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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
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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
MIRMAR GALLERIA OFFERING MEMORANDUM.pdf (PDF, 1.08 MB)
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