered at the location. Ventura Harbor Village offers rentals of kayaks and paddle boards.

The property is located less than one half mile from the Pacific View Mall. The mall features over 145 stores, restaurants, and cafes. The mall has three major anchor tenants; Target, Macy’s, and JCPenney. The mall is also home to stores such as Express, Foot Locker, GameStop, Ross Dress for Less, Sephora, Trader Joe’s, and Vans. The mall has restaurants such as Subway, wood Ranch, See’s Candies, Red Robin, Panda Express, and Mrs. Fields.

The property benefits from strong demographics within the immediate sub-market. There are over 16,000 people located within one mile of the property, 63,500 within three miles, and 120,000 within five miles of the property. Average household income within one mile of the property exceeds $97,000, $91,200 within three miles, and 95,900 within five miles.

COMMUNITY MEMORIAL HOSPITAL

0.3 MILE

VENTURA PIERBEACH2.3 MILES

VENTURA COLLEGE

1.7 MILES

SAN BUENAVENTURA STATE BEACH2.0 MILES MILES

PACIFIC VIEWSHOPPING MALL

0.6 MILE

TELE

GRA

PH R

D

TELE

GRA

PH R

D

E MAI

N ST

E MAI

N ST

S DOS CAMINOS AVES DOS CAMINOS AVE


Ventura, also known as the City of San Buenaventura, is known for it’s costal status and rich history. The city is home to 32 parks and historic sites,

as well as more than 800 acres of green space


10 11

LOC

ATION

OVERVIEW

OWNER-USER OR VALUE-ADDOPPORTUNITY PROXIMATE TO NUMEROUS RETAIL

AMENITIES AND THE PACIFIC OCEAN

PRIME VENTURA COUNTY RESTAURANT BUILDING WALKABILITY

STRONG DEMOGRAPHICS

EXCELLENT VENTURA LOCATION

• The portion of the property which fronts Main Street was formerly the Sidecar Restaurant, a well-known restaurant which successfully operated at this location for decades

• The property runs block to block from E Main Street to S Dos Caminos Avenue, with access from both E Main Street and S Dos Caminos Avenue

• The property is listed as a Walker’s Paradise, meaning most errands are capable of being accomplished by walking

• The property is walking distance from The Pacific View Mall, as well as Vons, Goodwill, Smart & Final, and the Plaza Shopping Center

• Immediate upside available through stabilization

• The property will be delivered vacant, allowing an owner-user to take occupancy

• Located just over 2.5 miles from Downtown Ventura• Approximately 1.25 miles from Ventura City Beach• 3.3 miles from Surfers Point• 4 miles from Ventura Harbor Village

• Located near Trader Joe’s, Target, Macy’s, Vons, AutoZone, Wells Fargo Bank, Big Lots, and Chase Bank

• Located proximate to numerous restaurants such as McConnell’s Fine Ice Cream, Carl’s Jr, Jack in the Box, Taco Bell, Chipotle, Denny’s, and In-N-Out Burger

• Ideally located 1.25 miles from Ventura City Beach

• Over 16,200 people are located within one mile of the property, 63,500 within three miles, and 120,000 within five miles of the property

• Over 6,600 households are located within one mile of the property, 25,400 within three miles, and 43,600 within five miles of the property

• Average household income is over $97,000 within one mile of the property, $91,200 within three miles, and $95,900 within five miles of the property

INVESTMENT HIGHLIGHTS

E MAIN ST

E MAIN ST S D

OS

CA

MIN

OS

AVE

S D

OS

CA

MIN

OS

AVE

TELEGRAPH RDTELEGRAPH RD


12 13

INVESTM

ENT H

IGH

LIGH

TS

PROPERTY HIGHLIGHTS

PRICE: $880,000

BUILDING SF: 3,906 SF

LAND SF: 13,884 SF

PRICE/SF (BUILDING): $225

PRICE/SF (LAND): $63

PRO FORMA CAP RATE: 5.71%

YEAR BUILT: 1932

WALK SCORE: Very Walkable (87)

