MIRMAR GALLERIA OFFERING MEMORANDUM .pdf

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Title: MIRMAR GALLERIA San Diego, CA
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MIRAMAR GALLERIA
San Diego, CA

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Properties

OFFERING MEMORANDUM

CONFIDENTIALITY & 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 RC Properties and
should not be made available to any other person or entity without the written consent of RC
Properties. 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. RC Properties has not made any investigation, and makes no warranty
or representation, with respect to the income or expenses for the subject 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, RC
Properties has not verified, and will not verify, any of the information contained herein, nor has
RC Properties 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.

Properties

EXECUTIVE SUMMARY

Properties

MIRAMAR GALLERIA

EXECUTIVE SUMMARY






100% Leased Mixed-use Retail & Office Center
Dense Infill Location Along a Prominent Retail Corridor
Separate Traffic Signal to Enter Property
Heavy Traffic Flow – over 50,000 cars per day
(according to 2013 SANDAG figures)
Stable Cash Flow & Diverse Tenant Mix

RC Properties is pleased to present the opportunity to acquire 7122, 7126, and 7128 Miramar Road (“Miramar Galleria”)
in San Diego, CA. Situated on 1.88 acres, Miramar Galleria is a rare 30,921-square foot multi-tenant retail center located
along one of San Diego’s busiest retail corridors. The center is 100% occupied by 11 tenants and consists of four
buildings – a drive through restaurant, a retail pad with frontage on Miramar Road, a retail strip, and a two story
retail/office building. To heighten its already prominent location, the subject property has its own traffic signal with
protected left turn land and signal, which increases activity and exposure to the property.
Miramar Galleria provides investors with the stability in the near tem and long term upside potential by increasing the
in-place leases. The two restaurants, Miramar Café and Santana’s, have long term leases in place with 10 years and 13
years remaining respectively.
While serving as the main retail artery for the area, Miramar Road also connects the I-805 Freeway and the I-15
Freeway creating heavy traffic flow past the subject property. The Miramar Galleria’s central location provides a quick
access to the La Jolla, San Diego International Airport, North County, and downtown San Diego.

Properties

FINANCIAL ANAYLSIS

Properties

MIRAMAR GALLERIA

FINANCIAL ANAYLSIS

RC Properties is pleased to present the opportunity to
acquire 7122, 7126, and 7128 Miramar Road (“Miramar
Galleria”) in San Diego, CA. Situated on 1.88 acres,
Miramar Galleria is a rare 30,921-square foot multitenant retail center located along one of San Diego’s
busiest retail corridors. The center is 100% occupied
by 11 tenants and consists of four buildings – a drive
through restaurant, a retail pad with frontage on
Miramar Road, a retail strip, and a two story
retail/office building.
To heighten its already
prominent location, the subject property has its own
traffic signal with protected left turn land and signal,
which increases activity and exposure to the property.
Address

Property Name
Year Constructed
Net Rentable Area
Stories
Percent Leased

Suites
Land Area
Ownership Interest
Parking Spaces
Parking Ratio

Properties

7128 Miramar Road
San Diego, CA 92121
Miramar Galleria
1983
30,921 SF
2
100%

14
1.88 AC
Fee Simple
131
4.7/1000

FINANCIAL HIGHLIGHTS
Offering Price
Price/SF
Net Rentable Area
Parcel Size

$9,000,000
$291.06
30,921 SF
1.88 Acres (81,893 SF)

Cap Rate

7.3%

Year Built

1983

FINANCIAL ANAYLSIS

FINANCIAL HIGHLIGHTS
Offering Price

$9,000,000

Price/SF

Net Rentable Area
Parcel Size

$291.06

30,921 SF
1.88 Acres (81,893 SF)

Cap Rate

7.3%

Year Built

1983

PROPOSED FINANCING
Loan Amount

$3,500,000

Loan to Value

38.9%

Interest Rate

5.75%

Amortized Period

30 Years

Monthly Payment

$20,425.05

Annual Payment

Properties

$245,100

FINANCIAL ANALYSIS

ANNUALIZED INCOME FIGURES

ANNUALIZED EXPENSE FIGURES
Annual

Base Rent

$771,120

Property Taxes

Additional Rent

$123,527

Insurance

Total Income

$894,647

Vacancy 3% (0% Actual)

$26,840

Est. Gross Operating Inc.

$867,807

Total Expenses

$208,309

Net Operating Income

$659,498

Less Loan Payments

$245,100

Pre-Tax Cash Flow

$414,398
(7.5%)

Annual

Per SF

$105,840

$0.29

$9,083

$0.09

SDGE

$11,823

Water

$12,547

Trash

$20,238

Landscaping

$4,200

Janitorial

$4,200

Maintenance

$6,863

HVAC

$3,264

Misc.

$4,000

Plus Principal Reduction

Management

$26,251

Total Return Before Taxes

Total Expenses

$208,309

Properties

$0.11
$0.41
$0.65
$0.14
$0.14
$0.22
$0.11
$0.13
$0.85
$3.13

FINANCIAL ANAYLSIS

Properties


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