APN NUMBER: 077-0-072-040

PROPERTY TYPE: Retail

TYPE OF OWNERSHIP: Fee Simple

3029 E Main StreetVentura, CA 93003

14 15

PROPERTY H

IGH

LIGH

TS

17

ANALYSISANALYSISFINANCIALFINANCIAL

FINANCIAL ANALYSIS

TENANT SF SF % PRO FORMA RENT/SF PRO FORMA RENT

Vacant 3,906 100% $1.15 $4,491.90

TOTAL 3,906 100% $1.15 $4,491.90

INCOME AND EXPENSES PRO FORMA

Scheduled Lease Income $53,903

NNN Charges $19,828

Effective Gross Income $73,730

Vacancy @3% $3,687

Expenses $19,828

Net Operating Income $50,216

PRO FORMA EXPENSES PER YEAR PER SF

Taxes @1.25% $11,000 $2.82

Insurance $1,562 $0.40

Utilities $1,758 $0.45

Trash $1,562 $0.40

Grounds $1,211 $0.31

Repairs & Maintenance $2,734 $0.70

TOTAL $19,828 $5.08 / $0.42

RENT ROLL

PRO FORMA OPERATING DATA

PRICE: $880,000

BUILDING SF: 3,906 SF

PRICE/SF (BUILDING): $225

LAND SF: 13,884 SF

PRICE/SF (LAND): $63

PRO FORMA CAP RATE: 5.71%

PRO FORMA NOI: $50,216

PRICING

18 19

FINA

NC

IAL A

NA

LYSIS

21

ANALYSISANALYSISCOMPARABLESCOMPARABLES

22 23

SALES COMPARABLES

ADDRESSES PRICE BUILDING SF PRICE/SF(BUILDING) LAND SF PRICE/SF

(LAND) SALES DATE

1 3954 E Main StVentura, CA 93003 $800,000 2,480 $322.58 7,827 $102.20 7/10/20

2 3171 E Main StVentura, CA 93003 $1,225,000 5,800 $211.21 16,600 $73.80 3/11/20

3 15 Teloma DrVentura, CA 93003 $1,325,000 7,192 $184.23 20,176 $65.67 12/31/19



6 1124-1140 S Seaward AveVentura, CA 93001 $3,025,000 7,963 $379.88 15,002 $201.64 6/3/19

TOTAL $1,442,167 5,519 $263.73 12,766 $140.14 -

3029 E Main Street

1 3954 E Main St

2 3171 E Main St

3 15 Teloma Dr

4 384 E Main St

5 2437 E Main St

6 1124-1140 S Seaward Ave

1

2

3

4

5

6

SALES COMPARABLES | PRICE/SF

$264AVG PRICE/SF (BUILDING)

$140AVG PRICE/SF (LAND)

CO

MPA

RABLES A

NA

LYSIS

24 25

RENT COMPARABLESADDRESSES RENTABLE SF SF OCCUPIED RENT/SF/MON RENT/SF/YR LEASE TYPE LEASE START

1 2494-2498 E Main StVentura, CA 93003 4,500 1,500 $1.00 $12.00 NNN Dec-20

2 1790-1794 E Main StVentura, CA 93001 3,460 1,400 $1.25 $15.00 NNN Sep-20

3 1900-1934 E Main StVentura, CA 93001 14,573 1,203 $1.75 $21.00 NNN Jul-20

4 363-397 N Ventura AveVentura, CA 93001 11,324 2,650 $1.13 $13.56 NNN Apr-20

5 1900-1934 E Main StVentura, CA 93001 14,573 1,287 $1.50 $18.00 NNN Feb-20

TOTAL 9,686 1,608 $1.33 $15.91 - -

3029 E Main Street

1 2494-2498 E Main St

2 1790-1794 E Main St

3 1900-1934 E Main St

4 363-397 N Ventura Ave

5 1900-1934 E Main St

12 3

4

5

RENT COMPARABLES | RENT/SF/MON

$1.33AVG RENT/SF/MON

$15.91AVG RENT/SF/YR

CO

MPA

RABLES A

NA

LYSIS

27

OVERVIEWOVERVIEWAREAAREA

Ventura is a vibrant town that checks stress and pretense at the door. Its artistic culture, enduring history, and privileged locale is crazy-inviting, very much alive, and refreshingly human.

Ventura, officially named San Buenaventura, was founded in 1782 when Saint Junipero Serra established Mission San Buenaventura, the ninth of the California missions. Serra named the mission after the Italian Saint Bonaventure, hence the nickname that Ventura is the “city of good fortune.” Located along the Pacific Ocean between Los Angeles and Santa Barbara, the City was incorporated in 1866.

Rich HistoryVentura has a rich history of people who have lived in the area for at least 10,000 years. Influences of the Chumash as well as Spaniards, Europeans, Chinese and early voyagers remain a significant part of the City's diverse art, architecture and cultural heritage.

Business OpportunitiesThe City of Ventura makes economic development a priority and is committed to providing local businesses with the resources they need to thrive and expand here. Ventura is the region’s leader in the healthcare and public administration sectors with three renowned medical institutions and the County’s government center headquartered here.

Friendly CommunityVentura is known for its thriving cultural scene, award-winning, National Blue Ribbon, California Distinguished Schools, and engaged citizens who actively participate in improving the community.

VENTURA, CALIFORNIAVentura - one of the Best Places to Live Now - Start a business, surf on your lunch break, buy your dream home

Downtown VenturaDowntown Ventura is a creative and lively area, that features beautiful historic architecture and a vibrant mix of retail shops, restaurants and service businesses. The Downtown Ventura Organization's goal is to produce a healthy retail center, a diverse cultural district, an attractive visitor destination and a livable neighborhood.

Two TreesOne of the most recognizable landmarks in Ventura was "Two Trees" – two prominent lone trees on a hilltop, visible from most of Ventura. Access to the hill is private property. Signs at the bottom of the trails and at the trees themselves warn against trespassing.

Ventura HarborVentura Harbor has fishing boats, seafood restaurants and a retail center, the Ventura Harbor Village. The Channel Islands National Park Headquarters is also located at the harbor, and boats to the Channel Islands depart from there daily.

Pierpont BayPierpont Bay (Pierpont) is a residential neighborhood in the one-mile stretch between Ventura Harbor and San Buenaventura State Beach. Pierpont Bay has widely varying architectural styles, a small retail district Seaward Avenue, newer residents' demands for increased municipal maintenance, and continuing disputes about the proper regulation of the neighborhood's public beaches.

POINTS OF INTEREST

28 29

AREA

OVERVIEW

DOWNTOWN VENTURAFrom financial to cosmetic services, Downtown Ventura has a wide variety of business types ready to meet your needs — and exceed your expectations.

Ventura’s Historic Downtown Cultural District is permeated by early California history. Historic homes, museums, boutiques, Mission San Buenaventura, antique shops and restaurants adorn our palm tree-lined streets. Things are changing in this historic district, which began as Father Junipero Serra’s ninth and final mission settlement. In the last few years, downtown Ventura has welcomed many new shops, restaurants, galleries and day spas.

Thriving cultural district of artists and performers of all disciplines is also influencing the momentum and direction of downtown’s development. The award-winning Rubicon Theatre is attracting big name talent to its intimate auditorium set in an old church. Galleries stay open late on the first Friday of each month welcoming strollers in to enjoy some hospitality and meet featured artists. Ventura’s famous ArtWalks are also held downtown twice a year and a variety of Street Fairs, holiday celebrations and parades are staged as well.

So what makes Downtown Ventura different? The unique merchants, one-of-kind dining experiences and the friendly nature of the people. Downtown epitomizes Ventura’s loving embrace of all things eclectic and unique as well as its sensibility in preserving real California heritage. Enjoy a cappuccino in a local cafe before taking in some of the breathtaking old buildings scattered throughout downtown. Shop The Downtown Ventura Certified Farmers’ Market the original Ventura County certified farmers’ market with over 45 California farmers and food vendors. Intimate wine bars, breweries, and a variety of restaurants with delicious nibbles are all within walking distance.

Downtown Ventura can be easily be accessed by Highway 101 or Amtrak Surfliner.

From surfer-chill to sophisticated, nestled beneath hillsides and just off the sandy shores of the Pacific Ocean, Downtown Ventura has something for everyone. Known for our eclectic, family owned-stores, cultural arts, thriving music and foodie scene and perfect weather, Downtown is the ideal place to spend the day, weekend or week. With more than 65 restaurants, 110 shops, 35 salons and relaxation venues, miles of beaches and mountain trails, you are destined to create a home away from home.

30 31

AREA

OVERVIEW

Total Population of Ventura, CAThe median age is 38.8

MALE

High School Associates Degree Bachelor’s Degree Grad Degree

FEMALE

110,153

51%49%

10%19% 21% 13%

EDUCATION

BUSINESSES

Ventura is home to a diverse mix of more than 12,000 businesses and a robust workforce of more than 53,000. It’s no wonder that progressive businesses like Patagonia, The Trade Desk and Petunia Pickle Bottom are headquartered in Ventura.

A growing entrepreneurial ecosystem and a dynamic startup community make Ventura a strategic location to start a business. The City was one of the first to sponsor a business incubator, which has graduated a number of successful companies, including The Trade Desk, MomentFeed, Connexity, and GiddyUp.

DEMOGRAPHICS

17,385Owner Occupied Households

within 5-m radius

16,214Renter Occupied Households

within 5-m radius

6,728Businesses within a 5-m radius

$90,449Average HH income within 5-m radius

$72,903Median HH income within 5-m radius

88,223Population within 5-m radius

32 33

AREA

OVERVIEW


BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com

MATTHEW LUCHS

Chief Operating OfficerThe Brandon Michaels GroupCell: (818) 519-1429 Fax: (818) [email protected]: CA # 01948233www.BrandonMichaelsGroup.com

a 3,906 square foot restaurant and retail property ......3029 east main street was formerly home to...

Documents